Square Yards FY26: Revenue up 48% as EBITDA Nearly Quadruples Pre-IPO

Indian proptech Square Yards has reported FY26 revenue of INR 2,086 Cr (around $223 million), up 48% year-on-year, with adjusted EBITDA almost quadrupling to INR 176 Cr (around $19 million) ahead of an expected 2026 listing.

Highlights from the FY26 numbers include:

• Revenue of INR 2,086 Cr (~$223 million), up 48% Y-Y, accelerating from 41% growth in FY25
• Gross profit of INR 476 Cr (~$51 million), up 49%, with margin steady at 23%
• Adjusted EBITDA of INR 176 Cr (~$19 million), up 269%, lifting margin from 3% to 8%
• Q4 FY26 revenue growth of 53%, the year's strongest quarter
• India revenue up 57% Y-Y, now 88% of the group total versus 85% at the half year
• 273,643 customers acquired across the platform during the year

The five-year revenue CAGR sits at around 53%, with the topline 8.5x its FY21 level of INR 245 Cr. Houses transacted via the platform reached INR 13,236 Cr (~$1.4 billion) in FY26, while Urban Money, the group's financial services arm, disbursed INR 87,831 Cr (~$9.4 billion) in loans.

Square Yards is a full-stack Indian proptech operating across new home sales and existing property transactions (under the Square Yards brand), property management (Azuro), interiors and renovation (Interior Company), and real estate financial services through its mortgage and lending arm Urban Money.

The figures add weight to co-founder and CEO Tanuj Shori's stated ambition of floating the business at a minimum $1.5 billion valuation this year. Square Yards raised $35 million in November in a Smile Gate-led pre-IPO round at a $900 million pre-money valuation, and was reported to be in advanced talks for a further $100 million from two unnamed global funds.

For FY27, the company is guiding 40%+ revenue growth, roughly double the FY26 EBITDA, and a step into double-digit EBITDA margins. The result places Square Yards alongside Aurum Proptech, the other Indian proptech to have crossed into profitability this financial year.

Below: Square Yards CEO, Tanuj Shori on The PPW Podcast