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Model Note · INDIAMART INTERMESH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIAMART INTERMESH LTD Discounted cash flow · base FY26
INDIAMART INTERMESH LTD
Value per share, this model₹1,558
CMP 2026-09-10₹1,714.00
Difference(9.1)%
Growth the CMP implies15.4%/yr
This note states the assumptions and the arithmetic of one model of INDIAMART INTERMESH LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
13% a year
FY26 13.0% · 5-yr CAGR 18.6%
EBITDA margin
33.8%
FY26 33.8% · 5-yr average 33.4%
Depreciation · capex, % of revenue
1.8% · 0.4%, fading to 1.2× depreciation
FY26 1.8% · 0.4%
Working capital, % of added revenue · tax
0% · 24.6%
-6 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(80) · ₹0 · ₹0 cr
FY26 net debt ₹(80) cr
Shares
6.01 crore
6.01 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,569
1,773
2,003
2,264
2,558
2,891
growth %
13.0
13.0
13.0
13.0
13.0
13.0
EBITDA
530
599
677
765
865
977
Depreciation
(28)
(32)
(36)
(41)
(46)
(52)
NOPAT
378
428
483
546
617
697
less capex
(7)
(7)
(17)
(29)
(44)
(62)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
453
503
558
619
687
Present value
430
430
430
430
430
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · INDIAMART INTERMESH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,149
PV of the terminal value (77% of EV)
7,136
Enterprise value
9,284
less net debt
80
less non-controlling interest
0
add non-operating investments
0
Equity value
9,364
÷ 6.01 crore shares
₹1,558
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,609
1,728
1,870
2,043
2,260
10.5%
1,485
1,583
1,700
1,839
2,010
11.0%
1,379
1,462
1,558
1,672
1,809
11.5%
1,287
1,357
1,438
1,533
1,645
12.0%
1,206
1,267
1,336
1,416
1,509
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
