Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Matrimony.Com Limited (NSE: MATRIMONY) Q4 2026 Earnings Call dated May. 14, 2026
Corporate Participants:
Murugavel Janakiraman — Chief Executive Officer
Harigovind Krishnasamy — CFO
Analysts:
Jayram Shetty — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, Good day and welcome to the Matrimony Q4FY26 earning conference call. As a reminder, all participant lines will be the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Jayaram Shetty from ICICI Securities.
Thank you. And over to you, sir.
Jayram Shetty — Analyst
Good evening everyone. On behalf of ISIS Securities, I would like to welcome you all to quarter four and FY26 earnings call of matrimony.com from the company we have Mr. Murgavel Janhi Raman, MD and CEO and Mr. Hari Govind Krishna Swami, CFO. The call will begin with the brief management remarks followed by a Q and A session. I would like to hand over the call to Mr. Janki Raman for his opening remark. Over to you, sir.
Murugavel Janakiraman — Chief Executive Officer
Thank you. Mr. Jaram Sethi. Good evening everyone. We achieved double digit billing growth of 10.5 percentage in our matchmaking business. We completed a share buyback in Q4 of FY26amounting to rupees 58.5 crores to reward our shareholders. We’ll continue to evaluate opportunity to reward our shareholders in the future as well. Subject to necessary board and shareholders approval. Considering the immense potential to grow our personal service segment. We opened our first ever elite matrimony center in Hyderabad in Q4 of FY26.
The story is first of its kind in India and poised strategically to strengthen our premier matrimony business going forward. AI is now embedded across many of our core products. Several new capabilities are going live in the current quarter. And the foundation set to scale AI across every business and function. Now coming to the results in quarter four On a consolidated basis we achieved a building of rupees 126.1 crore. A growth of 9.9% year on year and 7 percentage over previous quarter. Revenue at rupees 116.8 crore.
A growth of 7.9% year on year and 3.2% is quarter over quarter for the full year. Consulted building was rupees 488.6 crore. A growth of 8% year on year. Revenue at rupees 460 crore, a growth of 1% year on year. Key highlights for the matchmaking business in Q4 are as follows. Building at rupees 125.4 crore. A growth of 10.5% year on year and 7.2% quarter over quarter. Revenue at rupees 116 crores growth of 8.4% year on year and 3.5% quarter over quarter. Paid profiles were 2.34 lakhs at the end of quarter four, a decline of 4.3% year on year and growth of 3.3% over previous quarter.
Average transaction for the matchmaking business increased by 15.3% year on year and 3.6 percentage over previous quarter. We created 2300 success stories for the quarter. Key highlights for the matchmaking business for the full year are as followed. Billing at rupees 485.2 growth of 8.3 percentage year on year. Revenue at rupees 455.7 crore growth of 1.3% year on year. Average transaction value for the matchmaking business increased by 11.9% year on year. We created more than 1 lakh success stories during the year.
Now coming to the marriage Service Other Business Q4 billing was rupees 73 lakhs, the decline of 40.7% year on year and 19.4% quarter over previous quarter. Revenue at rupees 85 lakhs, a decline of 36% year on year and 24.4 24.7% over previous quarter. EBITDA loss for the quarter was 5.7 crore compared to rupees 3.2 crore, 3.2 crore in quarter three and rupees 4.9 crores in Q4 of last year. The losses also include new initiatives such as many jobs for the full year building were rupees 3.42 crore a decline of 25.9% year on year revenue was rupees 4.29 crore, a decline of 27% year on year.
EBITDA loss for the year was rupees 15 crore as compared to rupees 14.5 crore in the last year. Now coming to quarter one, we are highly confident in delivering robust financial performance anticipating either double digit billing growth or high single digit growth in billing and revenue. Growth of double digit revenue growth and more than doubling of profit compared to Q1 of last year. Let me now pass on to our CF Ari Cohen to comment on the key profit of guidance.
Harigovind Krishnasamy — CFO
Thanks Muruga. Our EBITDA margin for the matchmaking business in Q4 is at 22% as compared to 19.2% in Q3 and 17.7% a year ago. Marketing expenses for matchmaking in Q4 are at 43.5 crores as compared to 43.9 crores in Q3 and 46.7 crores a year ago. Excluding marketing expenses, our margins in matchmaking are at 59% as compared to 58% in Q3. For full year our EBITDA margin is at 19% as compared to 20.5% last year. Marketing expenses are at 180 crores as compared to 185 crores last year. Excluding marketing expenses, our margins in matchmaking are at 58% as compared to 62% last year.
