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 FY 2027. 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 FY 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 continues with rigorous discipline on unit economics. Q2 of FY 2027 is our fourth 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 1,200 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 reiterating 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+ 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 12-18 months. I repeat, within 12-18 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.
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 7- 12 quarters. Using AI and various tools, our medium-term goal is to create a seamless consumer layer spanning discovery, intelligence, transaction, financing, and living, ensuring that every interaction makes the entire ecosystem smarter. What started as an idea to connect the stages of home buying or renting journey through our portfolio companies is now evolving to become the single largest platform with network effects. Aurum 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 FY 2027, 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 Onkar. Thank you very much.
Thank you, Chairman. I will briefly cover our business performance and AI-led productivity. Q2 of FY 2027 delivered INR 137 crore in total income, growing 56% year-on-year. Adjusted EBITDA margins expanded 840 basis points to 11.5%, while PBT margins improved 1,270 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 INR 70 crore in revenue and INR 11 crore in segment profit. We generated revenue by enabling developers and brokers with data analytics, sales automation, and transaction management solutions. Our platform sold 170,000 leads, growing 79% year-on-year, supported with 10,560 active technology licenses, and facilitated INR 850 crore 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 INR 56 crore in revenue. Co-living and student living operated 16,500 beds at 82% occupancy, with 137 buildings above 90% occupancy within this. Residential rentals managed 8,900 signed units, collecting INR 35 crore in quarterly rent, while AI-enabled bookings grew 7.6x quarter-on-quarter. Housing.com dominates app leadership in India with 45 million monthly active users, 1.2x its nearest competitor, and 52% app downloads that shared the majority of 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 Shrikant to take us through the financial results.
Thank you and good evening, all. I will take you through our financial performance for the second quarter and the first half of FY 2027, then cover the balance sheet and cash flow. This was a quarter of two milestones. First, our operating business delivered its strongest quarter yet. Revenue grew 64% year-on-year to INR 130.2 crore, and we reported a profit from continuing operations. Second, on September 29, 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 INR 130.2 crore, up 64% from INR 79.4 crore a year ago and up 16% sequentially from INR 111.8 crore. The first half revenue was INR 242 crore, up 67%.
The year-on-year growth includes PropTiger, which we consolidated from late September 2025. So Q2 FY 2026 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 INR 34.2 crore or 26.2% of the revenue, compared with 27.9% in quarter one. Other expenses were INR 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 INR 41 crore, a margin of 29.8% on total income. That compares with INR 25.1 crore and 29.6% a year ago, and INR 37.5 crore and 31.5% in quarter one.
For the half year, EBITDA was INR 78.5 crore at a 30.6% margin, up from INR 44.9 crore and 28.3% in H1 FY 2026. Other income is mainly treasury and deposit income. This EBITDA is reported on an Ind AS 116 basis, so rent on our leased co-living portfolio sits in a depreciation and finance cost rather than in operating expenses.
Below EBITDA, depreciation and amortization was INR 28.1 crore and finance costs were INR 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 Integrow, our associate, was INR 0.2 crore. Profit. Profit before tax from continuing operation was INR 6.8 crore against a loss of INR 8.9 crore in Q2 of FY 2026 and a profit of INR 1.3 crore in Q1. Tax was INR 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 INR 4.3 crore, of which INR 4.5 crore is attributable to the shareholders. Basic EPS from continuing operations was INR 0.52 for the quarter against a loss of INR 1.17 per share a year ago. First half and discontinued operations. H1 net profit was INR 49.5 crore, which includes INR 45.5 crore from the discontinued operation.
That reflects the sale of our Navi Mumbai building, which closed in quarter one for INR 112 crore and produced a pre-tax gain of INR 52.4 crore in that quarter. This is a one-time item. Excluding it, H1 profit after tax from continuing operations was INR 3.9 crore against loss of INR 17.9 crore in H1 of FY 2026. Balance sheet liquidity cash flow. Balance sheet.
