Aurum PropTech Limited (AURUM) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Auram PropTech Limited Earnings Conference Call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this call is being recorded. I now hand the conference over to Mr. Shivank Bagla from MK Global. Thank you and over to you, Shivank.

Good afternoon, everyone, and welcome to Q2FI27 Earnings Conference Call of Auram PropTech Ltd, hosted by MK Global Financial Services. We are joined today by Mr. Ashish Dehra, Non-Executive Chairman of Auram PropTech, Mr. Onkar Shettyay, Executive Director, Mr. Kunal Karan, CFO, Mr. Shrikan Chakta, Deputy CFO, and Mr. Rehan Shah, Lead Strategy and Investor Relations at Auram PropTech. Before we begin, I would like to remind you that certain statements made during this call may be forward-looking in nature and subject to risks and uncertainties as detailed in annual report and other investor disclosures available on the website. With that, I would now like to hand the call over to Mr. Ashish Treva for his opening amounts.

Thank you, Shivang, and good evening, everyone. It is my privilege to welcome you to the 22nd earnings call of Aurum PropTech. I am delighted to share with you our performance for the second quarter of FY27. Since 2021, we have been building towards a bold idea to capture the end-to-end real estate value chain within our ecosystem. The addition of Housing.com in Q2 of FI 2027 marks the beginning of Aurum PropTech 2.0, bringing consumer discovery at scale together with our transaction, tech, and living platforms. Our vision of becoming India's AI-native real estate operating system is getting deeper, and our mission to change the way India experiences homes is getting broader. Our promise to every developer, every consumer, and every partner is that we will deliver the best ROI in the industry, and we want to do this while ensuring that trust across stakeholders increase with every interaction. I would like to walk you through three defining developments of this quarter that sets the launching pad for Aurum 2.0. First, profitability Profitability continues with rigorous discipline on unit economics. Q2 of FY27 is our 4th consecutive profitable quarter. A full year of profitability means our unit economics has been tested through the cycle and has held even in the cyclical nature of real estate. Despite Q2 being the industry's softest quarter, our PBT margins improved by 1200 plus basis points. It gives us immense confidence that this is a great time to integrate with housing. Housing is the largest possible opportunity in the PropTech segment. We intend to lead with a long-term view and at the same time apply our playbook, ensuring discipline of unit economics on a daily basis. Second defining development of the quarter is the integration and roadmap for Aurum and Housing.com to come together and compound capabilities. I would like to begin by extending a warm welcome to every member and every stakeholder of the housing team. I would also like to thank REA Group for re-creating their faith in India PropTech and their continued support in both transactions, first PropTiger and now Housing. We are also grateful to them for a seamless transition of housing into the Aurum ecosystem. We have learned a lot from the REA group and we look forward to building on this relationship in the years ahead. Housing.com brings to this ecosystem consumer intent at scale with 58 million plus visits every month. By connecting this intent with our developer, broker, and transaction platforms, We see opportunities to create a seamless consumer journey while we improve lead quality, conversion, and monetization across the ecosystem. We have already begun deep cost optimization and AI-led initiatives at Housing so that we can place it firmly on the path to profitability. We are targeting to make Housing.com profitable within 12 to 18 months. I repeat, within 12 to 18 months. Simultaneously, we are unlocking synergies across our ecosystem, spanning all three segments. At Aurum, we believe that brokers and channel partners are the lifeline of the real estate industry, and our endeavor is to be broker first and enable them with a stronger ROI. On the developer side, we have a potential to extend our offerings and become a virtual partner. The third defining initiative for this quarter has been to continue to reimagine AI across functions and across consumer and customer journeys. Business value optimization continues to remain our focus. We have been improving our metrics of revenue per team member that we track very closely. We believe revenue per team member will continue to go up quarter on quarter for next 10 to 12 quarters. Using AI and various tools, our medium term goal is to create a seamless consumer layer, spanning discovery, Aureum Platform is becoming a partner that families, developers and brokers can trust upon. It's my belief that with acquisition and integration of Housing.com, Aurum has triggered consolidation in the Indian PropTech segment. Our view is that strong business models in our sector will also move towards profitability, taking a cue from Aurum. Looking ahead to rest of FY2027, we will focus on three things. One, improving our financial metrics each quarter. Two, delivering the housing.com integration roadmap on time. And three, taking AI deeper across all five layers of our business. With that, I now hand over the call to Ongkar. Thank you very much. Thank you, Chairman.