On a consolidated basis, our ebitda margins in Q4 are at 12.4% compared to 11.3% in Q3 and 10.8% a year ago. Tax rate for the quarter stood at 18.1% PAT is at 9.7 crores and a growth of 18.9% year on year and 17.2% quarter on quarter. Share of Q4 loss from Astrovision, our associate company is 4 lakhs for full year. On consolidated basis our EBITDA margin are at 11.4% compared to 13.9% last year. Tax rate for the year stood at 21% PAT is at 34.2 crores as compared to 45.3 crores last year. Share of last from Astrovision, our associate company is 33 lakhs as compared to 11.6 lakhs last year.
Cash and investments closing Balance is at 308 crores. ROCE is at 11.2% for the year. Considering the positive developments as explained by Muruga, we expect the patient to more than double in Q1 compared to Q1 of previous year. I would like to end with the customary safe harbor statement. Certain statements during this call could be forward looking statements on our business. These involve a number of risks and uncertainties that could cause the actual results to differ materially from such forward looking statements.
We do not undertake to update any such forward looking statements that may be made from time to time by or on behalf of the company unless it is required by law. Thank you.
Murugavel Janakiraman — Chief Executive Officer
Yeah, we are open to take questions.
Questions and Answers:
Operator
Thank you. We’ll now begin the question and answer session. Anyone who wishes to ask question may press Star and one on their touch to telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Premadal. An individual investor. Please go ahead.
Unidentified Participant
Yeah. Good. Good. Good evening, Mr. Muruga.
Murugavel Janakiraman
Yes, hello.
Unidentified Participant
Please
Murugavel Janakiraman
Go ahead. Yeah
Unidentified Participant
Sir, when are you going to remove the pledge? Shares as well as promoter holding increase quarter and quarter. But there is no BAC announcements. That is the one thing. How much are you spending ads on this particular year? Because every year you are spending 180 crores. But when you see that net profit there is no growth. And all these are the two questions from my.
Murugavel Janakiraman
Yeah, yeah, let me answer that. The marketing expenses. Marketing expenses at this point of time is expected to be a similar level until otherwise if there is a any strong need to increase or decrease. So we tend to operate a similar level in terms of path. We just told we expect quarter one path to more than double compared to the Q1 of last year because so we now started getting operating leverage because last year introduced one year package the benefits start going to happen. Plus also we’ve been growing the double digit growth.
So marketing remained at a similar level and revenue moving up, billing moving up. So we just told that we expect a sort of either double digit building growth, high single digit billing growth or revenue double digits at more than doubling compared to Q1. So path growth is going to be good this year in terms of share like a personal thing. So and probably you know at some point of the I remove the platform. Yeah, it’s nothing on the company said it’s on the personal side.
Unidentified Participant
Yeah. BSE announcements, increasing the shareholder. There is no announcement announcements.
Harigovind Krishnasamy
Sorry, can you come back
Unidentified Participant
That then by the promoter, right? There is no announcements of sat announcements when he bought and where he bought and all.
Harigovind Krishnasamy
No, that is an automated intimation which happens.
Unidentified Participant
Look what are on quarterly showing. But when the promoters are buying or selling they have to announce announcements. Right. But that is not showing.
Harigovind Krishnasamy
That’s an automated thing which has happened since last few years. We’ll just check and come back.
Unidentified Participant
Yeah, please. Thank you. Thank you. Thank you.
Operator
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Anuj from First Capital. Please go ahead. Mr. Anuj sir, please go ahead. Mr. Anu sir, could you please unmute yourself? Since there is no reply from the line of Mr. Anuj
Unidentified Participant
I’ll
Operator
Promote the next one which is Srinivas from Truth Value. Please go ahead.
Unidentified Participant
Yeah sir, my name is Srinivas from the True Value Advisor. I have three questions. So I was going through your presentation. Everything you says the year on year income is around 483 crores. That is just a small 1% of increase as when as well as the expenses is also around 440 crores. A small increase of 2%. Whereas your profit margin has come down by 25%. It is around 34 crores. Something is not adding up in your net profit. This is one thing and second is. So you have introduced that borrow yet Coach.
