Ladies and gentlemen, good day and welcome to the Hubtown Limited Q1 FY27 Earnings Conference Call hosted by Go India Advisors. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity f or you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Priya Sen fro m Go India Advisors. Thank you and over to you, ma'am.

Thank you, Sruthi. Good afternoon, everyone. It's my pleasure to welcome you all on behalf of Hubtown Limited. Thank you for joining us today for Q1 FY27 earnings call. We have with us Mr. Vyomesh Shah, Managing Director; Mr. Sunil Mago , Chief Financial Officer; Mr. Mukesh Jindal, AVP; and Mr. Shivil Kapoor, Company Secretary. Please note that today's discussions may include certain forward-looking statements and therefore they must be viewed in conjunction with the risks that the company face s. I will now like to hand over to Mr. Vyomesh Shah for the opening remarks. Thank you and over to you, sir.

Thank you, Priya. Good afternoon, everyone, and th ank you for joining us on Hubtown Limited's Q1 FY27 earning call. It is a pleasure to have you all with us today, and I sincerely appreciate your continued interest and support. Hub town has been part of Mumbai's real estate landscape for over three decades. During this journey, we have delivered close to 13 million square feet across residential development, slum rehabilitation projects, public-p rivate partnership, and many other projects. More importantly, we have built deep execution capa bilities, long-standing customer relationships, and a strong understanding of one of India's most valuable real estate markets. Today, I believe Hubtown is at an important inflec tion point. Over the last few years, we have focused on monetizing our vast land bank, launching new projects, improving execution, reducing corporate leverage, and reshaping the comp any by paving way for Hubtown 2.0. As these initiatives come together, we believe the bus iness is significantly stronger than what our quarterly reported numbers alone may suggest. Our confidence is built on four key pillars. First , a premium Mumbai-centric portfolio. Two, a substantial contracted revenue pipeline. Three, one of the largest future development pipelines in MMR. And four, a stronger, simpler listed platform backed by disciplined capital allocation. Let me take you all through our project portfolios . Across our developments, we have projects at different stages of execution, providing a healt hy balance between near-term revenue visibility and long-term value creation. Hubtown Seasons Phase 1, Hubtown Rising City Phase 1, and Hubtown Premiere also continue to make steady progress towards completion. At the same time, the intended merger projects, wh ich are to be effective from 1st April 2025, of course, subject to statutory approvals, that is marquee luxury projects 25 Downtown, 25 West, and 25 South, are all progressing well and re present some of the highest value assets within our portfolio.

While these projects are still in the early stage of -- there are two projects which are still in the early stage of construction, they will be important contributors to our future growth, whereas 25 South, which is at Prabhadevi, which is again an intended merging project, is now nearing completion with one tower already handed over, the second expected in the current year, and the final tower expected in March '27. Additionally, Hubtown secured the position as the number two, including those of the intended merger projects, top-selling residential developer in South Mumbai, underscoring strong market demand and our growing footprint in one of the city's most coveted locations. It is equally important to understand what drove o ur financial performance during the quarter. Revenue recognized in Q1 primary came from our proj ects Hubtown Seasons Phase 1, Hubtown Rising City Phase 1, and Hubtown Premiere, where occupation certificates were already been received. Since Hubtown follows the pr oject completion method, revenue is recognized only upon receipt of occupation certific ate and handover of the possession to the customer. As a result, projects such as, which are again int ended to be merged with effect from 1st April 2025, which are 25 Downtown, 25 West, and 25 South, yet to contribute to the reported revenue of Hubtown standalone project, despite heal thy construction progress and customer traction. Their value will be reflected in our fina ncial as these developments move closer to completion. Looking ahead, the next few quarters are expected to be important from a revenue recognition perspective. We expect the second tower at 25 South to receive the occupation certificate during the current year, while continued progress a t Hubtown Rising City 1 and Premiere will further support revenue recognition through Q3 and Q4 of '27. Importantly, much of this revenue has already been contracted and substantial ly collected. It simply awaits the final milestone of handing over to the customer to be recognized as revenue in the balance sheet. One of the most compelling aspects of our business today, and perhaps one of the least understood, is our embedded pipeline, including tho se of the merged and to-be-merged entities, subject to statutory approvals, and, of course, with effect from 1st April 2025. Across our ongoing developments, we have pre-sales of approximately INR14,835 crores, of which INR8,352 crores have already been collected. Of this, INR3,252 crores have been recognized as revenue so far. This leaves a substan tial contracted pipeline of approximately INR11,583 crores that is yet to flow through our pr ofit and loss as projects are completed and handed over, and, of course, subject to statutory approvals of the entities to be merged. When viewed together with our unsold inventory, our contracted pipeline, premium inventory, and future launches represent a significant pool of embedded value that is yet -- not yet fully reflected in our reported financial statements. Beyond our ongoing developments, we have approximat ely 34 million square feet of planned development across projects like 25 Chalets, 25 Est ates, Hubtown Seasons Phase 2, Sunstream City, Hubtown Commercial, and Hubtown Rising City. This represents a significant multi-year

