Aurum PropTech Limited — Q3 FY26 earnings call

Call held 21 Jan 2026

Management summary

Aurum PropTech Limited reported a landmark Q3 FY26, achieving PAT profitability with a revenue run rate of INR 460 crores, targeting INR 500 crores. The company saw strong growth in its Rental and Distribution segments, with PropTiger contributing significantly. Strategic recalibration in the rental business and ecosystem integration across platforms are key drivers for future growth and profitability, aiming for INR 1,000 crores annualized revenue with 8-10% profitability within three years.

Highlights

  • Achieved PAT profitability in Q3 FY26, reporting a Profit after tax of INR 2.71 crores compared to a loss of INR 8.41 crores in the previous quarter.

  • Annualized revenue run rate reached INR 460 crores, with a target to reach INR 500 crores in the ongoing quarter.

  • Revenue from operations for Q3 FY26 stood at INR 104.82 crores, marking a 39.2% increase over the previous quarter.

  • The Rental business generated INR 55 crores in revenue, growing 24% year-on-year.

  • The Distribution vertical delivered INR 60 crores in revenue, with lead sales growing 54% year-on-year and Sell.Do CRM new sales growing 67%.

Concerns

  • Rental segment faced headwinds in certain micro-markets (e.g., Kota), leading to growth not being as anticipated.

  • Other income, primarily from the reversal of liabilities related to underperforming HelloWorld properties, is not reflected in the segmental results, complicating direct segmental profitability assessment.

Key financials

2 periods

Q3

  • Revenue from Operations
    ₹104.82 Cr
    QoQ +39.2%
  • Other Income
    ₹9.72 Cr
    QoQ +88.4%
  • Total Income
    ₹124.55 Cr
    QoQ +42.1%
  • Profit Before Tax
    ₹2.04 Cr
  • Profit After Tax
    ₹2.71 Cr

9M

  • Revenue from Operations
    ₹265.73 Cr
    YoY +37.3%
  • Total Income
    ₹289.18 Cr
    YoY +39.7%
  • Loss Before Tax
    ₹-15.69 Cr

What they filed

Q1 FY27: revenue up 72.3%, net profit up 550.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue64 65 68 65 82 +28%112 +72%124 +82%112 +72%
EBITDA11 12 14 11 21 +91%27 +125%28 +100%29 +164%
Net profit-12 -9 -10 -10 -8 +33%3 +133%16 +260%45 +550%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

Share of Revenue
₹380.54 Cr Total
  • Rental segment (9M) ₹156.5 Cr 41.1%
  • Distribution segment (9M) ₹105.67 Cr 27.8%
  • Distribution segment (Q3) ₹59.6 Cr 15.7%
  • Rental segment (Q3) ₹54.55 Cr 14.3%
  • Capital segment (9M) ₹3.55 Cr 0.9%
  • Capital segment (Q3) ₹0.67 Cr 0.2%

Capital allocation

medium confidence
  • Debt Debt disclosed
    The interest cost that we see in the financial statement, has two parts. Out of the INR 8 crores, INR 2 crores is the actual interest cost that we pay on the loans, specifically lease rental discounting against the buildings we have. So, we definitely have a plan for that. As we have said earlier, we want to give up certain buildings and that by itself will reduce that interest cost. The balance cost is because of the IndAS impact of the long-term rents that we pay. So, it will not go out because those kinds of agreements will continue, and based on the requirement of the accounting standards, we have to consider that as a finance cost. But that is actually the rent that we pay on the long-term agreements, part of the rent that we pay against the long-term agreements. So, the actual per quarter finance cost will be around INR 2 crores.

Guidance & targets

Revenue

  • Annualized Revenue Run Rate Revenue · ongoing quarter · High confidence INR 500 crores
    I am encouraged to report that we have achieved an annualized revenue run rate of INR 460 crores and on track to reach INR 500 crores in the ongoing quarter.

    — ASHISH DEORA

  • Annualized Revenue Revenue · three years (10 to 12 quarters) · High confidence INR 1,000 crores
    Our next milestone is to reach INR 1,000 crores in annualized revenue, alongside improving profitability.

    — ASHISH DEORA

Profitability

  • Profitability Margin at INR 1,000 crores revenue Profitability · at INR 1,000 crores revenue · High confidence 8% to 10%
    But at INR 1,000 crores, we will be looking at 8% to 10% profitability at the least. That is how we are currently gearing up.

    — ASHISH DEORA

Ecosystem Revenue

  • Ecosystem Revenue Metrics Disclosure Ecosystem Revenue · next few quarters (track over next 12 quarters) · Medium confidence More detailed metrics
    Across these three areas, we believe ecosystem revenue can be systematically tracked, and over the next few quarters, we will come out with more detailed metrics around this. As you may recall, we spoke about adjusted EBITDA a few quarters ago, which we now track consistently to demonstrate improvement. Ecosystem revenue will be the next measurable metric from our side, which we intend to track over at least the next 12 quarters.