I will briefly cover our business performance and AI-led productivity. Q2FI27 delivered 137 crores in total income, growing 56% year-on-year. Adjusted EBITDA margins expanded 840 basis points to 11.5%, while PBT margins improved 1270 basis points to 4.8%. Our performance reflects improving monetization, cost discipline, and increasing operating leverage. Our distribution business digitizes developers and brokers through demand generation, data intelligence, CRM, and transaction services. The business delivered 70 crores in revenue and 11 crores in segment profit. We generated revenue by enabling developers and brokers with data analytics, sales automation, and transaction management solutions. Our platform sold 1,70,000 leads, growing 79% year-on-year, supported with 10,560 active technology licenses, and facilitated 850 crores in home sales, with gross commissions growing 144% year-on-year. Our rental business digitizes rental discovery, occupancy, optimization, and property management for property owners and consumers. The business generated 56 crores in revenue. Co-living and student living operated 16,500 beds at 82% occupancy, with 137 buildings above 90% occupancy within this. Residential rentals manage 8,900 signed units, collecting 35 crores in quarterly rent, while AI-enabled bookings grieve 7.6 times quarter-on-quarter. Housing.com dominates app leadership in India, with 45 million monthly active users, 1.2 times its nearest competitor, And 52% app downloads that share the majority leadership amongst three platforms measured. It ranks number one across brand awareness, brand consideration, and brand preference across the country. This transitions Aurum PropTech towards India's AI-native real estate operating system, accelerated with Housing.com's consumer intent and digital discovery at scale, and Aurum PropTech's capabilities to convert the intention into transactions, financing, and living solutions. I will now hand over to Srikant to take us through the financial results.

