Indiamart Intermesh Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Income from Web Services: 99.5% • Advertisement & Marketing Services: 0.5%
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 30.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.0%
- Company has delivered good sales growth of 16.8% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.22x)
- Company has been maintaining a healthy dividend payout of 68.6%
CONS
- Recent results are weak - TTM profit is down 28.0% versus prior year
- A large part of profit comes from other income (27.5% of PBT)
- Operating margins have contracted to 36.1% from 39.9%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 320.00 | 713.19 | 308811.22 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.95 | 70.22 | 100365.86 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.00 | 383.58 | 98245.31 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 283.25 | 0.00 | 78185.88 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1672.95 | 20.39 | 10061.65 | 3.59 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 132.60 | 0.00 | 9647.68 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 172.65 | 70.72 | 9013.89 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.09 | 13.96 | 5851.50 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 760.10 | 22.84 | 5351.10 | 2.07 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 82.55 | 9.81 | 134.65 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 268 | 281 | 291 | 299 | 315 | 332 | 337 | 336 | 346 | 360 | 368 | 368 | 376 | |
| 192 | 200 | 204 | 209 | 198 | 212 | 193 | 203 | 212 | 245 | 232 | 234 | 230 | |
| Operating Profit | 76 | 81 | 87 | 90 | 117 | 120 | 144 | 133 | 135 | 115 | 136 | 135 | 146 |
| OPM % | 28.36% | 28.71% | 29.86% | 30.20% | 37.20% | 36.02% | 42.70% | 39.52% | 38.90% | 31.92% | 36.96% | 36.56% | 38.89% |
| 54 | 32 | 39 | 45 | 51 | 62 | 23 | 148 | 84 | 8 | 132 | -34 | 88 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 4 | 5 | 5 | 10 | 5 | 5 | 5 | 5 | 4 | 4 | 4 | 3 | 3 |
| Profit before Tax | 124 | 107 | 119 | 125 | 162 | 176 | 161 | 275 | 215 | 119 | 264 | 97 | 234 |
| Tax % | 23.15% | 22.38% | 23.15% | 25.92% | 23.27% | 27.68% | 22.37% | 15.86% | 22.72% | 29.65% | 21.96% | 28.17% | 24.84% |
| Net Profit | 95 | 83 | 92 | 92 | 124 | 127 | 125 | 231 | 166 | 84 | 206 | 70 | 176 |
| 15.58 | 13.57 | 15.29 | 15.40 | 20.69 | 21.17 | 20.84 | 38.55 | 27.66 | 13.91 | 34.34 | 11.58 | 29.29 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 309 | 404 | 497 | 624 | 665 | 751 | 939 | 1,139 | 1,320 | 1,443 | 1,472 | |
| 333 | 607 | 488 | 451 | 336 | 443 | 679 | 814 | 807 | 923 | 941 | |
| Operating Profit | -24 | -204 | 10 | 173 | 329 | 308 | 259 | 325 | 513 | 520 | 532 |
| OPM % | -7.83% | -50.46% | 1.92% | 27.69% | 49.50% | 40.97% | 27.63% | 28.50% | 38.89% | 36.06% | 36.12% |
| 15 | 19 | 41 | 62 | 89 | 112 | 110 | 179 | 284 | 191 | 194 | |
| Interest | 0 | 0 | 0 | 3 | 7 | 5 | 5 | 4 | 4 | 3 | 2 |
| Depreciation | 4 | 3 | 4 | 21 | 16 | 12 | 19 | 25 | 21 | 14 | 13 |
| Profit before Tax | -13 | -187 | 46 | 210 | 396 | 403 | 345 | 475 | 773 | 694 | 714 |
| Tax % | -0.00% | 61.36% | 72.82% | 30.37% | 27.59% | 23.05% | 21.17% | 23.69% | 21.44% | 24.38% | 25.03% |
| Net Profit | -13 | -72 | 13 | 146 | 287 | 310 | 272 | 362 | 607 | 525 | 535 |
| EPS | -7.14 | -37.83 | 4.78 | 49.84 | 96.92 | 100.81 | 44.42 | 60.42 | 101.20 | 87.41 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 19.75% | 15.86% | 1.97% | 22.47% | 33.10% | 49.41% | 68.64% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 17%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -18%
- 3 Years:
- -20%
- 1 Year:
- -36%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 21%
- 3 Years:
- 24%
- Last Year:
- 22%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| -267 | -328 | 125 | 236 | 1,577 | 1,849 | 2,008 | 1,673 | 2,179 | 2,433 | |
| 368 | 539 | 230 | 331 | 311 | 378 | 454 | 535 | 610 | 715 | |
| Trade Payables | 29 | 41 | 13 | 18 | 15 | 18 | 25 | 32 | 24 | 26 |
| 216 | 171 | 337 | 481 | 646 | 851 | 1,090 | 1,156 | 1,364 | 1,515 | |
| Total Liabilities | 356 | 434 | 733 | 1,094 | 2,579 | 3,127 | 3,609 | 3,456 | 4,237 | 4,748 |
| 126 | 8 | 9 | 85 | 65 | 56 | 53 | 47 | 33 | 21 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| 156 | 322 | 614 | 906 | 2,267 | 2,745 | 3,224 | 3,199 | 3,944 | 4,326 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | |
| Cash & Bank | 40 | 45 | 73 | 20 | 73 | 73 | 50 | 81 | 69 | 77 |
| 34 | 58 | 37 | 83 | 175 | 252 | 281 | 126 | 189 | 323 | |
| Total Assets | 356 | 434 | 733 | 1,094 | 2,579 | 3,127 | 3,609 | 3,456 | 4,237 | 4,748 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 60 | 183 | 264 | 283 | 385 | 504 | 535 | 545 | 614 | 668 | |
| Cash from Investing | -60 | -170 | -282 | -236 | -1,343 | -339 | -316 | 181 | -492 | -347 |
| Cash from Financing | 7 | 15 | 14 | -51 | 1,038 | -58 | -143 | -695 | -135 | -313 |
| 6 | 28 | -9 | -23 | 22 | 10 | 5 | 31 | -12 | 8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-10 - 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.
2026-08-17 - Please find enclosed outcome of Analyst/Institutional investor meet/call.
News
Recent coverage and analyst commentary for INDIAMART
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