💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations for H1 FY26 was INR 21.68 Cr, a decline of 4.9% YoY. Segment performance was mixed: Website Subscriptions grew 20% to INR 13.57 Cr; Research & Consulting surged 149% to INR 0.91 Cr; however, Valuation/CRM Business (PropEdge) declined 35% to INR 7.20 Cr.

Geographic Revenue Split

The company operates across 180+ locations in India, focusing on major Indian metros. Specific percentage contribution from each region was not disclosed in the available documents.

Profitability Margins

Consolidated PBT margin for H1 FY26 stood at 38%. Standalone PropEquity margins were significantly higher, with a PBT margin of 56% (including other income) and 45% (excluding other income). The subsidiary PropEdge reported a negative PBT margin of 10%.

EBITDA Margin

Consolidated PBT grew 8.3% YoY to INR 9.72 Cr. Standalone PropEquity PBT grew 44% YoY to INR 10.33 Cr, while PropEdge PBT fell 140% to a loss of INR 0.73 Cr, indicating core profitability is driven by the standalone data business.

Capital Expenditure

Purchase of Property, Plant & Equipment for H1 FY26 was INR 0.46 Cr, compared to INR 0.68 Cr in H1 FY25. The company also invested INR 0.47 Cr in Real Estate Investment Funds.

Credit Rating & Borrowing

Not disclosed in available documents. The company maintains a strong cash position with INR 86.97 Cr in cash and cash equivalents as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

As a data and analytics service provider, the primary 'raw material' is human capital. Employee benefits expense of INR 11.62 Cr represents 45.7% of total income for H1 FY26.

Import Sources

Not applicable for a service-based data company.

Key Suppliers

Not applicable. The company relies on data procurement from real estate developers and regulatory filings.

Capacity Expansion

PropEquity currently provides valuation and project monitoring services across 180+ locations in India. Expansion is focused on increasing the depth of data and analytics innovation rather than physical capacity.

Raw Material Costs

Employee benefits expense (the primary cost driver) decreased by 6.5% YoY to INR 11.62 Cr in H1 FY26, reflecting cost optimization despite revenue shifts.

Manufacturing Efficiency

Not applicable. Efficiency is measured by the 44% growth in standalone PBT and the 20% growth in the high-margin subscription business.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth is driven by the core subscription business (20% growth) and Research & Consulting (149% growth). The strategy involves leveraging a leadership position in real estate data to empower data-backed decision-making for BFSI and HFC clients, and expanding valuation services across 180+ locations.

Products & Services

Website subscriptions for real estate data, Research & Consulting reports, Real Estate Asset Valuations, Project Approval services, and Project Monitoring services.

Brand Portfolio

PropEquity, PropEdge (through subsidiary Propedge Valuations Private Limited).

New Products/Services

Consistently driving innovation in data-backed decision-making tools; specific revenue contribution from new launches was not quantified.

Market Expansion

Focusing on major Indian metros and 180+ locations where BFSI and HFC institutions require collateral risk management.

Market Share & Ranking

PropEquity is described as a leader in real estate data and analytics in India.

Strategic Alliances

Propedge Valuations Private Limited is an 80% owned subsidiary acquired on January 6, 2022.

🌍 External Factors

Industry Trends

The industry is moving toward data-backed decision-making. FY25 is expected to see sustained sales volumes in metros, which supports the momentum for new supply and valuation services.

Competitive Landscape

PropEquity competes in the real estate data and analytics space, with PropEdge competing in the valuation and collateral risk management market.

Competitive Moat

The moat is built on a proprietary database covering 180+ locations and a leadership position in real estate analytics. This is sustainable due to the high cost and time required for competitors to replicate such a deep historical database.

Macro Economic Sensitivity

Highly sensitive to the real estate cycle and mortgage rates. Sustenance in sales volumes in major metros is expected to support demand in FY25.

Consumer Behavior

Shift toward data-backed decision-making by institutional clients (BFSI/HFCs) is a positive trend for the company.

Geopolitical Risks

Minimal direct impact as operations are domestic, though macro-economic shifts can influence the broader real estate market.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013 and SEBI (LODR) Regulations 2015. The company must adhere to data privacy and professional standards for valuation services.

Environmental Compliance

Provision for CSR expenses was INR 0.13 Cr in H1 FY26.

Taxation Policy Impact

The effective tax rate for the standalone entity in H1 FY26 was approximately 25.4% (INR 2.62 Cr tax on INR 10.33 Cr PBT).

Legal Contingencies

The company has disclosed all pending litigations in Note 41 of the Standalone Financial Statements; specific case values in INR were not detailed in the provided summary.

⚠️ Risk Analysis

Key Uncertainties

The 35% decline in the Valuation/CRM business and the resulting 140% drop in PropEdge PBT represent a key uncertainty regarding the recovery of the subsidiary's profitability.

Geographic Concentration Risk

Concentrated in the Indian real estate market, specifically major metros.

Third Party Dependencies

High dependency on the BFSI and HFC sectors for valuation and professional service revenue.

Technology Obsolescence Risk

The company mitigates technology risk by consistently driving innovation in its analytics platform and maintaining audit trail capabilities in its software.

Credit & Counterparty Risk

Standalone trade receivables increased by INR 1.64 Cr in H1 FY26, while consolidated cash flow from operations decreased from INR 9.46 Cr to INR 4.38 Cr YoY.