{"id":181915,"date":"2026-04-27T07:56:59","date_gmt":"2026-04-27T11:56:59","guid":{"rendered":"https:\/\/alphastreet.com\/india\/aurum-proptech-limited-aurum-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-27T07:59:26","modified_gmt":"2026-04-27T11:59:26","slug":"aurum-proptech-limited-aurum-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/aurum-proptech-limited-aurum-q4-2026-earnings-call-transcript\/","title":{"rendered":"Aurum PropTech Limited (AURUM) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Aurum PropTech Limited (NSE: AURUM) Q4 2026 Earnings Call dated Apr. 27, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rihen Shah<\/strong> \u2014 Lead Investor Relations and Strategy<\/em><\/p>\n

Ashish Deora<\/strong> \u2014 Founder & Chief Executive Officer<\/em><\/p>\n

Onkar Shetye<\/strong> \u2014 Executive Director<\/em><\/p>\n

Kunal Karan<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Rahul Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Faisal Hawa<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Chandra<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Yadav<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Shivang Bagla from MK Global. Thank you. And over to you Shivang.<\/p>\n

Rihen Shah<\/strong> \u2014 Lead Investor Relations and Strategy<\/em><\/p>\n

Hi Doran. I’ll take up Shivam’s part. Good afternoon everyone and welcome to the Q4FY26 earnings conference call of Aurumproptic. We are joined today by Mr. Ashish Dera, Executive Chairman Aurumproptic Mr. Onkar Shete, Executive Director of Aurumproptic Mr. Kunal Karan, CFO of Aurumproptic Mr. Rehens, lead strategy and investor relationship and Mr. Srikant Jaktab, Deputy CFO of Aurumproptech. Before we begin I would like you 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 investment disclosures available on the website.<\/p>\n

With that I would like to now hand over the call to Mr. Ashish Devera for his opening remarks.<\/p>\n

Ashish Deora<\/strong> \u2014 Founder & Chief Executive Officer<\/em><\/p>\n

Thank you Rhiann. Thank you Shivan and good evening everyone. It is my pleasure and privilege to welcome you to the 20th earnings call of Forum PropTech. I’m excited to share with you the progress we have made this quarter and this being Q4 across the entire financial year. Since our inception in 2021 we have pursued a clear and focused vision to build the largest integrated top tech ecosystem in India and to build it with discipline and sustainable long term value. I believe this quarter and this financial year is a reflection of five years of consistent effort, execution and discipline.<\/p>\n

We are constantly delivering on what we set out to do. Before I share our key achievements I want to take a moment to acknowledge the thousand plus team members across our ecosystem. Their unwavering belief, their daily execution, their hard work and their commitment to our vision is what has brought us to this moment. This achievement definitely belongs to them. I also want to acknowledge our entrepreneurs and business managers who believed in profitable growth and unit economics across each and every quarter of this journey.<\/p>\n

Their conviction and their energy have made this possible. Moving on, I would like to share with you three key achievements from this quarter and this financial year. These achievements also set the momentum and outlook for the upcoming quarters and the new financial year. We carry into FY 2027 the same discipline we have always held ourselves accountable to. And we do so with even greater confidence. First, we are now a profitable company and we believe this is not cyclical. We are structurally profitable.<\/p>\n

Q3 FY 2026 was our first packed positive quarter. Q4 is now confirming the second consecutive profitable quarter. The operating leverage across our businesses is kicking and that is not a quarterly event. The platform we have built over five years is designed to ensure that we are profitable in FY 2027 and beyond. Second, we are a debt free company. The sell of buildings Q5 and Q6 will ensure that we retire all lease rental discounting debt in full by June 30, 2026. The surplus cash will be utilized to accelerate our AI initiatives and to pivot the ecosystem more decisively towards AI.<\/p>\n

Third, we are going AI first. Every product of ours is being rebuilt around AI. Every journey that our products go through, whether it’s a consumer journey, a developer journey or a broker journey, all of these are being reimagined on AI. We are working on AI led business value optimization across our ecosystem to drive operational efficiency. You will see revenue per team member start improving quarter on quarter. As this business value optimization takes effect. For the medium term, we are working on what we call the unified brain, A single agentic intelligence layer that activates monetization opportunities across the entire ecosystem.<\/p>\n

The opportunity and the responsibility in front of us is significant. We were the first public proptech company. We are the first profitable proptech company. We have built the first integrated proptech ecosystem. And therefore it is our responsibility to be the first proptech company to deploy AI at scale. As we step into FY 2027, our strategic priorities remain clear. We’ll continue to strengthen our collaboration across the ecosystem. We will go deeper with AI to a point where we become a truly AI first crop tech company.<\/p>\n

And we’ll ensure that our profitability metrics improve quarter on quarter and year on year. To conclude, as we cross rupees 1000 crores of annualized revenue in the coming quarters, with improved profitability and a stronger ecosystem, we recognize that we are reshaping the future of Indian real estate. We are helping define what what the proptech sector in India can and should look like. This responsibility drives us. Thank you very much. Over to you omkar.<\/p>\n

