Indian PropTech Square Yards Continues Profitability Streak in Q2

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