growth runway, giving us both the visibility to gro w and flexibility to launch projects prudently in line with market demand and pricing conditions. Alongside operational execution, we continue to mak e steady progress on Hubtown 2.0, which we believe is one of the most transformative initia tives in the company's history. The objective is straightforward: to consolidate the marquee developments within the listed entities, allowing all shareholders to participate in the value create d by these assets of the to-be-merged companies. The first two schemes under the merger have already received key approvals and are awaiting final statutory sanction from National Company Law Tribunal, while the third scheme continues to progress through regulatory approval process. Once completed, our ongoing development portfolio w ill expand from approximately 7.13 million square feet to over 34 million square feet, supported by nearly 347 acres of strategic land holding. Beyond scale, the amalgamation simpli fies our corporate structure, enhances transparency, and creates a stronger platform for long-term growth. Our balance sheet also continues to strengthen. We have reduced total borrowings to approximately INR5,181 crores, of which INR3,956 cr ores pertain to the companies which are to be merged, and they are directly related to the project which are being executed by those companies which are being merged, while fully retir ing legacy bank, NBFC, and foreign fund debt. Today, vast majority of our debt is project-linked and self-liquidating, funded directly by project cash flows, which supports our target of becoming net debt-free by financial year 2031. Against this backdrop, our operating performance re mained healthy during the quarter. We delivered pre-sales of INR535 crores, collections o f INR320 crores, and maintained healthy sales momentum despite a deliberate shift towards l arger premium residences. This reinforces our confidence in the long-term trajectory of the business. To conclude, we believe Hubtown is entering a new p hase of growth. We have strong execution pipeline, significant embedded revenue, one of the largest developer opportunities in MMR, a transformative amalgamation underway, and a much stronger balance sheet. While the project completion method means reported earnin gs may not always reflect the underlying momentum of the business, but still, it shows the strong collections and strong sales. We remain confident that sustained execution, disciplined capital allocation, and the successful completion of Hubtown projects will continue to cre ate meaningful long-term value for all our stakeholders. I would now request Sunil to give Q1 FY27 update.

Good afternoon, everyone. Our financial highlights for Q1 '27 are as under. Consolidated revenue for Q1 FY27 stood at INR156 crores, down 17 % year-on-year, and down 3% sequentially, reflecting the pace of revenue recognition on project completions this quarter. Profit before tax was INR32 crores, down 55% year-o n-year, though broadly flat sequentially versus INR32 crores in FY26, Quarter 4. Profit afte r tax stood at INR27 crores, down 68%

year-on-year, primarily on account of high base in Quarter 1 FY26 and the project completion method of revenue recognition. We now open the floor for questions.

Can we move ahead for the question-answer session, moderator?

Yes, sir. Thank you very much. We will now begin th e question-and-answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Deepak. Sir, you may proceed.

Yes. Thank you for the opportunity. I have a first question. When sale is opening from 51st to 85th floor on Tower 1 to Tower 4 of 25 Downtown?

This would be very shortly it will be opened up, bu t it will be strategically opened up because we are now looking at an enhanced revenue from each of these flats on 51st floor to 85th floor. We are also looking forward for increasing the pric e on those floors, being the higher floors and very marquee location. So, this will be opened up strategically, but that should commence very shortly.