Onkar Shetye<\/strong> \u2014 Executive Director<\/em><\/p>\n

Thank you Mr. Devra. The quarter marks a clear inflection point for Aurum Proptech. We have crossed 5 minute cross ARR in revenue, delivered our second consecutive quarter of profitability and are now seeing operating leverage play out across the platform. More importantly, this is not one off outcomes. It reflects a structurally strong business built on disciplined execution, improving unit economics and increasing integration across our ecosystem. At the segment level, our rental business continues to provide a stable and resilient base with 55 crores in quarterly revenue.<\/p>\n

The focus here has shifted from pure scale to quality, improving occupancy yields and customer experience. Both hello World and Nestaway are now moving towards a more optimized premiumized portfolio. Hello World continues to scale its managed co living portfolio during the quarter. The focus has remained on deepening operational quality, tenant satisfaction, turnaround efficiency and occupancy optimization rather than purely adding beds. Hello World closed the quarter with 259 active co living properties up 13% year on year and 19,286 beds under management, a 9% increase over the same period.<\/p>\n

Last year Nestaway sustained its trajectory of stabilization and unit level improvement. At NestAway, our focus through FY26 has been to sharpen the portfolio, strengthen unit economics and replatform the business for sustainable profitability. We closed the quarter with approximately 9,600 rentable units across 5,214 houses across the country. During Q4 we launched NestAway Select, a premium cluster based rental model aimed at delivering a superior tenant experience in high demand micro markets.<\/p>\n

Our distribution business is emerging as high growth high leverage engine delivering 67 crores in Q4 Aurum. Analytica saw strong demand with 93% year on year growth in leads sold. Analytica sold over 148,000 leads in Q4 FY26A 93% year on year growth to 145 active clients across 275 signed projects. Active accounts grew 23% and the number of projects grew 20% year on year reflecting both deeper penetration within existing developer relationships and continued acquisition of new clients. Cel do continues to scale its SaaS platform with increasing adoption of AI LED products.<\/p>\n

Enterprise deal closure were robust and AI product stack covering, call transcription, translation, lead scoring and AI calling bot service gained further adoption among our client base. Sell do ended Q4 with 916 active accounts up 38% year on year and 10,378 active licenses a 32% increase. During the quarter it onboarded 40 plus new developers and added over 600 new licenses and proptiger it delivered its highest ever quarterly GROSS Commission since inception 42.8 crores in Q4FY26 reflecting strong execution and improving transactional velocity.<\/p>\n

Proptigr now operates with 175 active developer clients and 11 active mandates and its verticalization strategy has accelerated transaction velocity across key residential markets. The business contribution to the group’s distribution segment has grown meaningfully and we expect that scale to compound through FY27 as the mandate pipeline matures. The distribution vertical is now evolving into a powerful data SaaS and transaction flywheel. We are also moving ahead in our platform using AI as a layer on top of the business to embedding it into core of how we operate it across customer acquisition, sales and servicing.<\/p>\n

Early pilots are already improving productivity and as we scale this we expect meaningful gains in revenue per employee and overall efficiency. This aligns with our broader vision of building a unified intelligence layer across the ecosystem. Overall, what is becoming visible is a compounding platform flywheel with rental driving supply, distribution driving monetization and data and AI driving efficiency and intelligence to close. Q4 has been most consequential quarter with strong growth, expanding margins and sustained profitability.<\/p>\n

As we enter FY27 our focus remains clear to scale profitability, go deeper on AI and continue strengthening our position as India’s leading integrated product platform. I will now hand over to Srikanth Jakta to take you through the financials.<\/p>\n

Kunal Karan<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Omkar thank you everyone for joining today’s call. The results for the quarter and year ended March 31, 2026 are in two parts. One is a continuing operation and second is a discontinued operation. The company is in the process of selling the buildings it owns. The performance and assets liabilities related to the building have been shown separately under the discontinued operations for all the periods years presented in the financial statements. The figures for the continuing operations are from the business operations that will continue in future.<\/p>\n

I will now quickly take you through the numbers. First, the results for the quarter. The revenue from the continuing operation INR 123.85 crores compared to INR 112 crore 112.36 crores in the previous quarter, an increase of 10.2%. Other income from continuing operations INR 8.18 crore compared to INR 9.64 crore in the previous quarter. The total income from continuing operations INR 132.03 crore compared to INR 122 crore in the previous quarter, an increase of 8.2%. The profit before tax from continuing operation INR 1.85 crore compared to profit of INR 2.93 crores in the previous quarter.<\/p>\n

The total income from both the continuing and discontinued operations INR 134.59 crores compared to INR 124.55 crore in the previous quarter, an increase of 8.1%. This total income for the quarter excludes other income of INR 17.72 crores recognized from the partial sale of buildings. Now the results for the Full Year Ended Mar 31, 2020 6. Revenue from continuing operations INR 381.09 crore compared to INR 252.72 crore in the previous year, an increase of 50.8%. Other income from continuing operation INR 31.34 crore compared to INR 20.89 crore in the previous year.<\/p>\n

