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IndiaMART InterMESH Ltd.
(INDIAMART)
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Rating:74Outperform
Price Target:
₹1,764.00
▲(0.35% Upside)
Action:Reiterated
Date:10/29/26
The score is primarily supported by strong financial performance (high margins, very low leverage, and robust free-cash-flow conversion). This is partially offset by weak technicals (price below major moving averages with negative MACD) and a valuation that is reasonable but not clearly cheap.
Positive Factors
High Profitability
IndiaMART’s consistently high net, operating, and gross margins indicate a scalable marketplace model with substantial operating leverage. This profitability provides resilience, supports continued investment in the platform, and leaves more cash available for strategic expansion or shareholder returns.
Negative Factors
Moderating Revenue Growth
The recent slowdown in revenue growth suggests that expansion is becoming less rapid after stronger FY23–FY24 performance. If moderation persists, IndiaMART may have fewer opportunities to leverage its fixed platform costs, making future profit growth more dependent on margin retention.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
IndiaMART’s consistently high net, operating, and gross margins indicate a scalable marketplace model with substantial operating leverage. This profitability provides resilience, supports continued investment in the platform, and leaves more cash available for strategic expansion or shareholder returns.
Read all positive factors
IndiaMART InterMESH Ltd. (INDIAMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹89.42B
Dividend Yield1.94%
Average Volume (3M)14.13K
Price to Earnings (P/E)17.8
Beta (1Y)0.83
Revenue Growth11.99%
EPS Growth-6.88%
CountryIN
Employees6,222
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)83.48
Shares Outstanding60,143,147
10 Day Avg. Volume5,022
30 Day Avg. Volume14,131
Financial Highlights & Ratios
PEG Ratio-1.81
Price to Book (P/B)4.97
Price to Sales (P/S)7.60
P/FCF Ratio15.82
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)91.26
Revenue Forecast (FY)₹16.96B
IndiaMART InterMESH Ltd. Business Overview & Revenue Model
Company Description
IndiaMART InterMESH Limited manages a prominent online business-to-business (B2B) platform, facilitating the exchange of commercial products and services across India and internationally. This digital marketplace serves as an interactive nexus con...
How the Company Makes Money
IndiaMART primarily makes money by selling subscription-based and packaged services to suppliers (sellers) that enhance their visibility on the marketplace and increase inbound buyer leads. These paid supplier offerings typically include benefits ...
IndiaMART InterMESH Ltd. Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.49B | 15.69B | 13.88B | 11.97B | 9.85B | 7.53B |
| Gross Profit | 13.53B | 15.69B | 12.99B | 11.02B | 8.96B | 6.93B |
| EBITDA | 7.42B | 6.79B | 7.46B | 5.00B | 4.11B | 4.08B |
| Net Income | 5.01B | 4.75B | 5.51B | 3.34B | 2.84B | 2.98B |
Balance Sheet | ||||||
| Total Assets | 46.09B | 46.25B | 41.34B | 34.49B | 34.45B | 29.49B |
| Cash, Cash Equivalents and Short-Term Investments | 30.68B | 31.21B | 28.72B | 23.23B | 23.45B | 23.77B |
| Total Debt | 201.09M | 231.00M | 330.37M | 406.67M | 459.08M | 562.80M |
| Total Liabilities | 22.92B | 22.24B | 19.48B | 17.12B | 13.86B | 10.75B |
| Stockholders Equity | 23.16B | 24.00B | 21.85B | 17.36B | 20.59B | 18.74B |
Cash Flow | ||||||
| Free Cash Flow | 7.78B | 7.54B | 6.15B | 5.44B | 4.59B | 3.98B |
| Operating Cash Flow | 7.80B | 7.61B | 6.23B | 5.59B | 4.76B | 4.02B |
| Investing Cash Flow | -3.97B | -4.14B | -4.86B | 1.62B | -3.24B | -3.35B |
| Financing Cash Flow | -3.73B | -3.40B | -1.48B | -6.95B | -1.43B | -575.21M |
IndiaMART InterMESH Ltd. Technical Analysis
Negative
1757.85
Price Trends
1653.72
Negative
1767.14
Negative
1909.96
Negative
Market Momentum
-30.59
Positive
29.86
Positive
16.58
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 1757.85 is above the 20-day moving average (MA) of 1591.81, above the 50-day MA of 1653.72, and below the 200-day MA of 1909.96, indicating a bearish trend. The MACD of -30.59 indicates Positive momentum. The RSI at 29.86 is Positive, neither overbought nor oversold. The STOCH value of 16.58 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹54.82B | 10.68 | ― | 0.25% | 8.98% | -13.39% | |
74 Outperform | ₹89.42B | 17.82 | ― | 1.94% | 11.99% | -6.88% | |
64 Neutral | ₹771.62B | 43.72 | ― | 0.71% | 13.19% | 33.52% | |
63 Neutral | ₹11.17B | 25.39 | ― | 0.93% | 5.46% | 17.23% | |
60 Neutral | ₹3.31T | 636.39 | ― | ― | 143.65% | 159.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ₹36.51B | -108.40 | ― | ― | -48.53% | 97.63% |
* General Sector Average
IN:INDIAMART
IndiaMART InterMESH Ltd.
1,486.75
-901.40
-37.74%
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IN:ETERNAL
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7.95%
IndiaMART InterMESH Ltd. Corporate Events
IndiaMART Sets October 27 Investor Call on Q2 FY2027 Results
Oct 20, 2026
IndiaMART InterMESH Ltd has scheduled an earnings conference call and webinar for investors and analysts on October 27, 2026 at 17:00 IST to discuss its financial results and key developments for the quarter ended September 30, 2026. Senior manage...
IndiaMART Details Institutional Investor Meeting with East Bridge Capital
Sep 28, 2026
IndiaMART InterMESH Ltd. has disclosed that it held a one-to-one video conference meeting with institutional investor East Bridge Capital Management on September 28, 2026 at 7:00 p.m., in line with regulatory requirements for listed companies. The...
IndiaMART Reports Outcome of Analyst and Investor Meetings in Noida
Sep 14, 2026
IndiaMART InterMESH Ltd. disclosed the outcome of recent analyst and institutional investor interactions held on September 14, 2026, in compliance with SEBI listing regulations. The company met New Mark Advisors LLP and Discovery Capital Managemen...
IndiaMART Reports Analyst Meetings, Affirms Compliance and Transparency
Sep 14, 2026
IndiaMART InterMESH Ltd., a prominent Indian B2B online marketplace linking buyers and suppliers, continues to position itself as a key digital facilitator for small and medium enterprises and institutional stakeholders. The company maintains an a...
IndiaMART Details Institutional Investor Meeting, Reaffirms Disclosure Compliance
Sep 9, 2026
IndiaMART InterMESH Limited has disclosed the details of a one-to-one meeting held with DT Partners, an institutional investor, on September 09, 2026 in Noida, in line with SEBI’s disclosure regulations. The company emphasized that no unpubl...
IndiaMART Reports Outcome of Investor Call With TenCore Partners
Aug 17, 2026
IndiaMART InterMESH Limited has disclosed the outcome of a one-to-one analyst and institutional investor call held with TenCore Partners on August 17, 2026, conducted via video conference in line with SEBI’s disclosure regulations. The compa...
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.