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 ₹ 12,742 Cr.
- Current Price ₹ 2,121
- High / Low ₹ 2,799 / 1,850
- Stock P/E 18.6
- Book Value ₹ 373
- Dividend Yield 1.41 %
- 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%
Cons
- Earnings include an other income of Rs.373 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 | 1,410 | |
| 133 | 212 | 293 | 331 | 595 | 483 | 451 | 332 | 439 | 677 | 805 | 807 | 892 | |
| Operating Profit | -7 | -39 | -47 | -23 | -191 | 14 | 173 | 333 | 312 | 262 | 334 | 513 | 518 |
| OPM % | -5% | -22% | -19% | -7% | -47% | 3% | 28% | 50% | 42% | 28% | 29% | 39% | 37% |
| 1 | 23 | 8 | 14 | 7 | 36 | 62 | 85 | 108 | 108 | 170 | 284 | 373 | |
| 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 | 16 |
| Profit before tax | -9 | -19 | -43 | -13 | -187 | 46 | 210 | 396 | 403 | 345 | 475 | 773 | 872 |
| 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 | 687 | |
| 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 | 114.39 |
| 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: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 36% |
| 5 Years: | 32% |
| 3 Years: | 25% |
| TTM: | 47% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | -12% |
| 3 Years: | -5% |
| 1 Year: | 5% |
| 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% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Paying Suppliers Thousands |
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| Annualised Revenue Per Paying Supplier (ARPU) INR Thousands |
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| Indian Supplier Storefronts Millions |
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| Live Product Listings Millions |
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| Registered Buyers Millions |
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| Total Employees Number |
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| Unique Business Enquiries Millions |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
9h - March 6, 2026 one-to-one meeting with FSSA Investment Managers; no UPSI shared.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
27 Feb - Feb 27, 2026 one-on-one meeting with Sofina SA; no unpublished price-sensitive information shared.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
25 Feb - Feb 25, 2026 one-to-one meeting with BugleRock Capital; no unpublished price-sensitive information shared.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 Feb - Feb 19, 2026 one-to-one meeting with Nalanda Capital in Noida; no UPSI shared.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 Feb - Feb 19, 2026 one-to-one meeting with Nalanda Capital in Noida; no unpublished price-sensitive information.
Annual reports
Concalls
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Jan 2026Transcript PPT REC
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Oct 2025Transcript PPT REC
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Oct 2024TranscriptPPTREC
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Oct 2024TranscriptAI SummaryPPT REC
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Oct 2024TranscriptAI SummaryPPT
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Oct 2024TranscriptAI SummaryPPT
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Aug 2024Transcript PPT REC
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Jul 2024TranscriptAI SummaryPPTREC
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May 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Jul 2023Transcript PPT REC
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Oct 2022Transcript PPT
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Oct 2021Transcript PPT
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Nov 2020Transcript PPT
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May 2020Transcript PPT
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Feb 2020TranscriptPPT
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Jan 2020Transcript PPT
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Oct 2019TranscriptAI SummaryPPT
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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.