Aurum Proptech posts third straight profitable quarter as Housing integration gains traction
Revenue rose 71% YoY to ₹112 crore; adjusted EBITDA positive for third quarter. Management targets Housing profitability in 4-6 quarters, with an internal ambition of 3-4.
What's new
- Revenue ₹112 cr, up 71% YoY; PBT ₹2.3 cr vs loss ₹10.8 cr YoY.
- Adjusted EBITDA positive for third quarter; management calls profitability structural.
- Housing.com holds 24% market share with 58M monthly visits; integration on track.
- Both rental businesses achieved EBITDA profitability; occupancy at 81%.
Themes from the call
Housing Integration
Housing.com adds discovery layer to ecosystem; management targets profitability in 4-6 quarters, internal ambition 3-4 quarters.
Margins
PBT margin turned positive at 2.1% vs negative 16.5% YoY; structural profitability cited from productivity gains and AI efficiency, not one-off cost actions.
Capital Allocation
Building sale added ₹52.4 cr discontinued PBT; capital segment revenue fell to ₹1.6 cr; rental strategy emphasizes discipline over inventory growth.
Guidance watch
- Housing profitability in 4-6 quarters from integration; internal target 3-4 quarters.
- Consolidated company-level profitability within 2-3 quarters (directional).
- ₹1,000 cr ARR target to be reached faster with Housing.
- Revenue per team member to improve with AI adoption; tax structure to be clarified in Q3.
Risk flags
- Housing current annualized burn ~₹200 cr; turnaround execution is critical.
- PBT margin only 2.1% on continuing operations, thin for a scale business.
- Revenue discrepancy between opening remarks (₹121 cr) and detailed financials (₹119 cr) not reconciled.
- One-off building sale inflates bottom line; continuing PBT of ₹2.3 cr is modest.
Key quotes
-
"Our internal target is three to four quarters, but for this call, we are stating four to six quarters because Housing is at a larger scale with more synergy opportunities."
— Ashish Deora, CEO -
"We described profitability as structural rather than driven by one-off cost actions, citing productivity, operating leverage and disciplined capital allocation."
— Aurum Proptech management
The brief
Aurum Proptech's third consecutive quarter of positive adjusted EBITDA marks a milestone. Revenue jumped 71% to ₹112 crore and continuing PBT turned positive at ₹2.3 crore, versus a ₹10.8 crore loss a year ago. The improvement is broad-based: both rental businesses are now EBITDA-profitable, distribution segment profit held at ₹8 crore despite PropTiger slab resets, and the Housing.com integration is adding a discovery layer to the ecosystem without cannibalizing existing operations. Management insists the profitability is structural, driven by productivity gains and AI efficiency, not one-off cuts. Cash from a building sale added ₹52.4 crore of discontinued-operations profit, but the core business is still thin—PBT margin is 2.1%. The real test is Housing. The portal burns about ₹200 crore annually and holds 24% market share. Management committed to Housing profitability in four to six quarters from integration, with an internal stretch target of three to four quarters. The timeline depends on execution: transaction fulfillment, cross-sell, leaner marketing, and AI productivity gains. The market opportunity is large—only 5% of the ₹38,000 crore real estate marketing and mortgage wallet is currently captured online. If Aurum executes, the Housing deal at 1.5x revenue could prove cheap. But execution is everything. The next four quarters will show whether the payoff is real or aspirational.
Aurum's third straight profit is a milestone, but the real test is Housing's turnaround over the next four to six quarters.