Total assets were INR 1,641 crore at September 30, up from INR 948 crore in March. Shareholders' equity roughly doubled to INR 1,020 crore. Both increases are driven by Housing.com. We issued 1.98 crore share to REA India, adding INR 458 crore to equity. Goodwill and intangible assets now total INR 960 crore. The Housing.com purchase price allocation was prepared by an independent valuer and its provisional as in Ind AS 103. It may be refined with the 12-month measurement period. Liquidity. Cash, bank balances, and current investments were INR 191.6 crore at the quarter end, up from INR 141 crore in March.
That includes INR 22 crore of cash that came with Housing.com. After the quarter, on October 13, we also received INR 29.5 crore from our promoter, Aurum Real Estate Developers, as a 25% upfront payment on 51 lakh convertible warrants. The remaining INR 88.5 crore is payable when the warrants are exercised within 18 months.
Current assets of INR 399 crore broadly matches the current liabilities of INR 404 crore, and those liabilities includes INR 78.3 crore of the lease payment that are matched by right-of-use asset. Debt. Bank and other borrowings are under INR 1 crore, so the group is effectively debt-free. Our lease liabilities of INR 216 crore relate mainly to co-living portfolio and are matched by INR 196.8 crore of right-of-use asset. We also carry a non-current deferred tax liability of INR 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 INR 60.8 crore up from INR 25.4 crore a year ago. Capital expenditure, mostly capitalized product development, was INR 8.8 crore. Lease principal payments were INR 47.8 crore. Operating cash flow therefore covered both product investment and our full lease commitments.
Separately, discontinued operations generated INR 24 crore of net cash, reflecting the building sale proceeds net of related obligations settled. Segment highlights. Distribution is now our largest segment and main driver of profit. Rental has turned profitable. Capital is small but growing. Distribution. Revenue was INR 69.7 crore, 54% of the group. That is up 25% sequentially and 2.6x the year ago level, with the year-on-year figure boosted by PropTiger's first full year in the group. Segment result was INR 11.4 crore, a 16.3% margin compared with INR 5.5 crore a year ago and INR 8 crore in quarter one. From Q3, distribution will include a full quarter of Housing.com. Rental. Revenue was INR 56.1 crore, up 10% year-on-year and 3% sequentially. The segment reported a profit of INR 0.9 crore against a loss of INR 4.3 crore a year ago. Capital.
Revenue was INR 4.3 crore, up from INR 1.6 crore in Q1 and INR 1.2 crore a year ago, and the segment broke even with INR 0.4 crore profit. To summarize, revenue grew 64% to INR 130.2 crore. EBITDA margin was 29.8%, and we returned to profit from continuing operations. We generated INR 60.8 crore of operating cash in the half. We were effectively debt-free, and we hold INR 191.6 crore of cash and liquid investment. With 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 Yashaswi.
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 Q&A 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. We will take our first question from Nikhil Gupta from Vayu Capital. Please go ahead.
Thank you for the opportunity. I hope I am loud and clear. I have only one question. Let us assume a hypothetical black swan event, which let us say we have an impact on real estate demand, and the prices also fell by, let us say, 15%-20% due to hypothetical scenario. What do you think how our business will get impacted in that particular scenario?
Yep. 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 is 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 a hypothetical event, is we will be focusing on our cost base, taking temporary pause in each micro market that it has affected, and then, of course, go back with rigor whenever the markets get better. That is one part of it. The other part of it is, black swan events, which all of us have, in our business professions, 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 PropTech, and it has taken us where we are today.
Also, Nikhil, just adding on to Onkar's point. In real estate, when sales actually are outperforming, then comes a cycle when there is a slowdown. A slowdown is generally going into a calibration phase. 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. The initial phase, where now we are seeing launches actually outperform 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 Onkar and Rihen have already covered. Look, as a two-sided marketplace, excessive demand or excessive supply will tend to benefit Aurum in either case. We are, in a way, poised and geared up to do that. Thank you.