The total income from continuing operation stood at INR 412.43 crore compared to INR 273.66 crore in the previous year, an increase of 50.7%. Loss before tax from the continuing operation INR 14.96 crore compared to INR 43.40 crore in a previous year, a significant improvement of INR 28.44 crore in profitability. Total income from both continuing and discontinued operations INR 423.75 crore compared to INR 285 crore in a previous year, an increase of 48.7%. This total income for the year excludes other income of INR 17.72 crores recognized from the partial sale of the building.<\/p>\n

Now the segment results for the quarter the buildings derive rental income and financial performance from the operations is shown under the rental segment. Revenue from the rental Segment Continuing Operations INR 52.70 crore compared to INR 52.09 crore in previous quarter. Revenue from both the continuing and discontinued operations INR 55.20 crores distribution segment INR 66.87 crore compared to INR 59.60 crore in previous quarter increase of 12.2% capital segment revenue INR 4.28 crore compared to INR 0.67 crore in previous quarter.<\/p>\n

The rental segment from continuing operations and capital segment reported a loss of INR 3.61 crore and INR 0.53 crore respectively while the distribution segment made a profit of INR 13.63 crore during the quarter. The rental segment from the continuing operations and discontinued operations together reported a loss of INR 2.74 crore for the full year ended March 31, 2026. Rental segment revenue from continuing operations INR 271 crore compared to INR 157.54 crore in previous year, an increase of 27.4%.<\/p>\n

Distribution segment revenue from continuing operation INR 172.55 crore compared to INR 79.28 crore in previous year, an increase Of 117.7%. The Capital segment revenue from continuing operations INR 7.84 crore compared to INR 15.94 crore in previous year. The rental segment from continuing operations and capital segment reported a loss of 18.54 crore and INR 5.27 crore respectively. While the distribution segment made a profit of INR 32.30 crore for the full year. The rental segment from continuing operations and discontinued operations together reported a loss of 14.9 crore.<\/p>\n

I will now hand over the call to Darwin to take it forward. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. To ask a question, please click the raise hand icon available on the toolbar. Or you may click on the Q and A icon to raise your hand. The operator will announce your name. When it is your turn to ask a question, please accept the prompt on your screen to unmute your microphone while proceeding with your question. Alternatively, you may post your text questions on the Q and A tab. We will wait for a moment while the question queue assembles.<\/p>\n

Our first question comes from Rahul Jain from Daulat Capital. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Rahul Jain<\/strong><\/p>\n

Hello. Hope my line is okay.<\/p>\n

Onkar Shetye<\/strong><\/p>\n

Yes,<\/p>\n

Rahul Jain<\/strong><\/p>\n

Yeah. Thanks for the opportunity and congratulations on the completion of the transaction as well as achieving the milestone revenue mark. My question is pertaining to two aspect which you highlighted. Firstly on the aspect which Ashish ji mentioned about the AI aspect of it wherein we would like to bring in the AI capabilities into the business. So any broad color on what is our plans, how we plan to implement it, how it is going to change some of the way we are doing our things that could be of great help.<\/p>\n

And secondly with this further infusion that we have got from the sale of the buildings, is there any capital allocation priorities that we have in our mind? Any view on that will also. Thank you.<\/p>\n

Rihen Shah<\/strong><\/p>\n

Sure. Hi Rahul and thank you so much for your question. On the first question with respect to AI, we are thinking of AI as a core architecture for the business rather than just a value add or a feature. Which is why what we have done is divided our AI initiatives into two parts. One which is the Business Value Optimization which we detailed out here. We have mapped our entire portfolio, all the operations which were conducted, all the processes across rental, distribution and capital and mapped out where AI can come in and improve operational efficiency, reduce manual workflows and help in improving the overall efficiency.<\/p>\n

This initiative will be taken up in the coming quarters and we’ll see the outcome of it eventually coming into the revenue per team member which is going to be a guiding metric for basically AI implementation. Along with that we wanted to think through for the future for how AI can completely change the business models which is where Aurum Unified Brain on the unified brain thought process comes in. In Europe we see completely autonomous transactions between rental and distribution taking place through AI agents.<\/p>\n

Here we are trying to build an agentic neural architecture on top of the core LLMs that are existing and available in the market and create our proprietary data set for the same. This is going to be something that we’ll be working towards in the next couple of years and seeing the long term benefits of the same we feel as Aurum property we are the only company who has this entire portfolio already integrated and can have a first mover advantage. Over here for the second question with respect to the building sale we want the building had a lease rental discounting which was a loan which was there on the building.<\/p>\n

With this building sale which was a non strategic asset for us, we’ll basically make Aurum Proptech a completely debt free company and the remaining proceeds will be used for this AI transformation which is going to be for the next couple of years.<\/p>\n

Ashish Deora<\/strong><\/p>\n

Rahul, just to add. Hi Rahul, this is Ashish here. Just to add to what Rehan said that so AI I think is a game changer and it is an opportunity, it is a threat, it has to be embraced. That’s our view. For last two years every meeting we have started with Unit Economics we have ended with Unit Economics. Now we are starting every meeting with Unit economics and AI and then ending every meeting with Unit Economics. And that is the kind of focus that we have on on AI. The we believe that AI will will push collaboration across sector.<\/p>\n

We believe that AI agentic layers will will over over years take over the processes of the industry. And as I tried to articulate earlier, we believe that we want to lead this revolution,<\/p>\n

