Indiamart Intermesh Ltd
IndiaMART, the first and largest B2B digital marketplace in the country, today stands out as a game-changer on the B2B landscape. It focuses on integrating the Small and Medium Businesses (SMEs) into the new paradigm with speed and ease, we are constantly pushing the frontiers of innovation to make the online marketplace more accessible, visible and engaging to them. [1]
- Market Cap ₹ 14,733 Cr.
- Current Price ₹ 2,455
- High / Low ₹ 2,799 / 1,850
- Stock P/E 24.3
- Book Value ₹ 373
- Dividend Yield 1.22 %
- ROCE 37.7 %
- ROE 30.0 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 31.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 35.0%
- Company's median sales growth is 23.2% of last 10 years
Cons
- Earnings include an other income of Rs.263 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 126 | 173 | 246 | 309 | 404 | 497 | 624 | 665 | 751 | 939 | 1,139 | 1,320 | 1,380 | |
| 133 | 212 | 293 | 331 | 595 | 483 | 451 | 332 | 439 | 677 | 805 | 807 | 853 | |
| Operating Profit | -7 | -39 | -47 | -23 | -191 | 14 | 173 | 333 | 312 | 262 | 334 | 513 | 526 |
| OPM % | -5% | -22% | -19% | -7% | -47% | 3% | 28% | 50% | 42% | 28% | 29% | 39% | 38% |
| 1 | 23 | 8 | 14 | 7 | 36 | 62 | 85 | 108 | 108 | 170 | 284 | 263 | |
| Interest | 0 | 0 | 1 | 0 | 0 | 0 | 3 | 7 | 5 | 5 | 4 | 4 | 3 |
| Depreciation | 3 | 3 | 3 | 4 | 3 | 4 | 21 | 16 | 12 | 19 | 25 | 21 | 17 |
| Profit before tax | -9 | -19 | -43 | -13 | -187 | 46 | 210 | 396 | 403 | 345 | 475 | 773 | 769 |
| Tax % | 0% | 0% | 1% | 0% | -61% | 73% | 30% | 28% | 23% | 21% | 24% | 21% | |
| -9 | -19 | -43 | -13 | -72 | 13 | 146 | 287 | 310 | 272 | 362 | 607 | 606 | |
| EPS in Rs | -4.81 | -10.37 | -23.58 | -7.16 | -36.22 | 2.20 | 25.30 | 47.23 | 50.71 | 44.48 | 60.39 | 101.15 | 100.90 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 20% | 16% | 2% | 22% | 33% | 49% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 23% |
| 5 Years: | 16% |
| 3 Years: | 21% |
| TTM: | 11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 36% |
| 5 Years: | 32% |
| 3 Years: | 25% |
| TTM: | 39% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 0% |
| 3 Years: | 3% |
| 1 Year: | 1% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 21% |
| Last Year: | 30% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 10 | 29 | 29 | 30 | 31 | 31 | 60 | 60 | 60 |
| Reserves | -113 | -139 | -67 | -262 | -322 | 132 | 246 | 1,586 | 1,862 | 2,034 | 1,710 | 2,216 | 2,182 |
| 49 | 49 | 66 | 0 | 0 | 0 | 77 | 63 | 56 | 46 | 41 | 33 | 28 | |
| 109 | 188 | 252 | 609 | 862 | 658 | 768 | 835 | 1,017 | 1,250 | 1,556 | 1,780 | 1,818 | |
| Total Liabilities | 55 | 107 | 260 | 356 | 550 | 819 | 1,119 | 2,516 | 2,965 | 3,361 | 3,367 | 4,090 | 4,088 |
| 10 | 6 | 9 | 126 | 8 | 9 | 85 | 65 | 56 | 53 | 47 | 33 | 27 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 29 | 68 | 211 | 156 | 322 | 614 | 906 | 2,267 | 2,745 | 3,224 | 3,199 | 3,944 | 3,904 |
| 15 | 33 | 40 | 74 | 219 | 196 | 127 | 184 | 163 | 83 | 120 | 112 | 156 | |
| Total Assets | 55 | 107 | 260 | 356 | 550 | 819 | 1,119 | 2,516 | 2,965 | 3,361 | 3,367 | 4,090 | 4,088 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 14 | 15 | 59 | 183 | 259 | 264 | 326 | 407 | 464 | 545 | 614 | |
| -2 | -11 | -146 | -60 | -170 | -282 | -236 | -1,343 | -339 | -316 | 181 | -492 | |
| 0 | -0 | 133 | 7 | 15 | 14 | -51 | 1,038 | -58 | -143 | -695 | -135 | |
| Net Cash Flow | 0 | 3 | 2 | 6 | 28 | -9 | -23 | 22 | 10 | 5 | 31 | -12 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 2 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 2 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
| Working Capital Days | -226 | -263 | -237 | -250 | -265 | -283 | -272 | -248 | -290 | -312 | -318 | -304 |
| ROCE % | 86% | 40% | 22% | 17% | 24% | 38% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
23 Oct - One-to-one meeting with TenCore Partners on Oct 23, 2025 at 12:00 PM in Noida; no UPSI.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
21 Oct - Q2 FY26 consolidated revenue Rs.391cr; collections Rs.406cr; deferred revenue Rs.1,750cr; net profit Rs.83cr; paying suppliers 222k.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 Oct - One-to-one investor call with DT Partners on Oct 19, 2025; no unpublished price-sensitive information shared.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
18 Oct - Company has informed the Board about newspaper publication of quarterly and half yearly Financial Results.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
17 Oct - Audio and video recording of Oct 17 earnings call for quarter/half year ended Sep 30, 2025 posted online.
Annual reports
Concalls
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Oct 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Oct 2024TranscriptNotesPPT
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Feb 2020TranscriptPPT
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Jan 2020Transcript PPT
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Oct 2019TranscriptNotesPPT
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Jul 2019Transcript PPT
Largest in the industry[1]
The company commands nearly 60% market share of the online B2B classifieds space which makes it the largest player in the industry. It has a portfolio of ~7.9 million supplier storefronts, ~2,14,000 paying subscription suppliers,~108 mn live product listings, ~24 mn unique business enquiries & a total traffic of 252 million repeated users. The company has ~194 mn registered buyers with a repeat of 53%. CRM has ~136Mn replies & callbacks. 37% suppliers are buyers.