Thank you and good evening, all. I will take you to our financial performance for the second quarter and the first half of FY27, then cover the balance sheet and cash flow. This was a quarter of two milestone. First, our operating business delivered its strongest quarter yet. We've only grew 64% year-on-year to 130.2 crore, and we reported a profit from continuing operations. Second, on September 29th, we completed the acquisition of Housing.com through Locon Solutions in an all-stock transaction. That transaction roughly doubles the size of our balance sheet and reshapes the group going into the second half. Consolidated financial performance. Revenue. Revenue from operations for Q2 was 130.2 crore, up 64% from 79.4 crore a year ago and up 16% sequentially from 111.8 crores. The first half revenue was 242 crore, up 67%. The year-on-year growth includes PropTiger, which we consolidated from late September 2025. So Q2 FY26 contained only a few days of its revenue. The sequential growth of 16% is entirely organic because the group perimeter was effectively unchanged between quarter one and quarter two. Operating costs. Employee costs were 34.2 crore or 26.2% of the revenue compared with 27.9% in quarter one. Other expenses were 62.2 crore or 47.8% of the revenue. That ratio rose from 45% in quarter one, largely because distribution grew fastest and that business carries higher variable marketing and fulfillment costs. Year on year, other expenses fell from 49.5% of revenue to 47.8% EBITDA, EBITDA was 41 crore, a margin of 29.8% on total income. That compares with 25.1 crore and 29.6% a year ago, and 37.5 crore and 31.5% in quarter one. For the half year, EBITDA was 78.5 crore at a 30.6% margin, up from 44.9 crore and 28.3% in H1 FY26. Other income is mainly treasury and deposit income. This EBITDA is reported on an INDAS 116 basis, so rent on our least co-living portfolio sits in a depreciation and finance cost rather than in operating expenses. Below EBITDA, depreciation and amortization was 28.1 crore and finance costs were 6.3 crore. Both broadly flat on quarter one. Most of the finance cost is the interest component of these liabilities. We have almost no bank debt. Our share of profit in integral, our associate was 0.2 crore. Profit before tax from continuing operation was 6.8 crore against the loss of 8.9 crore in Q2 of FY26 and a profit of 1.3 crore in Q1. Tax was 2.5 crore, an effective rate of about 37%. The rate is elevated because profitable entities pay tax, while losses in some subsidiaries are not yet recognized as a tax asset. Profit after tax from continuing operation was 4.3 crore, of which 4.5 crore is attributable to the shareholders. Basic EPS from continuing operations was 0.52 for the quarter against a loss of 1.17 per share a year ago. First half and discontinued operations, H1 net profit was 49.5 crores which includes 45.5 crores from the discontinued operation. That reflects the sale of our Navi Mumbai building, which closed in quarter 1 for 112 crore and produced a pre-tax gain of 52.4 crore in that quarter. This is a one-time item. Excluding it, H1 profit after tax from continuing operations was 3.9 crore against loss of 17.9 crore in H1 of FY26. Balance sheet liquidity cash flow. Total assets were 1,641 crore at September 30th, up from 948 crores in March. Shareholders' equity roughly doubled to 1,020 crore. Both increases are driven by Housing.com. We issued 1.98 crore share to RIA India, adding 458 crores to equity. Goodwill and intangible assets now totaled 960 crores. The housing.com purchase price allocation was prepared by an independent valuer and its provisional as India's 103 permits. It may be refined with the 12-month measurement period. Liquidity. Cash, bank balances, and current investments were 191.6 crores at the quarter end, up from 141 crores in March. That includes 22 crores of cash that came with Housing.com. After the quarter, on October 13, we also received 29.5 crore from our promoter, Orem Real Estate Developers, as a 25% upfront payment on 51 lakh convertible warrants. The remaining 88.5 crores is payable when the warrants are exercised within 18 months. Current assets of 399 crore broadly Money matches the current liabilities of 404, 404 crore and those liabilities includes 78.3 crores of the lease payment that are matched by right of news assist debt. Bank and other borrowings are under 1 crore, so the group is effectively debt free. Our lease liabilities of 216 crore relate mainly to co-living portfolio and are matched by 196.8 crores We also carry a non-current deferred tax liability of 50.4 crore. It is a non-cash accounting item, not a near-term tax payment. Cash flow. Operating cash flow from continuing operations in H1 was 60.8 crore up from 25.4 crore a year ago. Capital expenditure, mostly capitalized Product development was 8.8 crore. Lease principal payments were 47.8 crore. Operating cash flow, therefore, covered both product investment and our full lease commitments. Separately, discontinued operations generated 24 crore of net cash, reflecting the building sale proceeds net of related obligations settled. Segment highlights. Distribution is now over the largest segment and main driver of profit. Rental has turned profitable. Capital is small, but growing distribution. Revenue was 69.7 crore, 54% of the group. That is up 25% sequentially and 2.6 times the year ago level. With a year on year figure boosted by Rocktiger's first full year in the group. Segment result was 11.4 crore, a 16.3% margin, compared with 5.5 crore a year ago and 8 crore in quarter one. From Q3, distribution will include a full quarter of 1,000 crore. Rental, revenue was 56.1 crore, up 10% year-on-year and 3% sequentially. The segment reported a profit of 0.9 crore against a loss of 4.3 crore a year ago. Capital, revenue was 4.3 crores up from 1.6 crores in Q1 and 1.2 crores a year ago and And the segment broke even with 0.4 crore profit. To summarize, revenue grew 64% to 130.2 crore. EBITDA margin was 29.8% and we returned to profit from continuing operations. We generated 60.8 crores of operating cash in the hub. We were effectively debt-free and we hold 191.6 crores of cash and liquid investment. With the housing.com now part of the group, we enter the second half with a larger platform and strong balance sheet. Thank you. Now, hand over the call to Yashas.

Thank you. We will now begin the question and answer session. To ask a question, please click on the raise hand icon tab available on your toolbar or on the QA tab available on your screen. Kindly turn on your mic when the operator announces your name. You may also post text questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Take our first question from Nikhil Gupta from Bayou Capital. Please go ahead.

Thank you for the opportunity. I hope I am loud and clear. I have only one question. So let's assume a hypothetical Black Swan event, which let's say we have an impact on real estate demand and the price is also fell by, let's say, 50 to 20 percent due to hypothetical scenario. What do you think how our business will get impacted in that particular scenario?

