Square Yards Q1FY27: 66% Revenue growth; EBITDA up 4.5x Y-Y
Revenue ₹628 Cr · EBITDA ₹20 Cr, up 4.5x Y-Y · delivered in the seasonally weakest quarter of the year
Revenue
₹628 Cr
~$66 Mn
▲ 66% Y-Y
Gross Profit
₹102 Cr
~$11 Mn · Margin 16%
▲ 49% Y-Y · −192 bps
Segmental EBITDA
₹56 Cr
~$6 Mn · Margin 9%
▲ 54% Y-Y · −70 bps
EBITDA
₹20 Cr
~$2 Mn · Margin 3%
▲ 357% Y-Y · +198 bps
Q1 FY27 Performance
Square Yards started FY27 on a strong note with ₹628 Cr revenue, ₹102 Cr Gross Profit and ₹20 Cr EBITDA. Since Q1 is typically the weakest quarter due to muted real estate activity, these strong results highlight resilience and a strong platform that should drive ambitious FY27 targets.
Overall, we see upside potential to our FY27 guidance of ₹2,800 Cr in revenue and ₹350 Cr in EBITDA.
66% revenue growth is the highest Y-Y growth in the last eight quarters, and it comes on a base that had itself grown 45%. EBITDA of ₹20 Cr against ₹4 Cr last year makes this the 7th consecutive profitable quarter.
India remains the engine. India now contributes 92% of revenue (90% in Q1 FY26), with GCC at 6% and the rest of the world at 2%.
Particulars (INR Mn)
Q1 FY26
Q1 FY27
Y-o-Y Growth %
Revenue
3,777
6,278
66%
Gross Profit
684
1,016
49%
Gross Margin
18%
16%
−192 bps
Segmental EBITDA
364
561
54%
Segmental EBITDA Margin
10%
9%
−70 bps
EBITDA
43
196
357%
EBITDA Margin
1%
3%
+198 bps
Quarterly Revenue Y-Y Growth
Q2 FY25 → Q1 FY27 · eight quarters
Revenue by segment
Q1 FY27
Fintech
69%
Proptech
31%
Revenue by geography
Q1 FY27
India
92%
GCC
6%
Rest of World
2%
Mix & Margins
Fintech made up for muted real estate, and continues to outdeliver
Fintech contribution in Q1 reached ~69%, with proptech at 31%, predominantly due to muted sectoral activity in real estate. We expect proptech to bounce back and reach ~39% contribution for the full year.
Within proptech, Interiors staged a strong comeback, growing 104% Y-Y — quarterly revenue rose from ₹13.7 Cr in Q1 FY26 to ₹27.8 Cr in Q1 FY27 — firmly on the path to achieve EBITDA breakeven by Q4 FY27.
Overall gross margins and segmental margins declined slightly Y-Y, led by this mix change — fintech is a relatively lower-margin business compared to proptech. However, EBITDA margin still expanded from 1% to 3% Y-Y.
Absolute profit pools (INR Cr)
Q1 FY26 vs Q1 FY27
Q1 FY26Q1 FY27
Margin profile (%)
Mix drag above the line, leverage below it
Operating Leverage
Strong growth in gross profit and segmental EBITDA, led by the revenue surge
Despite the year-over-year decline in margins, gross profit increased 49% and segmental EBITDA rose 54% Y-Y, on the back of a 66% revenue jump. Overall EBITDA grew ~4.5x, which reiterates our FY forecast of a 2x jump in EBITDA.
Run-rate & FY27 Outlook
Trailing 12 Months
₹2,337 Cr
revenue · ~$246 Mn
₹191 Cr EBITDA · 8% margin
Last 6M Annualised
~₹2,710 Cr
revenue · Q4 FY26 + Q1 FY27
~₹260 Cr EBITDA
FY27 Guidance
₹2,800 Cr
revenue · ~34% Y-Y
₹350 Cr EBITDA · ~2x FY26
Annualising the last six months — Q4 FY26 plus Q1 FY27 — gets us to roughly ₹2,710 Cr of revenue and ₹260 Cr of EBITDA for the year.
SQUARE YARDS
FY26 PERFORMANCE UPDATE
A milestone year of profitable scale
Revenue +48% Y-Y · EBITDA up ~3.7x · margins step up sharply
Revenue
₹2,086 Cr
~$223 Mn
▲ 48% Y-Y
Gross Profit
₹476 Cr
~$51 Mn · Margin 23%
▲ 49% Y-Y · +9 bps
Segmental EBITDA
₹314 Cr
~$34 Mn · Margin 15%
▲ 71% Y-Y · +206 bps
EBITDA
₹176 Cr
~$19 Mn · Margin 8%
▲ 269% Y-Y · +504 bps
FY26 Annual Performance
Revenue growth accelerated to 48% Y-Y, up from 41% in FY25, taking the topline to INR 2,086 Cr (~$223 Mn). The 5-year revenue CAGR now stands at ~53%, with revenue having grown 8.5x from INR 245 Cr in FY21.
EBITDA grew ~3.7x to INR 176 Cr from INR 48 Cr last year, with EBITDA margins expanding from 3% to 8% — a 504 bps jump. The operating leverage Square Yards has been investing toward is clearly playing out across the P&L.
Operating leverage compounds down the P&L: Gross Margin held at 23% on a much larger base, Segmental EBITDA margin expanded 13% → 15% (+206 bps), and EBITDA margin stepped up 3% → 8% (+504 bps).
India remains the engine. India revenue grew 57% Y-Y vs 48% overall, with India now contributing 88% of total revenue. International (GCC + ROW) contributes the balance 12%.
Q4 FY26 capped the year strongly with 53% revenue growth — the strongest quarter of FY26 and a meaningful acceleration from Q4 FY25. The exit-quarter momentum sets up FY27 well, with Square Yards affirming a 40%+ growth forecast along with double-digit EBITDA margins.
Network Effects across the ecosystem
Customers Acquired — 2,73,643 in FY26
Houses Transacted
₹13,236 Cr~$1.6 Bn
FY26
₹70,000 Cr ~$8.4 Bn till date
Loans Disbursed
₹87,831 Cr~$10.5 Bn
FY26
₹2,15,000 Cr ~$25.7 Bn till date
Homes Designed
1,840
FY26 projects
7,000+ delivered till date
Houses Under Management
3,719
2,783 rentals in FY26
Square Yards has cumulatively transacted ~₹13,236 Cr worth houses and helped disburse ~₹87,831 Cr loans through the platform in FY26. That makes Square Yards larger than any real estate developer in India (barring 4), and Urban Money (Fintech Subsidiary) larger than most of the private banks (barring 7).
The strong network effects are now starting to play out — with attachment rate at 55%, 1,840 captive designed homes in FY26, and a growing rental book.
With the launch of new B2C services and new consumer platforms, Square Yards is looking to further augment high-margin monetization streams.
