Ladies and gentlemen, good day and welcome to the Q2 FY 2026 earnings conference call of Aurum PropTech Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity to ask questions after the presentation concludes. I now hand the conference over to Miss Vanessa Fernandes. Thank you, and over to you, ma'am. Thank you, Sagar. Good afternoon, everyone, and thank you for joining us today. A warm welcome to the Q2 FY 2026 earnings call of Aurum PropTech Limited. We are joined today by Mr. Ashish Deora, Founder and CEO of Aurum Ventures, Mr. Onkar Shetye, Executive Director of Aurum PropTech, Mr. Kunal Karan, CFO of Aurum PropTech, and Mr. Rehan Shah, Strategy and Investor Relations. Q2 marks yet another important milestone in our journey. It has been a period of steady execution and disciplined growth, a quarter where our focus on profitability and operating efficiency has begun translating into tangible outcomes. The progress we've made reflects not just operational maturity, but also the expanding scope and scale of our platform as we continue to align our businesses to transform the real estate experience for all stakeholders. Before we begin, I'd like to remind you that certain statements made during this call may be forward-looking in nature. These are subject to risks and uncertainties, as detailed in our annual report and investor disclosures available on our website. With that, I'll now hand it over to Mr. Ashish Deora to share his opening remarks. Thank you, Vanessa, and good afternoon, everyone. It is my pleasure to welcome you to the 18th earnings call of Aurum PropTech, and it's my privilege to share with you our performance for this quarter. Q2 FY 2026 is a pivotal and landmark moment in the journey of Aurum PropTech. Since inception, we have consistently articulated our drive for profitable growth. Q2 of financial year 2026 is our first profitable quarter on an adjusted EBITDA basis. This is due to our focus on relentless execution, unit economics, financial discipline, and an unwavering pursuit of profitable growth. The credit for this exceptional performance goes to the deep ownership mindset of every team member who believes in Aurum vision. Our purpose has always been bold: to build India's largest and most trusted integrated PropTech ecosystem. With each passing quarter, we are seeing the network effects strengthen and compound. Our platforms are now enabling home buyers, developers, and stakeholders across the real estate value chain, making the ecosystem smarter, faster, and more transparent. Let me now share some financial performance for this quarter. Our revenue grew 30% year on year, and we saw our PBT margin improve by almost 1,000 basis points. Most importantly, we improved our adjusted EBITDA percentage by 700 basis points. From - 4% in Q2 FY 2025, we are now + 3% in Q2 FY 2026. Also, this is the first quarter where the revenue of our rental business has delivered a INR 200 crore ARR. We believe that our distribution vertical, with the addition of PropTiger, will also soon deliver INR 200 crore ARR. Across our verticals, we are targeting to deliver INR 500 crore ARR in the next few quarters. Needless to mention, we will keep a very keen eye on the profitability. I'm also excited to share with you the successful completion of the PropTiger transaction. We now own 100% shares of PropTiger, and we look forward to engaging with REA Group as our shareholders. We believe that REA has deep knowledge of global real estate platforms, and at Aurum, we should broaden our engagement with REA across the shared value of innovation, governance, and long-term value creation. Going forward, other than improving our financial metrics, our day-to-day focus remains on three things. First, harnessing AI to accelerate. You are now rejoining the main conference. Innovation and technology-driven scalability continues to strengthen our integrated property ecosystem across rentals, distribution, and capital verticals. The rental business sustained its growth momentum with INR 54 crore in revenue, up 25% year-on-year. The segment continues to benefit from tech-enabled service upgrades and improved customer experiences across our brands, Hello World and Nestaway. We added 19 buildings, bringing our managed portfolio to 258 properties with over 19,000 beds and an overall occupancy of 73%. Importantly, 128 properties maintained over 80% occupancy consistently throughout the quarter, underlining the strength of our demand base. Hello World enhanced its digital offering through upgrades to a short-stay model, a new review and rating feature, and a smart meter integration for utilities, driving better tenant engagement and operational transparency. On the expansion front, we are pleased to share that Nestaway, our Dubai operations, was launched during Q2 FY 2026, marking our first international foray into the Middle East rental ecosystem. Nestaway continued to improve unit-level profitability and achieved a 4x growth in monthly revenue run rate in secondary sales, supported by a recently launched digital resale platform. This initiative enables us to leverage long-standing relationships with property owners to unlock an additional high-margin revenue stream. Our distribution vertical delivered another strong quarter of data-driven growth with INR 27 crore in revenue, a 62% year-on-year increase. Aurum Analytica sold 95,900 leads to 140 active clients across 250 projects, representing a 53% growth in lead sales over the same period last year. We launched operations in five cities, with Pune and Indore scheduled to go live in the coming quarter. The MVP of our next-generation analytical platform was initiated this quarter, integrating AI SEO capabilities to