Square Yards FY25: Revenues Reach $165 Million as IPO Edges Closer

The Indian real estate marketplace operator Square Yards has announced strong full-year results for 2025, and forecasted a strong 2026 ahead of an expected flotation on the stock exchange.

Highlights include:

• Revenues of INR 1410 cr ($165 million) were up by circa 40% year-on-year
• Gross Transaction Value (GTV) was INR 59k cr (circa $7 billion) from 185,000 transactions
• Gross Profit was INR 310cr ($38 million)
• EBITDA was INR 46cr  ($6 million) at an EBITDA margin of 3%

Square Yards says it was operating cash flow positive for the full year off the back of soaring revenues, which increased 41% year-on-year.

With highly diversified revenue streams, 51% of Square Yards' revenues for the full year were attributed to financial products and services.

39% of revenues came from real estate services, 6% from interior services and 4% from digital products and services. 83% of revenues came from its domestic market.

Tanuj Shori, CEO at Square Yards, commented:

"FY26, is setting up to be a significant milestone year for Square Yards with significant operating leverage playing out, with EBITDA expected to grow ~4-5x YoY (basis monthly run rate). Revenue growth rate is expected to continue at ~50%. Last 4 year CAGR now stands at 51% (revenue has grown 5x from INR 272 cr in FY21).

"Even though real estate services had a relatively muted year with ~30% YoY growth, its gross margins of 29% thanks to B2C positioning led profitability metrics.

"Our Fintech segment has grown ~30x over the last 4 years and as growth normalizes, margins should improve from here. The Digital products segment continues to grow strongly, on the back of high Gross margins (47%) and should continue to deliver above average growth in the near future. Interior company remains the only segment in red."

Tanuj Shori joined the PPW Podcast in February 2025 to discuss building India's first full-stack Proptech platform, and one of the worst-kept secrets in the industry: Square Yards' desire to go public. Watch the full interview here.