Aurum PropTech Limited (NSE: AURUM) Q4 2025 Earnings Call dated Apr. 30, 2025
Corporate Participants:
Unidentified Speaker
Kunal Karan — Chief Financial Officer
Ashish Deora — Founder and Chief Executive Officer
Onkar Shetye — Executive Whole-Time Director
Hiren Ladva — Executive Vice President Investment
Vinay Gupta — Analyst
Vanessa Fernandes — Investor Relations
Kunal Karan — Chief Financial Officer, Aurum PropTech
Kunal Karan — Chief Financial Officer, Aurum PropTech
Hiren Ladva — Executive Vice President Investment
Rahul Jain — Analyst
Faisal Hawa — Analyst
Sonia Jain — Company Secretary & Compliance Officer
Mayurish Mane — Analyst
Analysts:
Unidentified Participant
Presentation:
operator
For an FY 2025 earnings conference call of Aurum PropTech Ltd. 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. I now hand the conference over to Ms. Vanessa Fernandez. Thank you. And over to you, Ms. Fernandez.
Vanessa Fernandes — Investor Relations
Thank you, Michelle. Good evening everyone and thank you for taking the time out to join us today. A warm welcome to the Quarter 4 and Financial Year 2025 Earnings Call of Aurum PropTech Ltd. We are joined today by Mr. Ashish Deora, Founder and CEO of Aurum Ventures Mr. Omkar Shetty, Executive Director at Aurum PropTech, Mr. Kunal Karan, CFO of Aurum PropTech and Mr. Hiren Ladwa, CEO of Aurum Visex. As we close out the financial year, today’s conversation marks an important milestone in our journey. Over the course of this year, we’ve laid strong foundations and delivered meaningful progress across our businesses.
We look forward to walking you through our performance for the quarter and the full year ended 2025. Before we begin, I would like to remind you that some of the statements we may make today could be forward looking in nature. These are subject to risks and uncertainties which are detailed in our prospectus and annual report, both of which are available on our website. With that, I’ll now hand it over to Mr. Ashish Deora to begin.
Ashish Deora — Founder and Chief Executive Officer
Thank you Vanessa. Good evening everyone. Thank you for joining us today for the 16th earnings call under Aurum Management. It is a privilege and a milestone to join this call and to reflect on our performance and share our results. Financial year 2425 has indeed been a remarkable year. One defined by relentless execution, unit economics and enduring belief in our vision. As we reflect on the financial year, I’m humbled to share that Aurum Proptech has delivered strong sustainable growth, staying true to our core philosophy of profitable expansion across our businesses. Our profitability metrics across the three verticals, rental, distribution and capital have exponentially increased.
These improvements are due to the laser sharp focus on profitable growth over the last seven quarters. Two of our tech products are now profitable in this year, our PBT, EBITDA and adjusted EBITDA margins have shown improvement of 17, 15 and 12% respectively year on year. This credit actually goes to our 685 Aurum team members guided by 13 business leaders, each operating with a founder’s mindset. As we look ahead, our challenge and our commitment is to continue building India’s largest integrated proptech ecosystem, one that compounds network effects quarter after quarter. Our goal is to create not just products or platforms, but a seamless, intelligent ecosystem that empowers consumers, developers, investors and partners across the real estate value chain.
Let me now take a moment to update you on our rights issue. The rights issue, which was conceived in December 2021, was concluded today post payment of third and the final tranche. This final tranche provides us with ample growth capital to expand our verticals and more than double our revenues over the next 30 months. I would also like to highlight that the rights issue was structured to align the growth capital requirement coupled with long term ambitions and shareholder interests. Investors who have participated under aurum management since May 2021 have had the opportunity to earn annualized returns in excess of over 40% over the past four years.
We are challenging ourselves by committing to maintain this trajectory and will work relentlessly to deliver similar annualized returns over the next four years as well. On a personal note, I would like to thank our Board of Directors for recommending my appointment effective today. As a member of the Board of Aurum Proptech, I look forward to contributing to the strategic direction as well as the robust regulatory, governance and compliance framework the Board upholds with clarity and purpose. As we step into the new fiscal year and we do so on this auspicious occasion of Akshayprit year, I want to express my heartfelt gratitude to each of you.
Our integrated proptech ecosystem today spans consumer tech, enterprise tech and fintech solutions for real estate. With our now proven ability to scale profitably, we are preparing for bolder initiatives that will shape a future ready real estate sector through the application of technology, data and innovation. Thank you and I look forward to your questions. Over to okar.