Rahul Jain<\/strong><\/p>\n

Right? So I think just one points to what you just guys alluded to. I think we have now two businesses at least which have scaled up in terms of size and they are across the different life cycle of a consumer which your PPT have highlighted in the past as well. So do you think with this involvement our ability to increase the lifetime value of a customer can start playing out over the next couple of years?<\/p>\n

Rihen Shah<\/strong><\/p>\n

Yes Rahul. So we feel that that is going to be a byproduct of the AI transformation that we’re doing. We see that what we’ve done actually across the entire aurumproptech portfolio is we’ve mapped out the entire life cycle of someone who interacts with real estate from the first time that they step out of their house, which is when the student living comes in, to co living, to family rentals, to even purchase, which is where the distribution portfolio comes in. So yes, we see AI implementation as a strong way to increase our customer lifetime value as well as decreasing our CAC as well.<\/p>\n

Rahul Jain<\/strong><\/p>\n

Sure. Thank you. That’s it. From my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask questions, you may click on the raise hand icon available on your toolbar or you can click the Q and A icon. Alternatively, you can post your text questions on the Q and A tab. Our next question comes from the line of Rahul Singh, an individual investor. Please go ahead. Ladies and gentlemen, the current participants seems to have dropped from the queue once again. You may press. Sorry, you may click on the raise hand icon to ask a question. Our next question comes from Faisal Hawa from HG Hawaiian Company.<\/p>\n

Please go ahead.<\/p>\n

Faisal Hawa<\/strong><\/p>\n

Are we looking at more acquisitions and what are the kind of venture cap and private equity backed competitors? Do you see some more residual investments coming your way?<\/p>\n

Operator<\/strong><\/p>\n

Faisal, sorry to interrupt, but your line seems to be breaking up in between.<\/p>\n

Faisal Hawa<\/strong><\/p>\n

Request you to please<\/p>\n

Operator<\/strong><\/p>\n

Ask your question again. People<\/p>\n

Faisal Hawa<\/strong><\/p>\n

Are not able to raise further funds or people who depend on equity capital are not able to do so. Any more acquisitions coming our way now from people who are previously backed by private equity or venture capital?<\/p>\n

Onkar Shetye<\/strong><\/p>\n

Good afternoon. Thank you for your continued interest. By the nature of the scale we have achieved in the last four years, we do get organic inbound requests for joining our proptech ecosystem and those requests come across a variety of opportunity areas or focus areas, right from rental to distribution to capital. Strategically, we have taken a call to only explore those opportunities which are very compelling in nature, where they fit in a very specific strategy bracket between two different operating businesses or two different operating units for us.<\/p>\n

And as of now we have not actually found anything compelling that we can look at to acquire further. However, we do keep on growing our existing business lines organically and taking them to scale individually without any inorganic forms of opportunities or acquisitions in the pipeline.<\/p>\n

Ashish Deora<\/strong><\/p>\n

This is Ashish here to add to what Onkar just said. If you recall, post our Nestaway acquisition, we had said, look, we are not going to acquire any more companies unless it sits between two of our products. And then Prop Tiger gave us that opportunity. Because then with Prop Tiger the entire distribution segment got accelerated, got re energized. Even the loan origination from Kuberx is doing extremely well and you will see those numbers in the upcoming quarters. So as Onga said, we are not actively evaluating to buy anything currently.<\/p>\n

We believe that with AI and with the scale that we have reached, our hands are full. We also have the SM pipeline which we will look at in the upcoming quarters. So I think we have placed ourselves in a decent position to accelerate from here even without any. Even without any inorganic growth.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead.<\/p>\n

Amit Chandra<\/strong><\/p>\n

Hello. I’m audible.<\/p>\n

Operator<\/strong><\/p>\n

You are audible, sir. You may proceed.<\/p>\n

Amit Chandra<\/strong><\/p>\n

Yeah, so thanks for the opportunity. First question. So firstly, congratulations on executing it so well and strong growth. So the 49 y OI growth that we have shown in FY26, so is it all organic or is there any component in this growth? And also in terms of the three pieces of the business that we have, the rental piece which has been growing pretty well. So how do you see the growth for this segment? Particularly what is happening to the IT sector where the hiring has been. Hiring has been muted and there has been no threshold hiring.<\/p>\n

And now the cities like Bangalore, Pune is not seeing that. No that kind of inflow in terms of the freshers. So how do we see the impact of this on the rental business and on the distribution piece? We have shown like good growth. What is the outlook for this business and how scalable is it because the impact of slaughter and IT is also on the real estate business. Thank you.<\/p>\n

Onkar Shetye<\/strong><\/p>\n

Thanks Amit. Thanks Amit for your renewed interest and we look forward to deliver further robust growth as quarters and years come past. I will start with your second question first. Structurally we see that rental segment is a very resilient and countercyclical segment. While there are present headwinds in the rental segment owing to large scale, I would say dip in employment, large scale, dip in fresh offers to new hires, etc. But if you slice and dice this, there are still pockets of employment specifically in the IT sector that you mentioned that have shown not just green shoots but have shown robust growth.<\/p>\n