Very well explained. In addition, the major question was regards to which segment of our business is mostly affected by the dip in real estate prices, whenever that happens. 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 micro market, whether it is residential, commercial, and also in every asset class and in every micro market. 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 Reuben Mathews 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 Aurum 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?
Reuben, thank you for your compliments for the results. Look, what Square Yards has done with Urban Money is very admirable. They have built a very strong franchise on the housing loan and the mortgage business. Aurum has recently launched their business in the same segment with the name of KuberX. KuberX, in the month of September, disbursed INR 200 crore of loans, which means that they are at a INR 2,400 crore of run rate. This business has just started, so we believe that it can be scaled up to INR 25,000 crore of disbursement very quickly. The question is that, how do we distribute these loans? Do we do it directly to the consumer as within the housing brand, or we do it through the aggregators, or do we do it directly through the developers?
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. This INR 2,400 odd crore of current run rate will, we believe, spiral up to INR 25,000 crore in the next four to six quarters.
Thank you. Before we take the next question, we would like to remind participants, to ask a question, please click on the Raise Hand icon tab available on your toolbar or on the Q&A tab available on your screen. You may also post your text questions. The next question is from Jayesh Patel from Patel Enterprises. 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 earn the money. How much percentage per year and year or quarterly to quarterly? Give me the answer, please.
Jayesh, sir, we cannot hear your question clearly. If it is possible, you can repeat the question?
Yeah. The question is this, first you congratulations to Housing.com takeover to you. My question is this, how much you can earn the money for Housing.com, percentage you can gain the profit?
We have acquired it on September 30. It is 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. We have a path to profitability for the business. But it is still early days, Jayesh Bhai, to talk about the quarter or the annual numbers on Housing. Thank you.
Thank you.
Thank you. Next question is from Priyam Shah from Trinetra Asset Managers. Please go ahead.
Hi, am I audible?
Yes, please go ahead.
I just wanted to ask, I think you have previously alluded multiple times that 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- 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 is too early for numbers, as you alluded in the last question, how will this happen? What are the volume of transactions that we will see in the next few quarters? Secondly, while we are saying that we will break even in eight quarters, what happens if the real estate cycle softens or something along that line happens?
Let me address the second question first. We believe that we will break even in four to six quarters. 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. 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.com before that. To answer your first question, I think you are absolutely right. We have been staying away from listing for last almost three years. The reason behind that was that we thought that listing, one, is a very crowded marketplace. 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 of positives with their marketplace. There are very clear leaders now with the space dominated by two or three marketplaces across 25, 30, 35 top geographies of India. We believe that what Housing.com does is Housing.com gives us that opportunity, not only to now make it very profitable, also to kind of ensure that compounding it with the other Aurum companies, the intent and the transaction can be compounded fairly well. That is the idea. That is why now listing, now marketplace, and now Housing.com, 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 Q&A tab available on your screen. Give me a moment, please. We will take a question from the line of Jimit Gandhi from Emkay. Please go ahead.
Yeah, hi. Thanks for giving me the opportunity. My question is more directed towards the rental segment. I see that the rental units or beds that we may call or define has declined this quarter as well. This is around eighth quarter of either, say, flattish or decline in rental units and similar decline sequentially for HelloWorld as well. I am just trying to understand to what extent is the rationalization or cut still pending to be done, or what is your plan rather as in when we move forward, considering the rental segment? That is the first question.
Thank you so much, Jimit, for your question. In our rental segment, we have NestAway and HelloWorld. NestAway was a planned rationalization or consolidation, actually, of properties across pin codes. We had planned this optimization to make NestAway profitable at a unit economics level, which is when you see the decline in terms of quarter-on-quarter reduction in rental units, but you see the revenue that we are driving from those units is increasing on a quarter-on-quarter and a year-over-year basis. HelloWorld was more one time in last quarter, which was Q1 FY 2027. Otherwise, we have been growing the number of beds by 20%-30% on a year-over-year basis. It was purely one time. One time mainly from taking occupancy higher. We actually let go of properties which were not being profitable at an operating level at a building.