Onkar Shetye — Executive Whole-Time Director
Thank you Mr. Devan, we are pleased to share with you that our continued commitment to profitable growth has by and large been on the backbone of our integrated proptech ecosystem comprising of rental, distribution and capital segments. Our rental business comprising of student living, co living, family rentals and rental management software now operates across 15 cities in the country managing 37,500 rental units at an average blended occupancy of 77%. NestAway reinforced its position as India’s largest tech enabled marketplace for rental real estate. This year Nestaway made rapid strides in revenue growth with an year on year increase of 27% in total income.
Nestaway Lite achieved record bookings, increased revenue from value added services and successful launch of resale vertical. Hello World’s co living business witnessed 120% growth in short stays, successful launch of three new micro markets and enhanced customer experience with 80% reduction in query resolution. In FY26, NestAway shall focus on supply acquisition in high demand areas. Prioritize multi property owners, NRIs and NROs. It aims to use zonal subscriptions to boost online demand launch guaranteed fulfillment model for better retention. We see patterns of demand in tier 2 cities and aim to expand in growth corridors across the country.
We are looking to scale new revenue streams of secondary sales and value added services. Additionally we are studying the revenues. We are studying the GCC market very closely for expansion of Nestaway’s operationally light model. Tech focus shall be on upgrading the tenant app for better user experience and new features for Nestaway Lite. In FY26, hello World aims to achieve 80% occupancy with operational excellence, competitive offerings and superior service. To increase revenue streams, the team plans to roll out curated short stay options and launch operations in Bhubaneswar. We intend to go heavy on tech adoption and expand use of SmartTech, smart locks, meters and IoT to build better customer experience.
We are looking to offer flexible leases, custom meal plans and curated amenities like co working and increase community engagement events. The distribution business segment which includes our data analytics, lead generation, marketing automation and sales automation products continued to drive digital transformation for real estate enterprises. Seldor 2 and Aurum Analytica delivered 90% year on year income growth in FY25. Being core tech business, the segment delivered a healthy 14% net margin underscoring strong profitability. Analytica witnessed high account penetration and high retention rates across existing real estate developers for data analytics and lead generation services. Additionally, it also demonstrated account growth across newly opened markets in Ahmedabad and Hyderabad.
Autumn Analytica, serving more than 250 micro markets across the country with its Data Lake platform maintained its robust momentum recording 95% year on year growth in revenue. Cell 2 introduced several AI powered features this year including AI assisted report chats, NLP based report generation and an integrated direct WhatsApp feature via Meta to enhance communication for FY26. Analytica aims at reduction of customer acquisition cost by partnering with data management platforms and increasing its API directory base. We aim to increase client base by 60% and take it to 350 plus, still far off from the vast TAM of 40,000 plus real estate RERA registered developers.
Seldo aims at revenue growth of 30% year on year in FY26 we will build and expand our network in North India and roll out low touch products in tier 2 cities. In an aggressive push on core tech, SELDOO aims to build and release multiple AI enabled feature sets for the industry. Also, with increased automation in product development, SELDO is poised to accelerate feature releases and bring cutting edge technology to real estate enterprises faster and cheaper. Moving to our capital business segment, we continue our consultation with SEBI on SM REIT application and are fine tuning our go to market in anticipation of the license which is set to unlock a 50,000 crore plus AUM SM reitable supply across the country.
Our integrated prop tech ecosystem is scaling across consumer tech, enterprise tech and fintech for real estate and we look forward to bold efforts to make real estate future ready with technology. I will now hand over to Kunal Karan, Chief Financial Officer to take us through the financial results.
Kunal Karan — Chief Financial Officer
Thank you Omkar thank you everyone for joining the call today. The Board of Directors of the company on April 25, 2025 has approved the audited results for the quarter and year end date March 31, 2025. I will quickly take you through the consolidated financial results. First, the results for the quarter Revenue from operations INR 70.4 crores up by 9% and 17.7% as compared to the previous quarter and corresponding quarter previous year respectively. The total income was 78 crores up by 11.1% and 18.7% as compared to the previous quarter and corresponding quarter previous year respectively. Loss before tax was INR 9 crores, 11.5% of total income as compared to 13.7% in the previous quarter.
The results for the financial year 202425 revenue from operations INR to 63.8 crores, up by 23.3% as compared to the previous financial year. The total income was INR 285 crores, up by 22.3% as compared to the previous financial year. Loss before tax was INR 44.5 crores 15.6% of total income as compared to 33.4% in the previous financial year. The Balance sheet Total assets as at March 31, 2025 INR 675 crores as compared to INR 644 crores as at the end of March 24. Liabilities were INR 390 crores as compared to INR 456 crores as at the end of march 24.