boost organic rankings and expand reach in tier-two markets. The Sell.Do business continued to scale, with 170+ enterprise deals closed and 1,400 new licenses added during the quarter. We also strengthened partnerships with marquee clients such as EXP Realty, Peninsula Group, and Dutch Type. Our AI-enabled product stack delivered measurable productivity gains with engineering efficiency up 35%. New features such as auto transcripts, translation, and AI insights were added, and the first two customers were onboarded for our AI calling bot service. In our capital vertical, Amza Investments, a subsidiary of Aurum PropTech, is progressing steadily following SEBI's approval to register SM-REIT. We are evaluating a robust pipeline of Grade A income-generating commercial real estate assets and will adopt a prudent approach before launching the inaugural scheme. We continue to uphold strong governance, risk, and compliance practices with board-level oversight across key focus areas to ensure sustainable value creation for all stakeholders. In summary, Q2 FY 2026 has been a quarter of steady expansion, improved efficiencies, and strategic progress. We have expanded our footprint both geographically and across service lines, deepened our technology stack, and become operationally profitable. I will now hand over to Mr. Kunal Karan, CFO, to take us through the financial results. Thank you, Onkar. Thank you, everyone, for taking out time to join us on this call today. First, I would like to state the following events that occurred during the quarter, which has an impact on the financial statements. During the quarter, the company has invested in 100% equity of PropTiger Marketing Services Private Limited for a consideration of INR 86.45 crore. The purchase consideration was settled by the issue of 42,042,537 fully paid equity shares of the company. Control was obtained on September 25, 2025, and the current results include the performance of PropTiger for five days. Effective July 1, 2025, considering a prospective restructuring of Integrow Asset Management Private Limited, the company has kept its board control rights in abeyance till March 31, 2026. Integrow has been considered as an associate for the quarter ended September 30, 2025. Now the results. The revenue from operations for the quarter was INR 82.50 crore as compared to INR 68.40 crore in the previous quarter, an increase of 21%. The total income was INR 87.66 crore, an increase of 14% as compared to the previous quarter. Loss before tax for the quarter was INR 6.96 crore compared to INR 10.78 crore in the previous quarter. Now the results compared to the corresponding quarter previous year. The revenue from operations grew 29% from INR 63.96 crore to INR 82.50 crore. Total income for the quarter grew by 30% from INR 67.61 crore. The loss before tax for the quarter was INR 6.96 crore as compared to INR 12.07 crore in the corresponding quarter previous year. The results for six months ended September 30, 2025. The revenue from operations was INR 150.90 crore compared to INR 120.85 crore, an increase of 17%. The total income was INR 164.60 crore compared to INR 136.70 crore, 20% year-on-year growth. Loss before tax was INR 17.70 crore as compared to INR 25.80 crore in the last six months. EBITDA improved by 82% year-on-year. The balance sheet. The assets of the company as on September 30, 2025, was at INR 905.84 crore, and the total liabilities at INR 413.90 crore. The total borrowing is INR 61.82 crore as compared to INR 81.01 crore as on March 31, 2025. Cash and cash equivalent was INR 153.89 crore as on September 30, 2025. The segment results. The rental revenue contributed 65% of the total revenue at INR 54.11 crore, and distribution and capital segment contributed INR 27.19 crore and INR 1.20 crore, respectively. Segment results: rental and capital segment had a loss of INR 3.60 crore and INR 0.35 crore, respectively, while the distribution segment made a profit of INR 5.51 crore during the quarter. Sir, should we open the floor for questions? Yes. Thank you very much. We will now begin with the question and answer session. To ask a question, please click on the raise hand icon tab available on your toolbar or on the Q&A tab available on your screen. Kindly turn on your mic when the operator announces your name. You may also post text questions. Participants, to register for the question, you may click on the raise hand icon tab available on your toolbar or on the Q&A tab available on your screen. Sagar, the Q&A section says it's now closed. Can you just check it at your end? Sure. Ladies and gentlemen, to ask a question, please click on the raise hand icon tab available on your toolbar or on the Q&A tab available on your screen. We'll start with the text questions, and we'll take the first text question from the line of Anubhav Goel. The question is, can you name other real estate CRM companies for comparison? Sell.Do and Aurum Analytica, which would you be competing against? Hi Anubhav ji, this is Rehan here. Thank you so much for your question. Sell.Do is the real estate CRM that we have, one of the oldest real estate CRMs that is operating in India. Overall, its competitors in terms of features, it competes with the likes of Salesforce and LeadSquared as well. However, at a real estate level, it is the best rated CRM across the real estate CRMs that are there in India. If we draw comparisons, we can draw comparisons to the likes of Salesforce, LeadSquared, and Zoho as well. For Aurum Analytica, Aurum Analytica provides leads to real estate developers. In the market it competes with the likes of 99 Acres, MagicBricks, it's a very different value proposition where it goes with a hyper-personalized