Aurum Proptech Ltd Management Discussions

ECONOMIC LANDSCAPE Global Economic Landscape

The global economic environment during 2024 and into 2025 remains marked by moderate but uneven growth, ongoing geopolitical uncertainty, and a gradual easing of inflationary pressures. The global economy expanded at a modest pace of 3.3%, reflecting a phase of relative stability, albeit with restrained momentum. As 2025 progresses, the global economic outlook is being shaped by a significant shift in policy direction across nations, driven by countries adjusting their policy stances in response to escalating geopolitical tensions and growing macroeconomic pressures. AI is emerging as the next key driver of global economic growth, transforming how we work, live, and innovate. It has the potential to enhance productivity, foster healthy competition, build resilience, and support sustained long-term growth.

Global tariff levels have reached their highest point in decades, amplifying concerns around global trade flows, supply chain efficiency, and overall economic momentum.

Growth across advanced economies is projected to remain modest, with overall expansion expected at 1.4% in 2025. The United States is anticipated to grow at 1.8%, while the Euro Area is likely to lag, with growth forecast at approximately 0.8%. In comparison, emerging markets and developing economies (EMDEs) are facing a moderation in growth, with projections easing to 3.7% in 2025, followed by a slight uptick to 3.9% in 2026.

Among EMDEs, economies directly affected by the evolving global trade regime·including China·have seen meaningful downward revisions to their nearterm outlooks, reflecting the combined impact of tariff escalations, weakened external demand, and domestic structural challenges.

GDP growth projections

	2024	2025 (Estimated)	2026 (Projected)
Global Economy	3.3	2.8	3.0
Advanced Economies	1.8	1.4	1.5
Emerging Markets and Developing Economies	4.3	3.7	3.9

(Source: World Economic Outlook, April 2025)

Indian Economic Landscape

I India is set to retain its position as the worldRs.s fastest-growing major economy, reinforcing its expanding influence in the global economic arena.

According to the IMFRs.s April 2025 World Economic Outlook (WEO), the Indian economy is expected to grow by 6.5% in 2024-25, highlighting IndiaRs.s continued strength amid a subdued international climate. This sustained growth is underpinned by a blend of strategic policy reforms, rapid digital adoption, and ongoing infrastructure development, all of which have bolstered the countryRs.s economic fundamentals.

Strong domestic consumption and a revival in private investment have further propelled growth across key sectors. As of June 2025, the RBI adopted a more accommodative monetary policy stance, reducing the repo rate by a cumulative 50 basis points. These carefully timed rate reductions aim to strike a balance between managing inflationary pressures and stimulating credit expansion and capital investment.

IndiaRs.s external sector has also shown notable resilience, with total exports rising nearly 6% year-on- year. Services exports, in particular, have emerged as a significant growth driver, cementing IndiaRs.s status as a global leader in services trade.

Collectively, these interconnected developments, including rising consumption, employment growth, accelerated infrastructure policy continuity, and trade diversification have established a robust foundation for sustained economic expansion. IndiaRs.s ability to navigate global volatility while deepening its domestic transformation underscores its growing economic resilience and strategic readiness to capitalize on future opportunities.

Driving IndiaRs.s Digital Evolution

IndiaRs.s digital ecosystem is evolving rapidly, fueled by the convergence of the IT and real estate sectors. This intersection is driving a fundamental shift in economic activity, with advanced technologies like AI, IoT, and blockchain playing a crucial role in reshaping infrastructure, governance, and service delivery. The emergence of smart buildings, hyperscale data centers, and digital property platforms is facilitating the development of intelligent, interconnected environments·highlighting the transformative impact of technology across industries.

With over 1.35 billion Aadhaar enrollments, more than 20 billion daily UPI transactions, and 9,00,000+ km of optical fiber laid under BharatNet, the Digital India mission has advanced from basic connectivity to robust digital infrastructure. Flagship initiatives like IndiaStack, Digital Locker, e-Sign, MeghRaj, and IndiaAI are enabling scalable, secure, and inclusive digital services, supporting over 11 billion UPI transactions monthly and driving AI-led governance and digitization of land records to enhance transparency.

