IndiaMART InterMESH Ltd. (IN:INDIAMART)
:INDIAMART
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IndiaMART InterMESH Ltd.
(INDIAMART)
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Rating:76Outperform
Price Target:
₹2,242.00
▲(3.52% Upside)
Action:ReiteratedDate:01/22/26
Score is driven primarily by very strong financial performance (high profitability, low leverage, and strong free-cash-flow conversion). This is partially offset by a mixed technical picture (negative MACD and price below longer-term moving averages). Valuation is reasonable with a modest dividend yield, providing moderate support.
Positive Factors
High profit margins
Margins near 40% (net) and ~49% (EBITDA) indicate durable pricing power and operating efficiency in a SaaS-enabled B2B marketplace. High margins support reinvestment in product and sales, buffer downturns, and enable sustained free-cash-flow generation over multiple quarters.
Negative Factors
Revenue-growth durability risk
The business depends on recurring paid-supplier subscriptions and renewed lead volumes; the pack flags revenue-growth durability as a key risk. If supplier additions or ARPU slow, top-line growth could stagnate, limiting long-term scalability and pressure-testing margin-driven returns.
Read all positive and negative factors
Positive Factors
Negative Factors
High profit margins
Margins near 40% (net) and ~49% (EBITDA) indicate durable pricing power and operating efficiency in a SaaS-enabled B2B marketplace. High margins support reinvestment in product and sales, buffer downturns, and enable sustained free-cash-flow generation over multiple quarters.
Read all positive factors
IndiaMART InterMESH Ltd. (INDIAMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹121.08B
Dividend Yield1.33%
Average Volume (3M)4.35K
Price to Earnings (P/E)17.7
Beta (1Y)0.96
Revenue Growth13.36%
EPS Growth24.85%
CountryIN
Employees5,384
SectorServices
Sector StrengthN/A
IndustryInternet Content & Information
Share Statistics
EPS (TTM)31.30
Shares Outstanding60,087,147
10 Day Avg. Volume3,668
30 Day Avg. Volume4,347
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)5.66
Price to Sales (P/S)8.91
P/FCF Ratio20.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)95.22
Revenue Forecast (FY)₹17.49B
IndiaMART InterMESH Ltd. Business Overview & Revenue Model
Company Description
IndiaMART InterMESH Limited operates an online business-to-business marketplace for business products and services in India and internationally. The company's e-marketplace acts as an interactive hub for domestic and international buyers and suppl...
How the Company Makes Money
IndiaMART primarily makes money by selling subscription-based services to suppliers that want visibility and sales enquiries (leads) from business buyers on its marketplace. These paid supplier packages typically monetize (a) enhanced listing/visi...
IndiaMART InterMESH Ltd. Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.20B | 13.88B | 11.97B | 9.85B | 7.53B | 6.70B |
| Gross Profit | 12.07B | 12.99B | 11.02B | 8.96B | 6.93B | 5.70B |
| EBITDA | 8.35B | 7.46B | 5.00B | 4.11B | 4.08B | 4.12B |
| Net Income | 6.05B | 5.51B | 3.34B | 2.84B | 2.98B | 2.80B |
Balance Sheet | ||||||
| Total Assets | 43.66B | 41.34B | 34.49B | 34.45B | 29.49B | 25.11B |
| Cash, Cash Equivalents and Short-Term Investments | 28.94B | 28.72B | 23.23B | 23.45B | 23.77B | 22.95B |
| Total Debt | 412.89M | 330.37M | 406.67M | 459.00M | 562.80M | 634.24M |
| Total Liabilities | 20.26B | 19.48B | 17.12B | 13.86B | 10.75B | 9.01B |
| Stockholders Equity | 23.40B | 21.85B | 17.36B | 20.59B | 18.74B | 16.11B |
Cash Flow | ||||||
| Free Cash Flow | 7.32B | 6.15B | 5.44B | 4.59B | 3.98B | 3.22B |
| Operating Cash Flow | 7.42B | 6.23B | 5.59B | 4.76B | 4.02B | 3.23B |
| Investing Cash Flow | -3.79B | -4.86B | 1.62B | -3.24B | -3.35B | -13.38B |
| Financing Cash Flow | -3.40B | -1.48B | -6.95B | -1.43B | -575.21M | 10.38B |
IndiaMART InterMESH Ltd. Technical Analysis
Negative
2165.70
Price Trends
2148.13
Negative
2219.36
Negative
2369.34
Negative
Market Momentum
-46.03
Positive
42.38
Neutral
39.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDIAMART, the sentiment is Negative. The current price of 2165.7 is above the 20-day moving average (MA) of 2060.89, above the 50-day MA of 2148.13, and below the 200-day MA of 2369.34, indicating a bearish trend. The MACD of -46.03 indicates Positive momentum. The RSI at 42.38 is Neutral, neither overbought nor oversold. The STOCH value of 39.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDIAMART.
IndiaMART InterMESH Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹121.08B | 17.72 | ― | 1.33% | 13.36% | 24.85% | |
74 Outperform | ₹43.80B | 11.09 | ― | ― | 6.97% | 12.91% | |
60 Neutral | ₹51.01B | 55.57 | ― | 0.40% | 11.56% | -2.78% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
53 Neutral | ₹44.71B | 21.04 | ― | 0.23% | -30.54% | -35.13% | |
40 Underperform | ₹82.91B | 54.22 | ― | ― | -17.88% | 7.14% |
* Services Sector Average
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IndiaMART InterMESH Ltd. Corporate Events
IndiaMART Reports Investor Meet With Dharohar Capital, Affirms No Sensitive Data Shared
Mar 9, 2026
IndiaMART InterMESH Limited has disclosed that it held a one-on-one video conference meeting on March 9, 2026, with institutional investor Dharohar Capital Partners as part of its regular analyst and investor engagement. The company clarified that...
IndiaMART Reports Regulated One-to-One Investor Call With Sofina SA
Feb 27, 2026
IndiaMART InterMESH Limited disclosed that it held a one‑to‑one video conference call with institutional investor Sofina SA on February 27, 2026, as part of its ongoing analyst and investor engagement. The company clarified that no unp...
IndiaMART Updates on Analyst and Institutional Investor Calls
Jan 21, 2026
IndiaMART InterMESH Limited has disclosed that it held one-on-one analyst and institutional investor calls on January 21, 2026, with DT Partners and Solidarity Advisors, conducted via telephone. The company clarified that no unpublished price-sens...
IndiaMART Discloses Schedule of One-on-One Calls With Institutional Investors
Jan 21, 2026
IndiaMART InterMESH Limited has disclosed the schedule of recent one-on-one calls held with institutional investors DT Partners and Solidarity Advisors on January 21, 2026, conducted via teleconference. The company emphasised that no unpublished p...
IndiaMART Publishes Q3 FY2025 Audited Results Investor Presentation
Jan 20, 2026
IndiaMART InterMESH Limited has released an investor presentation detailing its audited standalone and consolidated financial results for the quarter ended December 31, 2025, and has made this material available to stakeholders via stock exchanges...
IndiaMART Publishes Audited Q3 and Nine-Month FY2025 Financial Results
Jan 20, 2026
IndiaMART InterMESH Limited has released its audited standalone and consolidated financial statements for the quarter and nine months ended 31 December 2025, along with the auditors’ report, and has made these documents available to investor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.