targeting of real estate. While a 99 Acres or a MagicBricks would have a proposition of a branded marketplace, this is a very hyper-personalized targeting of real estate advertisement. That's the primary difference, but these are the competitors that we generally track. Thank you so much. Thank you. Our next text question comes from the line of Sunil M., who's an investor. The question is, what% of Aurum does REA own now? Thanks for the question. It gives us pleasure to also brief you about the REA transaction that started last quarter. We have successfully gone on to execute the transaction. Both teams worked together to ensure that there's a transition across the board. REA now holds 4.5% at Aurum PropTech, and we are really glad that they have taken this leap of faith in the India proptech ecosystem with Aurum PropTech. Thank you. Our next text question comes from the line of Mr. Paramwara from Trinethru Asset Managers, and the question is, the rental business is around 60% of revenues. How do you intend to grow the non-rental segments over time? Within that, which subsegments do you see scaling fastest and why? Thank you, Param, for your question. The rental segment does currently account for 60% of the revenues. However, with the integration of PropTiger, we believe that the split of rental and distribution will come to around 50%-50%. 50% of our total revenue will come from rental and the other 50% will come from distribution. In the current quarter, only five days of PropTiger revenue was consolidated. Overall, we feel that going ahead, both the segments will grow in terms of all the products. Aurum Analytica as a product has grown 60%- 70% year-on-year basis in all quarters. We see that as one of the high-growing companies as such. Along with that, we've recently acquired PropTiger, and we see really strong green shoots and ecosystem-level synergies where we are seeing the growth coming in from there as well. The rental segment overall will grow between 30%- 40% on a year-on-year basis, which has been our consistent performance so far as well. Thank you. Thank you. Our next text question comes from the line of Mitesh Jain, and the question is, the current rental ARR is INR 200 crore plus an additional 85% post PropTiger integration. In how many quarters do you expect it to be at INR 500 crore ARR as stated? Did the current quarter have any contribution from PropTiger? I think the current quarter, we have taken five days of the PropTiger revenue, which was not very significant, but because of the accounting reasons, it was done. Having said that, the INR 500 crore ARR is expected within this financial year and should be achieved in the Q4 of FY 2025-26, which is in the same financial year. Thank you. Our next text question comes from the line of Vishal Gajra from Ambit, and the question is, can you throw a light on the acquisition of PropTiger? What valuation it happened at? Sure. Hi, this is Rehan here. Thank you, Vishal, for your question. The PropTiger acquisition was a very strategic acquisition for a growth of our distribution value chain. While we were providing leads and managing leads through our two platforms, which are Aurum Analytica and Sell.Do, PropTiger gives us an end-to-end distribution model where we enable the transaction management as well. The acquisition happened at a price of INR 86.45 crore. This was done through an equity share swap with REA India, where REA Group is now a shareholder in Aurum PropTech. We are planning to grow a partnership with them and we'll be delivering and enabling a strategic partnership for them in India operations. Thank you. Thank you. Our next text question comes from the line of Mr. Anubhav Goel. The question is, can you give a breakup of sales for PropTiger by activity? Wanted to understand how is PropTiger, which we acquired, different from a 99 Acres or a Housing? Thanks for your question. It is really important to bring out the differentiator between both these platforms. PropTiger earns its revenue from two streams. One is transaction management brokerage, and the other being a facilitation of home loans. Presently, the transaction management brokerage is the largest component of the revenue stream, which is split into two parts: transaction management revenue coming from annual operating plans signed by real estate with real estate developers, where we go on to deliver sales for real estate projects in primary sales, and the other being mandates, where we take exclusive mandates to sell real estate projects for real estate developers. This is the split of the PropTiger transaction management revenue. The other revenue is the home loans facilitation, wherein any retail or home buyer who intends to purchase an apartment is looking to consult for his loan, comes to PropTiger and gets the right recommendation. How are we different than Housing.com and 99 Acres? We are largely different. Housing and 99 Acres fundamentally are only digital classifieds. Their promise to consumer, which is the real estate developer, the enterprise of a real estate developer, is that they will give leads against listings of real estate projects. PropTiger is a combination of a listing platform and also a transaction management team that has got presence in eight cities. Any project that is onboarded by PropTiger is listed on the PropTiger website, either in an AOP or the mandate model. Of course, there's discovery happening on the PropTiger website, and the transaction teams go on to also facilitate or fulfill transactions for these. It is basically enabled with lead gen capabilities and also transaction management capabilities, and that is how we are largely different from both these platforms. Thank