Hubtown financials: balance sheet, profit and loss, cash flow

NSE: HUBTOWNBSE: 532799RealtySmall Cap

Hubtown Limited · Formerly Ackruti City · Face value ₹10 · Listed Feb 2007

₹183.86₹0.03 (0.02%)BSE ₹183.00

Share price at the NSE close on 30 Oct 2026. Previous close ₹183.89.

30 Oct: open ₹190.00, high ₹194.50, low ₹178.70

52-week range of traded prices to 30 Oct 2026

₹139.34Low, 26 Oct 2026₹339.00High, 18 Nov 2025

Market cap: ₹2,613 Cr978th largest listed
P/E: 31.06
P/E without one-offs: 26.39
P/B: 0.90
Dividend yield: Nonein the last 12 months
ROE: 3.1%
ROE without one-offs: 3.6%
ROCE: 3.6%
Debt to equity: 0.14
Volume, NSE: 89,12,92314.3% delivered

Hubtown's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Hubtown annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹644 Cr, year to Mar 2026; lowest ₹190 Cr, year to Mar 2022A loss in 7 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue644
Materials and goods−304
Employee costs−40
Other expenses−147
Operating profit153
Depreciation−3.1
Other income+189
One-off items0.0
Finance costs−151
Profit before tax188
Tax−20
Joint ventures−4.6
Net profit164

What the company owns

Inventory₹3,817 Cr
Plant, investments and other assets₹1,885 Cr
Cash and bank₹328 Cr
Receivables₹269 Cr
Current investments₹3 Cr

What pays for it: net worth and liabilities

Net worth₹2,665 Cr
Other liabilities₹2,226 Cr
Borrowings₹1,196 Cr
Owed to suppliers₹216 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Hubtown quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve monthsFiled 29 Oct
Revenue from operations	541	562	563	273	266	190	319	258	408	644	876
	202	494	524	197	333	250	245	360	292	491	754
Materials and goods bought	44	141	179	−46	104	63	140	119	151	304	547
Employee costs	–	22	22	24	9	16	17	17	26	40	50
Other expenses	–	331	323	219	220	171	88	223	116	147	157
Operating profit before depreciation	339	68	39	76	−67	−60	74	−102	116	153	122
Operating margin	62.7%	12.1%	6.8%	27.8%	−25.2%	−31.3%	23.3%	−39.6%	28.5%	23.7%	14.0%
Materials, % of revenue	–	25.1%	31.7%	−16.8%	39.2%	33.3%	43.8%	46.3%	37.0%	47.3%	62.4%
Employee costs, % of revenue	–	3.9%	3.9%	8.8%	3.4%	8.3%	5.5%	6.7%	6.3%	6.2%	5.7%
Other expenses, % of revenue	–	58.8%	57.5%	80.2%	82.5%	89.7%	27.5%	86.6%	28.3%	22.8%	17.9%
Depreciation and amortisation	3	3	3	4	4	4	3	3	3	3	3
Operating profit after depreciation	336	65	35	71	−71	−63	71	−105	114	150	119
Other income	33	291	291	38	46	24	17	104	118	189	193
Finance costs	422	380	351	139	105	87	94	74	135	151	176
Profit before one-off items and tax	−54	−24	−25	−29	−130	−127	−6	−75	97	188	136
One-off items	0	0	0	0	0	0	0	0	0	0	−15
Profit before tax	−54	−24	−25	−29	−130	−127	−6	−75	97	188	121
	3	−2	−2	17	0	3	−32	1	41	20	17
Current tax	–	–	8	3	2	0	0	0	0	3	0
Deferred tax	–	–	−10	14	−2	3	−32	1	41	17	17
Share of profit of joint ventures and associates	−8	–	−4	−14	8	2	4	−10	−9	−5	−4
	−66	−30	−26	−61	−122	−128	31	−86	46	164	99
Belonging to the company's shareholders	−66	−30	−26	−61	−120	−128	31	−85	47	148	84
Belonging to outside owners of subsidiaries	–	–	0	0	−1	–	–	−1	−1	15	15
Other comprehensive income	–	–	0	1	−1	4	−3	1	0	0	0
Total comprehensive income	–	–	−26	−60	−123	−124	28	−85	46	163	100
Net margin	−12.2%	−5.4%	−4.7%	−22.2%	−45.7%	−67.5%	9.6%	−33.4%	11.2%	25.4%	11.3%
Net margin without joint ventures and associates	−10.6%	–	−4.0%	−17.0%	−48.7%	−68.4%	8.2%	−29.5%	13.5%	26.1%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2023: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half yearFiled 29 Oct
	1,624	1,554	1,433	1,308	1,329	1,313	2,470	2,665	2,895
	1,602	1,532	1,412	1,308	1,306	1,258	2,408	2,628	2,895
Share capital	73	73	73	73	76	80	136	142	142
Reserves	1,530	1,459	1,339	1,235	1,229	1,178	2,273	2,486	2,753
Belonging to outside owners of subsidiaries	22	23	21	–	23	55	61	37	0
	522	445	531	678	862	940	793	1,196	407
Repayable after a year	263	212	282	216	31	354	508	890	145
Repayable within a year	259	233	248	462	831	585	284	306	262
	2,643	2,796	2,632	3,108	3,081	3,188	2,375	2,604	985
Trade payables	177	192	188	199	182	0	191	216	143
Other financial liabilities	1,134	1,711	1,441	1,522	1,223	1,145	492	697	267
Other liabilities	1,068	656	748	922	840	1,453	1,404	1,381	313
Provisions	4	4	6	2	4	4	4	4	0
Tax owed	1	0	0	0	0	0	0	–	0
	459	248	362	287	95	409	573	1,034	184
Other financial liabilities	189	33	78	69	63	54	64	129	13
Provisions	2	2	2	2	1	1	0	4	2
Deferred tax	4	0	0	0	0	0	0	11	25
	4,726	4,598	4,427	4,702	4,504	4,910	5,418	6,302	4,064
Held for sale or for a demerger	–	–	–	15	18	–	–	–	–
	1,945	1,935	1,551	1,500	1,426	925	851	1,203	1,576
Plant in use, after depreciation	39	38	24	23	22	22	26	28	–
Plant being built	14	17	17	17	17	17	17	17	–
Intangible assets	0	1	0	1	2	1	0	1	1
Goodwill	10	10	10	10	9	85	85	95	0
Property held to earn rent	39	38	36	35	33	30	24	18	19
Investments	1,593	1,615	1,253	1,231	1,123	106	97	78	618
Loans given	166	163	155	156	158	575	562	925	928
Other financial assets	16	7	4	5	8	13	17	30	4
Deferred tax	41	23	21	16	48	48	7	0	0
Other assets	27	24	32	6	6	28	17	11	2
	2,781	2,663	2,876	3,187	3,060	3,985	4,567	5,099	2,488
Inventories	1,478	1,805	1,759	2,079	2,014	2,924	3,150	3,817	1,239
Trade receivables	315	90	185	244	203	191	303	269	179
Cash and cash equivalents	33	29	46	36	42	95	84	141	23
Other bank balances	17	13	16	19	21	37	106	187	14
Current investments	25	3	1	1	1	1	1	3	14
Loans given	103	119	99	97	54	55	83	154	317
Other financial assets	809	434	605	633	664	566	688	287	633
Tax paid in advance	0	14	12	0	0	0	14	25	9
Other assets	0	156	152	78	62	116	138	216	60
Net debt	447	400	467	622	799	807	601	865	355