Equity attributable to the equity shareholders INR 274 crore at the end of.
operator
I’m sorry sir, you’re not audible right now.
Kunal Karan — Chief Financial Officer
The cash flow generated from operating and financing activities was INR 27.7 crores and INR 18.5 crores respectively. Cash used in the investing activity was INR 42.3 crores. Net increase in cash and cash equivalent for the year was INR 3.9 crores. The segment Information during the year the company has reported Segment Information under Rental, Distribution and Capital Rental, distribution and Capital segment contributed 64%, 30% and 6% of total segment revenue during the quarter and the year. Distribution segment made a profit of INR 5.94 during the quarter while the losses for the rental and Capital segments were INR 5.5 and 1.7 crores respectively.
For the year, the distribution segment made a profit of INR 11.1 crore while the losses for the rental and Capital segments were INR 14.5 and 7.4 crores respectively. I will now hand over the call to Michelle to take it forward.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. To ask a question please click on the Q and A tab on the panel and click on Raise hand button. The operator will announce your name when it is your turn to ask a question. You may also post your text questions. Please accept the prompt on your screen and unmute your microphone while proceeding with your question. We will wait for a moment while the question queue assembles. We have a text question from Shriram R from Sampada Capital. What would be the impact of slowing residential real estate market of your company? Are we looking to inorganic opportunities in student and co living space as some of the players are witnessing a cut in their valuation?
Onkar Shetye
I will answer the first Good evening Mr. Sriram. This is Onkar here. I’d like to answer the first question first. Yes, we are seeing a pattern of slowdown in some micro markets across the country in the primary residential real estate purchase data. However, our experience in the enterprise segment which typically solutions the primary sales vertical is that whenever real estate enterprises go through a slowdown, the need to market, the need to sell, the need to brand these projects, the need to bring down your customer acquisition costs is higher and that is where our two tech products Autumn Analytica and Sell do are geared exactly to deliver this.
Autumn Analytica in fact is banking on this and opening up now, doubling down in the existing markets that they are operating in and looking to open up new markets with a more aggressive revenue target this year. This financial year in case of SELDO while the slowdown could impact short term, what will essentially help is essentially helping sell do is that in the last five years there’s been record bookings done across all the micro markets in the country by real estate developers. Now all this is coming for customer relationship management and essentially requirements of sales automation softwares that SELDO goes on to provide.
And that is where we are seeing uptake on the CRM takeoff products. Coming to your second question with respect to inorganic opportunities and student living and co living in form of hello world. We are already the top three in the top three student living and co living businesses in the country. The team there is one of the topmost teams in in the country which, which is now operating across 15 micro markets. We feel that we would, we will be able to expand this business organically in five markets where we will go deep on and rest of the markets will increase our spread in.
Hence we don’t see any inorganic opportunities coming for discussion for the student living and co living business. But to make sure that we are in control of the market share we always keep our ears and eyes open to see if there’s any MNEs that are looking interesting for scale.
operator
Thank you sir. We’ll take the question from the line of Darshul Zaveri from Crown Capital. Please go ahead.
Unidentified Participant
Hello. Hopefully I’m audible. Hello.
operator
Yes sir, please proceed.
Unidentified Participant
Yeah. Yeah. Hi. hi. Good evening team. Firstly congratulations on a great set of result. So I just wanted to ask firstly did the. I don’t know if I heard it correctly. So we are planning to double our revenue in the next 14 to 15 months. Was that what was was that said in the opening statement?
Ashish Deora
Hello. So we believe that next two and a half years that, that we have the ample growth capital for should be, should make us double our revenue. So that is, that is effectively that we are internally targeting. We are at 280 odd crores of revenue and we are talking about getting doubling that over next 30 months. Yes, that’s, that’s correct. Yeah. So that’s two, two and a half years. Okay.
Unidentified Participant
Okay, fair enough sir. And so just wanted to know now like you tech space is now doing well and it’s now profitable. So at what part of it like when you see that our rental and capital businesses will also start being profitable because that’s not dragging right? Or you know it’s becoming a drag on us only I know we’ve now had growth capital. So what are our plans to you know at what will be our inflection point? Because we’ve become now I think a full suite and we have, you know I think we might be able to have massive operating leverage.
So just wanted to know how do we look at it? Like what is that inflection point?
Onkar Shetye
Thanks for highlighting and appreciating our profitability in the distribution segment. See the rental and capital segment behaves a little differently than the distribution segment. Distribution segment is purely tech where products are built and now we just need to incrementally add feature sets and take them to markets in case of rental. First is the TAM here is so large of around 2 lakh rental units across the country which are up for student living, co living and family rental. And we are only at 37,500 rental units under management. So we would definitely like to increase this fast and take IT to our first pit stop for 50,000 rental units under management and subsequently 1 lakh rental units under management.
