NSE: INDIAMART · BSE: 542726
INDIAMART INTERMESH LTD
Operates an online B2B marketplace where suppliers list products and buyers raise enquiries, charging subscription fees across tiered membership plans. The web and related services segment contributed 92% of FY26 segment revenue at Rs 1,443 crore, while accounting software services — primarily the BUSY brand — contributed the remaining 8% at Rs 126.1 crore. Employees are the largest cost line at 44.2% of revenue, followed by other operating expenses at 22.1%. Recent moves include a new wholly owned subsidiary, IndiaMART Finance Limited, set up to facilitate short-term working-capital credit for platform MSMEs through partner lenders, and an investment taking a 25.80% stake in Fleetx Technologies, an AI-based fleet and logistics SaaS platform with FY25 turnover of Rs 77.80 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Web and related services (92%), Accounting Software services (8%). Asset-light, subscription-based B2B internet marketplace.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 754 | 985 | 1,197 | 1,388 | 1,569 |
| EBITDA (ex other income) | 308 | 268 | 330 | 523 | 530 |
| margin % | 40.8 | 27.2 | 27.5 | 37.7 | 33.8 |
| Owners' profit | 298 | 284 | 334 | 0 | 475 |
| EPS, as reported (₹) | 97.82 | 92.96 | 55.18 | 91.84 | 79.07 |
| ROE % · ROCE % | 15.9 · 17.8 | 13.8 · 16.1 | 19.2 · 21.2 | 25.2 · 26.2 | 19.8 · 21.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 402 | 476 | 559 | 623 | 694 |
| Capex | (2) | (17) | (15) | (8) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 348 | 354 | 355 | 372 | 391 | 402 | 404 | 414 |
| Profit before tax | 190 | 173 | 229 | 218 | 132 | 262 | 91 | 246 |
| Net profit | 135 | 121 | 181 | 154 | 83 | 188 | 50 | 172 |
| EPS (₹) | 22.54 | 20.18 | 30.14 | 25.59 | 13.77 | 31.37 | 8.36 | 28.66 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Web and related services | 1,443 | 92.0 |
| Accounting Software services | 95 | 6.1 |
| Accounting Software Services | 31 | 2.0 |
| Total, before eliminations | 1,569 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INFO EDGE (I) LTD | 77,162 | 48.2 | 1.91 | 33.8 | 4.4 | 4.7 | 24.0 | 75.9 |
| INDIAMART INTERMESH LTD ◆ | 9,435 | 19.1 | 3.93 | 12.7 | 19.8 | 21.6 | 18.6 | 61.1 |
| JUSTDIAL LTD. | 5,817 | 16.0 | 1.45 | 11.1 | 9.0 | 11.0 | 3.2 | 59.9 |
| CRIZAC LIMITED | 2,573 | 11.7 | 4.34 | 7.8 | 37.0 | 47.7 | — | 34.0 |
| MATRIMONY.COM LIMITED | 1,086 | 24.7 | 5.26 | 14.4 | 16.5 | 17.9 | 4.0 | 25.2 |
| TCC CONCEPT LIMITED | 202 | 2.9 | 0.12 | 1.6 | 3.9 | 2.8 | — | 38.4 |
| JUPITER INFOMEDIA LTD. | 36 | — | 0.89 | 35.2 | 2.4 | 1.5 | 30.2 | 7.9 |
| OLYMPIA INDUSTRIES LTD. | 15 | 7.5 | 0.27 | — | 3.3 | 4.2 | — | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.1 | 16.0 | 5 of 7 | 33% |
| P/B | 3.9 | 1.4 | 7 of 9 | 25% |
| ROCE | 21.6 | 7.8 | 2 of 8 | 86% |
| ROE | 19.8 | 6.7 | 2 of 8 | 86% |
| Debt / Equity | 0.0 | 0.0 | 1 of 9 | 50% |
| EBITDA margin | 61.1 | 36.2 | 2 of 8 | 86% |
| Revenue growth | 11.4 | 12.3 | 5 of 8 | 29% |
| Profit growth | 12.2 | 36.4 | 6 of 8 | 29% |
| Market cap | 9435 | 1086 | 2 of 9 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Outcome of DT Partners investor call | investor communications | low | — | — |
| 28 Oct 2026 · IndiaMART publishes September 2026 half-year audited results | compliance | minimal | — | — |
| 27 Oct 2026 · Earnings call recording for September quarter available | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 10%, consolidated profit up 10% | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 FY27 profit rises 10% as paying suppliers decline by 615 | investor communications | medium | — | — |
| 27 Oct 2026 · Audited September quarter and half-year results show revenue and profit growth | results | high | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 9.6%, net profit up 9.8%, operating margin expands | results | high | — | — |
| 20 Oct 2026 · IndiaMART schedules Q2 FY27 earnings call for Oct 27 | board shareholder meetings | low | — | — |
| 20 Oct 2026 · Board to consider audited results for September 2026 quarter | results | low | — | — |
| 28 Sept 2026 · IndiaMART meets East Bridge Capital; no price sensitive info shared | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.