Now that consolidation has gone through, we are actually going to be increasing the number of beds across both HelloWorld and NestAway. The consolidation across pin codes is now done. We are profitable across the rental segment, and now we will be growing the number of beds in those segments.
Also, when we bought this business, this was at INR 38 crore of revenue, and now we are at around INR 160+ crore of revenue. The idea was to grow, go to the markets, test those markets, and now on the network level, we are at 88% occupancy. Sorry, 82% occupancy, and the team has projected it to be 88% occupancy by the end of this year. To my mind, there is no reason to cut beds now on a net basis. We just wanted to ensure that HelloWorld becomes profitable, and that is why this optimization is what we did.
Fair. This is helpful. Thank you so much. Just one more question with respect to the distribution segment. Can we have some sort of visibility in terms of the Analytica 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. This goes for Analytica and even Sell.do to a certain extent. If you can share some color on that, it would be helpful. Thank you.
Jimit, while we appreciate you segmenting this in rental and distributions, Praveen will of course follow up with the numbers on this. It 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 Sell.do and PropTiger together. It is not going to be sequential, it is going to be exponential. Praveen. Yes. 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. As Onkar mentioned, I think now we are going more from a portfolio to a platform approach. With that, we will be taking those segments as developer segment, broker segment, and consumer segment, and looking at the metrics at that level.
Because we are seeing a lot of consolidation of our products and services also happening now with Housing.com. It is 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 suites, including transaction services. Then consumer, where we are more of an end-to-end real estate platforms from discovery to transactions to fulfilling as well as managing it.
Fair. That clarifies a lot. Just last question in terms of the synergy aspect. 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 we are going to map the synergies across the business that we are talking about?
We have already mapped all these synergies that different products, different services, different businesses get from each other. We are a little bit impatient in executing some of these. 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 too.
That's helpful. Thank you so much.
Thank you. We'll take a text question from Dipesh Mehta from Emkay 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?
Dipesh, I'll take the Housing integration question first. Within the first week of acquiring the business, we have cut costs of approximately INR 120 crore 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 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. 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 INR 100 crore, INR 150 crore over next four to six quarters, which will kind of move Housing.com to profitability.
That's the breakup of the revenue growth versus cost optimization for Housing. What kind of investments are planned in AI? 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. 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. That metrics has been growing consistently. It was around INR 40 lakh at some point of time. It is now around INR 50+ lakh currently. Our target is to take this up to INR 56 lakh by the end of the year. 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 last two quarters or so, and we are yet to see defined and tangible results on that.
Thank you.
Thank you.
We will take our next question from Yash Sejpal from IFC. Please go ahead. Yash, your line is unmuted. Please go ahead with your question.
Hello.
Yes, Yash. Please go ahead.
Yeah. First of all, congrats on-
I'm sorry, but your audio is not clear.
Give me one second. I'll see if I
We've lost the connection of Yash. We'll take one text question from Venkataram 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 Aurum's existing platform? Will Housing.com integration dampen management's pursuit of inorganic growth in the short run?
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. 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. There was one more question to that. Will Housing integration dampen management's pursuit of inorganic growth in the short term? Well, we believe that our hands are full in the short term. 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. We believe that we will not do something inorganic in a short term, for sure. Of course, this company is built on inorganic acquisitions.
This company is built by acquiring the right capabilities, which helps us either do a forward integration or a backward integration. If there's something very compelling, we are not averse to looking at it, but we are definitely not proactively looking at any acquisition in the short term. Thank you.
Thank you. Next question is from Ankit Kumar, an individual investor. The first question is, what kind of revenue we make on loan disbursal, which you mentioned will be INR 25,000 crore annualized number? Second question is, what about the rent and education payments? I believe that was the largest business at Housing.com. From industry check half, you plan to relaunch. If yes, by when?