In the real estate sector, this digital backbone accelerates the adoption of PropTech ecosystems, streamlining approval processes, and promoting data-driven urban planning. Digital India continues to be a critical enabler, transforming the way public and private services are delivered, accessed, and experienced across sectors.

The Union Budget 2025-26 reinforces IndiaRs.s digital ambitions through targeted investments in innovation, infrastructure and data governance. Allocation of ^20,000 Crore for deep-tech R&D, along with a new Fund of Funds to boost startups. The National Broadband Mission aims to deliver 100 Mbps connectivity to 2.7 lakh villages by 2030.

Key initiatives include the rollout of Bharat Trade Net to digitize trade documentation, an Urban Challenge Fund to drive city-level digital transformation, and over 50,000 Atal Tinkering Labs to promote digital skills in schools.

The Digital Personal Data Protection (DPDP) Act introduces consent-based data sharing and individual rights, expected to enhance digital trust across sectors like AI, fintech, and e-governance.

Together, these steps advance India toward a secure, inclusive, and innovation-led digital economy.

INDUSTRY LANDSCAPE AND OUTLOOK Global PropTech Industry Review

The global PropTech market was valued at approximately USD 41.78 billion in 2024 and is projected to reach around USD 140.67 billion by 2034, growing at a robust CAGR of 11.8% between 2025 and 2034. At the core of this growth trajectory is the accelerating digital transformation across the sector, alongside rising demand for smart building solutions that improve energy efficiency, operational transparency, and tenant experience.

In early 2025, investor confidence remained steady, supported by improved public market sentiment, stronger software deal activity, and more accessible credit conditions. As regulatory environments become increasingly favorable to innovation and entrepreneurship, capital flows are expected to increase further, unlocking new growth opportunities across markets.

Additionally, technological breakthroughs in AI, machine learning, big data analytics, and blockchain are powering the next generation of PropTech innovations. These technologies are reshaping legacy real estate models, enabling real-time decision-making, predictive maintenance, intelligent automation, and enhanced customer personalization. The rising focus on ESG compliance, remote asset oversight, and data-led operational efficiency is also accelerating PropTech adoption. Collectively, these shifts are redefining how real estate is developed, transacted, and managed, driving long-term growth in the global PropTech market.

Indian PropTech Industry Review

IndiaRs.s PropTech sector is witnessing unprecedented growth, fueled by macroeconomic shifts, rapid urbanization, and technological innovation. Escalating property prices and the rising demand for affordable, adaptable housing formats, such as co-living, student accommodations, and multi-generational rentals, are prompting a consumer shift toward rental models rather than traditional ownership. This, in turn, is fueling demand for technology-led platforms that offer convenience, transparency, and efficiency through features like digital leasing, virtual tours, and online property management. There is also growing momentum around alternative investment vehicles such as SM- REITs and AI-enabled real estate platforms, enabling both retail and institutional investors to access property markets in more flexible and data-driven ways.

At the policy level, initiatives like Digital India and RERA reforms are fostering transparency and encouraging PropTech innovation. As user expectations evolve toward fully digital, seamless service journeys, from property discovery and rental workflows to post-sales engagement, PropTech firms are leveraging advanced tools including AI, machine learning, and blockchain to meet these demands. These macro trends collectively present a strong opportunity for growth and disruption, positioning PropTech as a key enabler of efficiency, affordability, and innovation in IndiaRs.s evolving real estate ecosystem.

With growing adoption of smart technologies, the sector is streamlining property transactions, enhancing user experiences, and improving operational efficiency across the real estate value chain. Innovative ownership models such as fractional real estate and SM-REITs are broadening access to property investments, making real estate more inclusive and transparent for a wider range of stakeholders.

Looking ahead, PropTech is expected to play a defining role in shaping a more agile, scalable, and consumercentric real estate ecosystem. The integration of AI, blockchain, and immersive digital tools is poised to deliver operational breakthroughs and unlock new service models, catering to both end-users and investors. With projections suggesting the sector could scale into a USD 100 billion by 2030, IndiaRs.s PropTech landscape is not just evolving, it is setting the foundation for the next era of smart, data-driven, and sustainable real estate.