Any timeline on this?

Yes, we should be commencing from October onwards.

Okay. And my second question is, when you are launc hing Tower 5, 25 Estates, 25 Thane, and second tower of 25 West?

You mean 25 Downtown. Tower 5 is of 25 Downtown. Ba ndra is 25 West. And Thane is 25 Chalets. Khilen Shah can answer these questions related to sale. Khilen, can you come on?

Okay. With regards to 25 Estates, we are still awai ting certain statutory approvals. However, we expect them within this financial year, and we e xpect to launch the project within the last quarter of this financial year. On the Thane projec t, which is 25 Chalets, we are still in the advanced planning stages, and we do expect to launc h again within this financial year, but towards the end of this financial year. Is there any other project that you want to understand?

Tower 5 of 25 Downtown.

Tower 5 of Downtown, while we have the statutory approvals and the RERA approvals, we are waiting to strategically launch it, as was stated e arlier in the call, to achieve the sales at a higher price because that is the premium tower. So, we would expect to launch that at the latter half of this calendar year, as stated, sometime around October-November.

How many OCs you are expecting in the year '26-'27?

We are expecting an occupation certificate of the l ast tower of Phase 1 of our Ghatkopar project called Rising City. We are expecting the oc cupation certificate of both our 25 South balance towers, which is the North tower and the Ce ntral tower. We are also expecting an occupation certificate in due course from the third -- the Tower 1 C, which is called Bel Air in our Andheri West project called Hubtown Premiere Residences.

And we are also expecting occupation certificate fo r multiple buildings within our Ahmedabad and our Mehsana projects, which are called Hubtown Royale and Northstar respectively. So, those are the ones that we're expecting in this year.

Okay, thank you. That's all from my side.

Thank you. The next question is from the line of De epesh Sancheti from Maanya Finance. Please proceed.

Has the environment for refinancing high-cost debt improved? And are there any active refinancing discussions underway for the projects beyond 25 West?

The finance for the -- as far as the Hubtown Group is concerned, the refinancing options have gone up drastically in last quarter, and we are exp loring all those options with us, which would reduce the financial cost on Hubtown's balance shee t and its intended merged companies. So, we are on a path for that.

Can you quantify also? I mean, how much of your ref inancing -- how much of your debt will be refinanced, and how much could that -- I mean, c ost of debt would come down in terms of percentage, and also if you can tell me a ballpark number.

We are looking at refinancing practically entire po rtfolio, which is at a higher cost as on today with us, including entities to be merged, which is in the range of around INR2,800 crores. And we are expecting a substantial saving on that. But as on today, till the -- we are able to find the final term sheets, we cannot -- we don't want to make any cash work on this.

Okay. But how much is the cost of debt right now?

Cost of debt is in around -- it varies from 14% to 20%.

So, on average, I can say that around 18%, 17%-18% would be the figure?

I would not back on averages, but it depends upon w hich site it is? Where it is? So, but as on today, it is from 14% to 20%.

Okay. And is collection surplus still being priorit ized towards repayment of high-cost debt, or has any portion been redirected towards new land acquisition or new launch-related capex?

Every project, as far as Hubtown is concerned, we h ave ring-fenced it. So, all surpluses, if at all, on any cash flows, if at all, coming from that project generally goes to repay the debt only. We just don't want to take out those cash from any project till the debts are repaid.

Okay. And is there any plan of further dilution or fundraise from the capital markets?

Okay. And going ahead, I mean, what are the growth drivers? Is 25 South and these kinds of projects only will be the growth drivers for the next two to three years?

The projects which we have already in hand, which I have already told the amount of million square feet, more than 30 million square feet which we have, and these are enough for the growth drivers for next one or two years, two years , three years. And it is important to execute these projects as on today. We will be taking new p rojects, definitely, but they will be not on a basis where the capital gets blocked a lot, but the y will be on the basis of implementing on a partnership basis or otherwise.

Okay. And how has been the -- I mean, I'm sure the response for 25 South has been amazing. But when you're launching the further higher floors , what price escalation do you see, I mean, from the current pricing?

Khilen, can you answer this?

