Ladies and gentlemen, good day and welcome to the Q1 FY27 earnings conference call of Aurum PropTech Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Please note that this conference is being recorded. I now hand the conference over to Mr.

Shivang Bagla from Emkay Global. Thank you and over to you.

Thank you, Pranali. Good afternoon everyone and welcome to the Q1 FY27 earnings conference call of Aurum PropTech Limited, hosted by Emkay Global Financial Services.

We are joined today by Mr. Ashish Deora, Non-Executive Chairman of Aurum PropTech, Mr.

Onkar Shetye, Executive Director, Mr. Kunal Karan, CFO, Mr.

Shrikant Jagtap, Deputy CFO, and Mr. Rihen Shah, Lead, Strategy and Investor Relations.

Before we begin, I would like to remind you that certain statements made during this call may be forward-looking in nature and are subject to risks and uncertainties as detailed in the annual report and other investor disclosures available on the website. With that, I would now like to hand this call over to Mr.

Ashish for opening remarks.

Thank you, Shivang.

Yeah.

Good afternoon, everyone.

Should I start?

Thank you. Good afternoon, everyone.

It is my privilege to welcome you to the 24th earnings call of Aurum PropTech. I'm pleased to share with you our performance for the first quarter of Financial Year 2026-2027.

As a context, since 2021, we have been building towards a simple but ambitious idea that every stage of a property's life, from the moment someone starts searching for a home to the moment they become a buyer again, should run on one connected, intelligent operating system. Q1 of FY 2026-2027 is the quarter that has made this possible.

I would like to walk you through three defining developments in this quarter. First, our unit economics continue to improve and profitability is structural.

Q1 of FY27 is our third consecutive profitable quarter. This is a very important milestone for us because it reaffirms our shift to profitability and makes it structural and enduring.

Despite Q1 being the industry's softest quarter, our margins improved by 1,000+ basis points. It gives us strong confidence that over the coming years, our unit economics will continue to strengthen and that the company will keep improving profitability.

Second, we are going deeper on AI. Our AI stack is now deployed across the value chain, from lead qualification and sales conversion to customer obsession.

AI is now spreading across all five layers of our business, whether it's discovery, intelligence, transaction, financing, or living. The immediate outcome of AI deployment is to optimize business value and constantly improve efficiency.

Early gains are already visible in this quarter in productivity, with revenue per team member emerging as a key success metric across all our functions. We expect that this metric to improve further as AI adoption expands across every role in the organization.

For the medium term, we are continuing to develop what we call Aurum's unified brain, a single intelligence layer that activates monetization opportunities across the ecosystem. Third and a very special one is Housing.com joins Aurum.

Housing.com is one of India's most recognized digital real estate platforms and the starting point of the property journey for millions of consumers every month. We see the integration of Housing with Aurum's ecosystem as value accretive across all our products and services.

As the industry leader, we are cognizant that listing platforms in Indian real estate have historically not been profitable. However, Aurum and Housing teams have developed an integration plan to make Housing look up in becoming profitable within four to six quarters.

Driving profitability in Housing.com in a time-bound manner will require product innovation, business synergies, AI-led efficiencies across functions, and relentless execution. We at Aurum have turned around and demonstrated profitable unit economics in difficult scenarios in past.

Learning from NestAway, PropTiger, and other similar case studies, we believe we will reach our goal to make Housing profitable before the stipulated timeframe. Further, we believe that Aurum's acquisition of Housing.com marks the start of industry-wide consolidation in Indian PropTech, and at Aurum, we intend to lead it.

I would also like to use this opportunity to thank REA's management for taking a strategic, long-term view on the Indian PropTech sector by becoming a significant shareholder in our company. I also want to thank REA Group's leadership as we continue to learn and look up to them.

Furthermore, I would like to acknowledge and thank the lawyers and advisors on both sides who made this possible. Five years ago, we were the first company in India to build PropTech in public domain.

In the years since, we built the first integrated PropTech ecosystem in the country. Last year, we became a profitable company.

This year, we are becoming an AI-first company. We believe this positions us to become India's leading AI-native real estate operating system in the near future.

To conclude, our priorities for the rest of FY27 are clear: consistent improvement in financial metrics every quarter, continued progress on AI every week, and full integration of Housing.com synergies across the group as soon as possible. With that, I now hand over the call to Onkar.

Thank you very much.

Thank you, Mr. Deora.

Q1 FY27 marks an important inflection point in Aurum PropTech's journey. This quarter demonstrates that disciplined execution, strategic transformation, and technology innovation can coexist.

