Indian PropTech Square Yards Continues Profitability Streak in Q2

October 30, 2025

The Gurugram-based property and fintech platform Square Yards reported a sharp turnaround in profitability in the first half of its 2026 financial year. The company posted EBITDA of INR 23 crore (USD 2.6 million) compared with a loss of INR 49 crore (USD 5.7 million) in the same period last year.

Square Yards is a diversified PropTech platform and real estate marketplace. For consumers, it offers a comprehensive suite of services spanning new home listings and existing property sales (Square Yards), property management (azuro), home renovation and interiors (Interior Company), and real estate–focused financial services (Urban Money). The company operates primarily in India, which contributes roughly 90% of its revenue, while also maintaining a presence in key international markets with large Indian expatriate communities, including the UAE, Canada, and Australia.

Domestically, Square Yards' marketplace business competes for traffic with the likes of Housing.com (owned by REA India), Magic Bricks (Times Group) and 99acres (Info Edge).

In an emailed statement, company CEO Tanuj Shori said revenue growth of INR 260 crore year-on-year was accompanied by an EBITDA improvement of INR 72 crore, underscoring “significant incremental margins and operating leverage.” Shori added that H1 is “seasonally the weaker half of the year,” typically accounting for 38–40 percent of annual revenue, yet performance so far has exceeded expectations.

Square Yards has now delivered INR 118 crore (USD 13 million) in EBITDA over the trailing 12 months and expects to maintain its “historical growth rate of 40-50 percent” for the full year, supported by expanding margins.

Financial services remained the key growth driver, contributing 60 percent of H1 revenue, while the proptech arm’s performance is expected to accelerate in the second half due to seasonality, delayed product launches, and a recovering home renovation segment. The India business grew 53 percent year-on-year and now represents 85 percent of total revenue.

Q2 gross profit rose 72 percent year-on-year with a 320 basis point margin improvement. Overall EBITDA swung from INR -18 crore to INR +19 crore, with segmental EBITDA margins of 11 percent. The company credited the gains to “higher scale and improved productivity” driven by technology and operational initiatives over the past 18 months.

Below: Tanuj Shori talks to The PPW Pod

October 30, 2025
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Rightmove Share Price
Rightmove Shares Tumble 12% After AI Investment Announcement

Rightmove's shares tumbled nearly 30% before settling at a 12.3% decline last week after the British portal operator announced that...

Read More
zillow dark courtoom 1
Zillow Named as Defendant in Sixth Lawsuit In As Many Months

Zillow has been named as a defendant in a new class action lawsuit—the sixth time the company has been sued...

Read More
People Roundup 07 November 2
People Roundup: OpenLot, OhMyHome, AVIV Group

Here are the biggest people movements we've spotted in the last week or so...   Oceania: OpenLot.com.au appoints proptech veteran...

Read More
zilow 3
Zillow Throws Jabs at CoStar and Compass As War of Words Continues

Zillow has asked a federal judge to move CoStar Group’s copyright infringement lawsuit from New York to Washington state, and...

Read More

Editor's Pick