AURUM - Aurum Proptech

📊 NSE: AURUM 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/13/2025 18:43

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 23.26% to INR 263.84 Cr in FY25. The Rental segment recorded revenue of INR 168.62 Cr (26.9% growth), the Distribution segment recorded INR 79.28 Cr (6.50% growth), and the Capital segment recorded INR 1.594 lakhs (137.20% growth).

Geographic Revenue Split

The company expanded into new micro-markets including Ahmedabad, Chennai, Goa, Hyderabad, Kolkata, and Lucknow. Specific percentage split per region is not disclosed in available documents.

Profitability Margins

The net profit ratio improved by 81.87%, moving from (1.24) in FY24 to (0.22) in FY25. Standalone loss for the year narrowed significantly from INR 13.39 Cr in FY24 to INR 2.75 Cr in FY25, indicating a trajectory toward sustainable profitability.

EBITDA Margin

Q2 FY26 marked the first profitable quarter on an adjusted EBITDA basis. This turnaround was driven by a reduction in employee costs from 41.18% of revenue in FY24 to 29.79% in FY25, reflecting improved unit economics.

Capital Expenditure

Depreciation and amortization expense increased by 13.58% to INR 82.36 Cr in FY25, primarily due to an increase in right-of-use assets within the Rental segment. Specific planned future CapEx in INR Cr is not disclosed.

Credit Rating & Borrowing

The company has not obtained any credit ratings during the year under review. Standalone finance costs decreased from INR 9.10 Cr in FY24 to INR 7.24 Cr in FY25, a reduction of 20.44%.

⚙️ Operational Drivers

Raw Materials

As a PropTech firm, the primary 'raw material' is human capital; employee benefit expenses represent 29.79% of total revenue. Other operating expenses account for INR 96.44 Cr (36.55% of revenue).

Import Sources

Not applicable as the company provides technology and rental services rather than manufacturing goods.

Key Suppliers

Not disclosed; the business model relies on a technology stack and property owners for the rental ecosystem rather than industrial suppliers.

Capacity Expansion

Expansion is measured by geographic footprint and product scaling. The company expanded into 3 new micro-markets (Ahmedabad, Chennai, Goa) for its rental brand and launched in Kolkata and Lucknow for its analytics business.

Raw Material Costs

Employee costs, the primary operational driver, were reduced from 41.18% of revenue in FY24 to 29.79% in FY25 through optimized resource planning.

Manufacturing Efficiency

Not applicable. Operational efficiency is tracked via the Net Capital Turnover Ratio, which was 0.10 in FY25 compared to 0.33 in FY24.

Logistics & Distribution

Distribution segment revenue was INR 79.28 Cr. The company exited BeyondWalls operations to improve working capital efficiency in this segment.

📈 Strategic Growth

Expected Growth Rate

23.26%

Growth Strategy

Growth will be achieved through a dual-track strategy of innovation and scalability. This includes the integration of PropTiger (expected to shift the revenue mix to 50% Rental / 50% Distribution), the launch of India's first SM-REIT via AMSA Investments, and scaling core tech products like Sell.do and Aurum Analytica which grew 60-70% YoY.

Products & Services

SaaS platforms for real estate (Sell.do), data analytics (Aurum Analytica), rental management services (NestAway, HelloWorld), and investment platforms (YieldWiseX, SM-REIT).

Brand Portfolio

Aurum Liv, Aurum KuberX, Sell.do, Aurum Analytica, NestAway, HelloWorld, YieldWiseX, Bondsbrain, and K2V2.

New Products/Services

Launch of SM-REIT (Small and Medium Real Estate Investment Trust) following SEBI registration, and new products like Aurum Liv and Aurum KuberX.

Market Expansion

Targeting geographic expansion into Tier-1 and Tier-2 cities including Kolkata, Lucknow, and Hyderabad to deepen the PropTech ecosystem.

Market Share & Ranking

Aims to build India’s largest integrated PropTech ecosystem; specific market share percentage is not disclosed.

Strategic Alliances

Strategic integration with PropTiger and partnerships through the Aurum Entrepreneurs’ Forum and Entrepreneurs in Residence Programme.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated technology ecosystems. The emergence of SM-REITs (Small and Medium REITs) is a major regulatory shift that the company is positioning for through its subsidiary AMSA Investments.

Competitive Landscape

Competitors include unlisted players valued at 3x-4x Aurum's valuation despite lower profitability, according to management commentary.

Competitive Moat

The moat is built on a 'network effect' created by an integrated ecosystem of home buying, rental, and capital platforms. This is sustainable because it increases switching costs for real estate enterprises using their end-to-end SaaS and analytics tools.

Macro Economic Sensitivity

Highly sensitive to domestic real estate demand and interest rate cycles which affect property transactions and rental yields.

Consumer Behavior

Increasing consumer preference for technology-driven, transparent real estate transactions and managed rental housing.

Geopolitical Risks

Not explicitly detailed, though international operations in Singapore (Monk Tech Labs) introduce cross-border regulatory risks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013, SEBI Listing Regulations, and specific real estate regulations. A major milestone was receiving SEBI registration for its SM-REIT.

Environmental Compliance

The company has a CSR Committee and policy, but specific ESG compliance costs in INR are not disclosed.

Taxation Policy Impact

Standalone tax expense was INR 0.20 Cr in FY25 compared to a tax credit of INR 3.51 Cr in FY24.

Legal Contingencies

The company reports compliance with mandatory Secretarial Standards and no material departures from accounting standards. Specific values for pending court cases are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Key risks include execution feasibility of the integrated platform, market potential fluctuations, and cybersecurity/data privacy risks which could impact reputation and operations.