    — ASHISH DEORA

What to watch in Q4 FY26

Annualized Revenue Run Rate

ongoing quarter (Q4 FY26)
Current INR 460 crores
Target INR 500 crores

Why it matters

Key indicator of top-line growth and progress towards the INR 1,000 crores long-term target.

I am encouraged to report that we have achieved an annualized revenue run rate of INR 460 crores and on track to reach INR 500 crores in the ongoing quarter.

Risks & concerns

  • Rental segment underperformance in specific micro-markets

    medium

    Headwinds in student living and certain cities like Kota led to lower-than-anticipated growth in the rental segment.

    Management acknowledged

  • Cyclicality of business impacting profitability

    low

    The business is cyclical, with Q3 and Q4 typically performing better than Q1 and Q2.

    Management acknowledged

Q&A highlights

7 direct
INR 1,000 crores revenue target timeline and drivers Direct
So, this first INR 1,000 crores that we are talking about, this is coming organically from our existing products, existing platforms. There is no additional revenue that's considered from any of the inorganic acquisitions that we are anticipating doing currently. We believe that three years, which is 10 to 12 quarters from now, is a reasonable scale-up plan to be close to the INR 1,000 crores annualized revenue.

Clarifies the organic nature and timeline for the ambitious revenue target, setting investor expectations.

Asked by Rahul Jain

PropTiger's contribution to distribution segment and mandate business Direct
PropTiger contributed approximately INR 30 crores of revenue in this quarter. And you are right, we specifically called out the mandates because this is the highest-ever mandates that PropTiger has had over the last two to three years and we are growing that business. There is good profitability in that business segment. However, still, mandate would account for around 20% of the revenue, and 80% of the revenue comes from the AOP business.

Provides specific revenue contribution and business model breakdown for a key acquisition, highlighting its impact on the distribution segment.

Asked by Rahul Jain

Increase in other income and its relation to rental segment profitability Partial
The other income, Rahul, a major part of it has mostly come from HelloWorld. As you know, we are having these long-term contracts of HelloWorld where we do this IndAS accounting. As we have started from January 2025, we made profitability as the goal, and we are trying to identify properties which were not doing that great. But these are all long-term contracts. It was not easy to close down all these things at one shot. And so, over a period of time over the last 9 months, we have been able to let off some of these properties, mainly in the student living and some high-cost properties in Bangalore itself. So, slowly it has happened in the first quarter and second quarter of the current year also, but a major part has happened in the third quarter. That is why much of the liability that was sitting in the balance sheet as on 30 September, could be reversed.

Explains the source of the significant 'other income' as a one-time reversal from optimizing HelloWorld properties, but clarifies it's not directly reflected in segmental results, impacting transparency.

Asked by Rahul Jain

Strategy for scaling rentals in Tier-II/III cities vs metros and unit economics Direct
With respect to our strategy for expansion in Tier 2 cities and metros, something which we are very clear about is that we follow where demand is. We have analyzed the data across multiple PIN codes, and we cater to micro-markets where we know that the demand is existent, and we only capture those properties. We have a very strong supply acquisition policy where every property goes through multiple scenario analysis to ensure that the unit economics are checked and put into place, ensuring long-term profitability for the asset. Similarly, the same process is followed for Tier 2, Tier 3, as well as metros. We follow a data-driven approach in terms of our supply acquisition, and we are confident in our profitability track going ahead as well.

Details the data-driven and micro-market focused strategy for rental expansion, emphasizing unit economics and profitability across different city tiers.

Asked by Param Vora

Profitability outlook at INR 1,000 crores annualized revenue Direct
While the target is very clear of INR 1,000 crores of the annualized revenue, we believe that every quarter, we should try to increase the profitability margin. Of course, the business is cyclical. Q3, Q4 will always be better than Q1, Q2. But at INR 1,000 crores, we will be looking at 8% to 10% profitability at the least. That is how we are currently gearing up.

Provides a specific profitability target (8-10%) linked to the long-term revenue goal, offering clarity on future margin expectations.

Asked by Sanjay Shah

Competitors, moat, and revenue model for Sell.Do and Aurum Analytica Direct
Sell.Do is an extremely real estate-focused sales CRM, which emphasizes on real estate-specific processes, and the entire platform is based on that. That is a primary differentiation between the platforms that you mentioned across versus Sell.Do as such. With respect to Aurum Analytica, it is a unique business model. The service that Aurum Analytica provides is data analytics and lead generation for real estate developers. Developers typically buy data analytics for a specific project before the launch and leads for marketing of their project after the launch. Aurum Analytica provides this service through a very differentiated offering, while it competes with the likes of MagicBricks, 99acres in terms of selling leads, but the process of generating leads is very different.

Clarifies the unique positioning and competitive advantages of Sell.Do (real estate-specific CRM) and Aurum Analytica (data-driven lead generation) against broader market players.

Asked by Aditya Yadav

Rental segment inflection points, growth, and margins Direct
So, you are right in pointing out that there were some headwinds that the rental business faced, especially in the student living business. And the growth that we had expected from some cities like Kota did not come through, which is where the growth in revenue in the rental segment was not as anticipated by us as well. We have, of course, been able to de-risk that by focusing on other assets beyond student living. As we discussed earlier, we have recalibrated our go-to-market strategy from a supply acquisition and demand generation standpoint, where we are now going denser into every PIN code, every micro-market to create an ideal mix of co-living and family rental properties on the supply side and on the demand side, put most of our demand generation at NestAway. So, that is one. We are also tapping into the synergies of HelloWorld and NestAway from a fulfillment standpoint.