you. We'll take the next voice question from the line of Shivangi B. from MK. Please go ahead. Shivangi, ma'am, your line is unmuted. Please unmute the line from your end and proceed with your question. As there is no response from the line of current participant, we'll move on to our next voice question. The next voice question comes from the line of Vishal Gajra. As the current participant, Mr. Vishal Gajra, dropped from the queue, we'll take the next voice question from the line of Rahul Jain from Dolat Capital. Please go ahead. Hello. Is my line okay? Yes, sir, you're audible. Please go ahead. Thank you for the opportunity. Congratulations to the team for turning adjusted EBITDA profitable and also for completing this landmark transaction. I have one specific question for the Integrow transaction. I'm just trying to understand the repercussion of this from a going-forward accounting perspective. If I go from the note-to-account kind of a thing, I can see that the revenue or deconsolidation impact has already been taken into the current quarter's number. It would be great if you could throw some more light in terms of what should be the annual revenue versus EBITDA differential because of this transaction alone. Rahul, thank you for your question. I'll give you fundamentally why we have taken this action. When we did the Integrow transaction, we did not have the SM-REIT regulatory framework and guidance by SEBI. SM-REIT is a much more, I would say, agile instrument that is suited for commercial real estate properties of this grade than the classic AIF. Hence, we felt that we need to double down our interest in SM-REIT, whereas we can look at Integrow in a more subdued manner. Integrow in the last two years was in an active GTM phase where they had done substantial investor relationship and investor buildup, also supply grading. However, the revenue scale was not as significant. Hence, from a revenue standpoint, you will not have as much of an impact. You'll definitely have a positive impact in terms of profitability because Integrow, as a business, is very people-dependent and high-quality resources are required to run that business, which come at a significant cost. This has now given us a lever to look at profitability with Integrow being treated in a subdued manner. I hope I've been able to answer your question. Yeah, thanks for that color, Onkar. Basically, I would also like to understand whether this charge, which has happened in this quarter, where the share of loss of associate of roughly INR 2.55 crore, this is the 49% part of the current quarter losses. Is that the understanding right? Yes. Kunal, if I also refer to the capital segment revenue from FY 2025, which was roughly INR 16 crore, with this exercise, what kind of revenue run rate one could see could have been foregone from a like-for-like basis? Of course, you said it was not significant, but maybe some quantification. The contribution of Integrow in terms of revenue, it is seen in the last quarter where we have consolidated the subsidiary was at around INR 3 crore, which came into the capital segment. Going ahead, that will not be available as a revenue in the capital segment. Sorry, it was not very audible, Kunal, if you could speak the number again. Look, in the quarter one results, when Integrow was considered as a subsidiary, the contribution of Integrow in terms of revenue was around INR 3 crore. Going ahead, this contribution of INR 3 crore will not come in the financial statement because now with the change from a subsidiary to associate, there will be no line-by-line consideration of the performance of Integrow in the financial statement. These INR 3 crore of revenue from the capital segment will move out. The performance, as you have correctly identified, the net performance of Integrow will come only as a percentage, and it will get adjusted with the investment of Integrow that we carry in the balance sheet. Right. Sorry for harping a little bit more on this particular aspect. Just to understand the accounting, when we were in a JV structure, I'm assuming we were getting our share of revenue and our share of loss or profit. Now it is just a small fraction lower in terms of the consolidation. We may forego the revenue, but the losses or profit number may not be very different from a consolidation point of view. Is that the understanding right? No, no. In the income statement, when it was treated as a subsidiary, the 100% income was reported and 100% of its results were reported. Now, going ahead, the income will not come. Its net performance, net result will come as a separate item and only our percentage of holding, that is 49%, will be reported over there. Right. Basically, the minority interest item is what is going to get reduced, and it will show up rather than the share of associate line item. Yes. Right. You said INR 3 crore as revenue from Q1. Were you mentioning Q1 2025 because Q1 2025 capital revenue overall was also lesser than INR 3 crore or INR 1.7 crore? Are you referring to Q2 of last year or are you referring to Q1 2026? Look, part of this Integrow revenue comes in the form of other income. It was not contributing to the segment revenue, but it was contributing to the total income, which doesn't come as a segment revenue in that sense. Sure, that's pretty helpful. Yeah, sorry, please go ahead. Out of the INR 3 crore, around INR 1 crore was there in the revenue and the rest was there in revenue. Got it, got it. That's pretty helpful. Lastly, if I could ask one more, to Ashish ji's comment where he was mentioning about this business of distribution also getting into INR 200 crore ARR, I think that is a pretty strong messaging in terms of the scale-up