I think very interesting question, and we all plan for our risk mitigation plans. There are two things to it. One is, of course, there's a risk mitigation plan in place, which takes care of short-term and long-term events like these. What principally we will be doing in this kind of hypothetical event is we will be focusing We're focusing on our cost base, taking temporary pauses in each micro market that it has affected, affecting, and then of course, go back with rigor whenever the markets get better. That's one part of it. The other part of it is Black Swan events, which all of us have in our business professions, you know, gone through in very recent times, have given time and opportunity to reflect and come back with innovation and come back with more rigor and speed, back with more products, back with more offerings, and back with more business to be captured in. A very recent one being COVID, which is where Aurum Group took a pause and came back with a new business model of profit, and it has taken us where we are today.

So, Nikhil, just adding on to Ankar's point, in real estate, you know, when sales actually are outperforming, then comes a cycle when there's a slowdown, and slowdown is generally, you know, going into a calibration phase. And in that phase, we typically see spending by real estate developers increase on their sales and marketing budgets to attract more customers, to bring in more demand, which is when the spending over platform companies like Aurum actually increases a lot. So, the initial phase where now we are seeing launches actually outperform the even sales numbers, we still feel that there are good, great tailwinds coming in from the sector to us.

Also to add one point to what Tonkar and Priyan have already covered, as a two-sided marketplace, excessive demand or excessive supply will tend to benefit Aurum in either case. So, so we, we are in a way poised and geared up to, to kind of, uh, to do that.

Very well explained. Uh, in addition, I also wanted to, like the major question was regards to which, uh, segment of our business is mostly, uh, affected by the dip in real estate prices. If at all it happens, uh, whenever that happens, so which particular segment will be the most affected one?

Right. Before we move to the next question, just very quickly, we have not seen dip for last several quarters. We believe cycles are a part of any business and there will be a demand and supply correction always in every micromarket, whether it's residential, commercial, and also in every asset class and in every micromarket. I think, as I said, as a platform, we are pretty geared up for that as and when that happens. Thank you very much.

Thank you.

Thank you. We have a text question from Ruben Matthews from Equity Intelligence. The question is, congrats on a fantastic quarter and results. Square Yards earns a significant share of revenue from its mortgage business. Does Auram see a similar opportunity to scale its capital business, or are there structural reasons why it will remain a smaller part of the business? What needs to change?

Ruben, thank you for your compliments for the results. What Square Yards has done with urban money is very, very admirable. They have built a very strong franchise on the housing loan and the mortgage business. Thank you very much. The question is that how do we distribute these loans? Do we do it directly to the consumer as within the housing brand, or do we do it through the aggregators, or do we do it directly through the developers? So, as of now, this business is run within the PropTiger team, and at some point of time can also be called housing loans and taken directly to the consumer. So, this 2,400-odd crores of current run rate will, we believe, spiral up to 25,000 crores in next four to six quarters. Yes.

Thank you. Before we take the next question, we'd like to remind participants to ask a question, please click on the raise hand icon tab available on your toolbar or on the QA tab available on your screen. You may also post your text questions. The next question is from Jayesh Patel from Patel Enterprise. Please go ahead. Mr. Jayesh Patel, you are on talk mode. Please unmute and go ahead with your question, please.

Yeah. Very good evening, sir. And congratulations to take over the housing.com. My question is this housing.com. You can earning the money. How much percentage per year and year or quarter to quarter? Give me the answer, please.

Yes, sir, you cannot hear your question clearly. If it's possible, you can repeat the question.

Yeah, question is this. First, your congratulations to housing.com takeover to you. And my question is this. How much you can earning the money for housing.com percentage you can gain the profit?

So, we have just, we have acquired it on 30th of September. It's still early days to give some kind of a projection on that. We, of course, have a very strong integration plan because this is our eighth acquisition in Aurum over the last four years. So, we have a path to profitability for the business, but it's still early days, Jayesh Bhai, to kind of talk about the quarter or the annual numbers on housing. Thank you. Thank you. Thank you.

Thank you. Next question is from Priyam Shah from Trinitra Asset Managers. Please go ahead.

Hi, am I audible?

Yes, please go ahead.