Specifically the cities like Bangalore, high quality tech jobs are still in demand and are still being augmented where there is more demand for AI capabilities, AI skill sets. Whereas if you see cities like Pune which is largely dependent on business process, outsourcing or non product led initiatives, these are the areas where we do see A dip in demand. So while the while the fact is that there is a dip in demand, it has been countered by more quality consumers or more quality PIN codes getting unlocked for our rental segments.<\/p>\n

What we have done is we have aligned our strategy accordingly. We have gone for something called as wind up in code and we have identified those PIN codes that are that show robust momentum despite the AI led headwinds that we see in various tech cities in the country. And we have focused our supply quality across student living, co living and family rentals in these specific PIN codes going for a concentration mix where idea is to provide better quality supply to this now to this, to this very specific set of consumers as a overall sector.<\/p>\n

If you see the rental sector as such on the demand side, there’s demand for 2 crore rental housing units across top 8 cities in the country and the sector itself has not even scratched the surface. So despite these headwinds that we do witness across the IT cities, we don’t see that as a sector. Overall we should be really concerned about student living, co living and family rentals. Because of the pure nature of real estate consumption is changing quite drastically, especially backed by the Generation Z’s demand for rental housing and we see this continuing more and more.<\/p>\n

So coming to the distribution segment, the distribution segment got augmented by Prop Tiger and that also answers part of your question one which is organic growth. We concluded the Prop Tiger transaction in Q2 and PropTiger now is completely engaged and enabled in our at the Aurum proptech ecosystem. We’ve been able to scale Prop Tiger business from where it was to now delivering its strongest quarter performance across the last 15 years since its inception where we’ve been able to clock 42.8 crores of quarter growth in terms of quarterly revenue for Prop Tiger.<\/p>\n

So that gives us solid confidence. With this we’ve been able to also surpass the dependency on the rental segment which we had in the previous quarters. Now in fact the distribution segment with Prop Tiger, Analytica and Seldo combined contribute to more than to around 60 odd percent of our total income which is which is a solid pillar to our proptech business as a sector. Overall if you if you look at the industry spend, real estate developers across top 8 cities in the country spend 38,000 crores towards lead gen, towards aggregator platforms, towards transaction management.<\/p>\n

And this is a large headroom that we intend to capture upon. Typically whenever a real estate sales cycle goes low, that is when our business actually starts getting more in demand because developers spend more on lead gen, developers spend more on transaction management to ensure their sales are bolstered up. And as an as, as we see more institutional play in the real estate sector, overall demand for our tech enabled services in the enterprise segment or the distribution segment will be more prominent.<\/p>\n

I hope I’ve been able to answer your question, Amit.<\/p>\n

Amit Chandra<\/strong><\/p>\n

Yeah. Yeah. Thank you. And all the best. No to the team. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. Thank you. Our next question comes from Aditya Yadav from Transient Capital. Please go ahead.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Please go ahead, sir. You are audible. Yes. You are audible, sir.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

Yeah. Congratulations to the management team. The performance has been really consistent and big props on scaling the 500 annual revenue run rate. Firstly, I had a question regarding the Prop Tiger integration. From the headline numbers, the integration seems to be going very well and it shows off in the sales momentum also. I suppose that was the rationale with the acquisition that it sits very well in the distribution segment where you now have an Omni channel approach. Right. From Feet on the street to analytics to CRM, you have an integrated approach.<\/p>\n

But could you give us a specific example of how things have changed post Prop Tiger acquisition where you’re able to capture more value and the ecosystem as a whole is working very well together?<\/p>\n

Rihen Shah<\/strong><\/p>\n

Sure. Thank you so much for your question and thank you so much for such a detailed thought into the entire business. We’ll give you an example on how and what we’ve done at the Prop Tiger level to make this integration work. One what we’ve done is that across Prop Tiger we have changed the focus. Earlier the focus was on transactions. It still relies, but we are shifting it to a mandate model more from a transactions model which was there earlier. What happens in Mandate is because the amount of gross commission that a developer is charged on Mandate as Well as on AOBs is a lot higher than the standard brokerage model.<\/p>\n

Also with respect to the entire distribution spread that we have, which is 1100 plus developer connections across the entire Aurum PropTag portfolio, we could scale Prop Tiger to more developers, taking it to approximately 180 plus developer relationships currently existing purely at proptiger level. We feel that there is still a lot of scope left to increase this and take it to even tier 2 cities. Similarly, how you think with what we are doing right now we are doing omnichannel approach of GTM where we are taking all the distribution products as a unified product to tier 2 cities.<\/p>\n

This is specifically being headed by Prop Tiger where we see the next leg of growth coming in as well.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

Okay, and just a small clarification, is mandate like an exclusive model? So if you have a mandate for a particular project, so the entire sales will flow through you or how does it work?<\/p>\n

Rihen Shah<\/strong><\/p>\n

Sure. So mandate is an exclusive model. You’re correct. So what happens in that case is that the developer enables Proptagger to do all sales and marketing for a specific project. Proptagr deploys a dedicated team which takes care of the entire marketing as well as sales for that specific project. In mandate model, even the gross commission being charged as well as the margins are a lot better compared to the transaction model.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