of the business. Of course, we are set for this INR 500 crore ARR, what you just alluded to. What should be our strategy in terms of PFP? We have to see from a really long-term perspective, maybe three to five years out, will distribution be a bigger business for us to drive growth or would we see the rental part of the business drive that next level of scale-up for us? Rahul, thank you for your question. Yes, there is a major scale-up in the distribution segment. We are one of the largest rental management companies in India, and now we are becoming larger in distribution as well. We do believe that the distribution segment will deliver INR 200 crore ARR sooner than later. Going forward, when you look at a longer-term vision and execution, the rental and distribution both will have similar contribution and same focus from our side. We believe that both businesses are very strong. Both segments are very strong. The time is very large. There is a huge need to reimagine the entire segments. We have grown at a very large% for the last few years. We believe that if we continue to execute the way we are executing currently, we will be able to deliver a similar revenue growth for both segments going forward. Yes, INR 200 crore of distribution segment, INR 500 crore of ARR is something which is our immediate next big stop. Ashish ji, just to further draw you into this, it would be great if you could throw some light that once we have the PropTiger business also into our thing, which we have done for a small bit in this quarter as well, how we are going to leverage some of the other skills that we have on our distribution. Is there a way to leverage the Analytica also into the PropTiger business? Is there something which, as to while the earlier founders or operators were not leveraging, which we could do and speed up the growth on the PropTiger side of the business? We believe that there's a direct synergy between Aurum Analytica and PropTiger. That is why, to start with, we have made a common management team to integrate them together. It's still very early days, Rahul. I think the real thing is in execution, right? I think strategically and from a vision point of view, it makes tremendous sense. We have started to see some synergies already in the first 15- 20 days that we have kind of started to take over the management. As you know, Rahul, specifically, even with Nestaway, we took it through a journey and we ensured that we get profitable very quickly with Nestaway and then start integrating it with Hello World. I'm assuming that PropTiger will also go through a similar journey. As far as the synergies are concerned, Analytica and PropTiger have great synergies. Got it, got it. This profitability aspect that you touched upon, is it basically two to three quarters should be a good timeline for it to turn profitable? You know, we are a bit impatient in turning around the companies, and we are a bit impatient in seeing the profitability earlier. Yes, two to three quarters can be a great target for seeing a profitable turnaround of PropTiger. Interesting. Thanks a lot. That's really helpful. Thank you so much. Thank you. Our next question comes from text questions. The question is from the line of Mr. Rahil S. from Sapphire Capital. The question is, key growth drivers going ahead for H2, what is the revenue and PAT guidance for FY 2026 and FY 2027? Thanks, Rahil, for your question. We see three key levers to our growth in H2. One is the rental uptake in cities like Bangalore. We are also looking forward to the scaling up of the resale model in Nestaway. Additionally, the new geography that we have opened up at Nestaway, which is Dubai, is also supposed to get a substantial corner of revenue in the next two quarters. In the distribution segment, purely products, Aurum Analytica has launched a new recommendation engine for leads that is supposed to generate a more precise lead for real estate projects and developers. We see that this will increase our price per lead in the mid-term to long-term and also effectively increase the revenue and retention of existing clients. Sell.Do has started its AI chatbots, started onboarding enterprises for AI chatbots. This is one key area of our revenue growth in the Sell.Do business. At PropTiger, we intend to now scale up the mandate business as well in addition to AOP. PropTiger presently was largely doing the AOPs for real estate projects. Now, in addition, we should be also doing scaling up the mandate business. These are the three areas that we feel will get more revenue in the next two quarters. As far as guidance, I think we are not allowed to make forward-looking statements. If you look at the last four years, we have consistently delivered a growth of 35%, and we'll continue to do that effectively. We have our eyes on profitability and are targeting in the next few quarters. We should be PBT positive as well. To underline this quarter, we have achieved adjusted EBITDA positive growth, and we will now keep PBT as the next milestone to reach profitability there. Thank you. We'll take the next voice question from the line of Anubhav Goel from Cosma Ventures. Please go ahead. Hello, is my voice audible? Yes, sir, you're audible. Please go ahead. Sir, in Hello World, I just wanted to understand, we basically own the inventory and take the occupancy upside and risk, right? We pay a fixed minimum guarantee amount to the property owner. Thanks for your question. A little clarity on this model. Hello World is a completely asset-light model. We do not own the inventory. We purely take it on a lease or revenue share model. 