Key Technology Enablers Shaping PropTech in 2025

As global economic forces continue to influence real estate innovation, the following eight technology solutions are set to drive the next phase of PropTech development, adoption, and investment in 2025:

¦ Digital Transactions

Advanced digital platforms are unlocking efficiencies across property transactions by leveraging blockchain and end-to-end digital processes, making financing and deal closures faster and more transparent.

¦ Smart Buildings

Powered by IoT and middleware technologies, smart buildings are enabling real-time data collection for energy usage, occupancy analytics, and predictive maintenance, optimizing building performance and user comfort.

¦ Immersive Experience Technology

Technologies such as Virtual Reality (VR), Augmented Reality (AR), and haptic interfaces are reshaping property walkthroughs, design visualization, and real estate retail, offering interactive and immersive user experiences.

¦ Tenant Engagement Technology

New digital platforms are elevating tenant engagement by integrating community-centric features like social apps, flexible workspace tools, subscription models, and curated F&B services, creating more connected living and working spaces.

¦ Robotics

Robotic systems and automation technologies are being introduced to enhance speed, safety, and efficiency across construction sites, real-time security monitoring, predictive maintenance, and efficient hospitality service delivery in real estate environments.

¦ Sustainable Construction Materials

Contemporary construction practices are increasingly incorporating environmentally sustainable materials such as engineered bamboo, low-carbon concrete, and reclaimed wood, helping to significantly reduce environmental impact and promote responsible building practices.

¦ Artificial Intelligence (AI) & Machine Learning (ML)

AI and ML are revolutionizing real estate through powerful analytics, supporting market intelligence and building operations. By turning real-time operational and market data into predictive insights, they enable smarter, faster decision-making.

¦ ESG Reporting Systems

Purpose-built platforms are increasingly being integrated with Building Management Systems (BMS) to automate the monitoring, analysis, and reporting of ESG metrics, supporting sustainability goals and regulatory compliance.

Indian Real Estate Industry Review

IndiaRs.s real estate sector is on the cusp of transformational growth, projected to expand from USD 482 billion in 2024 to a USD 1 trillion market by 2030. This surge is driven by rapid urbanization, growing digital adoption, and a shift toward tech-first consumer engagement. As a result, technology-led solutions in rental, distribution, and capital financing are gaining unprecedented traction across the industry.

With urban population projected to reach 680 million by 2047, the country will need over 230 million new housing units. Simultaneously, 75% of homebuyers now use digital platforms, and 50% take virtual tours· highlighting a clear move toward digital real estate experiences.

Rental housing demand is rising sharply, especially in co-living, student, and family segments, requiring over 20 million units. In sales and marketing, nearly 70% of spending now goes to digital channels, while CRM adoption is reshaping how leads are managed. On the capital side, demand for 1.7 billion sq. ft. of office space by 2034 is accelerating the role of PropTech in investment and asset management.

In 2024, real estate firms raised approximately ^23,703 Crore via QIPs and IPOs, reflecting strong investor confidence. With continued institutional interest and a pipeline of public listings·particularly from flexible workspace operators·capital markets are expected to remain active into 2025.

Together, these trends signal a shift toward a more digital, data-driven, and consumer-centric real estate ecosystem.

COMPANY OVERVIEW

Aurum PropTech is reimagining real estate for a digital- first world. Emerging from the strategic transformation of Majesco Limited and acquired by Aurum Ventures in 2021, the Company has evolved into IndiaRs.s leading listed PropTech platform, offering a full-stack ecosystem. Anchored in innovation and driven by purpose, the Company seamlessly integrates technology with real estate to offer solutions that span the entire property lifecycle from discovery and rentals to investments and asset management.

Aurum PropTech operates IndiaRs.s only fully integrated technology ecosystem spanning the entire real estate value chain. Serving both consumers and businesses, the Company offers a comprehensive suite of C2C, B2C, and B2B products, platforms, and services. Operating under a three-pronged strategy: Rental, Distribution, and Capital - Aurum PropTech is building a unified digital infrastructure that to empower property seekers, owners, developers, and investors to make smarter, data-driven decisions. Through a series of strategic acquisitions and platform integration, the Company has curated a robust portfolio of innovative solutions that includes NestAway (rental housing), HelloWorld (co-living), Sell.do (real estate CRM), HouseMonk, KuberX and AMSA Investment SM- REIT. Together, these solutions create a connected ecosystem that addresses deep-rooted inefficiencies in a traditionally fragmented industry-unlocking value across every stage of the real estate journey.

