Square Yards Q2 2025: Strong Revenue Growth in Most Segments and Cash Flow Positivity

The Indian real estate marketplace Square Yards posted revenues of $37.7 million in revenue for the three months to September for the second quarter of the financial year as it edges closer to its dream IPO in 2026.

Highlights include:

• Revenues reach INR3.1 billion ($37.7 million U.S.), up 42% YoY
• Financial Services Revenues surge 55% YoY
• Real Estate (35%), Financial Services (55%) and Digital services (47%) segments all enjoy healthy growth YoY
• GTV grows 50% YoY

Square Yards completed the first half of the 2025 financial year in decent style with YoY revenue growth up 42%, following Q1's 52% revenue growth. The portal is close to profitability but remains loss-making for now after recording a Q2 EBITDA margin of -5%, flat year-on-year.

Importantly, the company says it is operating cash flow positive for the year so far.

Tanuj Shori, CEO at Square Yards, said:

"Square Yards' revenue momentum slowed slightly to 42% YoY revenue.

"Real Estate services and Financial services remain largest contributors with ~90% of the overall revenue. While Financial Services continued its momentum, real estate services had slower than expected growth in revenue realization. Gross margins declined 80bps but EBITDA margins slightly improved Y-Y. Historically H1 has been 35-40% of the overall FY and we remain confident of achieving ~USD 175-180mn for FY25."

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

Square Yards competes against the likes of REA India (Housing.com and PropTiger) in one of the most hotly contested battles for market leadership in the world. An IPO has been rumoured for the majority of this year and some tighter margins in the next couple of quarterly statements would do a world of good for the would-be public market leader.