1. At a Glance

Hubtown Ltd is the real estate developer that’s been around since 1985 — but only recently figured out how to turn profit… mostly via “other income”. Its Q1 FY26 net profit? ₹82 Cr. Main operating income? ₹187 Cr. So where did the profits come from? Hint: not from selling flats. With 271 debtor days and working capital cycles longer than some political terms, this ₹4,721 Cr market-cap entity is an accounting enigma dressed as a builder.

2. Introduction

Hubtown is that friend who owes you ₹500 for three years but just bought a new iPhone. On paper, they’re in the real estate business — residential and commercial projects across Mumbai, Pune, Surat, and other urban jungles.But dive deeper, and you’ll find quarterly profits that magically appear (thanks, other income), shrinking promoter holding, and a working capital cycle so long it could pass for a startup’s Series Z funding round.Still, the stock’s up 100%+ in the last year, and Q1 FY26 profit looks juicy. What gives? One word: financialalchemistry.

3. Business Model (WTF Do They Even Do?)

Hubtown develops real estate — at least that’s what it claims.Revenue comes from:

• Residential Sales
• Commercial Developments
• JV/Associate Project Revenues
• And… apparently sorcery called ‘Other Income’They don’t hold big land banks or rental assets. Their model is EPC + JDA-based real estate execution with many subsidiaries/JVs. But with high debtor days and minimal operating cash flow, the cash seems to prefer realtors over real estate.

4. Financials Overview

Here’s what the numbers say (or hide):

• TTM