Aurum PropTech holds the distinction of being IndiaRs.s first publicly listed Company in the PropTech space. The CompanyRs.s integrated ecosystem spans over 15 products, catering to 25,000 active customers, 30,800+ beds under management Rental units capacity. The company is supported by a robust network 840+ real estate developer relations. Aurum PropTech has established its footprint across 15 cities in India.

At the heart of Aurum PropTechRs.s offering lies a deep commitment to technology. With robust architecture built on AI, ML, and big data, the Company is deploying tools like automated valuation models, sentiment analysis, geospatial mapping, and AR/VR visualisation to elevate customer experience and decision-making. Its digital platforms are purpose-built to strengthen the real estate ecosystem by connecting key stakeholders, streamlining workflows, and enabling a more transparent, efficient, and trusted value chain through intelligent automation and actionable data insights.

The CompanyRs.s strong performance is visible in both its financial growth and its expanding operational scale. Guided by a clear objective to democratize access and unlock value across the real estate ecosystem, the Company is shaping a more inclusive, transparent and efficient sector by enabling collaboration, trust and scalable innovation. With initiatives such as the India PropTech Summit, Aurum PropTech continues to lead the industryRs.s digital transformation, setting new benchmarks for how real estate is consumed, managed, and monetized.

BUSINESS OVERVIEW

Aurum PropTech commands a dominant position in IndiaRs.s PropTech landscape. Anchored in the three core pillars of Rental, Distribution and Capital, the Company has positioned itself as a category leader, advancing innovation and seamless integration across the real estate value chain.

Its future-focused strategy aims to fast-track the sectorRs.s digital evolution, laying the groundwork for the next wave of IndiaRs.s PropTech revolution.

RENTAL BUSINESS SEGMENT

IndiaRs.s urban rental housing market represents a vast, underserved opportunity, with over 2 Crore rental consumers comprising students, young professionals, and urban families actively seeking accommodation. Despite this strong demand, the organized rental supply remains limited to just 8 lakh units, reflecting a 25-fold mismatch between demand and availability. This gap is most pronounced in high-growth urban centers such as NCR, MMR, Bengaluru, Hyderabad, Chennai, and Pune, highlighting the pressing need for scalable, tech- enabled solutions across co-living and family rental segments.

Aurum PropTechRs.s rental business spanning student housing, co-living, family rentals, and rental management software, continued to scale effectively, now managing 30,800 rental units across 15 cities maintaining an overall occupancy of 77%.

NestAway reinforced its position as IndiaRs.s largest technology-enabled rental marketplace, registering a 29% year-on-year growth in total income in FY 2024-25. NestAway Lite achieved record booking volumes, increased revenue from value-added services, and successfully entered the resale segment, expanding its platform offerings.

HelloWorld, the CompanyRs.s co-living offering, delivered 120% growth in short-stay bookings in FY 2024-25, with Monthly Recurring Revenue (MRR) reaching ^ 40 lakh. The brand also expanded into three new micro-markets - Ahmedabad, Chennai and Goa, and significantly enhanced its customer experience by reducing query resolution turnaround by 80%.

DISTRIBUTION BUSINESS SEGMENT

The Distribution segment comprising Aurum PropTechRs.s data analytics, lead generation, marketing automation, and sales automation platforms, continued to power the digital transformation journey of real estate enterprises in FY 2024-25. The CompanyRs.s core technology businesses, Sell.do and Aurum Analytica, delivered a combined 90% year-on-year growth in income with a healthy net margin of 14%, underscoring strong profitability.

Aurum Analytica sustained its momentum in FY 2024-25, recording a 95% increase in revenue, driven by deeper client penetration, high retention rates, and successful geographic expansion into Ahmedabad and Hyderabad, along with new market launches in Kolkata and Lucknow.