What is the update on that one sir? So just I would like to how much the income you are gaining on that one which is adding to our total revenue. This is point number two. And the three is uses that marriage service business segment. If I. If I ask for your Sunday If I see there is a losses is mounting on this one quarter on quarter. So what is the plan to this is bleeding Our it also ease up the consolidated profit of your our overall the revenues and profits. So what is your plan or demo Any demerge are going to take place or any some other plan for this one sir to reduce the losses and also increase the profit of profitability of the company.
Hello.
Harigovind Krishnasamy
The on the pat reduction we’ve got a reduction of close to 24% right? This is contributed by two things. One of course there is a marginal drop in total income. But there is an increase in total expenses by 2.7% right. That is contributing to almost 9 crores. And there is one finance income has reduced. The finance income has reduced on account of two factors. One the investment balance have come down because we are also rewarding the shareholders by buying back. So so our funds are getting utilized.
Second also in terms of the investment yield which has come down due to the repo rate reduction. So because of which close to 5 crore reduction has happened. So that has contributed to a 24% drop in PAT.
Murugavel Janakiraman
So
Harigovind Krishnasamy
Under Bharat Ekoj till
Murugavel Janakiraman
You marry one year pat. Yeah. On
Harigovind Krishnasamy
The till you marry PAC which is the one year package we started way back in March 25th. So if you look at the coming quarters and the last quarter the billing has translated into revenue. It has started flowing to the P and l from Q4 onwards. So you see that in the coming quarters our billing growth will be in line with the revenue growth.
Murugavel Janakiraman
I just want to add what Ari Govinda said. Look at the till the Last year the DFA 25 the building with a gap revenue more or less will be the same or very close. Last year the building was 480 crore but the revenue was 460 crore. Almost 28 crore difference between building and the gap revenue and account of the longer terminal packet one year packet that you launched. So that will the benefit is going to come from this this quarter onwards. And in terms of investment on the Bahrasi equity, it’s an investment into one of the AI based astrology company, it’s a recent investment, it’s one of the startup.
So we see an opportunity and so it’s a startup and you have to continue to monitor. And again it’s a very, very early stage startup. We invested and owning certain percentage of company in terms of the wedding services. The wedding services that we have moved the model from subscription service based model. We believe the model now we are adopting, we believe there’s opportunity, we continue to experiment and we expect this year can be some kind of better traction on vending services because we see the new model can be the way forward.
Unidentified Participant
Thank you.
Operator
Thank you. The next question is from the line of Tanya Arora, an individual investor. Please go ahead.
Unidentified Participant
Hi sir. And congratulations on good set of numbers. So I just had couple of questions. First one is on the enterprise EBITDA margins. So they have improved sequentially to almost 12.4% in quarter four. So what is the margin that the investors should expect for FY27?
Murugavel Janakiraman
No, as we told we, you know starting Q1 we see that no profit, it’s more than doubling. So we see that the margins everything going up very well.
Unidentified Participant
Right. And on the paid subscribers editions they continue to remain soft despite the improving billions. So is the company prioritizing any premiumization over the volume growth?
Murugavel Janakiraman
It’s a combination of both. We’ve seen the traction on both the things. Personal services are growing much better percentage compared to the online. But we see the traction online service as well. So we see that starting this year that you know, there’ll be a momentum in the volume growth as well.
Unidentified Participant
All right. And lastly on the marriage services and other segment, so that has continued to report losses and the EBITDA losses are also widening in Q4. So by when can we expect the the segment to break even
Murugavel Janakiraman
In terms of Q4 losses? We’ve taken some impairment. That’s one of the reason there’s increase in losses. And second thing that we see the vetting services we definitely moving to a new model and we believe, you know that model can be a big opportunity. Again it’s still in the stage where you are experimenting certain things but we see definite traction other services. But in terms of when it will break even, definitely it’s a long way to go. But it’s more of getting the product market fit right and getting the opportunity right.
Then it’s more of scaling up. So we are not looking at breakeven in the near future, but more of getting that model right and where we want to create a very large opportunity for our organization. I believe the new model we believe possibly can be a right model. But anyway, so give us a couple of quarters or maybe end of the year that we’ll be in a better position to comment on it.
Unidentified Participant
Right. So that’s really helpful. Thank you.
Operator
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Dharmesh Patil and individual investor. Please go ahead.
Unidentified Participant
Hello. Good afternoon sir. So my first question was on the billing side. So as we can see, matchmaking billings have grown 10.5% year on year in this fourth quarter which is, you know, much more than the revenue growth of 8.4%. So I wanted to ask what is driving this acceleration in billings and how sustainable is this Trend going into FY27?