Yes. So, we've already seen a fair uptick in pricin g from the initial launch to what we are currently selling of almost around INR25,000 a squa re foot. And that's within a span of just less than a year. I think going forward, we will also see another INR15,000 to INR20,000 price rise. Unfortunately, this year because of the head winds on the stock market side, we were -- our price rise was we could not increase the price furt her, but there is scope in the Downtown project specifically to increase the price by another INR15,000 to INR20,000 per square feet. We have not seen the volume slowdown even at these prices, and we continue to move towards a price rise. Typically, in the Mumbai mark et, on higher floors, you do get a substantial jump. For example, in our 25 South proj ects, the difference between the higher floor and the lower floor pricing was almost 30% to 40%, even at the initial stages. And we see the same trend even in our 25 Downtown a nd even in 25 West, and even in the other projects that we are launching, even on the n on-luxury side. So, we see a definite upside on the pricing for the higher floors in Downtown by at least INR15,000 to INR20,000 per square foot within this year.

And even 25 West, we have seen a price rise happening.

Yes. So, 25 West, within the span of around a year and a half, the price rise was in the region of around INR30,000 to INR40,000 per square foot.

Great, great. And you see further traction also com ing in? I mean, there is a lot of demand already for the projects, right?

In the luxury side, we haven't seen a demand slowd own. In the first half of the year -- the calendar year, we definitely saw that people were r eluctant, given the stock market and the global situation, to not pay a higher price. But de mand walk-ins, bookings, and collections have all been solid and strong, and we have a good pipeline as well.

So, we do not see on the luxury side, frankly, any issue on demand, especially given the location -- that the locations that we operate in. And in fact, there is strong demand even at higher price points now, because the projects are now going to the execution phase. For example, in case of 25 West, we are already aiming to complete the RCC by the end of this year. And for Downtown, the difference between last year and this year is that last year the project were still to be launched, whereas this yea r the project is well underway in terms of construction. So, people see that, and also are wil ling to pay a higher price as project confidence goes up.

Yes. Thank you so much, guys. All the very best.

Yes. Thank you.

Thank you. The next question is from the line of D arshil Pandya from Finterest Capital. Please proceed.

So, thank you for, you know, explaining in detail about the demand scenario, which was my question as well. My second question was with regar ds to, sir, what would be our total GDV combined when this merger is done?

I have explained in my closing remark, I mean, ope ning remark that we expect our total -- we expect to exceed around INR1 lakh crores over a period of as those projects get completed.

Okay. And, sir, once this merger I guess if it is completed, what would be the promoter holding after this?

We should be in the range of around 68%. Promoters should be at range of around 68%.

Okay, understood. All right. Thank you. That were my questions.

Thank you. The next question is from the line of A kshay Sharma from Abakkus. Please proceed.

Hi, sir. Can you help me with your guidance on pre -sales for FY27? And how much of that is coming from, you know, new launches in terms of GDV?

I can take that question, Vyomesh bhai.

Yes, Khilen. Yes.

Yes. So, we had announced that the guidance would be around INR6,000 crores of pre-sales this year. In terms of new launches, so definitely a big chunk of it would come from 25 Downtown, the Tower 5 launch that we are planning t o do this year. Secondly, we would be also getting a fair chunk of sales of approximately INR500 crores worth of sales from our Thane project, which we expect to launch, and anoth er INR500 crores of sales from our 25 Estate, which is the second homes project that we're expecting to launch.

In terms of other new launches, we are planning to launch second phase of our Chembur project also, which includes a luxury tower, a mid- range tower of 3 BHKs, and a commercial tower as well, from which we expect to do approxima tely INR300 crores to INR400 crores of sales.

Okay. Okay, sir. Thanks.

Thank you. The next question is from the line of M okshang Sanghavi from BSC Advisors. Please proceed.

Hi. So, my question was on the annuity portfolio, like how is our occupation rate going for now, and how are we expecting in that side?

We will be launching commercial assets shortly in in one two of our projects. And, but they will be completed over a period of three two to thr ee years. So, annuity portfolios will begin to flow in Hubtown's financials maybe after 2.5 years.