Okay, okay. And my second question was regarding Nest Away. So we see in terms of houses under contract or the number of signed units, it’s been declining year on year. And the idea was Kinestaway is more of an asset light model. It’s a commission based model. So where ideally the growth must have been higher, growth should have been higher. Sorry, but that hasn’t transpired. So could you give us a sense what is happening? Is there a gap in the product market fit or what gaps do you see what is happening actually on the ground with regarding to Nestaway?<\/p>\n

Rihen Shah<\/strong><\/p>\n

Aditya, with respect to Nestaway, what we have done is a systematic change. As Onkar mentioned earlier, we are going by a strategy of win a pin code. Due to this, what we have done is consolidated the number of houses and conducted a rationalization exercise across the entire Nestaway portfolio due to which you see a dip in terms of number of houses. However, if you see what we have done at Nestaway is that we have increased the value added services and the revenue potential for them. So while the number of houses have reduced for this specific quarter, you will see that the revenue has gone up because of the value added services that we are being able to enable at a pin code level.<\/p>\n

This is helping us scale the revenue as well as improve the margins of nestaway as an entire business going ahead. Next away will be getting to a stage where it is increasing the number of houses with these evaluated services where we feel that rental can be pushed towards profitability in the next coming financial year.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

So by coming financial year you mean the FY27 or FY27?<\/p>\n

Rihen Shah<\/strong><\/p>\n

FY27.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

The running financially you mean? And could you also please comment on the growth in the rental segment? It’s been very subdued for a while. I understand there has been a recalibration of the strategy as you just mentioned. But could you give us a color on how is it supposed to pan out for coming? Like just a qualitative color. Maybe not even numbers but a qualitative color key. How Confident you feel on the product market fit and everything in growth in the coming quarters, how it’s supposed to to shape up like we see.<\/p>\n

And we spoke about a slowdown also. And just factoring in all those things, how do you expect it to trend<\/p>\n

Rihen Shah<\/strong><\/p>\n

We feel while at an industry level. Omkar mentioned that, you know, we’ll have it hiring slowing down, but the organization of the disorganized supply is still a huge potential because of which we will be growing the rental portfolio similarly how we have grown it over the years till now. The growth will be coming in from both Hello World and NestAway. Together we are currently at around 30,000 beds under management. We’ll be growing these beds under management while also increasing the other rental revenue opportunities across the entire ecosystem.<\/p>\n

We’re working on that. But we’ll be seeing growth across the entire portfolio across both hello World and establishment.<\/p>\n

Aditya Yadav<\/strong><\/p>\n

Okay, okay, thank you. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from Ruben M with Equity Intelligence. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi there. First off, congratulations on an excellent quarter. I just had a few questions. See we have been hearing about AI impacting these SaaS companies. So I’m just trying to understand what is it that gives you the edge. Is it your proprietary real estate data or is it your customer relationships? Just trying to understand what is it that you offer that others can’t replicate.<\/p>\n

Rihen Shah<\/strong><\/p>\n

Sure, Ruben, thank you so much for your query. You are correct. What happens with AI? AI has actually changed the entire system in which moats were created or tech was created. Currently with AI we feel data is the biggest moat that any company can have in the current market. With the amount of real estate transaction data managed through Proptiver, real estate lead data managed through Aurum Analytica and Real estate developer and channel partner data managed through Cell. Do we feel we have the entire ecosystem through which we can develop and be the first mover in terms of AI?<\/p>\n

Where this is impacting is in terms of building our core SLM layers on top of the existing LLM layers which will help in terms of lead enrichment which will help in conducting most precise amount of AI calling. Most precise way to ensure that the lead management as well as the transaction closure happens through the AI agents and have a rag architecture on top of the existing LLMs as well. What this will do is there is no ecosystem right now which exists which has all of these pieces together combined which will enable us to make this move early on.<\/p>\n

Yes, we are working on this thing and we’ll come out with more updates on the AI Initiative in the coming quarters as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so you’ve also been speaking about cross selling across multiple platforms, multiple products. Can you maybe give me an estimate of what percentage of customers use more than one product and is that number steadily increasing over the last few quarters?<\/p>\n

Rihen Shah<\/strong><\/p>\n

So Robin, we have common set of customers across multiple products, which is in the distribution as well as in the rental segment. With Prop Tiger’s Edition, the number has been growing and currently it would be around 22% of our entire distribution network working out through multiple products, not a single product, but through multiple products. Having a multi product suit from Aurum PropTech. We feel with our current database the tier 2 cities is going to be where we’ll be focused more towards a joint GTM distribution strategy where we’ll have Proctiger going in and providing the joint GTM across all the other products.<\/p>\n

Ashish Deora<\/strong><\/p>\n

Just to add to what Rehan said, this is Ashish here. We have not been able to do justice to the ecosystem revenue that we call ourselves. To say that how much can be the cross sell and the opportunities. Those numbers are still in single digit and that is one focus that we have this year. Start evaluating internally that how much of the revenue is coming as a cross sell revenue. And we have tried to do this last year as well, but last year was really focused on ensuring that we go deeper with our customers, go deeper with each product and each company.<\/p>\n