We delivered a total income of ₹121 crore, up 57% year-on-year, alongside our third consecutive quarter of positive adjusted EBITDA. Three themes define our quarter: first, execution; second, platform expansion; and third, AI-native transformation.

On execution, our execution has been our defining priority since inception. Our objective has been simple: to improve unit economics quarter-on-quarter, strengthen operating discipline, and build scalable technology platforms capable of delivering sustainable profitability.

PBT margins expanded by 1,590 basis points, while adjusted EBITDA margins improved by 1,320 basis points, reflecting the operating leverage beginning to emerge across the platform. Importantly, these improvements are not the result of one-off cost actions; they are being driven by stronger business fundamentals, improving productivity, and disciplined capital allocation.

Our rental business delivered ₹56 crore of revenue, maintaining 81% occupancy while operating across a scale of 21 cities spanning across student housing, co-living, and family rentals. Customer satisfaction remains strong with an average rating of 4.3, while our focus continued to be on occupancy, tenant experience, and operational efficiency rather than simply expanding inventory.

Most importantly, both our rental businesses achieved EBITDA profitability, validating the operating discipline and scale we have built over the last several quarters. Our developer and distribution business also delivered ₹56 crore of revenue, continuing to strengthen its leadership across analytics, developer technology, and transaction services.

Today, we enable over 1,200 developers across 1.5 lakh projects in 40+ cities, creating one of country's largest integrated technology platforms serving developers. Rather than relying on one or two businesses to drive profitability, we are increasingly benefiting from multiple operating platforms working together.

Every major business across the group has now either achieved profitability or crossed important profitability milestones, creating a strong and more resilient earnings profile. Our second theme has been platform expansion.

The announced acquisition of Housing.com is not simply the addition of another business. It fundamentally expands Aurum PropTech's addressable market, strengthens our competitive position, and significantly increases our long-term monetization opportunity.

India witnesses approximately 2.5 crore property transactions every year, of which nearly 1.2 crore transactions are expected to become digitally addressable. Today, however, only 7 to 10 lakh residential transactions are actively intermediated through online portals, highlighting how early digital penetration remains.

Across the markets, India's annual residential transaction value exceeds ₹15 lakh crore amongst developers, brokers, banks, and homeowners collectively spending approximately ₹38,000 crore every year on property marketing and mortgages. Yet online portals currently capture only a ₹1,200 crore market, representing less than 5% of the total penetration.

Housing.com already commands approximately 24% of India's online portal market, supported by one of country's strongest consumer brands, attracting over 58 million average monthly visits and 12 million monthly active users on its app. However, for Aurum, the opportunity extends well beyond portal monetization.

Traditionally, property portals monetize listings and advertisements; our monetization begins where the portal ends. Housing.com captures consumer intent; Aurum monetizes that intent through developer technology, transaction fulfillment, rentals, financing opportunities, and AI-enabled services across the entire consumer journey.

This significantly expands our consumer lifetime value while allowing us to participate in a much larger share of economics generated by every real estate transaction across the country. The third theme has been AI-native transformation.

The opportunity to build India's largest property portal with Housing.com and Aurum's fulfillment and transaction management capabilities is viewed with our AI-native transformation initiatives. Across the industry, AI is often deployed as a productivity layer sitting on top of existing software.

Our approach is fundamentally different. We are embedding AI into the core operating fabric of every business across the Aurum's ecosystem.

Today, AI supports lead generation, customer engagement, sales conversation, transaction workflows, customer service, and developer operations. We are building India's AI-native operating system for real estate, one intelligent platform connecting consumers, developers, brokers, lenders, landlords, property managers, and bankers across the entire real estate life cycle.

Looking ahead, our priorities are clear: first, execute a disciplined integration of Housing.com; second, continue embedding AI across every operating platform; third, maintain our focus on profitable, capital-efficient growth. I will now hand over to Shrikant Jagtap to take you through financial performance in greater detail.

Thank you, Onkar. Thank you everyone for joining today's call.

The results for the quarter ended June 30th, 2026, are as follows: First, the results for the quarter as compared to previous quarter. The revenue from operations, INR 111.84 crores, compared to INR 123.85 crores the previous quarter.

The total income, INR 119.01 crores, compared to INR 132.03 crores in the previous quarter. The profit before tax, INR 2.31 crores, compares to INR 3.69 crores in the previous quarter.

PBT is at 2.1% compared to 2.9% in the previous quarter. With this, the company has reported profit for three consecutive quarters.