Addresses past challenges in the rental segment and outlines the strategic recalibration, including micro-market focus and synergy utilization, to drive future growth and profitability.

Asked by Aditya Yadav

Synergy benefits and margin uplift from PropTiger acquisition Direct
A very prominent change that we are doing is that we are bringing Sell.Do into PropTiger. This is going to be significant cost saving from a PropTiger's expenses point of view as well, as well as using products for cross-leveraging and cross-selling in terms of revenue, as well as benefiting at an expense level. PropTiger sits very closely in the entire distribution value chain where it can well gain from two products, which are Sell.Do and Analytica, both. So, we are using both of those products at PropTiger, and we will be seeing those synergies play out in the coming quarters as well. The transition of PropTiger to Sell.Do is ongoing, and we will be completing that by the end of next quarter as well.

Details the specific integration plans (Sell.Do into PropTiger) and expected synergy benefits, including cost savings and cross-selling, with a timeline for completion.

Asked by Jimit G

3 min read 7 chapters

Detailed narrative

Q3 FY26 Financial Performance Overview

Aurum PropTech Limited achieved a significant milestone in Q3 FY26, transitioning to PAT profitability with a Profit after tax of INR 2.71 crores, a notable improvement from a loss of INR 8.41 crores in the previous quarter. Revenue from operations for the quarter stood at INR 104.82 crores, reflecting a 39.2% increase QoQ. Total income for the quarter was INR 124.55 crores, up 42.1% QoQ. For the nine-month period, revenue from operations grew 37.3% YoY to INR 265.73 crores, with total income increasing 39.7% YoY to INR 289.18 crores, and loss before tax reducing to INR 15.69 crores from INR 35.43 crores in the prior year.

Strategic Vision and Future Milestones

The company has achieved an annualized revenue run rate of INR 460 crores and is on track to reach INR 500 crores in the current quarter. The next significant milestone is to achieve INR 1,000 crores in annualized revenue within the next three years (10-12 quarters), driven organically from existing products and platforms. At this INR 1,000 crores revenue level, management targets a profitability margin of at least 8% to 10%, emphasizing disciplined growth and sustainable value creation.

Rental Business: Growth, Strategy, and Profitability

The Rental business reported INR 54.55 crores in revenue for Q3 FY26, with a 24% YoY growth. Despite facing headwinds in certain micro-markets like Kota, the company has recalibrated its go-to-market strategy to focus on 'Win a PIN Code' for hyper-local domination. This involves creating a dense cluster of co-living and family rental properties and leveraging synergies between HelloWorld and NestAway for operational efficiency. The goal is to consistently deliver profitability in the rental segment, with a 30% EBITDA margin improvement observed in the specific business for December due to rationalization efforts.

Distribution Vertical: Data-Driven Growth and Ecosystem Integration

The Distribution vertical delivered a strong quarter with INR 59.60 crores in revenue, a 119.9% QoQ increase. Aurum Analytica sold over 117,000 leads to 140+ active clients across 260+ projects, marking a 54% growth in lead sales YoY. The Sell.Do CRM business scaled significantly with 67% growth in new sales and 1,100 new licenses added. This segment benefits from a data-driven approach, hyper-personalized targeting, and AI-led product stack, which includes features like call transcripts and AI insights, contributing to measurable productivity gains.

PropTiger Acquisition and Synergies

The acquisition of PropTiger, completed on September 26, 2025, significantly contributed to the distribution segment, adding approximately INR 30 crores in revenue this quarter. PropTiger operates with 11 active mandates and 175+ active developer clients. The company is actively integrating Sell.Do into PropTiger, which is expected to generate significant cost savings and cross-leveraging opportunities across the distribution value chain. This integration is targeted for completion by the end of the next quarter, enhancing the ecosystem's offerings and efficiency.

Ecosystem Revenue and AI Integration

Aurum PropTech is increasingly focusing on 'ecosystem revenue,' which is generated through cross-selling opportunities across its product suite, creating a robust data marketplace, and harnessing AI to enhance business efficiency and consumer experience. The company believes these network effects will contribute significantly to the bottom line. AI-driven decision-making, customer experience, and operational efficiency are key strategic priorities, with AI-led product stacks already delivering productivity gains and new revenue streams from features like AI calling bots in Sell.Do.

Capital Allocation and Interest Cost Dynamics

The company's interest cost for the quarter was INR 8 crores. Of this, INR 2 crores represents actual interest paid on loans, primarily for lease rental discounting against buildings. The remaining INR 6 crores is attributed to the IndAS impact of long-term rents, which is treated as a finance cost. Management is actively working to reduce the actual interest cost by optimizing its property portfolio, particularly by letting go of underperforming assets, mainly in student living and high-cost properties in Bangalore.

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