I just wanted to ask, I think you've previously alluded multiple times that, so every Indian listing platform has lost money for multiple years. If you look at the last 10, 12 years, almost all of them have been into losses for 8 to 10 years. Now, I understand that you alluded that your intent is to do a lot of data mining and convert the leads into actual transactions and not just stop at listing. But can you just give us a clearer view on while it's too early for numbers as you alluded in the last question, how will this happen? And what are the kind of or what are the volume of transactions that we'll see in the next few years? And secondly, while we are saying that we'll break even in eight quarters, what happens if the real estate cycle softens or, you know, something along that line happens?

Let me address the second question first. We believe that we will break even in four to six quarters. And irrespective of the softening of the prices in real estate, we feel that as a platform, you have an opportunity and you have an advantage to take that softening of industry and still convert that into an opportunity. So, we believe that four to six quarters is our internal target, six to eight quarters is our external target, and we believe that we will be profitable with housing before that. To answer your first question, I think you're absolutely right. We have been staying away from listing for last almost three years, And the reason behind that was that we thought that listing, one, is a very crowded marketplace, very crowded. And second, it was getting difficult to think about profitability in the marketplaces three years ago. But if you see the recent trends, another company which is public, they have come out with their numbers that they are a bit positive with their marketplace. They are very clear leaders now with the space dominated by two or three marketplaces across 25, 30, 35 top geographies of India. And we believe that what housing does is housing gives us that opportunity not only to now make it very profitable, also to kind of ensure that compounding it with the other Auram companies, the intent and the transaction can be compounded fairly well. So, that's the idea. That is why now listing, now marketplace, and now housing, which to us didn't make sense a few years ago.

Does that answer your question, Priyam?

Sure. Thank you.

Thank you. Ladies and gentlemen, to ask a question, please use the raise hand option available on your toolbar or on the QA tab available on your screen.

Give me a moment, please.

We'll take our question from the line of Jimit Gandhi from MK. Please go ahead.

Yeah. Hi. Thanks for giving me the opportunity. So, my question is more directed towards the rental segment. So, I see that the rental units or beds that we may call or define has declined this quarter as well. So, this is around eighth quarter of either, say, flattish or decline in rental units and similar decline sequentially for Hello World as well. So, I'm just trying to understand to what extent is the rationalization or cut still pending to be done or what is our plan rather as in when we move forward considering the rental segment. So, that's the first question.

Thank you so much, Jimit, for your question. In our rental segment, we have Nest Away and Hello World. Nest Away was a planned rationalization or consolidation, actually, of properties across PIN codes. We had planned this optimization to make Nest Away profitable at a unit economics level, which is when you see the decline in terms of quarter-and-quarter reduction in rental units. But you see the revenue that we are driving from those units is increasing on a, you know, quarter and quarter and a YOI basis. Hello World was more one time in last quarter, which was Q1 FY27. Otherwise, we've been growing the number of beds by 20 to 30% on a YOI basis. And it was purely one time, one time mainly from taking occupancy higher. So, we actually let go of properties which were not making, not being profitable at a operating level at a building and now that consolidation has gone through, we are actually going to be increasing the number of beds across both Hello World and Nest Away. So, the consolidation across PIN codes is now done. We are profitable across the rental segment and now we'll be growing the number of beds in the segment.

And also, you know, when we bought this business, this was at 38 crores of revenue. And now we are at around 160 plus crores of revenue. So the idea was to grow, go to the markets, test those markets. And now on the network level, we are at 88% occupancy. It is 82% occupancy, and the team has projected it to be 88% occupancy by the end of this year. So, to my mind, there's no reason to cut beds now on a net basis. We just wanted to ensure that Hello World becomes profitable, and that is why this optimization is what we did.

Fair, this is helpful. Thank you so much. And just one more question with respect to the distribution segment. So, can we have some sort of visibility in terms of the analytical business, say in terms of projects or say in terms of the pipeline that we have either in terms of any KPIs that can help us understand in terms of how we are thinking, scaling this piece of the business. So, this goes for Analytica and even CELDU to certain extent. So, if you can share some color on that, it would be helpful. Thank you.

So, Jamit, while we appreciate you segmenting this in dental and distributions and Rehin will, of course, follow up with the numbers on this, will be crucial to look at from now on how do we increase our business across developers with these synergies between housing and Analytica and CELDU and PropTiger together. So, it's not going to be sequential, it's going to be exponential.