This will require us to sort of spend on teams, spend on new markets, spend on new geographies, spend on new micro markets and will delay profitability for certain quarters. But this is essential because getting this market share in control first is our first goal. We have demonstrated in the rental business more specifically in Nestaway that at a steady state we should be able to operate it at a breakeven. We took over Nestaway in June 2020 when it was at a minus 85% EBITDA negative margin and by December 2023 just in six months we were able to break it to take it to break even post that.
Of course we have gone now to get this back up to scale and as soon as we reach a steady state we should be able to take pull the levers back to profitability led growth coming to capital. The capital segment is yet to demonstrate a reachability on scale and hence we will need to invest more on brand, more on markets, more on teams to build this to a certain size and then look at a controlled unit economic on this segment as well.
Unidentified Participant
Okay, so I kind of got it. So just wanted to know like I think we want to you know maybe reach 500, 550600 crore revenue in two years. So at that point we’ll be like at that point we’ll be profitable on PAT or EBITDA or how do we look at it. So just wanted to you know get your idea on it because we have a lot of potential but we, we have also some depreciation. It’s a higher depreciation, it is a drag. So just wanted to know like I understand we have to invest A lot for growth and that’s what we are here for, the long term plan.
But what is the indication? How will we look at it? Like how, what kind of, what are the matrixes we should look at and when will that happen? That would be really helpful for us to know because at a 550crore scale we should ideally be profitable. So how would that. Just look at it.
Kunal Karan
Sure. So I’ll give you a console North Star for us. A North Star for us at the consolidated level for aurum PropTech in 2728 is to reach a revenue range of 750 to 800 cross and be at a breakeven post that we are looking to incrementally build profitability as we reach 1100 crores of revenue by 2030.
Unidentified Participant
So break even. We mean at EBITDA or Pat, sir.
Kunal Karan
We should be break even at pbt.
Unidentified Participant
Oh, okay, okay, okay. That, that’s, that’s really great to know sir. And I just wanted to know like now because you know, I think we are managing a lot of products and so any two like call outs, like one product that’s you know, that you expected is performing better than expected and one maybe, you know, we need to tinker a bit and you know, any product that you feel like, okay, we might have to go back to a drawing board on it.
Ashish Deora
So. There are two models here. One is a marketplace model which needs incremental tweaks and changes to make sure that we are up to speed and best in class in the market. And hence nestaway goes on to do a continuous user experience betterment for its app, for its discovery sites, for its, for its tenant management dashboards. Likewise in case of Analytica and Seldo, there is incremental, I would say investment that also goes on developing feature sets which are more Geni led, Genai led. We keep on increasing our API banks to make sure that our CAC keeps on going down.
So with respect to tech, we don’t see pausing or halting our effort on any product line. We will keep on incrementally building it. We are however, definitely cognizant of the fact that any product first, any feature set across any business line should first demonstrate a use case of PoC, a monetizable revenue metric. And then only we look at, I would say building a building around incrementally.
Unidentified Participant
Okay, fair enough. That’s it. From my side, all the best team. Hope to have better content. Thank you,
Kunal Karan
thank you,
operator
thank you. We’ll take the next question from the line of Vinay Gupta from Revise wealth, please go ahead.
Vinay Gupta
Good afternoon to the team. I hope I’m audible.
operator
Yes sir. Please.
Vinay Gupta
Okay, great. So actually I wanted to understand you know the rational for the proposed fundraising. I mean till last quarter, you know we were not very eager to even call for the rights issue. The last tranche of the rights issue. And this quarter we have suddenly made a proposal to raise about 600 crores. I understand that can be the maximum amount but still that’s like Almost more than 100% of your current market cap. So what’s the rational? Why do you suddenly want to raise so much money or perhaps even partial of that money? Is there any opportunity that you are eyeing for which you want to enable it or how does the management see this? Thank you.
Onkar Shetye
Thank you Vinay for your question. So as far as the rights issue is concerned it was always designed and planned in a manner that we will raise capital over three years. And we have done that. We conceived it in December 2021. We called the first, first branch in sometime in April 2022. And then in April of 2025 we have concluded the rights issue. So it was never. It’s not that we were like not keen earlier or now more keen. It was designed in this fashion. Having said that the 600 crore is an enabling. Enabling resolution.