Murugavel Janakiraman
We believe it’s sustainable. So we expect double digit billing growth also possibly this year as well. So the high single digit growth or double digit growth for the FY27 as well, what is driving the combination of multiple factors? The growth in personal services, growth in the online services because so now the profit growth also happening, that sort of contributing to an increase in the first time billing nowadays also seeing the traction, the renewal also. So I think we have taken a sort of couple of years to get things right.
Now there’s a momentum. We expect the momentum to continue.
Unidentified Participant
Okay sir, so my second question is on your marketing expenses. So we can see that they have also declined by about 6% in this quarter. So is this due to efficiency? Yeah, go on.
Murugavel Janakiraman
Yeah, no, it’s a more of the marketing. It’s about, you know, optimizing it and spending what is really required. So we expect the marketing will be on the similar lines until otherwise if we decide to step up on something or, or if there’s a scope to reduce also we do that time being assumed the market will be on the same line.
Unidentified Participant
Sure, sir. Answer another question. Can you just give me some update on your astrology business side?
Murugavel Janakiraman
Astrology business side we have a base astrology astro free chart and we are getting good number of downloads and the usage. Again we have to see whether what is the best way to monetize it. So. So it’s still in the experiment stage?
Unidentified Participant
Yes sir. And lastly sir, on this newer segments, are you looking for some sort of an, you know, inorganic growth or some acquisition or partnerships to accelerate this front?
Murugavel Janakiraman
There is opportunity we’ll definitely evaluate.
Unidentified Participant
Okay. So that’s it from my side and all the best for the future.
Murugavel Janakiraman
Thank you.
Operator
Thank you. The next question is from the line of Raj, an individual investor. Please go ahead.
Unidentified Participant
Hi sir, am I audible?
Murugavel Janakiraman
Yes, yes. Please go ahead.
Unidentified Participant
Yeah, so I had a few questions regarding the competitive landscape in the industry. So given structural slowdown that we are seeing in subscriber growth, how large do you think the organized online matchmaking opportunity remains in India?
Murugavel Janakiraman
Okay, what else? Your question? Yeah, please go. Yeah. Any other question?
Unidentified Participant
Oh yeah, my other question was that do you think that the competition is intensifying from dating apps and other digital matchmaking platforms that target younger demographics?
Murugavel Janakiraman
Okay. Yeah. Anything else?
Unidentified Participant
Yeah, one question was that do you think there are any changes in the consumer preferences among younger users, particularly in urban markets and how are you trying to adapt to that?
Murugavel Janakiraman
Okay, thank you. In terms of the organized matrimony business, maybe not. Maybe it’s over 1000 crore or around 1000 crore at this point of time. In terms of dating, dating remain as a small segment, probably maybe 100 plus crore. And we also got into serious matchmaking. We launched Lao.com and again still in the early stages but having a good traction. So Lau.com is a serious matchmaking service from Matrimony.com group Luv.com in terms of structure changing, I think the matrimony continued to be the go to destination for anyone who want to get married.
So while dating is there, that’s a small pie of the overall segment. So we don’t see that you know, in terms of that dating or serious matchmaking services club coming even close to matrimony. Matrimony continue going to be the large part of the category. And dating will be that it’s a small segment. And there are still because India is a large country, there are people for various services. So. So Lao.com are serious matchmaking largely in the metros and there are some segment of population. So we are also the product to cater to the segment.
Unidentified Participant
Thank you sir. And just had one more question. So you had spoken regarding the many jobs monetization from. When can we expect that maybe some guidance on any numbers. If you can throw any light on that.
Murugavel Janakiraman
Many jobs. We already started monetizing. Currently it’s only Tamil Nadu. We already got more than 1 million users recently job platform and more than 10,000 companies are using it. We started monetizing. So again still in the early stages. So the end of the year once you reach our revenue milestone, then we may expand to south or even pan India.
Unidentified Participant
Okay, so that answers all of my questions. Thank you so much.
Murugavel Janakiraman
Thank you.
Operator
Thank you. The next question is from the line of Priyal Thakur, an individual investor. Please go ahead.
Unidentified Participant
Hello everyone. I wanted to ask the company continue to maintain leadership in.
Operator
Sorry to interrupt. Ma’, am. Could you please come closer to your answer? Priya Ma’, am, your voice is not audible.
Unidentified Participant
Not audible now? No, it’s continue our challenge hearing you.
Operator
The line has been disconnected. A reminder to all participants that you may press star and want to ask question. The next question is from the line of Sourav Shah, an individual investor. Please go ahead. Saurav Shah, could you please unmute your line and go ahead? Yes, sir, you’re audible.