Yeah. So, just giving some flavor to the numbers, Analytica works on 280 projects with 134 developers and has sold 1.7 lakh leads in the current quarter. For sell.do, it has 10,500 active licenses across 982 clients active within the quarter. But as Unkar mentioned, I think now we're going more from a portfolio to a platform approach. And with that, we'll be taking those segments as developer segment, broker segment, and consumer segment, and looking at the metrics at that level because we're seeing a lot of consolidation of our products and services also happening now with Housing.com. It's actually a very pivotal journey for us, where we have broker offerings as a consolidated end-to-end marketing as well as tech suite, developer offerings which provide new project launches and marketing suite, including transaction services, and then consumer where we are more of an end-to-end real estate platform from discovery to transactions to fulfilling as well as managing it.

Fair, that clarifies a lot. And just last question in terms of the synergy aspect. So, are we expecting some sort of synergies to play out by, say, end of this fiscal or we are yet in the process of drawing things on the board and trying to understand in terms of how, you know, we are going to map the synergies across the business that we are talking about?

So, we have already mapped all these synergies that different products, different services, different businesses get from each other. And we are a little bit impatient in executing some of these. And you will start seeing some of the synergies in the coming two quarters. We will try to articulate that separately in different slides in the investor presentation going forward to say, look, what is organic and what is coming out of synergies. We have thought through some framework and we will try to bring that out.

That's helpful. Thank you so much.

Thank you. We'll take a text question from Deepesh Mehta from MK Global. First question is, can you provide details on housing integration and plan on revenue and cost synergies? Management earlier indicated that plan to break even in four to six quarters. What would be biggest contributor? Revenue growth or cost optimization? Second question is, what kind of investments planned in AI? Expected benefits on costs and revenue?

I shall take the housing integration question first. So, within the first week of acquiring the business, we have cut costs of approximately 120 crores from the business. It has been two weeks. We haven't seen any revenue dip of any significant nature there. We have gone very deep with the cuts. The reason we went deep with the cuts is because we wanted it to one time, and we didn't want to then focus on the cost on a regular basis. We wanted to focus on the revenue. And going forward, the contributor is going to be the revenue growth more than the cost optimization. The cost optimization is already done. We believe that there will be revenue growth of another 100-150 crores over next four to six quarters, which will kind of move housing.com to profitability. So that's the breakup of the revenue growth versus cost optimization for housing. What kind of investments are planned in AI? So, we have multiple ways that how we kind of apply AI tools, right? One that we have been doing all the while is to look at business value optimization. And that kind of, in a way, brings out, the metrics kind of brings out that how is the revenue growing with either by optimizing costs or by increasing, focusing on revenue. So, that metrics has been going consistently. It was around 40 lakhs at some point of time. It is now around 50 plus lakhs currently. Our target is to take this up to 56 lakhs by the end of the year. So, you will see a huge business value optimization based on AI tools that has happened. But this is mostly driven from a cost point of view. What AI is doing very interestingly now is to kind of help us build a seamless customer journey, seamless consumer journey on the platform. And that is becoming very interesting. We have started to invest in that now in the last two quarters or so, and we are yet to see defined and tangible results on that.

Thank you. We'll take our next question from Yash Sejpal from IFC. Please go ahead. Yash, your line is unmuted. Please go ahead with your question. Yes, Yash, please go ahead.

Yeah, I'm sorry, but your audio is not clear.

We've lost the connection of Yash. We'll take one text question from Venkatram Venkatesh from Yantur Consulting. The question is, the management has reiterated repeatedly that housing.com is the most recognizable name in the real estate discovery marketplace. Will integration of housing.com undermine any of Auram's existing platform? Will housing.com integration dampen management's pursuit of inorganic growth in the short term?

