Indiamart Intermesh Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Income from Web Services: 92.0% • Accounting Software Services: 8.0%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 29.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 22.5%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 18.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.38x)
CONS
- Recent results are weak - TTM profit is down 26.2% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (31.5% of PBT)
- Operating margins have contracted to 33.8% from 45.5%
- Stock is trading at 5.1x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 320.50 | 714.30 | 309293.74 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 217.95 | 70.54 | 100828.48 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 342.25 | 382.74 | 98030.49 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 279.00 | 0.00 | 77012.75 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1638.35 | 19.97 | 9853.55 | 3.66 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 129.35 | 0.00 | 9411.22 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 171.30 | 70.17 | 8943.41 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 24.66 | 13.72 | 5751.22 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 737.80 | 22.17 | 5194.11 | 2.13 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 81.49 | 9.69 | 132.92 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 282 | 295 | 305 | 315 | 331 | 348 | 354 | 355 | 372 | 391 | 402 | 404 | 414 | |
| 205 | 215 | 220 | 226 | 212 | 213 | 216 | 225 | 239 | 261 | 267 | 272 | 275 | |
| Operating Profit | 77 | 80 | 86 | 88 | 120 | 135 | 138 | 130 | 134 | 130 | 134 | 133 | 140 |
| OPM % | 27.40% | 27.15% | 28.07% | 28.09% | 36.07% | 38.71% | 39.03% | 36.72% | 35.88% | 33.17% | 33.42% | 32.80% | 33.69% |
| 55 | 35 | 42 | 77 | 53 | 66 | 45 | 109 | 92 | 10 | 135 | -34 | 107 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 7 | 8 | 8 | 13 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 6 |
| Profit before Tax | 123 | 104 | 117 | 151 | 163 | 190 | 173 | 229 | 218 | 132 | 262 | 91 | 232 |
| Tax % | 23.82% | 22.91% | 23.72% | 26.21% | 23.00% | 22.21% | 21.95% | 16.36% | 23.12% | 27.20% | 22.44% | 30.95% | 25.68% |
| Net Profit | 0 | 0 | 0 | 0 | 114 | 135 | 121 | 181 | 154 | 83 | 188 | 50 | 172 |
| 13.60 | 11.36 | 13.66 | 16.62 | 19.00 | 22.54 | 20.18 | 30.14 | 25.59 | 13.77 | 31.37 | 8.36 | 28.66 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 318 | 411 | 507 | 639 | 670 | 753 | 985 | 1,197 | 1,388 | 1,569 | 1,611 | |
| 391 | 487 | 490 | 470 | 341 | 446 | 718 | 865 | 866 | 1,039 | 1,075 | |
| Operating Profit | -74 | -76 | 17 | 169 | 328 | 308 | 268 | 331 | 523 | 530 | 536 |
| OPM % | -23.19% | -18.57% | 3.37% | 26.44% | 49.01% | 40.86% | 27.19% | 27.69% | 37.66% | 33.78% | 33.27% |
| 14 | 19 | 41 | 69 | 87 | 112 | 181 | 209 | 272 | 204 | 218 | |
| Interest | 0 | 0 | 0 | 3 | 7 | 5 | 8 | 9 | 7 | 3 | 2 |
| Depreciation | 5 | 3 | 4 | 21 | 16 | 12 | 31 | 36 | 33 | 28 | 28 |
| Profit before Tax | -64 | -60 | 54 | 211 | 389 | 390 | 371 | 454 | 706 | 648 | 716 |
| Tax % | -0.31% | 191.12% | 62.83% | 30.29% | 28.14% | 23.77% | 23.55% | 26.50% | 21.98% | 26.74% | 25.45% |
| Net Profit | -64 | 55 | 20 | 147 | 280 | 298 | 284 | 334 | 551 | 475 | 534 |
| EPS | -35.09 | 20.22 | 7.61 | 50.24 | 94.58 | 96.84 | 46.32 | 55.71 | 91.78 | 79.00 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 19.59% | 16.25% | 2.05% | 21.55% | 35.90% | 54.48% | 75.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 19%
- 3 Years:
- 17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 19%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -18%
- 3 Years:
- -19%
- 1 Year:
- -35%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 20%
- 3 Years:
- 23%
- Last Year:
- 21%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 10 | 29 | 29 | 30 | 31 | 31 | 60 | 60 | 60 |
| -404 | -337 | 122 | 235 | 1,571 | 1,830 | 2,002 | 1,639 | 2,088 | 2,292 | |
| 368 | 539 | 230 | 331 | 311 | 378 | 490 | 575 | 640 | 758 | |
| Trade Payables | 30 | 42 | 13 | 18 | 15 | 18 | 27 | 34 | 27 | 32 |
| 218 | 174 | 341 | 486 | 647 | 853 | 1,142 | 1,234 | 1,470 | 1,636 | |
| Total Liabilities | 221 | 428 | 735 | 1,098 | 2,575 | 3,110 | 3,692 | 3,542 | 4,286 | 4,778 |
| 9 | 8 | 9 | 86 | 65 | 56 | 553 | 536 | 515 | 494 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| 136 | 311 | 607 | 901 | 2,254 | 2,722 | 2,784 | 2,746 | 3,453 | 3,792 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 4 | 5 | |
| Cash & Bank | 41 | 47 | 78 | 24 | 78 | 77 | 58 | 101 | 84 | 91 |
| 35 | 62 | 41 | 87 | 178 | 256 | 297 | 154 | 229 | 395 | |
| Total Assets | 221 | 428 | 735 | 1,098 | 2,575 | 3,110 | 3,692 | 3,542 | 4,286 | 4,778 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 180 | 260 | 279 | 381 | 499 | 551 | 559 | 623 | 694 | |
| Cash from Investing | -8 | -165 | -276 | -233 | -1,338 | -335 | -324 | 162 | -486 | -347 |
| Cash from Financing | 7 | 15 | 14 | -51 | 1,038 | -58 | -143 | -695 | -148 | -340 |
| -1 | 29 | -7 | -23 | 23 | 9 | 9 | 27 | -11 | 7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - ln accordance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the schedule of analyst/ institutional investor meet/call.
2026-09-10 - Please find enclosed outcome of Analyst/Institutional investor meet/call.
2026-09-09 - Indiamart Intermesh Limited has informed the Exchange about Schedule of meet
2026-09-08 - Indiamart Intermesh Limited has informed the Exchange about Schedule of meet
2026-09-08 - Please find enclosed outcome of Analyst/Institutional investor meet/call.
2026-09-08 - ln accordance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the schedule of analyst/ institutional investor meet/call.
2026-09-07 - Please find enclosed outcome of Analyst/Institutional investor meet/call.
2026-08-24 - Please find enclosed outcome of Analyst/Institutional investor meet/call.
2026-08-20 - Please find enclosed outcome of Analyst/Institutional investor meet/call.
News
Recent coverage and analyst commentary for INDIAMART
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