1.At a Glance
Welcome to Aurum PropTech Ltd, the company that decided real estate wasn’t chaotic enough — so it addedtechnology, SaaS, RaaS,and a few buzzwords to make investors feel futuristic. Trading at₹181with amarket cap of ₹1,298 crore, this “PropTech pioneer” has given its shareholders a healthynegative12.8% return in 3 months and–6.9%over one year — a love story between volatility and confusion.
Q2FY26 brought some light —₹82.5 crore in revenue(up 29% YoY) and a smaller loss of₹6.2 crore(down 35% YoY). EBITDA margin hit a healthy25.7%, and management proudly declared this as the “first profitable quarter at EBITDA level.” Congratulations, but the bottom line still says-₹8.4 crore.
WithBook Value ₹67.8,Debt ₹281 crore, andROE –14.6%, this company’s balance sheet looks like a start-up that’s been in beta since 1996.
2.Introduction – The Unicorn That Forgot It’s Listed
Aurum PropTech is that one relative who’s always “building something big” but can’t explain what it is. Born in 1996 as a software developer, reborn in 2021 as a PropTech disruptor, it now sits at the intersection ofreal estate, software, and existential crisis.
This isn’t your typical real estate play. Aurum builds digital products for everything from selling homes (BeyondWalls) to renting them (NestAway), managing them (HouseMonk), valuing them (instaHome), and even crowdfunding them (WiseX). Basically, if you can dream it in real estate, Aurum has already lost money on it.
And yet, the ambition is massive. Between FY23–FY25, it integratednine businesses, acquiredPropTiger(yes, that PropTiger), and even got SEBI approval for India’s firstSM REIT platform— a small-ticket real estate investment avenue for retail investors.
Is it building the “Infosys of Real Estate” or just “Housing.com 3.0”? Let’s investigate.
3.Business Model – WTF Do They Even Do?
Aurum calls itself a “Tech-driven Real Estate Ecosystem.” Translation: they sell software, rent homes, run co-living, manage assets, and occasionally invest in other people’s ideas.
Three Main Pillars:
🧩 Technology (SaaS)
- Sell.Do– CRM for developers and brokers (think Salesforce for real estate).
- NestAway– Rental management platform (RIP, original NestAway — now Aurum’s headache).
- TheHouseMonk / TheOfficeMonk– Property & commercial space management software.
- Aurum Analytica– Real estate analytics suite.
Presence in50+ citieswith520+ SaaS clients, which sounds great until you realize half of them are probably trial users.
🏠 Real Estate as a Service (RaaS)
- Covers17 citiesand4,300+ customers.
- IncludesHelloWorld (co-living)andBeyondWalls (developer–broker platform).
- The “Aurum instaHome” AVM helps digitally value properties — because why depend on brokers when you can have AI tell you your house is worth less?
💰 Capital & Investment
- Aurum WiseX– Neo-realty investment platform.
- Aurum KuberX– Home loan SaaS engine.
- Integrow Asset Management– Institutional real estate fund platform.
After buyingPropTiger(from REA India), Aurum now controls digital property listing, sales CRM, financing, and investment — basically afull-stack PropTech monopoly attempt.
4.Financials Overview
| Metric | Latest Qtr (Q2FY26) | YoY Qtr (Q2FY25) | Prev Qtr (Q1FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹82.5 Cr | ₹64 Cr | ₹68.4 Cr | 29.0% | 20.5% |
| EBITDA | ₹21.3 Cr | ₹11.6 Cr | ₹13.3 Cr | 83% | 60% |
| PAT | -₹6.2 Cr | -₹9.8 Cr | -₹10 Cr | 36.7% | 37.5% |
| EPS (₹) | -1.19 | -2.46 | -1.33 | 52% | 11% |
Commentary:They call it a “turnaround.” We call it “bleeding less.” The EBITDA margin at 25.7% is actually respectable for a company juggling software, rentals, and real estate chaos. But losses remain because of high depreciation, interest,
and the occasional PropTech identity crisis.
5.Valuation Discussion – Fair Value Range (Educational Purpose Only)
Method 1: P/S RatioCurrent P/S = 4.54×. Industry median (IT services) ≈ 3×.Fair range = 3.0–3.5× on FY26E sales (~₹330 Cr).→Fair Value = ₹140–₹165/share
Method 2: EV/EBITDAEV = ₹1,525 Cr; EBITDA (FY26E annualized) ≈ ₹85 CrEV/EBITDA = 17.9× vs sector 12–15×→Fair Value = ₹150–₹170/share
Method 3: DCFAssume revenue CAGR of 20%, margin improvement to 10%, cost of capital 11%, terminal growth 4%.→Intrinsic Value Range = ₹135–₹175/share
📜Disclaimer:Educational purpose only. Not financial advice. Don’t mortgage your 2BHK to buy a PropTech stock.
6.What’s Cooking – News, Triggers, Drama
October 2025 was eventful:
- PropTiger acquisitionclosed for ₹86.4 crore (42.4 lakh shares at ₹203.76 each).
- REA India(parent of Housing.com and MagicBricks’ nightmare) now owns 5.5% of Aurum.
- EBITDA positivefor the first time ever — champagne time in Navi Mumbai HQ.
- SEBI approval for AMSA SM REIT, allowing small-ticket real estate investments.
- Q2FY26 income ₹87.66 crore, PBT still negative at ₹8 crore (so not quite “profitable” yet).
- Rights issuefully utilized; ₹339 crore raised, ₹71 crore unspent.
They’re also disinvesting minor stakes (like 0.6% of Integrow) and cleaning the cap table — a sign that management is serious about streamlining operations before scaling.
7.Balance Sheet – The PropTech Gym Routine
| Year | Assets (₹ Cr) | Liabilities (₹ Cr) | Net Worth (₹ Cr) | Borrowings (₹ Cr) |
|---|---|---|---|---|
| FY22 | 221 | 221 | 168 | 8 |
| FY23 | 392 | 392 | 223 | 99 |
| FY24 | 644 | 644 | 180 | 319 |
| FY25 | 675 | 675 | 275 | 273 |
| Q2FY26 | 906 | 906 | 487 | 281 |
Commentary:Assets have doubled in two years — thanks to acquisitions (NestAway, PropTiger, MyRE, etc.). Debt is manageable at 0.58× D/E, but cash flow remains tight. Think of it as a startup that just discovered accounting standards.
8.Cash Flow – Sab Number