Understood. My next question was on the inventory front. So, how are we faring over there, and are we expecting any price increases to flow, a nd will we be able to effectively pass it on for the customer?

On the price rise, we have already answered in a p revious questions if you were on the line, that we have been getting a good traction and we ar e getting good price rise. And we continue to expect that to be the situation for at least next coming two years.

Perfect. Okay. My question was next question was o n the FCCB part. I think you had answered that, but my I had a particular clarificat ion. So, basically, the fundraise is approximately around INR1,400 crores, right?

Yes.

At USD150 million. So how are -- what is the timel ine on it, and are we going to do it in a particularly one single tranche, or are we expecting to go side-by-side?

Preferably we would like to do it in a single tran che with the commitments flowing in, but we will see -- wait for the markets to really improve for doing that.

Understood. Okay. Thank you.

Thank you. The next question is from the line of N iraj, an investor. Please proceed.

Yes. So, my question was on the pre-sales, which i s there on Q1 versus Q1 '27. There's not been any significant jump in the pre-sales. Even the area sold is almost like flat. So, how do we see this trend improving? Because compared to the o ther developers, our -- we have been almost like more or less flat on this part.

Yes. In terms of pre-sales, the entire pre-sales i s determined by the -- largely by the time that we launch and we time our launches. And typically t hat tends to happen towards the later half

of the year. So, typically you will see that pre-sa les always pick up in the later half of the year as opposed to the earlier part of the financial year. So, you will see an uptick in the later half.

So, is it like Q3 that we expect this pre-sales to significantly jump, because you said that INR6,000 crores rupees pre-sales is what you are targeting?

Yes, it will be largely Q3 and Q4.

Okay.

Primarily because our launch timing of our project s, especially like I said, for the Thane project, the new homes, the second homes project, a nd the Chembur project are all planned for the Q3-Q4.

Okay. And how do we see the collections panning ac ross, because Q1 '27, it has basically declined from Q1 '26. So, is it something which is going to be linked to pre-sales or the completion? How do we see this collection figures coming up?

Collections are always linked to largely, not alwa ys, but largely linked to construction and actual project activity. So, for example, this year we expect a fair amount of collections coming in through this through the better part of t he year. We've given guidance on that as well, especially on our 25 South, 25 West, and our Ghatkopar project, because all those collections, largely, are linked to the completion of those projects, which are expected within this year. Secondly, from the collections point of view with r espect to a project like 25 Downtown, a large portion of the collections are going to occur at -- starting now, because the initial booking collections were made in the previous year, and now , given the project construction is on in a full swing, when plinth comes up, will be the next collection cycle, which is expected within the Q2 and Q3 as well. So, we'll expect a fair amount of collections from these projects, and including the completions which come in from the Chembur project, for example, which got the OC in the month of July. So, all those collections come in August and Septem ber. So, we expect a fair amount of collections coming in Q2, Q3, and Q4.

We are largely, in all our projects, we actually h ave the policy of collecting construction- linked money, which is the RERA mandate. So, you wi ll always see our collections linked with the progress of the construction, and when a large project is commenced, the plinth comes little later. So, all these things matters.

Okay. So, in terms of collections, what are what i s the target that we have for this current year?

INR3,000 crores.

Thank you. The next question is a follow-up questi on from the line of Deepesh Sancheti from Manya Finance. Please proceed.

Okay. Which segments or the micro-segment -- micro -markets drove the Q1 sales?

It was mainly the luxury segment, if I understood your question correctly, I hope I understood it correctly, but it was mainly the luxury segment which drove the sales, and the collections largely came in from the projects which got completed, which was the Ghatkopar project and a chunk of collections from the 25 South project as well.

Okay. And is this mix expected to be throughout FY 27?

Yes, yes, we expect the same trend to continue for FY27.

Okay. I want -- a bookkeeping question. Just to un derstand, the ROE has been always very low for the company. Right? The debt is around 14 -- I mean, debt is around 14% to 21%, but point is the ROE has always been less than, you know, the 10% mark. Can you just, if you can explain me what are we doing for a higher ROE?