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	−129	24	−6	161	−580	187	45
	−134	25	−3	164	−577	194	37
	−79	−23	−83	185	−718	23	−16
Receivables	−101	−72	42	3	−112	70	42
Inventories	−5	−160	29	−910	−225	−324	274
Payables	6	10	−15	87	44	72	51
Other working capital	21	200	−139	1,004	−424	205	−384
Tax paid	5	−2	−2	−3	−5	−7	8
Capital spending	1	1	0	67	6	4	2
Free cash flow	−130	23	−6	94	−586	182	43
	204	24	156	−81	−75	−520	102
Plant and property sold	12	0	–	0	0	0	0
Interest received	20	3	4	7	12	95	56
	−57	−58	−145	−27	644	390	−65
Borrowings raised	115	50	1	78	154	464	6
Borrowings repaid	−99	−49	−86	0	−410	−65	−27
Interest paid	0	−58	−86	−124	−199	−111	−44
Lease payments	0	0	0	−1	−1	−1	0
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	26	21	1,101	103	0
Net change in cash	17	−10	6	53	−10	56	82

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Plant and property sold is left blank for the year to Mar 2023: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.Hubtown dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	−₹9.02	−₹4.20	−₹3.62	−₹8.33	−₹16.72	−₹17.66	₹4.16	−₹11.17	₹4.39	₹10.62
Diluted earnings per share	−₹9.02	−₹4.20	−₹3.62	−₹8.33	−₹16.72	−₹17.66	₹4.16	−₹11.17	₹4.25	₹10.62
Book value per share	–	–	₹220.27	₹210.55	₹194.09	₹179.78	₹171.03	₹157.37	₹177.60	₹184.92
Shareholder yield	–	–	–	–	0.0%	0.0%	−11.0%	−2.0%	−43.0%	−4.2%
Market cap at the year end (₹ crore)	660	513	233	57	111	337	235	1,051	2,557	2,445