We thought that it will be good to have that enabling resolution. We are seeing a lot of active, active inbound requests from. From very large qualified investors. And we thought that it will be good to keep that enabling resolution considering the rights issue is now completed. Also 600 crore will not be more than the market cap. If I understand the market cap clearly it will be approximately 50% of the market cap. Having said that, as of now this is an enabling resolution. And we’ll see, we’ll see whether we need to use this over time.
Vinay Gupta
Sure, sure. Thank you. That’s all for now. Thank you.
Onkar Shetye
Thank you.
operator
Thank you. We’ll take the next question from the line of Rahul Jain from Daulat Capital. Please go ahead. Mr. Chan, please proceed. I have unmuted your line.
Rahul Jain
This. Okay. Am I audible?
operator
Yes.
Rahul Jain
Yeah. Sorry for that. So you know, thanks for the presentation and detailed commentary on various segment. Just wanted to understand and of course you have elaborated some of the growth plan that you have. But from a purely trend perspective as a consumer we are now seeing that at least in Metro some of these co living and other ideation are now taking significant shape. So how you are seeing it more from a purely demand side of it or you think it’s more about still there’s a lot to do in terms of creating supply and also you know, consumer behavior to go to that point for this space to really, you know, take an exponential move.
So what are some of the factors in your view that should drive, you know, nature of growth in this space or you think we are well capturing it this point as well?
Onkar Shetye
Sure. So Rahul, thanks for your question. The growth in co living across the country is purely demand led. What we are trying to solve is organizing institutional supply with hello World co living is targeted to a segment of 21 to 28 years of age group of rental levers and these are, these are typically in metro cities where the opportunity to purchase is a little distant or is a little later in the consumer life cycle and that is what it solutions onto. We have identified that there’s close to 1 lakh rental units that are required to be sorry, there’s this close to 1 crore rental units that are required to be serviced for the co living and student living community in top eight cities in the country.
And the supply to address this is the institutional supply to address this demand is minuscule and that is what hello World is trying to solve. By making sure that they bring institutional supply on the platform they’re able to better manage the property, better manage the asset, better manage the tenant demands, help them discover this institutional supply and effectively increase the co living or the community living segment.
Rahul Jain
So is it safer to assume that with you know this rights issue capital also coming in and there are, you know there is improved cash generation within some of the segments so the growth rate should accelerate going into next year or we think for some time more sustainable growth should be in around 30% and you know growing to 40% would require some kind of a trigger.
Onkar Shetye
So I think we, we would like to go on a controlled control growth model which is going at a 30 odd percent of growth rate. There are bus which we do see that we need to put some incremental effort in terms of capital in terms of teams to accelerate growth there to call out these is Nestaway and Analytica where we see that a very asset light model, brand led marketplace discovery and servicing model for rental units can be exponentially scaled up across the country. It has that inherent brand potential. It has that inherent marketplace potential.
Additionally we also see Analytica as another growth lever where we would like to put more capital, more effort, more teams to open up more cities and offer the data analytics and lead generation services. These two businesses we look at delivering an incremental growth whereas the Rest of it we will do a controlled growth at.
Ashish Deora
To add to what Onka just while the revenue growth looks good at 30% or so, but we are also keeping a very keen eye on our pvt, EBITDA and the existing ebitda because the idea is to continue to improve those metrics. As you have seen over last year, we have improved them substantially and our idea will be to not lose that control as well. So controlled growth and a keen eye on pbt, EBITDA and adjusted ebitda.
Rahul Jain
Right, right. Yeah, yeah, that’s really important as well. So thanks for the color Ashish. Thank you. That’s it from my side.
Ashish Deora
Thank you.
operator
Thank you. We’ll take the next question, which is a text question from Amit Kumar from fnp and the question is do you see the company using AI in tech and as such also. Right. Sizing the company as AI would be helpful in tech development.
Hiren Ladva
Yeah, this is Hiren here and thanks. Amit for the question. See as far as our deployment of AI is concerned, we actually began that journey, I would say at least three or four quarters back and some of the results that you see in terms of our efficiency and profitability, I would also credit our efforts towards tech development, our efforts also in sales and business development where we have been actually effectively been able to deploy certain AI tools, certain AI agents in our day to day lives which has helped us to not only I would say right size is a secondary outcome. The the more important thing is to go faster into the markets, reach our clients, our customers faster.
And as you rightly mentioned second part of your question in terms of developing our products faster, not going into specific product examples, but some developments, some in house developments that we have done within hello World within Nestaway owe a lot of credit to AI and tech team adopting this various tools in not just coding but various other parts of the product development lifecycle which has enabled us to reach much faster there in that space. Right. Specifically if you look at our core products, which is Analytica as well as Cell do I think they are far more closer to AI than rest of our services which are.