Whereas this year will be focused on cross selling, collaboration and what we call an ecosystem revenue in our, our language. We have started to track it. We will, we will definitely do better in this year on that<\/p>\n

Unidentified Participant<\/strong><\/p>\n

One. Okay, and just one last question. On the SM reit, do you expect it to be more on the commercial side or would it be on the, with the residential focus? And when do you expect, you know, the first launch of it? Can you give us some guidance on that?<\/p>\n

Rihen Shah<\/strong><\/p>\n

We feel that with the current set of regulations for the SM REIT by SAP commercial real estate, which is grade A leased out to a market and it makes the most perfect fit for the product. Because of which the focus has currently been on commercial pre leased real estate. We’ve already started creating a pipeline of properties. A detailed RFP has been rolled out with all the channel partners that we work with and we are evaluating assets across Mumbai, Pune, Delhi, ncr, Bangalore, Ahmedabad, couple of these geographies.<\/p>\n

Once we do a detailed due diligence and then we’ll try to, we’ll definitely come up with a SM REIT in this financial year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, thank you so much. That’s it for my side. Wishing you all the best.<\/p>\n

Rihen Shah<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Jamit Gandhi with mk. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi. Thank you for giving me the opportunity. I just want to double click on a few aspects. The first one being say if I strip out the proprietary sort of data and run the same AI models on generic market data, then in that case how much of the conversion or the CAC advantage that we have as a business disappears or other to what extent this helps us in bringing more conversions or efficiencies that we have laid out in one of the slides in the presentations. If you can just share some thoughts on this that would be helpful.<\/p>\n

Rihen Shah<\/strong><\/p>\n

Sure. I’ll answer your question in two parts. One with respect to AI implementation weave into our customers which is developers channel partners. We have been consistent with one thing. The early mover advantage helps in the AI data set training which improves each interaction every day. What this means is that every time an AI agent talks to the customer, understands, it learns and it relearns and it relearns on top of that data as well. Every interaction recorded fed into the AI model helps in terms of learning the AI on how to interact and makes it better.<\/p>\n

In our early pilot days we’ve seen the conversion rates going from lower single digits to upwards of double digits as well. This is purely because they were able to train the AI model on 25 30,000 transactions, call recordings, WhatsApp chats, email conversations and then help it converse better. We see the same thing working out because of which Aurum Proptech is better enabled to do AI implementation in the entire PrepTech space. The second point onto the slide or the presentation part that is purely on the business value optimization that we see internally by adopting AI tools.<\/p>\n

In this case we’re using these four which is AI powered sales agent, AI campaign and content engine, lead intelligence and CMS and AI first customer support as four key initiatives to ensure efficiency at Aurum Proptech level. This will help us automate a lot of manual workflows internally and help in streamlining processes where we feel we can increase the efficiency and the profitability metrics.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank thanks for that. Just the follow up to this is say how do we understand the the benefits or how do we measure these sort of benefits say coming from AI LED initiatives versus the operating leverage that in the initial remarks we spoke about. So how are we trying to how, how can I understand or evaluate when I’m looking at the numbers or when I’m looking at the presentation in Terms of how do we have that differentiation?<\/p>\n

Rihen Shah<\/strong><\/p>\n

Sure. Thank you, Jamit. So specifically to business value optimization, we feel that there are two ways of looking at the metrics. One is performance metrics, which includes increase in conversion ratios, increase in connection rates, the time to go live, which are more operational, which we’ll be tracking for a couple of quarters, as these are in pilot stages right now, and then coming out with detailed numbers and metrics on how we have improved them through our AI agents. However, at a net level, we feel that our revenue per employee, which is the key metric for business value optimization, has to keep on increasing, which is what we have been communicating since last six to seven financial years and will continue reporting, which will show the improvement that we are having due to the business value optimization as an entire initiative.<\/p>\n

Onkar Shetye<\/strong><\/p>\n

So, Jimmy, just to add to this, I think if you look at some of the leaders in our proptech ecosystem which have already been using Genai and we advance in, it is a classic case of Aurum Analytica. Aurum Analytica has sold a record number of 1 20,000 leads in the last quarter. And this has come despite. Despite having to increase the number of people working at Autumn Analytica on the tech side, on the fulfillment side. So that’s one key indicator that you can look at. Second is that we look at AI more as an enabler, where all the workflows are then embedded into our real workflows or more on the fulfillment side.<\/p>\n

So Proptech has that unique advantage of being a tech company with a fulfillment layer onto it, where there’s both upstream and downstream enablement with AI that effectively leads onto some of these key metrics of measurements.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you. Thank you so much for the detailed response. And just one last bit, if I may. So the revenue per employee that we are measuring and that we are putting out in the ppt, the employee count here is the total employee count. Like it includes the subcon as well, or as in how does that get factored in the denominator? If you can just shed some light on that.<\/p>\n

Rihen Shah<\/strong><\/p>\n

So, Jimmy, this includes all the employees of Aurum Proptech. It does not include any outsourced employees or any interns that we have across the group, but includes all the employees and we keep tracking across that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you so much.<\/p>\n

