IndiaMART InterMESH Ltd. (INDIAMART) AI Stock Analysis

• Market Cap: ₹141.99B
• Dividend Yield: 1.27%
• Average Volume (3M): 4.37K
• Price to Earnings (P/E): 24.1
• Beta (1Y): 1.04
• Revenue Growth: 14.70%
• EPS Growth: 62.33%
• Country: IN
• Employees: 5,384
• Sector: Services
• Sector Strength: N/A
• Industry: Internet Content & Information
• EPS (TTM): 25.50
• Shares Outstanding: 60,032,146
• 10 Day Avg. Volume: 7,228
• 30 Day Avg. Volume: 4,372
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,399.75
• Price Target Upside: 1.46% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4

• Rating: 75 Outperform
• Price Target: ₹2,869.00 ▲(21.30% Upside)

IndiaMART InterMESH Ltd. scores highly on financial performance due to its strong revenue and profit growth, effective cost management, and robust cash flow. The valuation is reasonable, with a moderate P/E ratio and a modest dividend yield. Technical analysis indicates mixed momentum, with the stock trading slightly below key moving averages. Overall, the company is well-positioned for future growth, supported by a solid financial foundation.

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 suppliers. Its platform serves small and medium enterprises, large enterprises, and individuals. The company was incorporated in 1999 and is based in Noida, India.

How the Company Makes Money

IndiaMART generates revenue primarily through a subscription-based model, where suppliers pay to be listed on the platform and gain access to potential buyers. The company offers different subscription packages with varying features and levels of visibility, enabling suppliers to choose based on their business needs. Additionally, IndiaMART earns from advertising services, allowing suppliers to enhance their visibility through sponsored listings and advertisements on the platform. The company also benefits from transaction-based fees and value-added services, which include lead management systems and payment facilitation services. Significant partnerships with financial institutions and advancements in digital payment solutions further bolster IndiaMART's revenue streams, contributing to its overall earnings.

IndiaMART InterMESH Ltd. Financial Statement Overview

Summary

IndiaMART InterMESH Ltd. demonstrates strong financial health with consistent revenue and profit growth, effective cost management, and a robust cash flow position. The company's low leverage and high profitability ratios highlight a solid financial foundation, though attention to cost efficiency is advisable.

Income Statement

IndiaMART InterMESH Ltd. shows robust revenue growth with a TTM (Trailing-Twelve-Months) increase of 45% from 2022 to 2025. Gross profit margin remains strong at approximately 67.3%, and net profit margin is impressive at 41.3%. EBIT and EBITDA margins are also healthy at 39.4% and 48.9%, respectively. The company demonstrates effective cost management and scalability, but the slight decline in gross profit margin from the previous year suggests potential pressure on cost efficiency.

Balance Sheet

The company maintains a solid balance sheet with a low debt-to-equity ratio of 0.015, indicating minimal leverage risk. Return on Equity (ROE) stands strong at 28.9%, reflecting high profitability relative to shareholders' equity. The equity ratio is strong at 50.8%, showcasing a stable financial position with effective management of assets and liabilities. Minimal debt enhances financial flexibility, although the slight decrease in cash reserves suggests close monitoring is needed.

Cash Flow

IndiaMART InterMESH Ltd. exhibits a strong cash flow position with significant free cash flow growth of 35.6% TTM. The operating cash flow to net income ratio is 1.20, indicating efficient conversion of income into cash. Free cash flow to net income ratio is also strong at 1.18, reflecting robust cash generation capabilities. Despite high investing cash outflows, the company maintains healthy cash flow from operations, underscoring strong operational performance.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.29B	13.88B	11.97B	9.85B	7.53B	6.70B
Gross Profit	9.61B	7.77B	9.64B	7.65B	6.19B	5.70B
EBITDA	6.98B	5.14B	5.00B	4.11B	4.08B	4.12B
Net Income	5.90B	5.51B	3.34B	2.84B	2.98B	2.80B
Balance Sheet
Total Assets	40.23B	41.34B	34.49B	34.45B	29.49B	25.11B
Cash, Cash Equivalents and Short-Term Investments	26.40B	28.72B	23.23B	23.45B	23.77B	22.95B
Total Debt	304.19M	330.37M	406.67M	459.00M	562.80M	634.24M
Total Liabilities	19.79B	19.48B	17.12B	13.86B	10.75B	9.01B
Stockholders Equity	20.44B	21.85B	17.36B	20.59B	18.74B	16.11B
Cash Flow
Free Cash Flow	7.00B	6.15B	5.44B	4.59B	3.98B	3.22B
Operating Cash Flow	7.09B	6.23B	5.59B	4.76B	4.02B	3.23B
Investing Cash Flow	-3.77B	-4.86B	1.62B	-3.24B	-3.35B	-13.38B
Financing Cash Flow	-3.41B	-1.48B	-6.95B	-1.43B	-575.21M	10.38B

IndiaMART InterMESH Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2365.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 2365.15 is below the 20-day moving average (MA) of 2521.42, below the 50-day MA of 2558.13, and above the 200-day MA of 2310.73, indicating a neutral trend. The MACD of -51.75 indicates Positive momentum. The RSI at 26.44 is Positive, neither overbought nor oversold. The STOCH value of 11.08 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JUSTDIAL	80 Outperform	69.66B	11.56	12.68%	―	7.68%	43.22%
INDIAMART	75 Outperform	₹141.99B	24.06	―	1.27%	14.70%	62.33%
INFIBEAM	68 Neutral	55.07B	22.63	6.04%	0.28%	42.31%	6.38%
IONEXCHANG	59 Neutral	59.65B	22.79	17.20%	0.37%	12.99%	1.85%
PNCINFRA	57 Neutral	76.23B	11.35	13.62%	0.20%	-30.96%	-48.49%
MMTC	44 Neutral	98.27B	100.06	5.09%	―	―	-53.29%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%