And why I say that is because analytics is coal was any which way before the craze for AI had caught up. They were heavy into data science, they were heavy into data analytics and hence deployment of ML and everything was far more adjacent to their business model, to their tech. So those leaps have already been taken. Lot of automation in terms of how we operationalize the the services that Analytica offers to the developers has already been executed over the last three four quarters as I said.
operator
Thank you sir. We’ll take the next question from Pranav Mashruwala. I would request you to please mention your company name and go ahead with your question.
Unidentified Participant
So. Hello, Am I audible?
operator
Yes sir.
Unidentified Participant
Yeah, hi, thanks for the opportunity. So my questions would would be largely towards current quarter performance. So starting off with the rental business, I think it was a bit soft growth this quarter with about 2.4% growth. Now we’ve added about 2,000 units versus the previous quarter. So give me reason why the business was a bit slow like expected, you know, delay in ramp up in any way or something like that.
Onkar Shetye
So hi Pranav, this is Omkar here. Thanks for your question. See rental is a typical cyclical business when it comes to supply acquisition. Typically we go on to transact supply in the hello world business in Q3 and Q4 uptick of which you see in Q1 in the subsequent year. So in terms of rental units under management you will see that uptick in the coming quarter as we as we see our leases under discussion or as we see a supply acquisition under discussion. There has also been some headwinds that we have seen in the student living business which have required us to I would say do a little control growth in cities like quota and move our operations and more focus to co living micro markets like indoor.
So that has also contributed to a I would say mute not, not, not not a muted but a. But a. But a I would say controlled acquisition of supply in the rental business.
Unidentified Participant
Understood, understood. So could you share a bit more on the expansion plan for this rental business in terms of next immediate four quarters.
Onkar Shetye
So we will keep on adding around 15 to 20% incrementally and this will play out over the year in terms of rental units under management. Now if I split the rental acquisition I would like to split it in two parts. One is with respect to nest away. We would like to go and acquire more supply which are which are high demand areas. Would like to prioritize multi property owners so that we have to deal with single property owners to with with multiple assets. We are also expanding our reach to nris. We have also doubled down our on our NRO segment which is typically a non resident occupant which is an occupant in the same city but having a rental unit staying in the same city but having his rental unit in a different micro market in the city which he wants us to manage.
So that’s on the nest away in case of hello world we are Looking at first hitting a 80% occupancy in the existing base of supply. This is across the micro markets that we operate in. This we will do by additionally you’re launching curated short stays doubling down on our short stay vertical which has also shown 120% growth in the previous financial year since launch. Additionally we’ll also operate launch operations in cities like Bhubaneswar where we are seeing some green shoots in. So a mix of these three strategies will give us the incremental growth in terms of supply acquisition over the course of one year.
Unidentified Participant
Great. Finally on the capital and distribution verticals. So these two segments drove bulk of the Q1Q growth. So any additional color on the sequential improvement would be great. Thank you.
Ashish Deora
So in case of distribution we are quite gungo about the Analytica business which has delivered a 95% growth year on year this. This last financial year. This year also we are looking at a similar trend in growth pattern for Analytica across the clients that it operates and the new clients it is enterprises that is it is adding in in case of Seldo we are looking at a target of 30% YUI growth in in its sales automation and CRM business. I think in case of capital we would like to first make sure that all the regulatory frameworks and approvals are in place and in then under the guidance of Sebi we would then want to do the launch of brand and then of course launch of operations and Rain of course is here on on the call he’ll like to add some color on capital as well.
Hiren Ladva
So yeah as far as capital is concerned specifically on the assembly side once we have the restriction in place, yes we are geared up with the right assets to take to the market. The opportunity is also right given the interest rate scenario etc. So we’ll just wait. We are at the fag end of our application and I think in this quarter we should have our real execution going on on the new schemes front. So this year should be adding on to revenues from the SM REIT space as far as FY26 is.
Unidentified Participant
Great. So. So I was just more specifically asking about this quarter if you could for capital. So I understand distribution must have grown from a ramp up of existing clients and some new client addition Growth in capital for this specifically.
Hiren Ladva
I think in Q4 it’s more of. It’s a mix of both Integro as well as vizaq. So we already have certain assets from which we are earning the asset management fee. So that is a consistent and there are a couple of assets where we had our management fees cycle increasing as well as the rent escalation happening on the assets. And because of that there is a, there is a minor uptick on the revenues on the SM REIT fund on the Vizex front, not SM reit. And similarly we had certain opportunities closing in Integral. That’s where the, you know there is a spike in the revenue in Q4 for capital also.