Onkar Shetye<\/strong><\/p>\n

Yeah, yeah, I think, I think that query actually does not apply to us as much because from a subcon point of view, we don’t have a large workforce for fulfillment. Direct fulfillment, that is subcontracted. Where we, where we do subcontract is, Is. Is do is is specific activities in businesses like hello World which anyway sit as a part of the cost of property management for that specific asset for. For that building.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you so much. That helps a lot.<\/p>\n

Onkar Shetye<\/strong><\/p>\n

Thanks Jamil.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Nishita Sanklesha from Crown Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

You are audible ma’. Am. You may proceed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. So like I just wanted to understand the growth trajectory that we’ll have in the next two, three years. So in FY26 we had a growth of around 47%. So do we expect this growth to continue?<\/p>\n

Onkar Shetye<\/strong><\/p>\n

So Nishika, we are not allowed to give forward looking statements but if you look at the last four years, right from inception of Autumn Proptech and our proptech business model, we’ve consistently delivered a growth of 40% year on year from a revenue standpoint. And what is to be underlined here is that our growth has come at improved parameters on unit economics and profitability where unlike a lot of growing companies where there’s no sight on profitability, we’ve been able to balance it out consistently and consistently.<\/p>\n

And we do see following the similar trajectory as we go into the next three years. We are sure that we would not want to disappoint you and ourselves by delivering a subpar growth than what we have delivered until now<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And on the margins front. So like how do we see our card margins? Do we see the profitability continuing or<\/p>\n

Onkar Shetye<\/strong><\/p>\n

So it’s, it’s a, it’s a. Not a very straightforward answer. Our distribution business has consistently been profitable. Inherently both all the three business lines in the distribution segment have a potential of delivering a consistent 25% growth margin depending on the seasonality, depending on the geography. But yes, as on average we, we do see that consistently happening in the distribution business. In the rental business, it’s a consumer fronted business and that is where we do, we do, we are, we are taking some time to reach a substantial level of profitability especially in the Nestaway business where we are required to spend more on the platform, we are required to spend more on tech, we are required to spend more on go to market to make sure that the NestAway as a C2C rental platform remains consistently, consistently the top of the mind recall for rental consumers.<\/p>\n

Hello World. We have been able to ensure that there’s more quality supply, there’s more concentration of teams and we’ve been able to I would say scale the scale the teams to a measurable amount of profitability in hello World as well. So I hope I’ve been able to answer your question on margins and profitability.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, yes. Thank you so much.<\/p>\n

Onkar Shetye<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we have a couple of questions in the queue. However, due to paucity of time, we will take one last question from Dipesh Mehta of MK Global. Dipesh has given us a text question. The first is can you provide a broad thought on potential savings expected from AI led efficiencies? How do we leverage AI to expand revenue growth opportunities? His second question is he wants to know the growth profitability outlook across segments.<\/p>\n

Rihen Shah<\/strong><\/p>\n

Thank you Dubesh for the question. I’ll take the first question first. With respect to AI, we feel that the potential savings are through the business value optimization that we’re doing across the entire ecosystem. With respect to this, we feel that we’ll be significantly improve our revenue per team member by decoupling the revenue growth with the increase in the employee count as well as the cost, we feel that we’ll be able to deliver higher adjusted EBITDA and PBT margins in the coming quarters because of this AI driven automation that we’ll be doing across the entire portfolio.<\/p>\n

With respect to revenue opportunities with AI, we feel the unified brain architecture that we are building through the Aurum proptech ecosystem is going to deliver revenue monetization opportunities, cross company leveraging and ensuring that we have autonomous agents who are carrying out entire customer journeys from rental to distribution as well as reverse from distribution to rentals as well. We feel that is going to be the revenue trigger with respect to AI, however, there are companies which is Cell do and Monk Spaces which are using AI to drive additional value from existing customers as well.<\/p>\n

This is through a self developed AI calling agent, AI lead scoring mechanism as well as AI omnichannel marketing as an entire tool being developed. For your second question, with respect to the profitability trends from each segment, our distribution segment has been profitable since beginning. We have delivered 20 to 25% margins across different companies in the distribution segment with respect to rentals. As a C2C business, the focus has now shifted towards profitability with streamlined growth where we’ll be seeing profitability trends emerging in the rental segment in the coming in the current financial year.<\/p>\n

FY27 hello world has reached adjusted EBITDA break even in the current month and will be delivering profitable growth going ahead as well. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. I would now like to hand the conference over to Ms. Pranali Desale for closing comments. Over to you ma’. Am.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you Darwin and thank you everyone for joining us today. Quarter four has been a defining milestone for Aurum Proptech, marking the capstone of a year in which we have meaningfully strengthened our operating performance, deepened profitability, and executed with greater discipline across our platforms. We appreciate your continued trust and engagement and we look forward to staying connected as we build on this momentum into the new financial year. 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.<\/p>\n

Thank you once again for your time and continued support. Wishing you all a very successful year ahead. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Aurum Proptech Ltd. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. 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Q2 FY26 Earnings Summary\u00a0 Consolidated revenue rose 28.99% year\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/u.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/u.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/u.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/u.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/u.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/u.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181915"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181915\/revisions"}],"predecessor-version":[{"id":181916,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181915\/revisions\/181916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}