During the year, it signed up over 100 new projects, further strengthening its market presence. The platform now serves over 250 micro-markets nationwide through its Data Lake solution, enabling data-driven decisionmaking for real estate developers and marketers. Regional performance surpassed targets, with the West achieving 120%, South 109%, and North 105%, of their revenue goals·highlighting the effectiveness of its localized strategies. In recognition of its continued growth and innovation, Aurum Analytica was honored as Times RealtyRs.s PropTech Company of the Year.

Sell.do advanced its technology leadership by launching several AI-driven innovations during the year, including conversational reporting via AI-assisted chats, natural language-based report generation, and an integrated WhatsApp feature via Meta to streamline communication and enhance client engagement.

CAPITAL BUSINESS SEGMENT

The CompanyRs.s Capital business continued to advance its objective of transforming real estate investment through technology and regulatory foresight.

Strengthening the operational foundation, Integrow, a core pillar of the Capital segment, achieved ISO 9001, ISO 27001, and ISO 22301 certifications, strengthening its credentials in quality management, information security, and business continuity. These certifications reinforce Aurum PropTechRs.s focus on governance and operational excellence as it builds IndiaRs.s most trusted PropTech-led capital platform.

In a major regulatory milestone, Aurum PropTech receives a SEBI registration certificate for a Small and Medium Real Estate Investment Trust (SM REIT) under the name “AMSA SM REIT Investment Trust” (Rs.AMSARs.).

With this approval, AMSA aims to democratize access to institutional-grade real estate investments for retail investors across India. Backed by AurumRs.s integrated ecosystem and sectoral expertise, AMSA is poised to set new benchmarks in transparency, governance, and investor experience.

Segment wise performance:

FY 25 FY 24 % change

Revenue

Rental 168.62 132.89 26.89

Distribution 79.28 74.44 6.50

Capital 15.94 6.72 137.12

Total 263.84 214.05

FY 25 FY 24 % change

Results

Rental (14.54) (17.66) 17.67

Distribution 11.01 (6.17) 278.41

Capital (7.39) (14.72) 49.82

Total (10.91) (38.55)

For more details refer page 28-35

GOVERNANCE, RISK AND COMPLIANCE

At the core of Aurum PropTechRs.s philosophy lies a continuous commitment to Governance, Risk, and Compliance (GRC), forming the foundation for responsible decision-making and long-term value creation. Anchored in integrity, the Company navigates complexities with a disciplined approach, always striving to exceed stakeholder expectations through transparency and accountability.

As the GRC framework continues to evolve, Aurum PropTech remains focused on embedding its principles more deeply across the Company. The CompanyRs.s values, transparency, empowerment, agility, focus, diligence, passion, and mutual care, serve as guiding principles that collectively drive ethical conduct, operational excellence, and resilient performance.

To institutionalize GRC, each of its three pillars is stewarded by a senior leadership owner, ensuring ownership, strategic alignment, and consistent oversight.

This leadership-led model reinforces Aurum PropTechRs.s commitment to strong governance structures, proactive risk management, and a culture rooted in compliance.

The GRC framework is holistically integrated across the CompanyRs.s five capital domains, intellectual, financial, human, social, and natural, ensuring that responsible practices are embedded in every layer of enterprise value creation.

• Intellectual Capital

• Human Capital

• Social and Brand Capital

• Ecosystem Capital

• Financial Capital Intellectual Capital

In a sector defined by rapid disruption and digital transformation, Aurum PropTech views Intellectual Property (IP) not merely as a legal safeguard but as a core strategic asset, integral to shaping the trajectory of real estate innovation. As a Company built at the intersection of innovation and real estate, Aurum actively invests in the creation, protection, and evolution of proprietary technologies, platforms, and processes that define its competitive edge.

Aurum PropTech is the proud owner of the registered brand Rs.PropTechRs., underscoring its early commitment and thought leadership in this domain. The CompanyRs.s IP strategy extends beyond brand defense; it reflects a long-term vision to drive sustainable value through differentiated, market-relevant solutions.

In an environment where ideas are currency, the CompanyRs.s approach is rooted in proactive IP management, constant innovation, and agile technological adoption. This includes fostering a culture where innovation is systemically embedded, and every new product or platform is engineered to be defensible, scalable, and future-ready. By leveraging its IP portfolio as a driver of strategic growth and staying ahead of the curve in emerging technologies, Aurum PropTech is helping define the evolution of PropTech. This sustained focus on intellectual capital ensures the CompanyRs.s continued relevance, resilience, and market leadership in an increasingly digital real estate landscape.

