Aurum PropTech is attempting to convert a collection of real-estate services businesses into an integrated operating platform with enough consumer intent, transaction data and rental supply to earn a higher share of each property journey. The business now has three revenue engines. Distribution sells lead generation, real estate CRM and primary-sale transaction management to developers. Rental manages co-living, student and family housing. Capital is small but includes KuberX home-loan origination and the still-unlaunched SM REIT. Housing.com, acquired in September 2026, adds the consumer discovery layer at the top.
The Q2 FY27 operating picture is the strongest so far. Total income was INR 137 crores, up 56% year-on-year, revenue from operations was INR 130.2 crores, up 64%, and PBT was INR 6.8 crores. This was the fourth consecutive profitable quarter. Distribution was the largest segment at INR 69.7 crores, 54% of group revenue, with INR 11.4 crores of segment profit at a 16.3% margin. Rental contributed INR 56.1 crores and INR 0.9 crore of segment profit. Capital contributed INR 4.3 crores and broke even with INR 0.4 crore of profit. The consolidated adjusted EBITDA margin was 11.5% and the PBT margin 4.58%. Reported EBITDA of INR 41 crores, at 29.8% of total income, is an Ind AS 116 figure and is not comparable to adjusted EBITDA because lease rent sits in depreciation and finance cost.
The economics differ by segment. Distribution is the profit engine and is the closest thing to a scalable, data-led business: 1.7 lakh leads sold in Q2, 10,560 active technology licenses, INR 8,450 crores of home sales facilitated and gross commissions up 144%. Analytica works on 280 projects with 134 developers, and Sell.do has 10,560 active licenses across 982 active clients in the quarter. The group works with over 1,300 developers and 18,000-19,000 channel partners, against management targets of 4,000-plus developers and 50,000 channel partners. Those targets are aspirations, not guidance.
Rental is now profitable at the segment level but thin. Q2 segment profit was only INR 0.9 crore on INR 56.1 crores of revenue. Co-living and student living operated 16,500 beds at 82% occupancy, with 137 buildings above 90%; residential rentals managed 8,900 signed units and collected INR 35 crores of quarterly rent. The segment has operating leverage if occupancy rises, but a small demand shock can erase the profit. Management's 88% year-end occupancy is an internal projection, not formal guidance.
The Housing.com acquisition is the central capital-allocation decision. It was all-stock, so it did not consume cash, but it added INR 458 crores to equity and brought REA Group to 24.9%. Housing.com has 58 million average monthly visits, 45 million monthly active users and about 24% of India's online portal market. It also came with INR 1,026 crores of carryforward tax losses, the usability of which is unresolved. Management says it cut about INR 120 crores of costs in the first week after acquisition, saw no significant revenue dip in the next two weeks, and expects INR 100-150 crores of revenue growth over four to six quarters. Prepared remarks target Housing.com profitability within 12 to 18 months; Q&A contains a shorter, garbled four-to-six-quarter reference. That timeline is the key falsifier. If Housing.com remains loss-making beyond the prepared target, the consolidated profit streak is at risk.
KuberX is the second new operating lever. It disbursed INR 200 crores of loans in September 2026, a INR 2,400 crores annualized run rate, and earns 1-1.2% commission on disbursed value. Management aims to scale to INR 25,000 crores over four to six quarters and may take the product directly to consumers under the Housing brand. This is an aspiration rather than a signed loan book, and it depends on bank partner capacity and credit approval. If it works, it adds a capital-light fee stream that uses the same developer and consumer relationships.
The balance sheet is supportive. Cash and current investments were INR 191.6 crores at September 30, 2026, and bank and other borrowings were under INR 1 crore. Lease liabilities of INR 216 crores remain, matched by INR 196.8 crores of right-of-use assets, so the company is not free of all fixed obligations. The promoter paid INR 29.5 crores upfront on 51 lakh convertible warrants on October 13, 2026, with INR 88.5 crores payable on exercise within 18 months. That reduces near-term funding risk but is not a substitute for Housing.com cash generation.
Management delivery is mixed. It delivered the INR 500 crores ARR milestone, the PropTiger turnaround and four consecutive profitable quarters. It has not delivered the SM REIT launch, and it reset the Housing.com profitability timeline from the Q1 four-to-six-quarter guidance to 12-18 months in prepared remarks. The next 18 to 24 months therefore test three things: whether Housing.com's cost cuts and INR 100-150 crores revenue growth arrive, whether rental holds at 82% occupancy, and whether KuberX scales beyond the current INR 2,400 crores annualized run rate. I infer that the operating-leverage case works only if distribution margins hold while Housing.com fully consolidates from Q3. A miss on Housing.com profitability, a reversal in rental segment profit, or a stall in KuberX would break the current earnings trajectory.
companyname: Aurum PropTech Limited ticker: AURUM sector: PropTech (Real Estate Technology) Aurum PropTech Limited is an Indian listed company (NSE/BSE: AURUM) that builds and operates an integrated PropTech ecosystem covering the real estate value chain: discovery, transactions, rentals, financing, and living. The company was incorporated in 2013 as Majesco Limited, acquired by Aurum Ventures in 2021, and transformed from an IT services company into a PropTech platform. It is India's first pub...
Read the full report →margin expansion, acquisition inorganic
Explicit Q2 FY27 forward guidance was limited. Management targeted Housing.com profitability within 12 to 18 months in the prepared remarks, with INR 100-150 crores of Housing.com revenue growth over four to six quarters as the main bridge; Q&A also referenced a shorter, garbled four-to-six-quarter internal and six-to-eight-quarter external target. Management expects revenue per team member to rise quarter-on-quarter for the next 10 to 12 quarters and targets INR 56 lakh by the end of the year. KuberX is targeted to scale from a INR 2,400 crores annualized disbursement run rate to INR 25,000 crores over four to six quarters. No FY27 or FY28 consolidated revenue or margin guidance was given.
Guidance maintainedmixed
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