Ashish Deora
Pranav Bhai, this is Ashish. Here we have the loan origination software business under the name of Kuber Apps. We are seeing a lot of green shoots there. We are starting to see some, some network effect there by aligning that with, with Analytica and some of our other businesses. So that also becomes a part of the national. But yeah, around 55 to 60% is generally the rental business and we’ll see that continue to do so. Probably 25 to 35% will be, will be the distribution business and 10 to 15% will be capital business. So we see this, we have seen this trend over the last two years and we believe they will be in this range for next couple years as well.
So yeah, it’s a journey which we have now started in capital. I think you will see more and more encouraging numbers from the capital cluster as well as time passes by.
operator
Thank you sir. We’ll take the next six question from Sohan from RV Investments and the question is which segment will drive the revenue to 750 to 800 crores by FY 2728.
Ashish Deora
So in the last question we just dealt with this, this sort of breakup, it’ll be 55 to 60% from the, from the rental segment, 35, 30 to 35% from the, from the distribution segment and 10 to 15% from the camera. Thank you.
operator
Thank you sir. We’ll take the next question from Faisal Hawa from Edgy Hawa and company. Please go ahead.
Faisal Hawa
Sir. Are we in talks with large funds like Brookfield, even Blackrock etc to take. Up large spaces and then rent them out through co Living.
Onkar Shetye
So if, if I may answer your question, there is no active conversation with institutional capital allocators like Brookfield or Blackstone or Capitaland where our parent real estate organization already has a large relationship. But they have visibility on our business, on our operations and they are closely looking at our operation as to how we are reaching the first milestone of 50,000 rental units under management and then subsequently scaling that up. Typically these institutions look at deployment at scale and that is what we are building onto without really having any active conversations with them.
Faisal Hawa
And Did I hear correctly that at around 5,005, 550 crore revenue we will. Be breaking even on EBITDA basis.
Onkar Shetye
So this will be, we spoke about 750 to 800 range in 28 and this will be at PVT that we are aiming to be at a breakeven.
Faisal Hawa
And on one page when I say that if all the regulatory approvals come through from Sebi, rbi, even the other government bodies then the business of fractionalization or the business of financialization of property. Which is our third vertical, it could. Become almost as large as the rental. Vertical or even after all these permissions. Come through it would take a lot of time.
Ashish Deora
This is Ashish here. First of all your previous question was about EBITDA and first time I interacted with you on this call I remember telling you that we will be EBITDA positive in our companies and two of our companies last year were profitable, profitable even on the PBT basis. Of course on the EBITDA basis. So we, we have been able to deliver what we told you, what we told you many quarters ago. Appreciate that and I remember, thank you so much. On the capital segment, you are absolutely right.
It’s a, it’s a very very large segment, very very large dam. Our belief is that because we as a company also understand real estate, while we of course understand and do business on tech, we believe that fractional ownership, SM REIT once, once, not only once the license is in place but once the markets are matured has a very very large tank Every, every tier 2 tier 3 cities now have assets that are leased out, pre leased out. You can, you can contact with them and as a, as an investment manager you can raise capital for them under the regulation, under the trust scheme that the regulation allows you to do that.
So it’s a very very large business that we are embarking upon but we are taking, we are taking baby steps towards that. We believe that our hands are full currently with, with scaling up, scaling up the rental business. Our hands are also full with increasing the profitability metrics of distribution business and we believe that capital business is in future going to become very large. Could be as large as rental or not but could be a very very large business. We completely agree with you on that.
Faisal Hawa
And when you said that there is. A lot of interest from qualified interest buyers from, for our stock, is it. Because that our stock is finally very. Illiquid and no large buyer wants to. Come in because of that or do. You really feel that there is a need for such kind of capital to be put in at one stroke.
Onkar Shetye
So sir, if I can answer your question. This progression has been because we have seen some definitive green shoots in the Nestaway and the Analytica business. And we firmly believe to scale the rental and the distribution business up beyond the natural progression. If we are able to have a long term like minded strategic institution who believes in proptech committing capital to it, we should be accelerating. We should be able to accelerate this growth journey. So while we are, while the present guidance or the present estimations are based on capital available with us, if a like minded strategic institution comes on board, we should be able to accelerate this and get a market share faster and larger.
Faisal Hawa
Thank you for answering my question so well.
operator
Thank you. We’ll take the next question from Mayurish Mane, an individual investor. Please go ahead. Mr. Mane, I have unmuted your line. Please proceed to the question.