Unidentified Participant
Hello. Yeah. Please go ahead. Yeah. Please.
Operator
Could you please come more closer to your answer? Yes, sir, you’re audible. Please come more closer to your answer.
Unidentified Participant
The question is does the company continue making market.
Murugavel Janakiraman
No, sorry, his question was not clear. The company. What is it?
Unidentified Participant
Does the company.
Murugavel Janakiraman
Sorry. Sorry, I didn’t get your question back. Can you come again please?
Operator
So the line has been disconnected. A reminder to all participants that you may press star and want to ask question. The next question is from the line of Dharmesh Patil, an individual investor. Please go ahead.
Unidentified Participant
Hello.
Murugavel Janakiraman
Yeah. Please go ahead. Yeah.
Unidentified Participant
Hi sir. Thank you for the follow up. So firstly, does the company continue to maintain leadership in the organized online matchmaking market?
Murugavel Janakiraman
Yes.
Unidentified Participant
And sir, on the elite matrimony segment, how is that segment performing and how much revenue can we accept expect from that in FY27?
Murugavel Janakiraman
The segment is growing. But again we don’t view the breakup of individual businesses. But definitely that segment has been growing.
Unidentified Participant
Can we still get some sort of a ballpark number if not any accurate number?
Murugavel Janakiraman
As I said, Mr. Dharmesh Patel, we don’t share the individual numbers. But definitely we see opportunity in each segment and that’s growing. Well.
Unidentified Participant
Okay, sir. Thank you. No problem.
Operator
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Unmo Agarwal, an individual investor. Please go ahead.
Unidentified Participant
Hello, sir, am I audible?
Murugavel Janakiraman
Yes, you are.
Unidentified Participant
Yeah. Hi, good afternoon. My question is regarding the customer acquisition cost and what are the trends that you are seeing currently? Also I wanted to know about any kind of conversion rates and if there are any renewals that are happening. If you could help me.
Murugavel Janakiraman
There are not any significant changes in terms of customer acquisition costs. It’s been fairly at a similar level in terms of any. In terms of renewal rate or conversion rate. Definitely. We continue to take steps to increase both first time conversion rate or annual rate. So yeah, we could definitely see that there’s a marginal increase in this both the first time conversion and also renewal on account of the steps we continue to take.
Unidentified Participant
Okay, thank you sir. And I had one more question for you. So will we be continuing our investments in same newer segments and also how will they impact, you know, our profitability? So would there be like a short term pressure that would. That we would face in this due to this?
Murugavel Janakiraman
I think the losses will be on the similar level. In spite of that, you know, we expect as I told you, the profit more than double. So we continue to want to invest, begin the newer opportunities. It’s a more of, you know, we are generating profit. We have a cash. It’s more that it’s important that we identify the newer growth opportunity beyond the matchmaking so that these things will add up in the future. So while definitely matchmaking has come to the double digit growth while we are taking two steps to further accidental growth, even the matchmaking.
But however we definitely see the bigger opportunity in the wedding service or other initiatives. So we need to invest and get the product right. Then you can scale up so. So while you lose some some money. But again we believe it’s all important to identify the next growth lever for the organization beyond the core matchmaking business.
Unidentified Participant
Okay, thank you. And I also wanted to know a little bit about the astrology business. So I understand it’s a newer segment for us and I just wanted to know how much are we going to invest or how are we going to scale up the that this segment going forward?
Murugavel Janakiraman
We are just doing some experiment. So then we decide what to be done. So we apart from that we also invested in another AI based astrology company. So once we experiment we also, you know, we saw the opportunity another AI based astrology company. So we have interest in this category. We’ll see how it evolves.
Unidentified Participant
Okay, thank you. Thank you sir.
Operator
Thank you. The next question is from the line of Rajiv Khalil Kara, an individual investor. Please go ahead.
Murugavel Janakiraman
Hi, good evening sir. Am I audible?
Unidentified Participant
Yes, you’re audible. Yes.
