Square Yards Q1 FY2025: Strong Start to the Year with 52% Revenue Growth

The India-based diversified real estate and proptech/fintech provider Square Yards has released its results for the first quarter of the 2025 financial year.

Highlights include:

• Revenue of $31 million for the quarter, up 52% YoY
• Gross profit of $3 million, up 66% YoY
• YoY EBITDA was flat at -$3.9 million (-$3.5 million in 2024)
• 12 of the past 13 quarters have seen double-digit revenue growth
• Square Yards forecast $180 million full-year revenues in 2025
• EBITDA margin narrows to -12%, an improvement on Q1 2024 (was -17%)

Square Yards operates in India, Australia, Canada and the Gulf. It is a diversified real estate giant with a suite of brands under its management. Notable segments for the business include the Fintech brand Urban Money, property management service Azuro, and the renovations business Interior Company.

Notably, Urban Money is a leading online lender and (one of) the largest mortgage marketplaces in India with a presence in over 250 cities.

Overall, gross profits were up 66% compared to Q1 2024 for Square Yards.

The firm said every segment barring the home renovations business saw significant revenue growth in Q1: Real Estate revenues were up 48%, Financial Services up 61%, and Digital services up 145%.

The less impressive home renovation performance appears to be a trend; Q4's results released earlier this year also noted that it was the weakest segment against its stronger sister businesses.

The company said:

"Financial Services continues to drive growth metrics for Square Yards. Real estate services order book growth was muted in Q1 because of weaker global markets, but India remains strong with 33% order book growth. Real Estate (36%) services and Financial services (55%) remain largest contributors with ~90% of the overall revenue.

"Overall, we continue to forecast 50%+ growth in FY, with ~USD 180mn+ revenue implying 4 year CAGR of 50%+. More importantly we should remain EBITDA positive and operating cash flow positive for the year."

India ($26 million) contributed 83% of Square Yards' total Group Revenues of $31 million, a mostly flat contribution compared to Q1 2024 (85%).

Other notable figures include an EBITDA margin of -12% - a 429bps improvement from Q1 2024, when EBITDA margin was -17%.

Square Yards is in a strong, confident position and has a proven track record of delivering growth quarter-on-quarter, with the firm seeking to float in 2026 at an estimated 'unicorn' valuation of in excess of $1 billion.