Mayurish Mane
Okay, thank you very much. Thank you very much for giving me this opportunity. I see that the total amount of assets in the company are 675 crore. May I know what assets are these?
operator
Sir, you’re not audible on the management’s line.
Mayurish Mane
Yes, I’m audible to you, aren’t I.
operator
Mr. Mani, you are. This is for the management.
Mayurish Mane
Okay. May I repeat my question?
Onkar Shetye
No, we have heard your question. Yes, you are asking from the balance sheet that you are saying that what are the type of assets that we are carrying. So generally the plant, property and equipment of around 34 crore, you see is that asset, the buildings that we own. So that two buildings in Navi Mumbai that we own and the right of use assets of around 177 crores is definitely comes from the asset that hello world mostly owns. So though they are not assets in our book in real terms but based on the nature of the contract that we are having long term contracts paying rent to them for a period of at least 12 months.
So those, those buildings,
Mayurish Mane
okay, so those Assets, Those assets are 177 crore and 34 crore are, are the plant and machinery and around 450 crore are the two buildings. But the two buildings, what is the revenue from those two buildings for the 450 crore assets?
Onkar Shetye
So the revenue from those buildings will be from the two buildings that we earn around 7, 7 crores a year.
Ashish Deora
So so you know to clarify this right of use assets we started talking about adjusted EBITDA three or four quarters ago which kind of clarifies and it deals with the indes working so that, so that the right of use assets are not, not factored in this.
Mayurish Mane
Yes, yes, but the right of use assets. Oh so sorry. Please, please continue.
Ashish Deora
As far as the property, plant and equipment is concerned, that is 34 crores the balance sheet. So I think you, you had a. You had a different number and that is why I kind of wanted to understand. So it’s 34 crores and is that right? 34. Yes. And 34 crores yields us a revenue of around 7 crores. When, when it is all on renting. However it’s not, it’s not our business to be in the renting of these assets. These are the assets that we acquired from the earlier, earlier management which was Majesco earlier. And because we have rented them out we are retaining it in our balance sheet. But at some point of time in this financial year or next financial year we would like to liquidate these assets, sell these assets, bring that capital in our balance sheet which should create some value in our existing businesses.
Mayurish Mane
No, but I’m confused here. You said the right of use assets are 177 crore. 34 crore assets are the plant, machinery and buildings. But then the remaining four 50 crore assets, what about them? Who do they belong to and what kind of assets are they?
Ashish Deora
So yeah you are saying of the other assets are like goodwill on consolidation that has come around 175 crore. And then defer tax asset and income tax assessment like those kind of assets are there. We are not being able to decode your 450 crore number. I think and that is why no.
Mayurish Mane
The CFO said that total number of assets are 675 crore. So when you -177 and 34 from 675 you have approximately 400. 450 crore assets. 450 plus crore assets. So I just wanted to know about those assets.
Kunal Karan
So out of that goodwill will be around 175 crore and other intangible assets will be around 70 crores.
Mayurish Mane
So the 80. 80 crore depreciation depreciation that we have, it’s on which, which assets if I. May know please
Kunal Karan
Depreciation will come on the right of use asset and the intangible assets.
Mayurish Mane
So and what is the amount of those assets please?
Kunal Karan
Intangible assets right now is around 70. 72 crore.
Mayurish Mane
Yes.
Kunal Karan
And it of use asset is around 177 crore.
Mayurish Mane
So around 250. So 80 crore depreciation per year on 250 crores. Isn’t it? Isn’t it a lot?
Kunal Karan
Out of 82 crore of depreciation, 62 crore of depreciation is on the right of user sets.
Mayurish Mane
So 62 crore on 177 crore. So it’s around. I can say that’s two is. It’s more. It’s 35% depreciation per year.
Kunal Karan
Yes. Mostly it is around the three years by which it goes up.
Mayurish Mane
So if we scale, if we scale for red till the depreciation will still stay 35%.
Kunal Karan
Yes.
Mayurish Mane
Okay. Okay. Thank you very much. That was my only question. Thank you very much.
operator
Thank you. Ladies and gentlemen. It’s past 5pm now and hence we may not take any further questions. I would now like to hand the conference over to Ms. Vanessa Fernandez for closing comments. Thank you. And over to you, Ms. Fernandez.
Vanessa Fernandes
Thank you, Michelle. And thank you everybody for taking the time out to join us on this call. We wholeheartedly appreciate all your interest in Aurum Proptech and we look forward to having you all in our next call Again, have a good evening ahead.
operator
Thank you very much. Thank you members of the management, on behalf of Aurum Proptech Ltd. That concludes this conference. We thank you for joining us and you may now exit the meeting now. Thank you. It.