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Dolat Capital Report
Aurum Proptech Ltd. reported revenue growth of 47% YoY (our estimate: 44%), in which RaaS segment (90% of revenue) grew 53.4% YoY and software-as-a-system segment (10% of revenue) grew by 4% YoY.
Operating profit margin loss stood at 17.1% (our estimate: -26.5%).
Management maintained its revenue growth guidance of 45%+ over next three years and aims an additional 450 basis points improvement in adjusted Ebitda.
Given sustained growth and lowering losses, we expect Aurum to continue delivering superior growth and maintain a strong focus on unit economics. We anticipate lower losses for FY25/26E and revise our EPS estimates by 16.8%/2.7% respectively.
Maintain ‘Buy' rating with DCF-based target price of Rs 250 (implies EV/ sales of 2.3 times on FY26E sales).
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