Aurum Proptech Q2 FY26 Update

“Q2 FY ‘25-26 is our first profitable quarter on adjusted EBITDA basis. This is due to our focus on relentless execution, unit economics, financial discipline, and unwavering pursuit of profitable growth.”

Q2 FY26 marks first profitable quarter on adjusted EBITDA basis (+3%), a remarkable 700 bps improvement from Q2 FY25 (-4%). Revenue grew 30% YoY to Rs. 82.5 crore.

“The rental business sustained its growth momentum with Rs. 54 crores in revenue, up 25% year-on-year. We added 19 buildings, bringing our managed portfolio to 258 properties with over 19,100 beds and an overall occupancy of 73%.”

• HelloWorld Enhancement: The flagship brand launched multiple features; smart-meter integration for utilities, new review and ratings system, and enhanced short-stay module. These tech upgrades drive better tenant engagement and operational transparency.
• NestAway’s Resale Revolution: Delivered 4x growth in monthly revenue run rate in secondary sales through newly launched digital resale platform. This high-margin revenue stream leverages relationships with property owners, unlocking additional monetization channels.
• Nestr Dubai Launch: Marked first international foray into Middle East rental ecosystem. While in the early POC phase, Dubai’s organized rental market (8% commission model) offers significant upside potential. Industry benchmarks suggest this market could contribute substantially; comparable broking businesses generate 60% of revenues from similar Gulf markets.

“Our distribution vertical delivered another strong quarter of data-driven growth with Rs. 27 crores in revenue, a 62% year-on-year increase.”

The distribution segment emerged as the first profitable segment (Rs. 5.51 crore profit) despite being smaller by absolute revenue. This underscores the favorable unit economics of tech-enabled distribution models.

“We believe that there is a direct synergy between Analytica and PropTiger...Analytica and PropTiger have great synergies.”

The management expects PropTiger to turn profitable in 2-3 quarters through integration efficiencies. Key synergies being unlocked:

• Analytica’s precision leads feeding PropTiger’s transaction teams
• Expanded mandate business scaling (historically AOP-focused)
• Removal of prior constraints (Housing.com lead exclusivity now open)

PropTiger acquisition completes Aurum’s distribution value chain from lead generation → lead management → transaction execution. The management’s confidence in 2-3 quarter profitability timeline reflects their acquisition integration playbook tested with NestAway.

The company reorganized Integrow Asset Management from subsidiary to associate status effective July 1, 2025, reflecting a strategic recalibration. While this reduced reported capital revenue by Rs. 1-3 crore, the move aligns with SEBI’s newly approved SM REIT (Small & Medium REIT) framework.

“The time is large. SM REIT table supply across the country is around 38,000 million square feet...we should be able to look at going to market in the SM REIT once we see certain volumes in that.”

Rather than rushing to market as a first-mover, the management is adopting a patient, opportunistic approach. With ~38,000 msf of Grade-A commercial supply available and investor traction still building, Aurum is positioned to become the “longest and biggest SM REIT player” by waiting for market maturity; similar to how the classic REIT market evolved post-2014.

• AMSA Investments (SM REIT subsidiary): SEBI registration approved
• Current Phase: Evaluating robust pipeline of Grade-A income-generating assets
• Launch Timeline: Prudent approach; market-dependent

“Our purpose has always been bold - to build India’s largest and most trusted integrated PropTech ecosystem.”

The management views HelloWorld, NestAway, PropTiger, Sell.Do, Aurum Analytica, and SM REIT as six independent businesses, each capable of significant scale. The integrated ecosystem generates compounding network effects—rental operations feed distribution data, distribution insights improve capital deployment, and financial products enable transaction completion.