Murugavel Janakiraman
Hi, good evening. So you mentioned that the organized matchmaking services market is approximately thousand crores. If I’m not mistaken, what would be the size of the or percentage of the unorganized matchmaking services market? And also have we been seeing any trends
Unidentified Participant
Of you know, the share moving from the unorganized to the organized market? That was one. And related to that what part of this would be the online matchmaking services and if you have seen any trends with related related to that
Murugavel Janakiraman
It’s very difficult to predict what will be the. What is the revenue of unorganized. Because unorganized market, you know we have a call it thousands and thousands of mom and pop local marriage bureaus, individual matchmakers. It’s very difficult but I believe it’s understandable. It is natural that the more and more people go to organize because what organized sector can provide. It’s very difficult for unorganized players because one of the core thing the matchmaking is about the profiles and the service.
What unlawful can provide will be a limited profiles or limited base. While they may offer some local connect and personal touch probably we do also personal services. So what being provided by these people is there’s a local connect and that is that. So it’s very difficult to estimate or we don’t any. I don’t want to say some figure not sure of unorganism. But again the second part they’re definitely natural or it’s. It’s always the case that the more and more people move to the organized segment today look at even matrimony.
You have a product for all segment of the population. You have a jody even for the common people or non degree holders. But again there are non degree holders. Not everyone would adopt online, but sometimes it takes people time to adopt these offline services. Online service. I’m sorry.
Unidentified Participant
Fair enough. So a related question. In terms of the total weddings happening, if you look at it from that standpoint, out of the total weddings happening, what percent would you say would be using online matchmaking services?
Murugavel Janakiraman
Look@matrimony.com alone, you may get sort of close to 8 to 10 billion people signing up. So out of 60 million people looking for live partner India, that’s almost like we’re talking about 15 percentage. So there are other players as well. We don’t know how much of the overlap. So you may say that currently even put together Even sort of 15 million, you are talking about out of 60 million, it’s almost 25 percentage of people are looking for live partner using this platform. When you are talking about marriage platform.
Unidentified Participant
Okay, so it’s fair to assume that more than two thirds of the market would still be, you know, offline or using unorganized services.
Murugavel Janakiraman
Everyone you know say that kind of people can have a love marriage or they have the, you know, maybe relatives. It’s not that everybody need to use a platform online often to find a life partner. So there are still friends and relatives or you know, the people can fall in Love during college or workplace. So while 60 million people look for life partner. But I don’t know and not everyone even come to online. So considering 60 million people looking for live partner, 15 million people using online.
And having said even the people using online, not everyone needs to find a live partner through online platform. So still they know they can find a live partner with other platforms. Because people are using online platform doesn’t mean that they may ignore the reference or option coming from friends and relatives. So you can exclude certain personal people. Very unlikely they’re going to come online. So you are assuming that out of 30 million now the 15 million come to online. So still there is a kind of headroom.
So one is about the getting the people to sign up on the platform, other one is not everyone. Even the 10 million, 8 to 10 million what I told our paid subscription are close to million only or million. So the other thing about it’s not getting the people to sign up again. The conversion strategies are another levers of the company.
Unidentified Participant
Understood. So thank you so much.
Operator
Thank you. A reminder to all participants that you may press star and one to ask questions. The next question is from the line of Dharmesh Patel and Indigel investor. Please go ahead.
Unidentified Participant
Hello. Yeah. Yeah sir, so just one question from my side now. So I just wanted to get an idea on the demand trend across, you know, tier 2 and 3, tier 3 markets and how do you compare it to your sort of metro Cities in India?
Murugavel Janakiraman
Tier 2, tier 3 combining is bigger than tier 1 market. Yeah.
Unidentified Participant
Okay sir. And do you see apart. So obviously quarter three is the most valuable quarter for the company. But apart from that, do you see any other seasonality in terms of quarter four and quarter one impacting the company in the near term?
Murugavel Janakiraman
Normally the Q4 and Q1 are the best quarter then normally Q2, Q3 are the quarter where there are unmasked pieces, period. A lot of restoration world. So two to three there’ll be some impact normally.
Unidentified Participant
Okay sir, that’s it. From my side. All the best. Thank you.
Murugavel Janakiraman
Yeah, thank you.
Operator
As there are no further question from the participants, I now hand the conference over to the management for closing comments.
Murugavel Janakiraman
Thank you very much for interest and thank you for all your patience. I know last year was a year was I would say 10 of the year. As you already communicated. Q1 we expect the turnover to happen, the benefits start flowing in. Plus we also continue with our double digit growth or high single digit growth in building and the revenue to be doubled. And this will help profit to move up starting Q1 of this year onwards. So thank you and see you next quarter, which you hope will be another best quarter.
Thank you so much.
Operator
Thank you. On behalf of ICICI securities, that concludes this conference. Thank you for joining us. You may now disconnect your line.