Summary
Aurum PropTech Limited - Q3 FY2026 Earnings Call Summary Wednesday, January 21, 2026 4:00 PM
Event Participants
Executives 5 Ashish Deora (Founder & CEO, Aurum Ventures & Director), Kunal Karan (CFO), Onkar Shetye (Executive Director), Rihen Shah (Lead Investor Relations and Strategy), Shrikant Jagtap (Deputy CFO)
Analysts 5 Aditya Yadav (Transient Capital), Aruna Patel (Patel Enterprises), Faisal Hawa (H.G. Hawa & Company), Rahul Jain (Dolat Capital), Shivang Bagla (Emkay Global Financial Services)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue from Operations | ₹104.82 crores | +39.2% QoQ; +37.3% for 9M FY26. Driven by consolidation of PropTiger and strong distribution growth. |
| Annualized Revenue Run Rate | ₹460 crores | On track to reach ₹500 crores in Q4 FY26. Milestone attributed to disciplined execution and team growth. |
| Profit After Tax (PAT) | ₹2.71 crores | Turnaround from loss of ₹8.41 crores in Q2 FY26. Marks the company’s first quarter of PAT profitability. |
| EBITDA Margin (Rental) | 30% Improvement | Significant margin expansion in Dec 2025 following portfolio rationalization and closure of non-performing units. |
| Rental Revenue | ₹54.55 crores | +24% YoY. Reflects growth in HelloWorld (32%) and NestAway (20%) despite seasonal headwinds in student housing. |
| Distribution Revenue | ₹59.60 crores | +119% QoQ. Massive jump due to full-quarter consolidation of PropTiger (₹30 crores contribution). |
| Managed Beds (Rental) | 19,800+ units | Portfolio covers 270 properties across 15+ cities; added 16 new buildings and 2,200 tenants in Q3. |
| Lead Sales (Analytica) | 117,000 leads | +54% YoY growth. Platform serves 140+ active clients across 260+ projects. |
Geographic & Segment Commentary
- Rental Segment: Sustained growth via HelloWorld and NestAway with a focus on “Winning a PIN Code” (hyper-local domination). The segment is transitioning toward profitability by pruning non-performing units in cities like Kota and high-cost Bangalore properties. Management added short-stay modules contributing ₹2.4 crores quarterly to improve asset utilization.
- Distribution Vertical: Emerged as the primary profit engine with ₹11.37 crores in segment profit. It includes Sell.Do (SaaS CRM), Aurum Analytica (Data-led lead gen), and PropTiger (Transaction management). PropTiger currently holds 11 active mandates, the highest in three years, and is being integrated with Sell.Do to reduce costs.
- Capital Segment: Reported a small revenue of ₹0.67 crores and a loss of ₹0.74 crores. The company secured an SM REIT license in July 2025 and is currently building a pipeline of high-quality assets. Management is being patient with the launch to ensure the platform is “scalable and most reliable” for investors.
Company-Specific & Strategic Commentary
- Ecosystem Revenue: A new strategic metric focusing on cross-selling, data marketplace utilization, and AI-driven efficiencies to increase customer lifetime value. Management expects this network effect to be the primary driver for reaching the ₹1,000 crore revenue milestone.
- Portfolio Rationalization: Aggressive pruning of non-performing rental units and renegotiating long-term lease contracts. This led to “Other Income” gains from liability reversals and improved operational EBITDA.
- AI Integration: Deployment of AI calling bots and automated WhatsApp integrations within Sell.Do to replace manual pre-sales labor. AI is also being used in Analytica for hyper-personalized targeting through “push” strategies rather than traditional “pull” marketplaces.
- Regulatory tailwinds: The Supreme Court clarification on GST for residential leases (co-living/hostels) is viewed as a major catalyst for the rental business scaling in future years.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Annualized Revenue | ₹1,000 crores by FY2029 | Targets organic growth from existing platforms over the next 10-12 quarters. |
| Profitability Margin | 8% to 10% | Expected bottom-line margin when the company reaches the ₹1,000 crore revenue scale. |
| Growth Rate (Rental) | 20% to 30% | Directional growth expected as the “Win a PIN Code” strategy matures across Tier 1 and Tier 2 cities. |
| Strategic Direction | Ecosystem Network Effects | Shift in focus toward “Ecosystem Revenue” through deeper integration of PropTiger, Sell.Do, and Analytica. |
Risks & Constraints
| Risk | Context |
|---|---|
| Sector Cyclicality | Real estate and distribution revenues are seasonal; Q1 and Q2 are historically weaker than Q3 and Q4. Management notes profitability might fluctuate slightly quarter-to-quarter. |
| Student Housing Volatility | Headwinds in specific educational hubs like Kota led to lower-than-anticipated growth in certain rental sub-segments. Mitigation involves diversifying into family rentals and IT-hub co-living. |
| Regulatory Uncertainty (SM REIT) | The SM REIT market is in its infancy in India with only two IPOs to date. Management is delaying its launch to ensure regulatory compliance and asset quality are perfect. |
| Integration Risk | The consolidation of PropTiger involves moving large-scale operations to the Sell.Do tech stack. Success depends on maintaining client retention (currently 85%+) during the transition. |
Q&A Highlights
Distribution Synergies
- Question: What is the contribution and synergy level of PropTiger? (Rahul Jain)
- Answer: PropTiger contributed ₹30 crores this quarter. Performance is improving due to adjacencies with Sell.Do and Analytica. 80% of its revenue is AOP-based (brokerage), while 11 active mandates make up 20% (Rihen Shah).
Rental Performance & “Other Income”
- Question: Why did other income rise sharply, and is the rental business at break-even? (Rahul Jain)
- Answer: Other income rose due to the reversal of liabilities from closed/renegotiated HelloWorld lease contracts. While these sit in “unallocable expenditure,” they reflect a strategic move to exit high-cost Bangalore and Kota properties to reach operational break-even (Kunal Karan).
Competitive Moats in SaaS
- Question: How does Sell.Do compete with Salesforce or Zoho? (Aditya Yadav)
- Answer: General CRMs require heavy customization for real estate. Sell.Do is “real estate-first,” handling pre-sales to post-sales booking management natively. It has already deployed AI bots to reduce developer manpower costs (Rihen Shah).
SM REIT & Future Products
- Question: When will the first REIT product launch and is profit sustainable? (Viresh Sangwan)
- Answer: The SM REIT license was obtained in July 2025. Management is building a pipeline but remains “very patient” due to the newness of the regulation. Profitability is not a one-off; the distribution segment is consistently in the black, and rental is following (Onkar Shetye, Rihen Shah).
Key Takeaway
Aurum PropTech achieved a landmark Q3 FY2026, marking its transition to PAT profitability with ₹2.71 crores in net profit and an annualized revenue run rate of ₹460 crores. The performance was bolstered by the first full-quarter consolidation of PropTiger, which contributed ₹30 crores, and a robust 117,000 lead sales in the Analytica business. Strategically, the company shifted toward “Ecosystem Revenue,” leveraging its 1,100+ new Sell.Do licenses and 19,800+ rental beds to create network effects and cross-selling opportunities. While the rental segment faced headwinds in student housing markets like Kota, aggressive portfolio rationalization and a “Win a PIN Code” strategy helped improve EBITDA margins by 30% in December. Management has set a clear path to ₹1,000 crores in revenue within 10-12 quarters, targeting a 8-10% steady-state profitability margin. The company remains well-positioned to capitalize on the nascent SM REIT sector and the growing demand for AI-driven real estate distribution.
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