We are -- like we said that, we are working toward s getting the refinance at a much lower rate. The work has started on that. That will definitely get reflected in the ROE -- final ROE with the company we'll have. We are also -- the prices o f the our product is getting is slowly increasing, deliveries are happening, and with this happening, the ROEs are bound to improve.

Okay. And going forward, I mean, how much of your revenues will actually come from rentals?

Rentals, we don't expect anything for next two yea rs.

So, are we having any projects wherein maybe comme rcial or these kind of...

I have answered that earlier, but I am repeating f or your benefit, that we are going to plan for rental for commercial premises, which will be rente d -- which will be given out on rent instead of sale. This will begin -- this work will begin la ter part of this year, or next -- Q4 of this financial year. They will get completed over a peri od of 2, 2.5, 3 years, and then the rental income will start.

Okay. And any update on the pledge on promoter sha res?

As on today, there are two pledges which are conti nuing, and we are planning to work towards getting them released.

So, you expect that by FY27, we'll see a removal o f the pledge?

We are expecting it to do that.

All pledges throughout the history of promoters' p ledge throughout, whichever has been done, has been done only and only for the purpose of fund s to be made available to Hubtown and have been as a collateral by promoters.

Okay. So, can we also expect that, you know, in th e next round of fundraise, the promoters will also pump in money like what they've done the last fundraising?

I can't comment on that as on today, but that will depend on the terms on which...

Just wanted to understand the promoters' confidenc e in the...

Promoters' confidence does not only mean that we h ave to contribute, then only it becomes confidence. Promoters' confidence in the projects, promoter confidence in the company, as it is, our stake will increase to 70%. And we have a v ery little margin to then, considering the listing guidelines, and we need to have a enough fl oat in the market for the market to really make the shares to be traded in the market. Otherwise, there will be no volume left in for the shares to be traded, which will harm the interest of the shareholders. So, we will balance o ut everything accordingly. It's not only that, because we see a huge valuation gap coming up, we j ust go on acquiring the shares, because we have to ensure that the market gets the remains liquid as far as Hubtown shares is concerned for the trading.

Okay. Can you just explain how the promoters' shar eholding will increase to 70%? Because your warrants will be up for conversion, but when that actually -- how much...

Three mergers. There are three mergers which, if y ou have followed us, there are three mergers which are happening, and these mergers are going to contribute to the promoters' shareholding increase, because all mergers are happening against the equity.

Okay, okay. Great. Thank you so much, sir. Thank y ou.

Thank you. The next question is a follow-up questi on from the line of Mokshang Sanghvi from BSC Advisors. Please proceed.

Hi. So, my question was on the line that how are t he walk-ins for this Quarter 1 and Quarter 2 for the luxury segment? Like, are we getting proper quality clients, and are we able to convert them, trend on that?

I'll take that question. Yes, thanks for the quest ion. Yes, as I said, the walk-ins were actually very strong throughout, even in the lull period, wh ich is typically Q1. We've had actually very strong walk-ins on the luxury side of things. So, l uxury continues to remain a strong performer for us, given our locations and given our portfolio of projects. On the mid-segment, especially in our Ghatkopar and our Andheri project, the walk- ins have been muted, relatively muted, but still the sales continue to be strong. So, the walk-in quality is actually very good.

Understood. Got it. My next question was on the li ne that currently we are majorly MMR- based developer, with some projects outside of the Mumbai. So, what is our long-term plan,

like are we planning to acquire more, diversify, or are we going to continue on the current trend?

As a as a policy, as on today, for next few years, we will concentrate on MMR more.

Understood. Okay. Thank you very much.

Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for the closing comments. Over to you, sir.

Thank you. Thank you, everyone, for participating in this call. With a strong development pipeline, improving balance sheet, and ongoing tran sformation under Hubtown 2.0, we believe the company is well-positioned for its next phase o f growth. We look forward to keeping you updated on our progress in the quarter ahead. We tr ust that we have addressed all your queries during this session. However, if there are any remaining questions, please feel free to reach out to our investor relations team at Go India Advisors . Once again, we extend our gratitude to all the participants for joining us today. Thank you and have a great day.

Thank you. On behalf of Go India Advisors, that co ncludes this conference. Thank you for joining us, and you may now disconnect your lines.