INDIAMART INTERMESH Q2 FY27 results: net profit up 9.8% to ₹90.80 crore, revenue up 9.6%

How did INDIAMART INTERMESH perform in Q2 FY27?

IndiaMART InterMESH Ltd reported consolidated revenue of ₹428.60 crore for Q2 FY27, up ₹37.60 crore or 9.6% from ₹391 crore in Q2 FY26. Revenue also rose ₹14.20 crore or 3.4% from ₹414.40 crore in Q1 FY27. Total income was ₹421.0 crore, compared with ₹401.2 crore a year earlier and ₹521.1 crore in the previous quarter.

EBITDA was ₹159.20 crore, up ₹29.50 crore or 22.7% from ₹129.70 crore in Q2 FY26 and ₹12.70 crore or 8.7% from ₹146.50 crore in Q1 FY27. The EBITDA margin was 37.1%, up 3.9 percentage points from 33.2% a year earlier and 1.7 percentage points from 35.4% in Q1 FY27. Profit before tax was ₹144.70 crore, and the net profit was ₹90.80 crore; basic EPS was ₹15.09.

On a standalone basis, revenue was ₹389.0 crore and the net profit was ₹106.3 crore for Q2 FY27. Standalone revenue was up 8.0%, while profit before tax was ₹83.5 crore. The consolidated figures therefore include the group’s subsidiaries and associates as reported in the financial statements.

What changed in INDIAMART INTERMESH's costs and profit?

Total expenses were ₹276.30 crore in Q2 FY27, up ₹7.10 crore or 2.6% from ₹269.20 crore in Q2 FY26. Employee cost was ₹171 crore, down ₹0.50 crore or 0.3%; finance costs were ₹0.50 crore, down ₹0.20 crore or 28.6%; depreciation was ₹6.40 crore, down ₹0.80 crore or 11.1%; and other expenses were ₹98.40 crore, up ₹8.60 crore or 9.6%. There was no exceptional item in the quarter.

Other income was negative ₹7.60 crore in Q2 FY27, down ₹17.80 crore from ₹10.20 crore in Q2 FY26. Management said the consolidated other income was negative because higher bond yields led to mark-to-market losses, which it described as notional and expected to reverse in the next few quarters. This explanation relates to other income and does not alter the reported consolidated result.

Tax expense was ₹38.60 crore, up ₹2.70 crore or 7.5% from ₹35.90 crore in Q2 FY26. Despite the lower other income, higher EBITDA and lower employee, finance and depreciation costs supported a rise in profit before tax from ₹132 crore to ₹144.70 crore. The net profit increased from ₹82.70 crore to ₹90.80 crore.

How did the first half of FY27 go?

In the first half of FY27, IndiaMART reported consolidated revenue of ₹843.0 crore, up ₹79.9 crore or 10.5% from ₹763.1 crore in H1 FY26. Total income was ₹942.1 crore, up ₹76.4 crore or 8.8% from ₹865.7 crore, while profit before tax rose ₹41.0 crore or 11.7% to ₹391.0 crore.

The net profit for H1 FY27 was ₹263.0 crore, up ₹26.8 crore or 11.3% from ₹236.2 crore in H1 FY26. Basic EPS increased to ₹43.74 from ₹39.36, a rise of ₹4.38 or 11.1%.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹4,608.8 crore, compared with ₹4,624.6 crore at 31 March 2026, while total equity was ₹2,316.3 crore against ₹2,400.4 crore. The company had no borrowings at either balance-sheet date. Cash and cash equivalents were ₹38.1 crore, down from ₹80.4 crore at the previous balance-sheet date.

Trade receivables were ₹4.2 crore at 30 September 2026, compared with ₹5.5 crore at 31 March 2026, and trade payables were ₹36.9 crore against ₹32.0 crore. Inventories were nil at both dates. H1 FY27 operating cash flow was ₹298.8 crore, compared with ₹275.2 crore in H1 FY26; investing cash flow was ₹25.8 crore against ₹12.8 crore, and financing cash flow was negative ₹366.9 crore against negative ₹333.6 crore.

How has INDIAMART INTERMESH done over the last 8 quarters?

Revenue increased in each of the last eight quarters on a year-on-year basis. It rose from ₹354.3 crore in Q3 FY25 to a period high of ₹428.6 crore in Q2 FY27, while the latest quarter was above the ₹414.4 crore recorded in Q1 FY27.

Profit and margin were more uneven. Net profit reached a high of ₹188.3 crore in Q3 FY26 and a low of ₹50.2 crore in Q4 FY26; in Q2 FY27, profit was ₹90.8 crore, above ₹82.7 crore in Q2 FY26 but below ₹172.2 crore in Q1 FY27. The EBITDA margin bottomed at 32.8% in Q4 FY26, recovered to 35.4% in Q1 FY27 and reached 37.1% in Q2 FY27. Revenue has risen year on year for eight quarters, while profit has done so for two.

Which businesses drove the quarter?

Web and related services generated revenue of ₹389.1 crore in Q2 FY27, up 8.0% from ₹360.3 crore in Q2 FY26. Segment EBIT was ₹156.0 crore, compared with ₹130.2 crore in the year-ago quarter, and the reported EBIT margin was 40.1%.

Accounting Software services generated revenue of ₹39.8 crore, up 29.6% from ₹30.7 crore in Q2 FY26. EBIT was ₹3.2 crore, compared with negative ₹0.5 crore in the year-ago quarter, and the reported EBIT margin was 8.0%.

What else did the company announce?

The board approved the audited consolidated and standalone financial results for the quarter and half year ended 30 September 2026 at its meeting on 27 October 2026. The company also filed an investor presentation with the results. The same-day filing reported a Q2 FY27 profit increase of 10% and said that the number of paying suppliers declined by 615; no dividend, fund raise or appointment was announced in the available filings.

What did INDIAMART INTERMESH's management say?

Management maintained long-term IndiaMART EBITDA-margin guidance at 33% and said it expected approximately 10% value growth and approximately 10% volume growth over the long run, with value and volume growth moving together again. It also said BUSY comparable billing growth was expected to align with the 20%-30% overall growth range from Q3 FY27 onward. Management said the current ESOP-expense level should remain the baseline through FY27 until a new pool is created after the year-end board review.

Management said unique enquiries were 27 million, still 10%-15% below the peak as Google AI search expanded, while the paying supplier base fell net 615 to 217,000. It said gross supplier additions were being held back until Silver churn improved. BUSY billing grew 20%, 11,000 new licences took the cumulative base to 466,000, and AI was deployed across more than 20 workflows and served 80,000-100,000 buyers daily through voice agents.

The CEO said: “Yeah, Amit, as I said, the Silver level churn, until it improves, we are not pressing pedal on the gross addition.” On AI deployment, he said: “We are very certain, and we are not experimenting. It is all deployed. It is being deployed, continuously being deployed. It is being improved, continuously being improved.”

How did INDIAMART INTERMESH shares react?

The filing was announced while the market was open. The stock closed 4.7% above its pre-results close on the reaction day, while the median move for the other Internet & Catalogue Retail stocks was 2.6%. By the next day’s close, the stock was up 0.4% from the pre-results close, compared with a 2.6% sector median move; by the fifth session, it was down 0.9%, against a sector median move of negative 1.2%.

Earlier reaction-day moves were mixed: the stock was down 1.6% on 21 July 2026, unchanged on 30 April 2026 and up 6.0% on 20 January 2026. It was down 0.3% on 17 October 2025, down 2.0% on 18 July 2025, down 1.7% on 29 April 2025, down 7.0% on 21 January 2025 and down 15.5% on 19 October 2024.