Square Yards FY26 Results: Revenue Up 48% Ahead of IPO

In a significant milestone for India's digital property ecosystem, full-stack PropTech platform Square Yards has reported an exceptional financial performance for the fiscal year ending March 2026 (FY26). The company’s revenue surged by 48% year-on-year to reach ₹2,086 crore (approximately $223 million), demonstrating accelerated growth compared to the 41% traction recorded in FY25. Simultaneously, the company's adjusted EBITDA nearly quadrupled, leaping by 269% to ₹176 crore ($19 million). This dramatic margin expansion from 3% to 8% underscores the platform's operating leverage as it prepares for a highly anticipated initial public offering (IPO).

Unlocking Multi-Segment Transactional Scale

Square Yards has effectively scaled its diverse operational segments to build a highly defensive, comprehensive housing ecosystem. During the fiscal year, the company successfully acquired 273,643 new customers across its platform. The gross value of houses transacted via the network reached ₹13,236 crore (around $1.4 billion). Key performance indicators across its primary verticals include:

• Core Property Transactions: New home sales and secondary market transactions registered strong momentum, culminating in a 53% revenue expansion in Q4 FY26 alone, marking the year's strongest quarter.
• Financial Services Arbitrage: The group's mortgage and lending arm, Urban Money, disbursed a record ₹87,831 crore ($9.4 billion) in loans, solidifying its status as a leading independent credit distributor.
• Integrated Value Additions: The company's ancillary segments, including property management under the Azuro brand and interior design via Interior Company, continued to scale their service footprints.

Geographic Concentration and Regional Dominance

The company's performance highlights the overwhelming depth of its domestic market. Revenue from India operations jumped by 57% year-on-year, now accounting for 88% of the group's total revenue pool, up from 85% at the half-year stage. Over a broader multi-year trajectory, Square Yards has achieved a five-year revenue compound annual growth rate (CAGR) of roughly 53%, expanding its top-line to 8.5 times its FY21 baseline of ₹245 crore. This robust localised delivery reinforces the company's competitive positioning against traditional brick-and-mortar brokerages and digital classified platforms alike.

Capitalization and Public Market Valuation

The bumper financial numbers provide substantial backing for co-founder and CEO Tanuj Shori's target of listing the company at a minimum $1.5 billion valuation. Ahead of the float, Square Yards secured $35 million in a pre-IPO round led by Smile Gate at a $900 million pre-money valuation. Reports indicate that the firm is currently in advanced discussions to secure an additional $100 million from two global institutional funds, which will ensure a clean, comfortable debt profile as it approaches the public bourses.

Future Guidance and Competitive Landscape

Looking ahead to FY27, management has issued a confident growth mandate, guiding for a 40% plus revenue increase and a doubling of its current EBITDA to push margins firmly into double-digit territory. This operational transition places Square Yards alongside Aurum Proptech as the only major full-stack Indian property technology enterprises to cross successfully into sustainable profitability. As infrastructure corridors and digitised land governance continue to deepen nationwide, Square Yards' software-led economic model is well-positioned to maintain its high-margin account expansion without incurring proportional brick-and-mortar execution costs.

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