Thank you, Ankit, for your question. On the first question, in loan disbursal, when we provide that to consumers, we actually earn from the bank a commission between 1%-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 INR 25,000 crore worth of home loans to be disbursed is a target that we're 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 INR 35 crore of rentals every quarter. So we are actually planning to restart that business with Housing and NestAway 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 Dolat Capital. Please go ahead. Rahul, your line is unmuted. Please go ahead with your question.
I hope I'm 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 proposition in the distribution space. 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 customer? Any insight on those aspect would be great to understand. Thank you.
Rahul Jain, 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. 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 living solutions that we have recreated. What we do definitely envisage is that each touch point that the consumer comes onto the Housing platform, be it a rental case, be it a purchase, be it an investment or be it property management going forward, we will be able to monetize that with our Aurum PropTech's existing capabilities on the fulfillment side. The combination actually helps us imagine this business in a very different form and scale.
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 PropTech 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 TAM as well.
Just to add to what Onkar has said, that definitely gives us the pricing power. But it is not about the pricing power currently for us. It is about increasing the TAM, increasing our leadership, increasing our dominance across all three segments of developer, broker, and consumer. If I have to talk about the channel partners, we have some 18,000- 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. 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+ 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+ developers. Right? So there also you have an opportunity to go 3x of where you are currently. Similarly, with consumer, it's a very large consumer piece, which we already have with NestAway. And Housing.com gets 58 million traffic. It has 12 million monthly active users. It has 50+ million app downloads. So all this kind of feeds to the consumer landscape. And there is huge opportunity to go 100x on consumer, if not 3, 4, 5x, but 100x on consumer. So look, bargaining or a pricing power is great to have, but that is not really what we are looking at currently. As of now, we are looking to increase our leadership across segments, across geographies.
So 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 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- 50 or 16- 60, and that is the LTV that you can really target now. Housing.com 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 ahead.
Thank you very much.
Thank you. Next question is from Faisal Hawa from H.G. Hawa & Company . Please go ahead.
Just one question. What kind of carry-forward losses will Housing.com come to us with? 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?
Faisal, thank you very much. One, the business comes with 1,000 crore of carry-forward losses, 1,020 crore. This money has essentially been spent on brands. This money has been spent on the SEO, and that is why it's their top-of-the-mind brand. That is why it's the largest digital consumer real estate brand. For the last 10, 12 years, consistently, the owners, the shareholders have made this investment in the company. The carry-forward loss that we have acquired is 1,020 crore. On the tax planning aspect of it's a bit early as of now. 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 utilize this or not utilize this. Whatever best possible optimization that can be done, we will try to do that.
One more question. If there are two things in which
I'm sorry, Faisal, you're sounding muffled.
the maximum to-and-fro discussions have been on in the board. If, sir, there are two things which are very much going to-and-fro discussions in the board from the last two, what were those two things would be, and where do you feel as the CEO, founder of the company we need to be really on speed with?
Yes, look. Whenever you do these kind of acquisitions, which are probably the largest that we have done yet, board obviously wants to go in far more detail. So over last three board meetings, substantial time has been spent on first understanding Housing.com, then the proposal that we were trying to bring to the sellers, and now today morning for another 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.
Board on some of these issues has comfort. Of course, with a transaction like Housing.com, board spent a lot of time with us to understand what could go wrong, how are we mitigating some of those risks, where are we going to invest money, how is the capital allocation going to happen, who are the leaders that will continue to run the business. So board created a subcommittee to say, "Okay, look, these directors will work with you on understanding the larger picture." I am 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 you answering my questions.
Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to Ms. Soniya Deshmukh for closing comments. Over to you.
Thank you, Yashaswi, and thank you to everyone for joining us today. Q2 FY 2027 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 Emkay 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.