80% of our properties are on a lease model where we acquire lease for up to five years from property owners to manage their properties and generate demand for them. 20% of our properties are in the revenue share format. We have not gone on to the model of any minimum guarantees because we purely believe that the asset's rental value should be organically discovered by tenants and consumers. Sir, you mentioned 20% is revenue share f or the remaining 80%, if our occupancy is on the lower side, does the property owner then get a certain minimum amount or is it in a way linked to occupancy only? The 80% are on pure lease model where we pay a rental lease to the property owners for the properties that are acquired as lease, and we in turn sublease it to tenants. That amount would be fixed, right? For the remaining 80%, the lease amount is fixed. That amount is fixed. Okay, got it, got it. Sir, globally, I think our preference would be more towards getting the 20% revenue share higher versus the 80% and linking it to revenue? Ideally, yes, but markets dictate which model we go for. For example, in difficult markets, we are able to achieve revenue share as the properties are difficult to generate demand at. However, in attractive markets where demand for those properties is higher, we are obliged to go with the lease sublease model. Got it, sir. In general, a property owner would prefer a lease model versus a revenue share model? That's correct. Okay. All right, sir. Got it. Thank you so much. Thank you. We'll take the next text question from the line of Vishal Gajra from Ambit. The question is, at what valuation multiple of revenue did the PropTiger acquisition happen? Also, what are your further thoughts on the acquisition? Which type of companies, what ARR, etc.? Hi, Vishal. This is Rehan here. Thank you so much for your question and you know welcome on the earnings call, confidence call. PropTiger valuation was approximately at 1x revenue valuation. For the last financial year, the revenue was at INR 85 crore. It was at approximately 1x revenue valuation. Now, with PropTiger acquisition, we cover the rental and distribution value chain. In rental, we cover from student living, young professionals to family rentals. In distribution, we cover the entire value chain, which is lead generation, lead management, and transaction management. We believe that these two growth engines are such, which is our rental ecosystem and the distribution ecosystem is poised to grow ahead. We actively engage with companies and look at newer business models that are coming into the space. However, we feel that we have a good enough value chain to go ahead with the future growth strategy. Thank you. Thank you. We'll take the next text question from the line of Jemit ji. The question is, what is the reason for the swing in unallocable expenses? Yeah, the movement in unallocable expenses, the movement in unallocable. Oh, you're interrupted, sir. Your audio is not coming through loudly. Yeah, is it clear now? This is much better, sir. Yes, please go ahead. The movement in unallocable expenses is primarily due to the movement of other income from INR 8.56 crore from the previous quarter to INR 5.16 crore for the quarter ended September 30, 2025, which is amounting to INR 3.40 crore. This reduction in other income is attributable to the Integrow Asset Management Company, which we have discontinued consolidating with effect from September 30, 2025. That is why there is a swing in the unallocable expenses. Apart from that, there is a small other income to the tune of INR 0.40 crore, which was an interest earned on IT refund in one of our subsidiaries, K2v2 Technologies Private Limited, in Q1, which is not there in the current quarter. Collectively, this INR 3.40 crores, INR 3 crore coming from Integrow and INR 0.40 crore coming from IT refund from K2v2—is contributing to the swing for the unallocable expenses from quarter one to quarter two. Thank you. Thank you. Our next text question comes from the line of Rahul Kumar Palival from SFO. The question is, reflecting on the past two years, what have been the biggest strategic missteps or underperforming bets and what changes were made in response? Conversely, which areas have shown unexpected traction or profitability sweet spots and how are these being exploited for future growth? Thank you, Rahul, for your question. Strategic mistakes and underperforming bets, I'll not create two separate buckets, but student living was a little bit of a dampener. We had expected that student living will grow multifold for six to eight quarters back. However, because of certain macroeconomic headwinds, student living as a sector has faced challenges. This is where we were not able to accelerate. We had to move substantial inventory and resources from student living cities like Kota, which we were looking to go big on, more specifically go into a [PropCo] model and acquire more supply. Fortunately, we have always been nimble-footed, and that allowed us to not incur large losses or hits because of this headwind in the student living sector. The other, I would say, learning has been Rental SaaS. Rental SaaS, from an enterprise standpoint, has not delivered the growth expected. We had expected that Rental SaaS will grow to, in India and abroad, will grow to at least 3 million revenue by this time. However, it has, at some point of time, now stagnated. We have put our thinking caps on to solve this problem statement. The third one is, I would not say it is a strategic mistake, but probably we went faster in the fractional ownership per segment. Coincidingly, the SM-REIT regulation also came in in a quarter or two. That now leaves us with the fractional ownership inventory, which we need to sort of deal with. Of course, then onboard fresh inventory