Square Yards Crosses Rs 2,000 Cr Revenue in FY26; EBITDA Jumps 3.7X

Why It Matters

The rapid scaling and improving profitability signal that Square Yards is emerging as a dominant player in India’s fragmented real‑estate ecosystem, while its fintech arm adds a high‑margin revenue stream. Investors will watch its FY27 outlook as a barometer for the broader prop‑tech and digital mortgage market in the region.

Key Takeaways

• Revenue hit $251 M in FY26, up 48% YoY
• EBITDA surged 3.7× to $21 M, margin reaching 8%
• India contributed 88% of revenue, growing 57% YoY
• Fintech arm disbursed $10.6 B in loans, 86% mortgages
• Outlook projects >40% revenue growth and double‑digit EBITDA margins FY27

Pulse Analysis

Square Yards’ FY26 results underscore the accelerating digitization of India’s real‑estate market. The company’s revenue climbed to roughly $251 million, a 48% jump that reflects both a surge in online property listings and a broader shift among buyers toward tech‑enabled transactions. By expanding its footprint across 30% of total gross transaction value in Bengaluru and securing a 57% revenue increase in its home market, Square Yards has capitalized on the country’s urbanisation wave and the lingering shortage of affordable housing. The firm’s ability to aggregate over 2.7 lakh customer acquisitions demonstrates the scalability of its platform.

Profitability improvements were equally striking. EBITDA rose to about $21 million, lifting the margin from 3% to 8% and delivering a 3.7‑fold increase over the prior year. This leap was driven not only by higher gross profit—maintaining a steady 23% margin—but also by the cross‑selling power of its fintech arm, Urban Money, which disbursed $10.6 billion in loans, 86% of which were mortgages. The loan portfolio adds a high‑margin, recurring revenue source that cushions the cyclical nature of property sales and improves overall unit economics.

Looking ahead, Square Yards projects more than 40% revenue growth and double‑digit EBITDA margins for FY27, a target that will test its operational bandwidth and capital efficiency. The firm must navigate tighter regulatory scrutiny on digital lending, intensifying competition from both traditional brokers and emerging startups, and potential macro‑economic headwinds such as rising interest rates. Nevertheless, its integrated model—combining brokerage, construction design, rental management, and fintech—positions it to capture a larger share of the $1.2 trillion Indian real‑estate market, making it a compelling watch for growth‑focused investors.