So, it's a fact that it is the most recognizable name in the real estate industry. It is the largest consumer digital real estate brand in real estate. So, I mean, it's a fact, and I think what we are reiterating is something that a lot of surveys and research reports already show. It's actually going to enhance the platform capabilities in terms of brand for all the other ecosystem companies as well, Because everybody is working as an ecosystem, and that, to my mind, kind of helps to build all brands under the housing brand, if required. One more question to that. Will housing integration dampen management's pursuit of inorganic growth in the short run? Well, we believe that our hands are full in the short run. We brought PropTiger last year in July, and then we have now acquired housing in September of 2026. We believe that our hands are full with the integration plan. We need to make housing profitable. We believe that that is going to take a lot of management bandwidth, a lot of ecosystem bandwidth of all business managers and business founders across every business to make this work. So we believe that we will not do something inorganic in a short run, for sure. Of course, this company is built on inorganic acquisitions. This company is built by sort of acquiring the right capabilities, which helps us either do a forward integration or a backward integration. It is something very, very compelling. We are not averse to looking at it, but we are definitely not proactively looking at any acquisition in the short run. Thank you.

Thank you. Next text question is from Ankit Kumar, an individual investor. The question is, first question is, what kind of revenue we make on loan dispersal, which you are mentioned, will be 25K crore annualized number. Second question is, what about the rent and education business? I believe that was the largest business at housing.com. From industry check half, you plan to relaunch? If yes, by when?

Thank you. Thank you, Ankit, for your question. On the first question, in loan disbersal, when we provide that to consumers, we actually earn from the bank a commission between 1 to 1.2% of the disbursed value. So that is the take rate that we have on the disbursed value when we are doing the home loan disbursal and 25,000 crores worth of home loans to be dispersed is a target that we are aiming for right now. On to the second question on rental and education payments, which was a business by housing.com. We're currently evaluating that synergy with Nestaway's existing business because Nestaway as a business does process 35 crores of rentals every quarter. So, we are actually planning to restart that business with housing and Nest Away together, and that will be a part of the synergies that we'll be launching going ahead.

Thank you. Next question is from Rahul Jain from Dollard Capital. Please go ahead. Rahul, your line is unmuted. Please go ahead with your question.

I hope I am audible.

Yes.

Yeah. Hi. Thanks for the opportunity. I just have one basic question. Since we have spent some time on this new asset that we are getting in, and with that inclusion of housing, we would basically have a far more wider and deeper preposition in the distribution space. So, do you think having this kind of an overall 360-degree way of distribution model, it will change our efficacy as well as bargaining power or appeal in the mind of potential customers? So, any insight on those aspects would be great to understand. Thank you.

Thanks for your question. I will answer it from a different frame rather than putting it or boxing it in distribution. Housing actually widens the capabilities across all segments, and in fact, it helps us reimagine the business model completely in a different form where the intent at housing can be captured across developers, brokers, and consumers across a range of Monetization points across the discovery to, you know, living solutions that we have reiterated. What we do definitely envisage is that each touch point that the consumer comes on to the housing platform, be it a rental case, be it a purchase, be it an investment or be it property management going forward, So we will be able to monetize that with our order PropTech's existing capabilities on the fulfillment side. So the combination actually helps us imagine this business in a very different form and scale. And to answer the other part of the question, yes, it does give us your right to win to command a premium over all other models, platforms, or prop tech businesses that we have mapped and seen because this really brings out a very unique combination of intent plus fulfillment or intent driven into fulfillment, which increases the time as well.

So, all just to add to what Omkar said, that definitely gives us the pricing power. But, you know, it's not about the pricing power currently for us. It is about increasing the time, increasing our leadership, increasing our dominance across all three segments of developer, broker, and consumer. So, if I have to talk about the channel partners, we have some 18,000 to 19,000 channel partners across the ecosystem, whereas we believe the opportunity to target the channel partners is to go up to 50,000 channel partners. And what it means is that we have to reimagine how the pricing, packaging, and product should be for the channel partners, for the brokers, who we believe are the lifeline of the industry. Then on the developer side, we are now working with around 1,300-plus developers. But we believe that within the same geographies where we operate, which is around 35-odd geographies, there is a target to go up to 4,000-plus developers. So there also you have an opportunity to go through where you are currently. Similarly, with consumer, it's a very, very large consumer piece, which we already have with Nestor. And housing gets 58 million traffic. It has 12 million monthly active users. It has 50 plus million app downloads. So, all this kind of feeds to the consumer landscape, and there is a huge opportunity to go 100x on consumer, if not 3, 4, 5x, but 100x on consumer. So, bargaining or pricing power is great to have, but that is not really what we are looking at currently. As of now, we are looking to kind of increase our leadership across segments, across geographies.