For more details refer page 21

Human Capital

People are at the core of Aurum PropTechRs.s purpose and progress. The CompanyRs.s human capital, its people, practices, and culture is not only foundational to daily operations but also pivotal in shaping long-term, responsible growth. Aurum PropTech views its workforce as a strategic asset that drives innovation, upholds ethical governance, manages risk with foresight, and sustains its competitive edge in an evolving PropTech landscape.

Over the past year, the CompanyRs.s talent base has expanded significantly from a founding team of just five to a group-wide strength of over 686 professionals. This growth represents more than numerical scale; it reflects the CompanyRs.s ability to attract, develop, and retain high-performing talent aligned with its mission. Aurum PropTechRs.s commitment to diversity and inclusivity continues to guide the creation of a workplace where every individual feels seen, supported, and inspired to reach their full potential.

To deepen collaboration and align talent with strategic goals, Aurum PropTech launched the Rs.Culture and DomainRs. initiative, a company-wide program aimed at fostering cross-functional cohesion, enhancing domain depth, and embedding a culture of shared accountability. This initiative reinforces the CompanyRs.s belief that culture is not incidental to performance, but essential to it.

Complementing this is Aurum Uni, the CompanyRs.s integrated learning and development platform, designed to instill core values, elevate competencies, and prepare future leaders. With personalised learning paths, role- based upskilling, and values-based training, Aurum Uni ensures that employees grow not only in capability, but also in character. Together, these initiatives reflect Aurum PropTechRs.s conviction that empowering people is key to building sustainable, high-impact organizations. As it continues to grow, the Company remains deeply invested in cultivating a workplace where talent, technology, and purpose converge to shape the future of PropTech.

For more details refer page 22 Social and Brand Capital

Customer-centricity is deeply embedded in AurumRs.s operating model, shaping its strategy, structure, and solutions. The Company is committed to delivering exceptional value by aligning innovation with customer needs and ensuring that every touchpoint enhances the user experience. This unwavering focus on the end-user fuels ongoing product refinement and fosters enduring loyalty across the CompanyRs.s platform ecosystem.

AurumRs.s commitment to value creation extends beyond business to social impact. Through its flagship IKIGAI initiative, the Company contributes meaningfully to grassroots development via six core pillars: Tree Plantation, Animal Haven, Nutritious Meals, Safe Man Hours, GirlsRs. Education, and Medical Interventions. By embedding social, environmental, and ethical considerations into its governance practices, Aurum reinforces its belief that sustainable success is built on shared progress and purpose-driven action.

For more details refer page 23 Ecosystem Capital

At Aurum, transparency and trust are not just foundational values, they are key drivers of innovation, collaboration, and sustained impact. The Company has consciously cultivated a culture where purpose meets passion, and where bold ideas are encouraged to thrive. This culture fuels internal transformation while positioning Aurum as a catalyst for change across the broader PropTech ecosystem.

The Comapny had organised Aurum PropTech Summit 2024 which brings together industry leaders, innovators, and investors to explore the transformative power of technology in real estate. This premier event focuses on the latest trends and advancements in property technology, showcasing how digital solutions are reshaping real estate development, investment, and management.

As a thought leader and ecosystem builder, Aurum champions several pioneering initiatives to accelerate the evolution of real estate through technology. The Aurum EntrepreneursRs. Forum has emerged as a dynamic platform that convenes innovators, founders, and change-makers to share insights, collaborate, and codevelop solutions for a connected PropTech future. Complementing this is the Entrepreneurs in Residence Programme, which nurtures high-potential ventures by providing them access to AurumRs.s infrastructure, expertise, and strategic guidance. Through these efforts, Aurum is helping shape a next-generation ecosystem designed to transform the real estate sector.

For more details refer page 24

Financial Capital

Aurum places strong emphasis on disciplined financial capital management, with a clear focus on liquidity, profitability, and sustainable growth. The Company has built a resilient financial framework that ensures stability while enabling strategic expansion across its businesses. By maintaining a prudent balance between operational efficiency and long-term value creation, Aurum drives consistent performance and future- ready growth. This approach reinforces its commitment to financial strength as a foundation for sustained innovation and ecosystem leadership.

