Hubtown Ltd.: overview
Some stories are best told on site. On 17th September, 2026, Go India Advisors took a group of investors and analysts across three of Hubtown Ltd.'s flagship Mumbai projects: Hubtown Seasons, 25 Downtown & 25 South, followed by an analyst meet and management Q&A.
A Walk Through the Luxury Portfolio
Hubtown Seasons, Chembur
Our first stop was Hubtown Seasons, where Phase 1's six residential towers are nearly sold out and five have received OC. Phase 2 spans ~0.55 msf of carpet area and comprises premium 3 and 4 BHK residences along with a commercial tower. There, we visited a 2,242 sq ft 4BHK residence that opens onto lush green views. Amenities including a swimming pool, cricket ground, open gym, spa and yoga room elevate the complex to a truly luxurious living experience.
25 Downtown, Mahalaxmi
Next, we visited 25 Downtown, where the Hubtown team presented the plan for a ~3.68 msf development comprising five residential towers and a proposed commercial tower. Four towers have been launched with over 50% of inventory sold, and approvals are in place for all five. The project's standout feature is its protected "views for life" of the Willingdon Golf Club, the Arabian Sea and the city skyline.
25 South, Prabhadevi
Our final stop was 25 South, a ~1 msf project that is ~98% completed and over 90% sold. One tower has been handed over and the project is on track for completion in FY27. We explored its world-class amenities, including the rooftop infinity pool and premium clubhouse. The highlight of the visit was the ~24,500 sq ft penthouse, which offers sweeping views of the Worli Sea Link and the Arabian Sea and is priced at Rs. 2,00,000 per sq ft.
The analyst meet was held in 25 South's banquet hall. Here are the key takeaways:
Hubtown 2.0: Consolidation is the Story
Hubtown is bringing its best assets under one roof. Four group projects, Rising City, 25 West, 25 South and 25 Downtown, together spanning over 6 million sq ft, are being merged into the listed company through three schemes. Two of these await final NCLT sanction, while the third is with SEBI. Management confirmed this is the final round of consolidation.
Management expects 25 Downtown, by itself, to generate substantial cash flows of more than ₹40,000 Cr.
The merger is entirely shares based, so the listed company pays no cash. As the project merges into Hubtown, the share swap will take place at a discount to the project's current valuation. Management expects this to create meaningful upside for Hubtown's shareholders once the merger is complete.
The Rs 6,000 Cr Target Is a Post-Merger Number
Management addressed the gap between Q1 pre-sales of Rs. 535 crore and the FY27 target of Rs. 6,000 crore. The Q1 figure covers Hubtown alone, while the target includes all the merging entities. Management is confident of meeting it comfortably.
Pricing also supports the outlook. Realisations rose 15–20% last quarter, and while management doesn't expect that every quarter, it guided margins to improve by a similar extent.
Debt: High Cost, but Backed by Projects
Total borrowings stand at Rs. 5,181 crore, of which Rs. 3,956 crore sits in the entities yet to be merged. Older land-acquisition loans cost 15–18%, and the company is working to refinance them with cheaper construction finance. Every loan is linked to a specific project and its cash flows, and management reiterated its goal of becoming net debt-free by FY31.
A rights or preferential issue is also under consideration. Analysts made the case for a rights issue so that minority shareholders can participate, and management agreed to take this up on the next Board meeting.
Portfolio: Mumbai's Premium Pipeline
Hubtown has delivered 47 projects across 12.76 million sq ft. It has ~41 million sq ft in the execution pipeline and a ~347-acre land bank, all of it already acquired.
The 25 series continues to sell well:
25 South is over 90% sold.
25 Downtown is over 50% sold, with four of five residential towers launched.
25 West has sold ~80% of its first tower.
Next in line is a ~340-acre low-density villa project at Kelavli, expected to launch in 6–9 months, along with rental commercial assets over the next 2.5-3 years. The focus remains on MMR and Gujarat, and management reported that premium demand has held up well this quarter.
Growth Ahead of the Books
Sales momentum was healthy in the quarter. Pre-sales rose to Rs. 535 crore from Rs. 493 crore a year ago on similar volumes of 0.11 million sq ft, showing that higher prices drove the growth. Collections stood at Rs. 320 crore.
The P&L tells a different story. Revenue of Rs. 156 crore and PAT of Rs. 27 crore were flat quarter-on-quarter and down year-on-year. Management explained that Hubtown books revenue only when a project is completed, so today's sales will reflect in earnings later. Q1 FY26 was also a high base.
To bridge this gap, the company is considering a shift to percentage-of-completionaccounting this year, subject to approvals. This would bring the ~Rs. 11,583 crore of already contracted revenue into the P&L much sooner.
Outlook
Hubtown trades at 0.95x book value, against a sector median of 2.46x. As the merger brings in a Rs. 6,000 crore pre-sales in FY27 and a potential shift to POC accounting makes earnings visible, that gap should begin to narrow. With 25 Downtown alone expected to generate over Rs. 40,000 crore in cash flows, and the project being merged at a discount to its current value, existing shareholders stand to gain meaningfully.
Request for Management Meeting Q1FY27 Presentation Q1FY27 Earnings Call Transcript Disclaimer - Informational only. Not investment advice.GoIndia Advisors LLP | SEBI Registered Research Analyst | Reg. No. INH000020040 | BSE Enlistment No. - 6518