Basically, we would like to harness the ecosystem by getting a better lifetime revenue opportunity and improving the sales velocity in general.

Absolutely. I mean, the LTV for customers will increase, the consumers will increase. The CAC for all businesses have started to go down. So that is a given. That's a byproduct. But, you know, as you start making a more and more seamless consumer journey, right from, and we have discussed this earlier also, I think in one of the calls, Rahul, that if you start thinking about it from a point of view of student housing to someone buying their second home when they are 50 or 60, so you're taking a journey from 15 to 50 or 16 to 60, and that is the LTV that you can really target now. I mean, the housing gets all kinds of audience, and it really kind of depends on you, what you want to show to the audience, what you want to lead the audience towards, right? So, it's a beautiful, neutral marketplace, and you can kind of create more and more innovative opportunities around that.

Quite interesting. Thanks for the color, and best wishes for the time, Hayd. Thank you very, very much.

Thank you. Next question is from Faisal Hawa from HG Hawaiian Company. Please go ahead.

Just one question. What kind of carry forward losses will housing.com come to us with? And is it a fair statement to make that maybe because of this, for the next three to four years, we may not even have to pay any taxes in our other businesses and in Aurum PropTech itself?

Thank you very much. So, one, the business comes with a thousand crore of carry-forward losses, one zero to zero crores. This money has essentially been spent on brands. This money has been spent on the SEO, and that is why it's the top-of-the-mind brand. That is why it's the largest digital consumer real estate brand. So, and for the last 10-12 years, consistently the owners, the shareholders have spent this, made this investment in the company, and the carry-forward loss that we have acquired is 1,026. On the tax planning aspect of it, it's a bit early as of now. Whether how much of this can be amortized over the larger ecosystem is something yet to be seen. We are obviously taking more opinion on this, on how to kind of utilize this or not utilize this. So, whatever the best possible optimization that can be done, we will try to do that.

One more question.

If there are two things in which

the maximum to and fro

discussions have been on in the board, if there are two things which are very much going to and fro discussions in the board from the last two weeks, What were those two things would be, and where do you feel as the founder of the company, we need to be really on speed with?

So look, whenever you lose these kind of acquisitions, which are probably the largest that we have done yet, board obviously wants to kind of go in far more detail. So over the last three board meetings, substantial time has been spent on first understanding housing, then the proposal that we were kind of trying to bring to the sellers. And now today morning for another hour, hour and a half on how we are integrating this. So, Board has a little bit of comfort because we have done this earlier. They believe that when we say that we are going to cut costs, we mean that we will cut costs. They believe that when we say we are going to boost revenue, we do boost revenue. They believe that when we say that AI will be utilized to the best of the capability, we try to do that. So, board on some of these issues has come from. Of course, with a transaction like housing, board spent a lot of time with us to kind of understand what could go wrong, how are we mitigating some of those risks, where are we going to kind of invest monies, how is the capital allocation going to happen, who are the leaders that will continue to kind of run the business. So, to be, I mean, the board created a subcommittee to say, okay, look, this team will, these directors will work with you on sort of understanding the larger picture. And there was, I'm thankful to the board, there was a lot of deliberations that happened, which really helped us to create the integration plan in a detailed manner.

Thank you so much, sir. I appreciate your answering my questions.

Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand the conference over to Ms. Sonia Duishmukh for closing comments. Over to you.

Thank you, Yashashree, and thank you to everyone for joining us today. Q2 FY27 has been a quarter of continued progress from Aurum PropTech as we build on growth momentum and strengthen our operating performance across businesses. We remain focused on driving sustainable growth, improving profitability, and executing our strategic priorities with discipline. We sincerely appreciate your continued trust and support. Should you have any further questions, please feel free to reach out to our investor relations team, and we will be happy to address them offline. Thank you once again for your time and continued engagement. We look forward to connecting with you again next quarter. Have a wonderful day. Thank you.

Thank you, members of the management team. On behalf of MK Global Financial Services Limited and Aurum PropTech Limited, that concludes this conference. Thank you all for your participation, and you may now exit the meeting.