For more details refer page 25

FINANCIAL PERFORMANCE

Financial highlights: Consolidated

Revenue from operations increased by 23.26%, from ^214.05 Crore in FY24 to ^263.84 Crore in FY25.

Employee costs were also well managed, with the percentage to Revenue from operations decreasing from 41.18% in FY24 to 29.79% in FY25.

Depreciation and amortization expense increased by 13.58%, from ^72.51 Crore in FY24 to ^82.36 Crore in FY25, mainly on increase in the right of use assets in the Rental segment of business.

Other operating expenses increased by 25.52%, from ^76.83 Crore in FY24 to ^96.44 Crore in FY25, mainly due to an increase in repairs and maintenance expenses in the Rental segment and advertisement and publicity expense in the Distribution segment.

Selling and distribution expense decreased by 31.53%, from ^22.36 Crore in FY24 to ^15.31 Crore in FY25, mainly due to reduction of advertisement and publicity expense in the Distribution segment.

Other expenses increased by 16.43%, from ^23.62 Crore in FY24 to ^27.50 Crore in FY25, mainly due to onetime expense on assets written off expenses in the Rental segment.

Finance costs increased by 12.55%, from ^25.97 Crore in FY24 to ^29.23 Crore in FY25, mainly on increase in the right of use assets in the Rental segment of business.

Loss before tax as a ratio to Total income decreased from 33.38% in FY24 to 15.60% in FY25. This improvement is contributed by revenue from operations, offset by increased expenses.

Standalone

The standalone financial statements reflect the operating structure of Aurum PropTech Group. Since its new launch under the Aurum management in FY 2021-22, the Company started developing new products, Aurum Liv, Aurum KuberX along with a multiple of other products to cater to its PropTech ecosystem. These products over the last two years have started penetrating markets and started generating revenue through a fully owned subsidiary of the Company. As these businesses evolve, strategic investments have been made in entities, assets that support the PropTech ecosystem in their respective domain. These businesses remain as investments and are not included in the standalone financials.

At the standalone level, revenue is primarily generated as rent from the office buildings the Company owns. Cash and cash equivalents are used to generate other income including interest from subsidiaries on loans given to them as growth capital. Table 3 provides a summary of the CompanyRs.s Standalone Profit and Loss statement.

Table 3: Standalone abridged Profit and Loss statement

	FY 25	FY 24
Revenue from operations	12.21	10.79
Other income	21.76	14.33
Employee benefit expense	9.12	12.97
Depreciation and amortization expense	6.60	7.95
Repairs and maintenance - buildings	1.47	1.18
Electricity	1.72	2.08
Rates and taxes	0.54	0.47
Professional fees	0.43	0.26
Other expenses	9.40	7.22
Finance costs	7.24	9.10
Total expenses	36.52	41.23
Loss before exceptional items and tax	(2.55)	(16.11)
Exceptional items - expense	0.00	0.79
Loss before tax	(2.55)	(16.90)
Tax expense / (credit)	0.20	(3.51)
Loss for the year	(2.75)	(13.39)
Other comprehensive income / (loss) (net of income tax)	0.07	(0.05)
Total comprehensive loss for the year	(2.68)	(13.44)

Table 4: Significant changes in key financial ratios

	FY 25	FY 24	% change
Current ratio	8.70	1.52	472.50
Debt-equity ratio	0.22	0.58	(61.98)
Debt service coverage ratio	0.11	0.39	(72.34)
Return on equity ratio	(0.01)	(0.06)	(83.63)
Trade receivables turnover ratio	3.65	3.62	1.03
Net capital turnover ratio	0.10	0.33	(68.33)
Net profit ratio	(0.22)	(1.24)	(81.87)
Return on capital employed	0.01	(0.02)	(148.66)
Return on investment	0.83	-	-

 

