Hubtown Q2 revenue rose 127% as owners' profit fell 42%

Hubtown Limited reported revenue from operations of Rs 473.01 crore in the second quarter (Q2) of financial year (FY) 2027, 127% above Q2 FY26, while profit attributable to owners fell 42% to Rs 14.04 crore and the limited review was qualified over Rs 5.34 crore of unprovided interest.

Why did Hubtown revenue rise while owners’ profit fell?

Hubtown’s Q2 FY27 revenue growth did not produce comparable growth in profit attributable to owners because expenses increased, the quarter included an exceptional item, and a larger share of profit went to non-controlling interests. Revenue from operations rose to Rs 473.01 crore from Rs 208.51 crore in Q2 FY26, while total income increased to Rs 531.67 crore from Rs 263.29 crore. Total expenses rose to Rs 486.04 crore from Rs 204.80 crore, leaving profit before exceptional item and tax of Rs 45.63 crore, compared with Rs 58.49 crore a year earlier.

The Rs 14.88 crore exceptional item reduced Q2 FY27 profit before tax to Rs 30.75 crore, versus Rs 58.49 crore in Q2 FY26, when no exceptional item was reported. Net profit for the period was Rs 22.42 crore against Rs 31.69 crore. After adding Rs 0.74 crore as Hubtown’s share of profit from associates and joint ventures, net profit after tax and that share was Rs 23.16 crore, compared with Rs 31.67 crore in Q2 FY26.

What did the qualified limited review identify at Hubtown?

Hubtown’s statutory auditors qualified their limited-review conclusion because interest on certain inter-corporate deposits had not been provided for, amounting to Rs 5.34 crore in Q2 FY27 and Rs 10.63 crore in the first half (H1) of FY27. The presentation states that finance cost and profit are sensitive to this non-provision. It does not disclose a revised finance-cost or profit figure, so the stated interest amounts are not a calculated adjustment to reported earnings.

The Q2 and H1 FY27 results were unaudited, subjected to limited review and approved by Hubtown’s Board on 29 October 2026. The presentation identifies the review qualification as relating to non-provision of interest, rather than to the reported revenue from operations of Rs 473.01 crore in Q2 FY27. It also states that the limited-review conclusion and financial results should be read with the company’s regulatory intimation under Regulation 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

How did Hubtown’s H1 FY27 performance compare with last year?

Hubtown’s H1 FY27 revenue from operations rose 59% to Rs 628.63 crore from Rs 395.92 crore in H1 FY26, but profit attributable to owners declined to Rs 38.96 crore from Rs 103.34 crore. Total income increased to Rs 734.15 crore from Rs 498.33 crore and total expenses rose to Rs 656.12 crore from Rs 367.67 crore. Profit before tax consequently fell to Rs 63.15 crore from Rs 130.66 crore, including the Rs 14.88 crore exceptional item in H1 FY27.

The comparison between Q1 and Q2 FY27 shows that revenue was concentrated in the second quarter. Q2 revenue of Rs 473.01 crore was more than three times Q1 revenue of Rs 155.62 crore, but profit attributable to owners declined from Rs 24.92 crore in Q1 to Rs 14.04 crore in Q2. Non-controlling interests were allocated Rs 9.12 crore in Q2, compared with Rs 1.66 crore in Q1, while the owners’ share declined by Rs 10.88 crore over the same period.

Basic earnings per share (EPS), not annualised, was Rs 0.99 in Q2 FY27, compared with Rs 1.75 in both Q1 FY27 and Q2 FY26. H1 FY27 basic EPS was Rs 2.74, against Rs 7.52 in H1 FY26. These per-share figures moved in line with the lower profit attributable to owners despite the increase in revenue from operations.

What operational and restructuring milestones could affect Hubtown next?

Hubtown reported Occupation Certificates (OCs) for two buildings at Hubtown Seasons and for Tower B, known as the North Tower, at 25 South during Q2 FY27. At Hubtown Seasons, Friston, or F Wing, and Ardennes, or A Wing, received OCs ahead of their Real Estate Regulatory Authority completion deadlines. More than 95% of units at Hubtown Seasons had been sold as of the November 2026 presentation, and Hubtown said it expected an OC for Black Forest, or B Wing, in Q3 FY27.

Five projects were described as progressing significantly towards completion within the next two quarters: Rising City Tower A6, 25 South Tower C, Hubtown Premiere Residences Bel Air, Hubtown North Star in Ahmedabad, and Hubtown Joyos in Mehsana. The presentation does not quantify the revenue, costs, collections or margins expected from these project milestones. The stated timing is therefore an operational update rather than revenue or profit guidance.

Hubtown is also pursuing three schemes of arrangement intended to consolidate promoter-group residential assets, establish a unified capital structure and simplify the holding structure. Schemes 1 and 2, involving Saicharan Consultancy and 25 West Realty, had completed three of five approval stages by November 2026, with sanction by the National Company Law Tribunal (NCLT) pending. Scheme 3, involving Nitant Real Estate, Amazia Developers and Distinctive Realty, had completed one of five stages and remained in the stock-exchange approval process.

Conclusion

Hubtown’s Q2 FY27 results show that a 127% increase in revenue from operations to Rs 473.01 crore did not translate into higher profit for owners, which declined 42% to Rs 14.04 crore. Higher expenses, a Rs 14.88 crore exceptional item and the allocation of Rs 9.12 crore to non-controlling interests contributed to the difference, while the qualified limited review highlights Rs 5.34 crore of Q2 interest that had not been provided for.

The next disclosed milestones are the expected Q3 FY27 OC for Hubtown Seasons’ Black Forest building, progress towards completion at five named projects within the next two quarters, and NCLT sanction for Schemes 1 and 2. Scheme 3 remains at the stock-exchange approval stage, and Hubtown states that all three schemes become effective only after the required approvals and conditions are fulfilled.