Ratios

Consolidated, years to March.Hubtown PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	–	4.0%	0.1%	−51.5%	−2.4%	−28.5%	67.7%	−19.2%	58.5%	57.5%
Operating profit growth	–	−79.8%	−43.6%	96.7%	–	–	–	–	–	31.4%
Net profit growth	–	–	–	–	–	–	–	–	–	256.2%
Earnings per share growth	–	–	–	–	–	–	–	–	–	141.9%
	–	–	−1.6%	−3.9%	−8.2%	−9.4%	2.3%	−6.7%	2.5%	5.9%
	–	–	–	−2.2 pts	−4.3 pts	−1.3 pts	11.8 pts	−9.0 pts	9.2 pts	3.4 pts
From the net margin	–	–	–	−6.2 pts	−4.0 pts	−4.0 pts	10.8 pts	−10.4 pts	9.0 pts	2.6 pts
From asset turnover	–	–	–	4.0 pts	−0.1 pts	3.6 pts	0.9 pts	1.7 pts	1.0 pts	2.0 pts
From borrowing	–	–	–	0.0 pts	−0.2 pts	−0.8 pts	0.1 pts	−0.3 pts	−0.8 pts	−1.2 pts
Return on capital employed	–	–	1.6%	3.6%	−3.6%	−3.2%	3.2%	−4.7%	3.5%	3.9%
Cash conversion	–	–	–	–	–	–	−18.4%	–	−1,262.8%	114.1%
Interest cover	0.8	0.2	0.1	0.5	–	–	0.8	–	0.8	1.0
Debt to equity	–	–	0.32	0.29	0.37	0.52	0.65	0.72	0.32	0.45
Receivable days	–	–	204	120	254	468	232	270	271	153
Inventory days	–	–	3,023	−14,363	6,150	11,983	5,264	8,940	7,615	4,576
Payable days	–	–	363	−1,529	658	1,145	477	0	461	259
Cash conversion cycle, days	–	–	2,864	−12,714	5,746	11,305	5,019	9,210	7,425	4,470
Working capital days	–	–	208	74	589	932	855	1,771	2,041	1,401
Asset turnover	–	–	0.12	0.06	0.06	0.04	0.07	0.05	0.08	0.11
Assets per rupee of net worth	–	–	2.95	2.98	3.07	3.36	3.52	3.67	2.82	2.33
Sales per rupee of plant	–	–	14.49	7.18	11.18	8.20	14.48	11.91	15.50	22.93
Capital spending to depreciation	–	–	–	–	0.15	0.20	0.00	22.21	2.31	1.42
Plant being built, % of plant in use	–	–	36.6%	43.7%	70.0%	71.9%	75.6%	77.1%	63.3%	59.4%

Interest cover is left blank for the years to Mar 2021, Mar 2022 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.5%
Cash from operations against operating profit: 122.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	19.3%	26.3%
Profit growth, yearly rate	–	–	69.5%
Return on equity, average	–	−1.1%	0.6%
Return on capital employed, average	–	0.5%	0.9%
Operating margin, average	8.9%	0.9%	4.2%
Net margin, average	−14.5%	−10.9%	1.1%
Asset turnover, average	–	0.07	0.08
Cash conversion cycle, days, average	–	7,486	7,035
Interest cover, average	–	–	0.9
Debt to equity, average	–	0.53	0.50

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−214	−232	187
Cash from investing	−495	−676	−520
Cash from financing	804	1,008	390
Capital spending	78	77	4
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	1,250	1,225	103
Borrowings raised	746	695	464
Borrowings repaid	610	476	65

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	3	5	4	3	5	6
Altman Z-scorePublished threshold 1.1	2.26	1.54	1.81	1.32	1.43	2.23	5.19	5.01
Beneish M-scorePublished threshold −1.78	–	–	−1.00	−2.28	−2.03	−2.41	−1.31	−2.15
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−4.35	−3.86	−2.61	−3.53	13.56	8.49
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	−1.89
Receivables growth less revenue growthOur threshold 0 percentage points	–	−20.02	109.20	60.23	−84.71	13.46	0.21	−68.54
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	147.78	−330.17	57.51	−123.65	59.70	−18.74	−80.48
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−74.97	61.80	−30.32	4.47	−16.86	38.78	−48.59
Assets under construction, years of additionsOur threshold 2 years of additions	–	4.68	–	5.05	8.21	6.41	2.26	3.46
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	–	–	42.83	10.76
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	37.49	7.24

A threshold marked as ours has no published figure; it is the line we read the check against.