Indiamart Intermesh Limited (INDIAMART)
Large CapConsumer stocks · Large cap · NSE
IndiaMART InterMESH Ltd. is India’s largest online B2B marketplace, connecting buyers with suppliers across ~98,000 categories. It operates a subscription-based revenue model, offering a freemium platform with services like CRM, cloud telephony, and business enablement SaaS solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +11% YoY · PAT +12% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹414 Cr | +11.3% | +2.5% |
| EBITDA | ₹132 Cr | +10.9% | +10.0% |
| Operating margin | 32.0% | +0 bps | +200 bps |
| PAT | ₹172 Cr | +11.7% | +244.0% |
| PAT margin | 41.5% | +15 bps | +2917 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 consolidated revenue grew 11% YoY to 414 Cr, with EBITDA up 10% YoY to 146 Cr (35% margin). Standalone paying suppliers remained flat YoY at 218K, with a net reduction of 1,852 this quarter, raising concerns about core marketplace growth.
While financial metrics like revenue and EBITDA show modest YoY growth, the core marketplace operational KPIs are concerning. Flat paying suppliers, a net reduction this quarter, and declining active buyers and unique business enquiries suggest a slowdown in the primary business. Growth in ARPU and deferred revenue provides some cushion, but the underlying user base trends are negative. The accounting software segment (Busy) shows strong growth but is a small part of the overall business.
Business Enablement SaaS
Expanding offerings in accounting, invoicing, inventory, HRMS, order management, credit facilitation, logistics, and procurement.
Accounting Software (Busy)
Busy Infotech revenue grew 47% YoY to ₹36 Cr, with 12K new licenses sold in Q1 FY27.
Focus on Large & Medium Enterprises
Strategic outlook includes focusing on large and medium enterprises alongside core SME business.
AI-driven Enhancements
Leveraging AI for matchmaking, user experience, data insights, content moderation, and future AI Voice Agents.
Investment in Accounting Space
~₹730 crores invested in the accounting space, including 100% holdings in Busy Infotech and Livekeeping Technologies.
Growing B2B Marketplace
Management states the B2B marketplace is a growing market.
Subscription-based Revenue Model
Subscription-based revenue model with negative working capital provides financial stability.
Diversified Business
Diversified across ~98,000 categories and geographies, reducing concentration risk.
Declining Core Marketplace User Base
Active Buyers (-5% YoY), Unique Business Enquiries (-11% YoY), and Business Enquiries Delivered (-13% YoY) are all declining.
Stagnant Paying Supplier Growth
Paying Suppliers were flat YoY (0%) and saw a net reduction of 1,852 in Q1 FY27.
Competition in SaaS/Fintech
Expanding into commerce enablement, fintech, and accounting, which are competitive markets.
Reliance on Other Income for Net Profit
Consolidated Net Profit significantly boosted by volatile "Other Income" (fair value gains) in Q1 FY27.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing long-term growth trends and normalizing for seasonality, especially in collections. QoQ comparison is important for evaluating sequential momentum in operational metrics like paying supplier additions/reductions and margin trends.
Paying Suppliers (Standalone)
UNDER_STRESS218 K (0% YoY, -1,852 net reduction QoQ).
Annualised Revenue Per Paying Supplier (ARPU) (Standalone)
INTACT₹69 K (9% YoY).
Active Buyers (Last 12 Months) (Standalone)
UNDER_STRESS41 Mn (-5% YoY).
Unique Business Enquiries (Standalone)
UNDER_STRESS26 Mn (-11% YoY).
Expand Buyer & Supplier Network
Management aims to keep expanding the buyer and supplier network in the core SME business.
Improve Engagement via Commerce Enablement
Strategic outlook includes improving engagement through commerce enablement, fintech, and accounting, and business enablement SaaS.
Provide Mobile & Cloud Functionality to Tally Users
Strategic goal for accounting investments is to provide mobile & cloud functionality to Tally users.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Paying Suppliers Net Additions | -1,852 (Q1 FY27) | Reversal to positive net additions and sustained growth. |
| Active Buyers (Last 12 Months) | 41 Mn (-5% YoY) | Stabilization and return to positive YoY growth. |
| Unique Business Enquiries | 26 Mn (-11% YoY) | Improvement in demand indicators and user engagement. |
| Busy Infotech Revenue Growth | 47% YoY (Q1 FY27) | Continued high growth rate and increasing contribution to consolidated revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -3.8% / mo · MACD + · near 52W low
Technical chart
INDIAMARTdaily · 1Y · AUTO-16.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.0% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 13.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.9%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.9%.
Main drags
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 95th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 95th pctile, median 66 · Large: 83rd pctile, median 73
107 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 4.33
- EV/EBITDA
- 20.17
- Market Cap
- 10383.00Cr
Profitability
- ROE
- 20.70%
- ROCE
- 28.00%
- ROA
- 10.66%
- Dividend Y
- 1.74%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 244.00×
- Altman Z
- 4.39
- Book Value
- 399.00
Cash Flow
- FCF Yield
- 3.34%
- FCF Positive Y
- 8/5
- OCF
- 694.00 Cr
- EPS TTM
- 82.10
Shareholding
- Promoter Hold
- 49.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 0%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.