Square Yards, India’s largest integrated real estate and mortgage platform, reported a stellar revenue of INR 1,410 crore (USD 170 million) and EBITDA of INR 46 crore (USD 6 million) on the back of INR 316 crore (~ USD 38 million) gross profit. With these results, the company remains operating cash flow positive and continues its impressive growth trajectory, boasting a 4-year revenue CAGR of 51%.
Revenue Growth: Square Yards reported a revenue of approximately INR 1,410 crore (~USD 170 million), marking a year-over-year growth of around 40% from INR 1,001 crore in FY24. The company facilitated over 186,000 transactions and achieved a Gross Transaction Value (GTV) of INR 59,093 crore (USD 7+ billion) in FY25.
Operational Excellence: The FY25 demonstrated the potential of operational leverage in the business, with gross profit margins reaching 23%, a contribution margin of 13%, and EBITDA at 3%. Additionally, Square Yards had positive operating cash flow in FY25.
Continued Growth Projection: With a consistent four-year compound annual growth rate (CAGR) of 51%, Square Yards forecasts robust growth for FY26, targeting revenues of INR 2,000+ crore (USD 240+ million) and aiming for double-digit margins.
Tanuj Shori, Founder and CEO, Square Yards said, “We’ve built Square Yards as a well-diversified asset light platform to play India housing story. Today, we’re twice the size of the nearest Proptech player, three times larger than classified platforms, and seven times ahead of the closest brokerage. With over INR 1,400 crore in FY25 revenue, consistent double-digit EBITDA margins and a 51% CAGR over the last four years, we have established multi category leader with a unique combination of scale, economics and market leadership. We forecast FY26 EBITDA to grow 4-5x while maintaining over 40% revenue growth. We’re targeting USD 240+ million in revenue and approximately USD 25 million in EBITDA. The operating leverage is clearly playing out, setting FY26 to be a landmark year for Square Yards."
Q4 showed a glimpse of the operative leverage in the business with a strong margin profile across all levels. Both Gross Transaction Value (GTV) and Revenues for the quarter rose 32% YoY, while EBIDTA saw a 43% jump during the final quarter of the fiscal year. Annualized revenue (annualizing Q4) stands at ~INR 1,900 crore (~ USD 229 million) and historically Square Yards has consistently achieved its annualized Q4 numbers each year.
The real estate segment led profitability, delivering ~30% YoY revenue growth with 29% gross margins, aided by the company’s strong B2C positioning. The fintech vertical, which has scaled nearly 30 times over the past four years, continues to anchor growth. As the segment matures, improvement in margins is expected. Meanwhile, the digital products business maintained strong traction, supported by high gross margins of 47%, and is expected to continue delivering above-average growth. In terms of geographical split, India business contributed 83% of overall business while GCC countries contributed 11%.
Square Yards, India’s largest well-diversified, asset-light platform in the housing ecosystem, continues to strengthen its position as a unique combination of scale, operating leverage, and category leadership. Backed by a full-stack, end-to-end solutions model, Square Yards' integrated capabilities across the entire value chain provide significant value to both consumers and industry stakeholders. Its differentiated approach and robust business fundamentals are expected to drive accelerated and sustainable growth in the coming quarters.
Square Yards is coming on the back of a significant investment phase across the new businesses as well as capacity addition in core businesses. The company forecasts FY26 revenue to surpass USD 240+ million, with EBITDA expected to grow nearly five times to approximately USD 25 million. This outlook reflects continued momentum, with revenue growth projected to remain strong at upwards of 40%.