for the SM-REIT model. These are the three areas that were typically in the same buckets of underperforming bets or strategic mistakes. What has been surprising, definitely, is the growth that Aurum Analytica has been able to deliver. We had not expected the scale of Analytica, but they have tremendously grown and shown promise in the data analytics-driven lead generation business. The other surprising factor, or rather not surprising factor, but the other good performing asset has been, of course, Hello World. Hello World has also not just, I mean, if you look at the entire co-living industry, you can look at the peers of Hello World. Everybody has grown, but at the cost of losses. Hello World has maintained that robust momentum of growth without incurring substantial losses. Kudos to the team there who's been able to show that discipline. If I had to summarize, these are the five things that we can put in the strategic mistakes and good bets. I think Sell. Do too, also, because of the restructuring that we did, the company also turned around K2v2 very well. There we could bring down our losses. The capital that was getting stuck was recovered quite fast, and the company became positive within, say, two quarters. Sell.Do too also was a good call that we have taken at that time. Right. Kunal is referring to the restructuring of Sell.Do too. That restructuring helped us put focus on Sell.Do as a tech business and dealing the services business from that, which was possibly a strategic mistake when we commenced onto it. We were able to course-correct it quite fast and turn this around. Sell.Do has now shown good growth, and the teams are also geared up to deliver fabulous tech for real estate. Thank you. I hope we have been able to answer this question. Thank you. Our next question comes from Mr. Rubin Matthews from Equity Intelligence. Please go ahead. Mr. Rubin Matthews, your line is unmuted. You can unmute the line from your end and please proceed with your question. Yeah. Can you hear me now? Yes, sir, we are able to hear you. Thank you. Please go ahead. Yeah, hi. Congrats on good results this quarter. I just wanted, I had two questions. One is on the SM-REIT. I believe you had mentioned that you wanted to follow a wait-and-watch approach. I just wondered, why not try to capture the market now, be the first mover and take advantage of that? You spoke a bit about inventory for the SM-REIT. Can you just elaborate on that also? Sir, here, I think the type of supply plays to our advantage and helps us to wait and watch. The SM-REIT table supply across the country is around 38 million square feet. These are typically start-ups who hold assets across multiple metro cities where there are good occupiers, strong rentals, and good contracts. The supply is not going anywhere. What we definitely need to look at is how the investor traction is building up for the SM-REIT instrument. We are seeing slow uptake. Once we see certain volumes in that, we should be able to look at going to market in the SM-REIT. Just to add, this is Rehan here. With REITs, the regulation came out in 2014, and we've seen the evolution of the regulation over this entire journey till 2025 when we had the largest REIT IPO that came out recently in August. We believe that SM-REITs will also follow a similar journey where the regulation and the product as such will mature. We have just seen two SM-REIT IPOs till now. We believe that we want to be the longest and the biggest SM-REIT player in India while ensuring that we take it to the supply and also the kind of product that the investors would want. Okay, okay. Just one question on this Nestaway Dubai. I just want to understand that business model a little better. How do you operate? Can you elaborate on onboarding clients and typically how do you win contracts? Nestaway Lite is similar to Nestaway, where we provide rental and property management service to property owners and tenants. The Nestaway platform offers the discovery of properties for tenants and for property owners, of course, an avenue to list their properties and get tenants discovered. We don't stop here. It is not merely a digital classified. We go on to further fulfill the rental transaction by way of ensuring that there's fair negotiation, there's right documentation and closure, diligence and closure. Of course, tenants are then handled across move-in, move-out. Further, we also go on to manage the property till the time the property's relationship is with us, which is typically five years. For this, we get 8% commission for each rental that is paid by the tenant to the landlord. We also take move-in, move-out charges, which are, in a way, covering the host of services that we provide to enable the transaction. Nestaway is similar to that. What is different, definitely, is that Dubai is a high-value market, much more organized and also, I would say, mature in terms of rental demand. That is why we thought, let's take the tech, let's take the brand, and let's take our processes to a market which can give us higher value for the same business model. Yeah, definitely. Yeah, Dubai is the high-value market. Maybe any guidance on how much you expect from Nestaway in the next year? Anything you can give as a guideline? It's early days. We have gone and done some key things, which are corporate actions like forming teams, taking offices, and doing the first few GTMs. We would treat this as a POC for another quarter and then go on to scale up. It's early days for us to pinpoint what is the revenue growth. However, most of the Indian broking businesses have got substantial revenue coming in from these markets. Without naming them, one of the broking businesses, which is