	% change from March 31, 2024 to March 31, 2025
Current ratio	The % increase in current ratio is attributable to increase in current assets on account of grant of loans to subsidiaries and reduction of current liabilities on account of reduction of borrowings.
Debt-equity ratio	A reduction in total debt due to repayment of borrowings during the year, and a corresponding increase in total equity from driven by internal accruals and capital infusion.
Debt service coverage ratio	Debt Service Coverage Ratio (DSCR) for the year ended March 31, 2025, is 0.11 (previous year: 0.39). The decline is due to higher debt repayment obligations during the year. This is attributed to repayment of borrowings.
Return on equity ratio	The % change is attributable to a reduction in net loss during the current year and an increase in the average equity base.
Net capital turnover ratio	The % change is net capital turnover ratio is primarily attributable to a higher working capital base, which has impacted the efficiency with which the company is able to generate revenue from its net capital employed. The company is taking steps to optimise working capital management and improve overall operational efficiency going forward.
Net profit ratio	The % change in net profit ratio is primarily due to a reduction in net losses and a corresponding increase in revenue. The narrowing of losses indicates progress toward improved operational performance. The management remains focused on enhancing revenue streams and controlling costs to achieve sustainable profitability.
Return on capital employed	The % change is primarily on account of a turnaround in operating performance, resulting in positive earnings before interest and taxes. The increase in capital employed, through a combination of higher net worth and reduced debt, has also contributed to the change.

Risk Management

AurumRs.s Risk Management Framework ensures a structured and proactive approach to identify, assess, and mitigate potential risks. The framework is designed to safeguard our assets, ensure regulatory compliance, and support informed decision-making across all levels of the organization.

AurumRs.s Risk management framework demonstrates a well-structured and robust risk management mechanism with an approach to identify, assess, and mitigate the potential risks that could impact our operations, stakeholders, and reputation. By addressing risks proactively, we aim to create a resilient organization that can navigate challenges, capitalize on opportunities, and achieve long term success.

The CompanyRs.s Governance, Risk, and Compliance (GRC) framework is structured to proactively manage a wide spectrum of risks across its operations. Risk management at Aurum is a collective responsibility. The Board of Directors sets the risk appetite, the Functional head oversees the risk governance, and all employees are expected to act in accordance with our risk management principles.

These include strategic and commercial risk, Oversight over Investee Companies/Alliances Resource Planning and Management, Customer Experience and Retention, Regulatory Risk, Data Privacy Risk and Cybersecurity.

Mergers and Acquisitions

Aurum PropTech continues to pursue a focused and disciplined approach to scaling its presence within the PropTech ecosystem through strategic mergers and acquisitions. All strategic decisions·whether to acquire, build, or partner·are evaluated through the CompanyRs.s Governance, Risk, and Compliance (GRC) framework. This framework provides a structured methodology for assessing opportunities based on key factors such as market potential, strategic alignment, execution feasibility, competitive advantage, time-to-market, and expected shareholder value creation.

This dual-track strategy allows Aurum PropTech to drive targeted growth while remaining aligned with its long-term vision of building a unified, technology- driven real estate platform. By maintaining a balanced focus on innovation, scalability, and financial discipline, the Company continues to improve unit economics and deliver sustainable value to its stakeholders.

Internal Control Systems and their Adequacy

The Company maintains a comprehensive internal control framework over financial reporting, aligned with the nature and scale of its operations. These internal controls are designed to provide reasonable assurance regarding the reliability of financial reporting, the safeguarding of assets, and compliance with applicable laws and regulations.

The control environment is supported by documented policies, standard operating procedures, and regular oversight by management and the internal audit function. Key financial controls, including those related to authorization, recording, and reconciliation processes, are subject to periodic review to ensure continued relevance and effectiveness.

In addition, the Company has implemented robust mechanisms to ensure compliance with accounting policies, validate critical estimates and provisions, and monitor risk exposures. These efforts contribute to the overall integrity and accuracy of financial reporting and demonstrate the adequacy of the CompanyRs.s internal control systems.

Cautionary Statement

Statements made in the Management Discussion and Analysis regarding the CompanyRs.s objectives, projections, estimates, and expectations may constitute Rs.forward-lookingRs. statements within the meaning of applicable securities laws and regulations. Actual results may differ from those expressed or implied. Key factors that could impact the CompanyRs.s operations include economic conditions affecting demand, supply, and price conditions in domestic and international markets, changes in government regulations, tax laws, and other statutes, as well as other incidental factors.