The results for the quarter as compared to the corresponding quarter previous year: The revenue from operations, INR 111.84 crores, compared to INR 65.44 crores in the quarter ended June '25, an increase of 70.9%. Total income, INR 119.01 crore, compared to INR 73.88 crores in the quarter ended June '25, an increase of 61.09%.

The profit before tax, INR 2.31 crore, compared to loss before tax of INR 10.81 crores in the quarter ended June '25, an increase of 121.37%. Profit before tax 2.1% compared to loss before tax of 16.52% in the quarter ended June '25.

Now the segment results for the quarter: The results for the quarter as compared to the previous quarter. The revenue from rental segments INR 54.35 crore compared to INR 52.70 crores in the previous quarter.

Distribution segment, INR 55.94 crore, compared to INR 66.87 crore in the previous quarter. Capital segment revenue, INR 1.55 crore, compared to INR 4.28 crore in previous quarter.

The rental and distribution segment reported profit of INR 0.63 crore and INR 7.97 crore, respectively, while the capital segment made a loss of INR 0.05 crore during the quarter. During the quarter, the company closed the transaction related to sale of building owned by the company at 112 crore and recognized other income from discontinued operations of INR 52.38 crore during the quarter, in addition to INR 17.78 crores in the previous quarter.

The total revenue from discontinued operations is at INR 54.14 crore during the current quarter and INR 20.28 crore from the previous quarter. The profit before tax from the discontinued operation is INR 52.40 crores and INR 17.44 crores in the previous quarter.

I will now hand over the call to Yashashri to take it forward. Thank you.

Am I audible?

Thank you for the opportunity. My question is on Housing.com.

Am I audible now? A

Please go ahead.

My question is on Housing.com. With Housing.com now inside Aurum alongside NestAway, Hello World, Sell.Do, what specific gap in the existing ecosystem does Housing.com fill?

Is there a risk of internal cannibalization between Housing.com organic listing traffic and Aurum Analytica paid lead generation model for the same developer client?

Sure. Thank you so much, Ajit, and thank you for your question.

What Aurum as a platform was India's largest tech-enabled transaction platforms where we were covering lead generation, lead management, transactions, and managed living, which was through our rental portfolio. Housing.com just adds into a vertical integration strategy where the entire audience demand and intent flows into this entire transaction platform and becomes one end-to-end solution for any of our customers.

By customers, I mean developers, partners, and consumers as a whole. For their end-to-end lifecycle from discovery to transactions to living, and the management of this entire cycle can be done at one channel itself.

We don't see a cannibalization. As a matter of fact, what we see is there is a strong synergy to have end-to-end solutions from listings to advertising to lead generation to transaction as a platform to be provided to all our partners and customers.

Sir, as you mentioned in your opening remarks that Housing.com had around 24% market share, with the integration of Aurum other products, where do you see that market share moving over the next two to three years?

There are two parts to this. One is that we don't see Housing as a standalone intent monetization platform.

We do see opportunities to expand its horizon beyond intent to taking it into transactions and capturing the larger TAM that the transaction pool provides to us. Having said that, our goal and objective is to make sure that we are able to upsell within the housing cohort of consumers more products, more SKUs, and keep on increasing that market share.

We firmly believe that the app leadership position that Housing has taken over the other property portals is something that has to be capitalized on, where we already have the pole position in that space, and increase our not just revenue, but also our position out of it.

Sir, given the company's carry forward tax losses, what effective tax rate should we model over the next two to three year? How much runway of tax loss carry forward remain before Aurum starts paying tax at the full statutory rate?

Presently, the team is evaluating and understanding the financial and tax structures of the business together with Housing's existing finance and operating team. We will be able to articulate our clear positions in Q3 starting H2, when we are able to look at our long-term goals on the financial metrics of this business.

Sir, if possible, can you share revenue and EBITDA margin guidance for next two to three years for combo company?

One, you'd like to reiterate that this is the third consecutive quarter that we have hit profitability metrics at Aurum PropTech, and that has come after a lot of disciplined execution. We would also like to reiterate that we recently acquired PropTiger from the same group, REA, which was loss-making, which we were able to quickly turn around and deliver the first quarter of first two quarters of profitability at PropTiger.

We have used a similar playbook for all our other businesses, including Hello World, including NestAway, where we have been able to quickly restructure the businesses and not just increase the revenue pool, but also bring operational efficiencies to reduce the costs and get them profitable. We will apply the similar playbook at Housing.com, and within three to four quarters, we are looking to restructure the business and again hit levers of profitability.

Again, it's early days. We see a lot of ancillary revenue that is coming from Aurum PropTech into Housing and also Housing benefiting us at various subsidiary businesses.

As the flywheel keeps on getting us more consumers on the platform, we do anticipate that our revenue projections will be surpassed.

Yes, thank you.

Hi. Am I audible?

Hi, team. Congratulations on a great set of results as well as for the Housing deal.

Could you please help us understand the unit economics of the Housing.com business model? What are the key factors behind the current losses?

What are the main steps we will be taking to improve the overall profitability?

Sure. Hi, Ishan, and thank you so much.

This is Rihen here. For Housing.com, effectively their business model is around three types of consumers: one, developers; second, channel partners; and third is DIY consumers in itself.

From a unit economics point of view, it operates on a marketplace model where you have demand and supply being matched. Currently, the structure of Housing.com is based on that marketplace model.

Once we approach more towards the closing, we'll refine our thought process and also be able to give better numbers in terms of unit economics to hash out in each segments how do we see the unit economics flowing up and how our roadmap towards that profitability is building in the next three, four quarters. Okay.

Earlier the focus was on to achieving 1,000 crores of ARR target. After the Housing acquisition, how should we think about the target now?

Ishan, the ₹1,000 crore ARR target, we feel that we're going to achieve that a lot faster with Housing.com transaction and surpass it a lot more. I think over the next years, we'll see great amount of synergies coming from existing business plus Housing.com as an entire platform.

I think it's going to be the most unique blend in Indian PropTech space where you have listing and marketplace as one segment and transaction enablement a second segment coming together in terms of entire end-to-end platform. While I'll not be able to give you an exact guidance in terms of what do we see in numbers, but I think the growth is what we have showcased over the last five years, we're going to go beyond that growth trajectory as well.

Great to hear it. For Sell.Do business for FY26, what was the gross churn?

Sorry, by gross churn, what do you mean exactly?

Like when we are saying that client retention rate, something like that. The gross churn when we are saying that client is leaving that software or license leaving.

Overall, Sell.Do has a extremely high customer retention ratio. The churn at a gross level was 7%, but Sell.Do has been growing in terms of licenses as well as number of developers that are onboarded onto the platform.

Sell.Do has now crossed 1,000 developers onboarded onto the platform with 11,800+ active licenses that are there currently.

Great. Thanks a lot.

Thank you.

Thank you. Thanks for the opportunity and congratulation on a large transaction.

I have just two-part question. One thing on the Housing side of it, of course, you have said few things in terms of you would like to see how it plays out and you would be in better situation to talk about, but as of now, the numbers that we could see, it clearly tells you that the current operation need a significant amount of optimization before it could get streamlined into a more profitable thought process.

If you could highlight the first top three priority that you have set up in this integration that you could solve for to ensure that once it get consolidated on an annual basis, we are not going to take a hit from the current operational cost, which are significantly higher than the revenues out there.

Rahul, thanks for your question. You're right.

We do also see this from an opportunity standpoint. Our first goal is to make sure that we increase the revenue pool and address a larger TAM where this stop of monetization at intent at Housing is converted into addressing a larger revenue pool available with the transaction model across all three: developers, brokers, and also DIY.

That's one. On the revenue side, the second lever for us is to ensure that how do we increase the existing product build and upsell within the Housing SKUs.

We do see that there's good tech enablement in terms of the product SKUs that Housing has built. In terms of utilization, there's been minimal utilization of those product SKUs.

The idea is to increase that revenue pool as a second instance. The third is that we see opportunities between ancillary businesses, which is a combination of Housing and PropTiger, a combination of Housing and Sell.Do, a combination of Housing and NestAway/Hello World, where we are able to do consumer cohorts and again increase the revenue pool.

The second part is on the cost side where we have a classic playbook of understanding internationally invested and corporately managed businesses to provide for efficiencies. Typically, these become management heavy, top heavy.

We have some case studies on this from our existing execution playbooks. Second is we do realize that at times businesses that are built by tech teams, by tech companies, do lack that understanding on the real estate practice side, which our team comes in very handy and because we understand the real estate side of this business also, we are able to plug in the gaps of what exactly the consumer needs.

Are we overproviding there in terms of costs? For example, one piece that we are looking at is are the sales team heavy in terms of their build on the broker side and also on the developer side?

Are there opportunities to streamline that? We are also looking at opportunities in our distribution business where between Analytica and Sell.Do, which has got access to 1,000 developers and also has a very solid enterprise team, is able to extend their learnings and also build some efficiency in the Housing business.

That's on the cost side. One key thing that we have probably identified as an industry is that there seems to be a gap in integration of intent that is captured on the platforms and then the revenue monetization of that.

We have close to 54 million users coming on the platform as traffic, and our goal is to ensure that we do provide monetization streams across this traffic. We also find opportunities on the cost side again on the marketing front, where probably with tactical levers with Meta and other social media platforms, if we can do efficient performance marketing expenditure, brand expenditure, and also SEO expenditure on these platforms.

There are opportunities that present to us on the revenue and cost side both, which is why the team feels confident from the opportunities we see and the execution playbook that we have demonstrated successfully to bring this quickly under control in the next three, four quarters and then lead it back on to the growth at profitable metric journey. Rahul,

this is Ashish

here. To add to what—yes, Rahul.

Just to add to what Onkar said, look, we we bought PropTiger in last July, exactly one year ago. Since then, we have been looking at Housing.

Housing is the largest, one of the largest consumer brands in India and definitely the biggest consumer real estate brand, right? You have over a few years tracked how we have done transaction business and how we have grown that.

Now our challenge is not getting 1 + 1 = 2 and making that profitable. Our challenge really is how to make 1 + 1 = 3.

That is what we are working on. In last month, month and a half and or two, the teams have really worked on the integration plan.

Now the question is how quickly and how relentlessly can we execute that, and that is something that we are here for. The largest brand combining with another largest transaction platform, and and the synergies are supposed to kind of start unlocking immediately and definitely to become profitable at the earliest.

Thanks for the color. That's very assuring.

I think the right value add as identified by Onkar also is the consumer behavior understanding that we have from the actual real estate business that we bring into. That's a value add and also on the cost efficiency side.

We have seen most other transactions in the past that you have worked around 12 months have been a good time period for them at least on the cost side of it work around. I think similar timeline is what one should be expecting out here as well.

It's a four quarters. Our internal target is three to four quarters.

We are today saying four to six quarters. Housing is larger scale, a lot more synergy opportunities, a larger brand, and it's the marketplace.

That is why we are factoring in one or two extra quarters. Our internal target is like the other companies to kind of make it profitable within three to four quarters.

For this call, let's take it four to six quarters.

Sure. Thanks for the color and congratulation once again.

Thank you,

Thank you so much. Thank you.

Thanks for the opportunity and congrats for the steady execution, as well as Housing transaction. A couple of questions: First one, with Housing transaction, do you expect our overall offering portfolio is largely completed now, which we might have envisaged, let's say, when we started the journey, or you think still some gap exist which you would like to fill in next couple of years?

That is question one, just to understand overall broad vision and where we are in terms of offering perspective. Second question is about the PropTiger.

Now we completed a year. What are the learnings, let's say, where we find revenue cost synergies, and how some of those learnings we can implement in Housing, because this is relatively larger transaction, if you can give broad thought process around it.

Thank you.

Sure. Dipesh, to your first point, we feel that we had the journey from lead to transactions was already there with Aurum PropTech ecosystem.

Now we go to a much larger scale where we have the entire audience coming in, which is what Housing.com fulfills, from audience to leads to management to transactions and also manage living then. We feel that we have the entire ecosystem from end-to-end journey.

I think Housing acquisition is going to be a pivotal stage of Aurum PropTech, where we're going to become one platform, one operating system for Indian real estate as a whole. It's not going to be segmental going ahead in terms of different products or services together.

Which is what we're trying to do with post Housing acquisition, that how do we streamline everything into one platform, one ecosystem, and one operating system for Indian real estate. Coming on to the second point which you had with respect to PropTiger, see, when the PropTiger and Housing both as businesses were HR-driven operational businesses, and we see a lot of drivers over there to ensure that there's efficiency into the system.

Tech is being utilized at every stage to automate operations and ensure that overall, we call this out as the key metric that we keep on tracking across all our companies, which is revenue per team member. How do we increase that revenue per team member across the businesses is something that we have seen during this PropTiger transaction and getting to this last individual contributor in every team size and increasing their productivity is going to be something which we'll ensure that our learnings from PropTiger will be embedded into Housing transaction as well.

Dipesh, just to add one more point to what Rihen already said is that if you look at the Housing offerings from a revenue standpoint, from a product standpoint, we did have that capability in place by the way of Analytica, which does a much larger pool of revenue in the enterprise side of Housing. We also serviced the brokers between Sell.Do and Analytica and some parts at NestAway.

However, what we didn't have is the intent at the earlier stage of property discovery, which only two I would say internet platforms get. One is, of course, the likes of Google, who learn it first as in when is the consumer starting his purchase or rental journey or real estate consumption journey.

Second is, of course, marketplace platforms like Housing, which get this signal. The idea was what made it compelling is that this signal identification in a way jettisons us from an ecosystem to a marketplace enabled with transaction that operates at a much larger TAM and has a larger stickiness in terms of our offerings to all the five stakeholders now from the developer to the broker to the buyer to the consumer and also banker.

That is what made Housing extremely compelling. With this, of course, we feel that now everything that has to be built around can be built internally and then offered at the Housing portal.

Understood. Thank you.

Hi, everyone. My question is largely on we have been talking about building the complete ecosystem in the PropTech space.

If you look at our last acquisition in terms of PropTiger and Housing.com, while they make a strategic fit and strategic sense in completing the portfolio, but they have come at a serious cost of dilution. As a management, how do you think about per-share value creation?

Another metric that we have been talking about is of ecosystem revenue. If a customer you acquire through NestAway or now from Housing.com, what percentage would go on to transact on PropTiger, or take a loan through KuberX, or generate data through Analytica?

How do you think this piece moving forward in the next two, three years, the ecosystem revenue part, and how you think about the per-share value creation?

Neel, this is Ashish here. I'm taking the first question, and then I'll request my colleagues to the second one.

Look, on dilution, we we think through this very, very very, very strongly, because from a long-term roadmap of the company, the dilution is very important. As a promoter of the company, the dilution affects us affects me personally the most.

We think about this this very, very deeply every time that we have to do something. Both times that we have done the dilution, we have diluted to the largest PropTech group in the world, which is REA, right?

That is that is, in turn, owned by News Corp, right? What we have effectively done, we have today on our cap table 24.9% shareholder, which is which is probably the the largest PropTech group in the world and one of the biggest media groups in the world.

What it does is it just opens up a lot more opportunities to learn from learn from these companies, learn from their global experience, and that's one big intangible when we when we dilute. If it was if it was just some any other investor, then we would have thought twice.

That is why the earlier avatars, earlier acquisitions, we never diluted, but we diluted to REA. This is more to the credit of REA than to our sort of thought process.

That is one part. Second, both PropTiger and Housing were very, very valuable brands, are very, very valuable companies, right?

Marketplaces are marketplaces are listed at 4.5x in India. That is the that is the valuation that that we have seen in some of the marketplaces.

In another marketplace, we have seen the valuation to be 10x of their revenue. What we have done now is we have acquired at 1.5x of the of the revenue.

The reason behind that is because there is a long-term long-term goal that we are aligned with with with REA Group, that is what our belief is. That is why even for them, it is not an exit which is only fetching them 458 crores or or whatever value that has come out of the equity.

They have now 24.9% in the largest largest PropTech company in the country. It's it's it's a bit of both, right?

You're getting the right valuation, you're getting the right partner, and and everything comes together. Only in those special scenarios are we are we looking at dilution.

I hope that answers your question on the dilution. Yeah.

Neel, I'll take your second question, which is with respect to ecosystem customer or cross-selling customers across the entire ecosystem. This is something that we've been trying to build at Aurum PropTech since last couple of quarters.

However, when we understood the journey of a consumer, we understood that it starts at the top of the funnel where the consumer showcases the first intent, may it be a consumer who's going from co-living to rental, or a consumer going from rental to buying an apartment. That top layer or funnel was missing in the entire portfolio, which now gets stitched through Housing.com.

Effectively now with Housing, the opportunities to cross-sell/upsell at a B2B end to developers as well as partners, as well as from a B2C point of view increases exponentially, and we able to ensure that every consumer who comes and leaves a footprint onto the platform has something that we can offer to them and constantly ensure that he's having his entire real estate lifecycle with Aurum PropTech as an entire platform. Right.

Thank you for explaining. Ashish, as you have exactly alluded, marketplace is a very high-quality business model.

If you look at even REA's core operations in the Australian business, they are making 60%, 70% operating margin. If we look at Rightmove in UK, they are also making 70% operating margins.

If we look at Hemnet in Sweden, they're also operating at 50% operating margin. Directionally, what are the steady-state operating metrics that you envisage for Aurum, let's say, in next three, five years?

You are benchmarking with the companies that we have been benchmarking and interacting very, very closely with. We look at every single product, every single feature, every single release that they come out with, whether it is on media, on social media, or on product.

We believe that the consolidation in Indian PropTech has started with Housing and Aurum coming together. The reason we say that is because, as my colleagues were talking earlier, that there was no handholding between discovery/listing to the transaction.

If you are able to integrate that well, then you will see very healthy unit economics, you will see very healthy EBITDA numbers going forward. The moment as an industry leader we are able to demonstrate that, it will make sense for other companies also to collaborate or come together to do that.

The thesis that you are talking about, Neel, is exactly our thesis as well, that nothing stops Indian PropTech companies to have similar profitability metrics what you have in Australia, what you have in UK, or what you have in Brazil, right? They are smaller markets.

In India, the real estate purchase is an emotional purchase, it's even more important to have the right journey mapped. I think we are on path to do that.

All right. Thank you so much.

All the best.

Thank you.

Thank you.

Hello, am I audible?

Thanks for the opportunity, sir. Sorry, I actually joined a bit late, maybe if this question is a repetition, please forgive me.

In terms of the acquisition, it appears to be very exciting, a new journey. Sir, in terms of Housing.com, obviously, we have a revenue of around 300 crores.

In terms of profitability, what is the loss as of now? In terms of the journey to achieve break-even, what are the timelines that we should see in terms of achieving the break-even?

What are the low-hanging fruits in terms of achieving that break-even? What are the timelines also?

Also to see in terms of the competition that is there in the market, like the largest competitor which is 99acres, they have been trying since many years and spending a lot, but still they have achieved the break-even level and they have been operating at a loss for many years. How do we see the long-term profitability happening in Housing.com?

Amit, thanks for your question. You're right.

There has been certain baggage in the industry where losses have shown up on listing business models. That is where we feel the opportunity lies for us in converting this I would say stopping at intent monetization and taking it to transaction between the listings business model and the fulfillment of the transaction business model.

Which is where Housing and Aurum PropTech's combination becomes very compelling for all stakeholders. Having said that, if we look at the FY25 revenue from operations at Housing.com, between the listing services and various other packages, ₹343 crore was the revenue as of FY25.

They have discontinued certain services and, of course, they have exited one business to us, which is PropTiger. On the expense side, between the employee benefits, other expenses, and which comprises of advertising, payment gateway, and software data, the expenditure at Housing as of FY25 was ₹531 crore.

That we understand as of FY26, and these numbers are being audited presently. They follow a July to June calendar, the Australian ASX calendar.

These are being audited presently, and they will be very soon public for our consumption and estimation in next few quarters. On the expense side, in the earlier question, we did iterate there are opportunities we see on the marketing segment where we can look at efficiencies on expenditure, where we do better utilization of credits on various social media platforms and also search and discovery platforms like Google using efficient working capital management to ensure that expenditures are managed within their limits.

The other one is, of course, an internationally invested, corporately managed business does have some opportunities for efficiency because it typically becomes a top heavy, management heavy, whereas we at Aurum have typically believed in a lean org structure with largely frontline empowerment towards the revenue side, which is where a larger opportunity also presents to us in terms of cost optimization. We also reiterated in the previous question that we are looking at optimistically getting this under control anywhere between four to six quarters as a trait of our applying our playbook on restructuring and turning around businesses.

Sir. Thank you.

Thank you, Amit.

What is the reason that our quarter-on-quarter revenue has gone down quite a bit? Secondly, can you give some figures as to how much Housing.com would have spent on marketing, advertising, and branding alone on the last seven to eight years, because they have been rather very, very visible in various media channels?

Also, can you share that what was the highest valuation that Housing.com was diluted at during its various rounds and what was the lowest valuation also before we acquired them? They have had several mercurial founders and even entrepreneurs who have led them, but no one has been really able to control this company, and they've burned money a lot.

To change the culture would be very difficult as opposed to the many smaller acquisitions that we have done so far. What are your comments on that?

Faisal, as always, you are reading our mind with some of the points that you are making. Look, first on how much money has been invested in Housing till date in various avatars, in various forms, by various investors in past, right?

In last 14 to 15 years, we believe ₹2,200 crore has been invested, out of which it is safe to assume that ₹1,000 crore got spent on the brand, right? It is the number one real estate brand, right?

That is one reason why it is a very, very attractive marketplace. We have already talked about the traffic numbers, 50+ million traffic numbers, 5 crore people visit every month.

Might not be unique, but still 5 crore engagements every month on the platform. Which is, to our mind, very, very valuable.

Many founders, yes. It was started by a founder, and then for last few years, it has been stabilized by REA Group.

REA Group is a very stable and very highly governed Australian publicly traded company. They have, in a way, whatever happened in the earlier you used the word mercurial founders, that has all in the past, and last few years, it has been in very stable hands of REA.

Our endeavor is to kind of bring profitability. As you know us, we have learned this in NestAway as well, where the losses were very high.

In terms of revenue to losses, the proportion was even worse in NestAway. We turned that around.

We believe that we can turn around Housing as well, because in Housing, we have an additional lever, which is to bring synergies to our own transaction platform, and that is something that will create a larger revenue base and create a larger profitability. That is where we are taking this.

What is the burn rate of Housing.com per month just now?

Sure. As of right now, the business as is, it's doing ₹200 crore of burn annualized basis.

This, of course, once we close and we start our operations, the idea is to streamline the costs and bring it to a break-even point in four to six quarters.

We are on record saying that the promoters will also subscribe to some shares. Where exactly would that capital be deployed for, or is it like a insurance so that if the burn is not controlled, then we have enough funds?

Yes, it is like a war chest for the company, because we thought that it's just good to have funds in the company. Promoter subscribing at these levels just kind of created more confidence with the board and with REA as well to say, okay, look, there is investment in the company more than what we already have currently.

Yes, we'll have 200-odd crores of war chest for Housing, but I don't envisage to use this.

We will be expanding equity to the tune of 25% with all the dilutions?

20%, right? Because five around 5-odd percent was already with REA Group due to the PropTiger acquisition, which we had bought at 1x if you recall.

We had issued shares worth ₹84 crore and the business that we are doing now in PropTiger makes that at almost 0.5x of the dilution. They already own 5 5%.

REA already owned 5%, and now another 20% by virtue of swapping Housing.com.

Sir, if you could just answer why our quarter-on-quarter revenue has gone down in this particular June quarter? Yeah.

Faisal, particularly there is one category of the revenue which get crystallized based on the slabs, percentage slabs of achievements of the target. That got crystallized in the last quarter of FY26.

Now in this quarter, the slabs which will, as and when we move further to the year, this slabs will get achieved and that revenue also will get crystallized probably at the last quarter of this financial year. There was one particular revenue which got recognized in the last quarter, which will build for the year in this year.

That is a moment which

Faisal, just continuing on to Shrikant's point, this is specifically for the PropTiger business where we have annual operating plan signed with the developers, which is for the financial year. Even in this financial year, we have annual operating plan signed with all the developers that PropTiger works with.

It is based on the total amount of gross transactions that we do with the developers. As and when we hit those slabs, we unlock additional brokerage slabs, which PropTiger can then charge.

As we start the year, we are at the first couple of slabs initially, when the value unlocking generally happens in the second part of the financial year, which is why you see that drop. It's more seasonal rather than, it's not a one-time impact.

It's the way the cycle works in PropTiger as such.

I really appreciate you answering my questions. Thank you.

Thank you, Faizal-bhai.

Hi. All my questions were answered.

Just wanted to know one last thing. We are currently at 10% EBITDA adjusted.

With the Housing.com integration, in four quarters, we plan to be profitable. Can we be profitable on company basis by the next two or three quarters?

Thank you.

Thank you, Yajat, for your question. Yes, we do see the potential to be profitable at a company level, because our existing businesses are already profitable, may it be in the distribution segment, which always was profitable, and now the rental segment is also break-even at an adjusted EBITDA basis.

We do see that potential over there. We'll be able to give you better guidance on this once the Housing transaction has been closed and our quarter-on-quarter roadmap has been defined to scale Housing and control the expenses to reach Housing as well as on a standalone basis.

As called out by Ashish sir and Onkar earlier, while our internal target is to reach break-even in Housing itself within three to four quarters, for this call, we're saying that we'll for sure do it in the four to six quarter timeframe.

Okay. Thank you so much.

Thank you, Yashashri. Thank you everyone for joining us today.

FY27 Q1 marks another significant step forward in Aurum PropTech's journey. Building on the momentum of the past few quarters, we have continued to strengthen our operating performance, deliver profitable growth, and execute our strategic priorities with discipline across our businesses.

We sincerely appreciate your continued support, trust, and engagement as we work forward towards creating long-term value for all our stakeholders. Should you have any further questions, please feel free to reach out to our investor relations team, and we will be happy to address them offline.

Thank you once again for your time and continued support. We look forward to engaging with you again next quarter.

Have a wonderful day.