in primary sales, generates up to 60% of their revenue from the Dubai market. That is a testament of the potential it carries. The said broking business does approximately INR 800 crore of annual revenue. It's a pure broking business, just for your information. Fair. Okay. Thank you. Thank you so much. Thank you. Our next text question comes from Sunil M., an investor. The question is, are you obliged to buy leads from housing.com after the REA partnership? Not really. We are not obliged to buy leads from housing.com. This is one of the limitations that PropTiger had initially when they were a part of the REA Group, where they were obliged to buy leads from housing.com. They had, in a way, an embargo to not buy leads from other aggregator websites or digital classifieds. Now that limitation goes away. We have a long-term contract, of course, with housing to purchase leads at a fair value, at a price that we have negotiated with them. However, we will also have similar contracts with other aggregator websites, making sure that our lead channels are multifold and we are able to get that top of the funnel to close transactions. Thank you. We'll take the next question from the line of Fazl Hawa from HG Hawa & Company. Please go ahead. Sir, have you ever taken some kind of a valuation as to what Hello World, Nestaway, and Aurum Analytica would be worth if we were to go separately to a private equity fund or to a VC fund? I find that a lot of our competitors, which are just a little bit ahead of us in terms of revenue, but very much behind us on profitability, are valued at almost 3x to 4x our entire value. Can you just give an idea, like if, or even if you could give it to me subsequently, what are the three biggest parts of our business, which is Nestaway, Hello World, and Aurum Analytica? If we were valued separately by a private equity fund on the same metrics as the other unlisted players, what our valuation would be? Fazl by this is Ashish. We keep doing this evaluation internally, of course, every time there is a funding round that happens on the private equity with any of the companies in propTech. Our research team does kind of make that comparison. You're absolutely right that delta is three to four times of the current valuations that we have. Most of the companies are at 4x to 8x of revenue in the private equity side. Also, what is pertinent here is that these companies are not making profit. That is why they are sort of getting the private equity funding. They are constantly raising various rounds, whereas for us, each and every product of ours is profitable or is very close to profitability with a very clear line of vision for profitability and increasing the profitability metrics. The quality of the revenue that we have in the proptech ecosystem, in our proptech ecosystem, is far higher than the quality of revenue that some of the companies in the private space have. They are, of course, valued a lot more. We are a public company and we are building it for profitability. We are building it for a longer-term enterprise. That is why our thought process with capital and with its deployment for long-term is very different than our private equity space. In your mind, is it that you will have one of these three businesses becoming really large and then those cash flows will be probably used to build up the other two businesses? Is it in your mind that one of these businesses could become very large and then you demonstrate accordingly so that we get the shareholders' full value for our investments? As far as the business side is concerned, we believe that Hello World, Nestaway, PropTiger, Sell.Do, Analytica, and SM-REIT, all the six businesses will become extremely big. They have shown that sign. They have shown those maturity. We believe that heavy lifting in all these six businesses is already done, not as much as in SM-REIT, but in the other five even more. In SM-REIT, since the licensing process is done and the TAM, which Onkar spoke about, is already so large, we believe, and because we come from the real estate side, we understand real estate business. We believe there also we are in a great position to become the largest in the country. Our belief is not restricted to one or two of the companies. Our belief is across the six companies and the six products which are going to be very big. Even a very small product of ours, which is loan origination, is showing great promise. There is a huge demand that is yet unmet in the country that needs to be serviced and served. We have to do it responsibly. We have to do it with better capital deployment. That is what we are trying to do quarter on quarter. Thank you very much, sir. Thank you, sir. Thank you. Dear participants, while we do have some more questions in the queue, due to the paucity of time, we will have to conclude this call today. I now hand the conference over to Vanessa for closing remarks. Thank you, Sagar, and thank you, everyone, for joining us today. Quarter two has been a meaningful step forward, one that reflects our continued focus on disciplined growth and sustainable profitability. As we expand our footprint and strengthen our ecosystem, we do so with renewed conviction in the long-term value we are creating together. We look forward to staying connected with all of you and sharing our progress in the quarters ahead. Please feel free to reach out to our Investor Relations team, and we'll be happy to take any further questions offline. Thank you so much. Wishing you and your families a very happy Diwali. Thank you. Thank you very much to the members of the management. Ladies and gentlemen, on behalf of Aurum PropTech Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting.