AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 24 Sep - IndiaMART held three one-to-one investor calls on September 24, 2026; no UPSI shared.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result21 Jul, 09:21 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -5.6% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDIAMARTD candles · FIT view-24.3%Latest close ₹1595.80 on 2026-10-19
Bar
-2.1%
RSI
39
MACD hist
5.32
52W pos
3%
2026-10-19O ₹1630.00H ₹1630.00L ₹1590.00C ₹1595.80Vol 40,168 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDIAMARTNifty Consumer DurablesNifty 500
- INDIAMART
- -17.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -11.9 pp
Chart stats
19 Oct 2026- From 52W high
- -36.8%
- 52W range position
- 3%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹8.9 Cr
- 20D price channel
- ₹1,565.1 - ₹1,657.5
₹2,525.9
₹1,565.1 - ₹2,525.9
₹39.4
Latest completed session
20-session average
15.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED65
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +11.3% · PAT +11.7% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+51.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +11% YoY · PAT +12% YoY
Filed 21 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 19.70
- P/B
- 4.05
- EV/EBITDA
- 18.84
- Market Cap
- 9700.00Cr
Profitability
- ROE
- 20.70%
- ROCE
- 28.00%
- ROA
- 10.66%
- Dividend Y
- 1.86%
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
- 4.21
- Book Value
- 399.00
Cash Flow
- FCF Yield
- 3.58%
- FCF Positive Y
- 8/5
- OCF
- 694.00 Cr
- EPS TTM
- 82.10
Shareholding
- Promoter Hold
- 49.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 414+2.5% vs prev
Net Profit
₹ CrLatest: 172+244.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 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.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
-3.1%
3M return
-17.4%
6M return
-26.4%
1Y return
-35.7%
RS 1D
-2
RS 20D
0
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 15.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 69.48-0.91%
RS vs Nifty 50069
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation10/30
Growth15/25
Quality15/20
Balance Sheet11/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
65
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
65/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 3.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 51.4%.
Main drags
- Valuation is weaker at 10/30; 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.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
19.7
PB
4.0
EV/EBITDA
18.8
ROE
20.7%
ROCE
28.0%
FCF Yield
3.6%
Debt/Equity
0.0
MoS
+51.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
65
Previous: 65
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+51.4%
Previous: +51.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
65
65
65
65
65
65
65
65
65
65
65
65
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹858.52
-85.9% MoS
Growth-justified P/E
40.0
Growth-justified Value
₹3,280.72
+51.4% MoS
PEG
1.39
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NYKAA
Mid
FSN E-Commerce Ventures Limited
E-Commerce
match 41
47
364.0
15.3%
-1036%
FAIR VALUE
MEESHO
Small
Meesho Limited
E-Commerce
match 34
16
—
-46.2%
—
OVERVALUED
WOMANCART
SME
Womancart Ltd.
E-Commerce
match 31
56
9.5
8.3%
+62%
FAIR VALUE
SAPPHIRE
Large
Sapphire Foods India Limited
Retail
match 18
30
2616.0
-1.0%
-6447%
OVERVALUED
TRAVELFOOD
Large
Travel Food Services Limited
Retail
match 17
60
33.2
35.3%
+1%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-22T07:14:00.013Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
Investment in Accounting Space
~₹730 crores invested in the accounting space, including 100% holdings in Busy Infotech and Livekeeping Technologies.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 96th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
108 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Consumer: 96th pctile, median 66 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
108 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.6%.
- ▸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.
Continue researching Indiamart Intermesh Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Ln accordance with Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015, please find enclosed the schedule of analyst/ institutional ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015 ('Listing Regulations') read with Part A of Schedule ....
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Please find attached herewith the copies of Newspaper Advertisement regarding the 27th Annual General Meeting of the Company including e-voting information and Integrated Annual Report …
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 2 Jun - IndiaMART filed its FY2026 Business Responsibility and Sustainability Report with the Integrated Annual Report.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 2 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.