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IndiaMART InterMESH Ltd.
(INDIAMART)
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Rating:70Outperform
Price Target:
₹1,972.00
▲(12.18% Upside)
Action:Reiterated
Date:07/24/26
The score is driven primarily by strong financial performance (high margins, very low leverage, and strong free-cash-flow conversion). This is tempered by weak technicals, with the stock trading below major moving averages and showing negative momentum. Valuation is supportive but not a major upside driver at the current P/E and dividend yield.
Positive Factors
High Profitability
Strong gross, operating, and net margins indicate an efficient, scalable marketplace model. This profitability provides room to fund platform development, sales operations, and customer support while retaining substantial earnings.
Negative Factors
Slowing Revenue Growth
The latest growth rate is still positive but has decelerated, indicating that expansion in supplier subscriptions, paid visibility, or buyer demand may be moderating. Sustained slower growth could limit operating leverage over time.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Strong gross, operating, and net margins indicate an efficient, scalable marketplace model. This profitability provides room to fund platform development, sales operations, and customer support while retaining substantial earnings.
Read all positive factors
IndiaMART InterMESH Ltd. (INDIAMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹102.65B
Dividend Yield1.76%
Average Volume (3M)7.14K
Price to Earnings (P/E)20.5
Beta (1Y)0.94
Revenue Growth12.75%
EPS Growth-16.52%
CountryIN
Employees6,222
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)82.16
Shares Outstanding60,143,147
10 Day Avg. Volume4,474
30 Day Avg. Volume7,143
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)92.6
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 monetizing its supplier base through subscription-based offerings that increase a supplier’s visibility on the marketplace and help generate and manage sales leads. Key revenue streams include: (1) Paid supplier ...
IndiaMART InterMESH Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.11B | 15.69B | 13.88B | 11.97B | 9.85B | 7.53B |
| Gross Profit | 13.18B | 15.69B | 12.99B | 11.02B | 8.96B | 6.93B |
| EBITDA | 7.19B | 6.79B | 7.46B | 5.00B | 4.11B | 4.08B |
| Net Income | 4.93B | 4.75B | 5.51B | 3.34B | 2.84B | 2.98B |
Balance Sheet | ||||||
| Total Assets | 48.62B | 46.25B | 41.34B | 34.49B | 34.45B | 29.49B |
| Cash, Cash Equivalents and Short-Term Investments | 33.89B | 31.21B | 28.72B | 23.23B | 23.45B | 23.77B |
| Total Debt | 216.28M | 231.00M | 330.37M | 406.67M | 459.08M | 562.80M |
| Total Liabilities | 26.43B | 22.24B | 19.48B | 17.12B | 13.86B | 10.75B |
| Stockholders Equity | 22.20B | 24.00B | 21.85B | 17.36B | 20.59B | 18.74B |
Cash Flow | ||||||
| Free Cash Flow | 7.56B | 7.54B | 6.15B | 5.44B | 4.59B | 3.98B |
| Operating Cash Flow | 7.60B | 7.61B | 6.23B | 5.59B | 4.76B | 4.02B |
| Investing Cash Flow | -7.43B | -4.14B | -4.86B | 1.62B | -3.24B | -3.35B |
| Financing Cash Flow | -128.20M | -3.40B | -1.48B | -6.95B | -1.43B | -575.21M |
IndiaMART InterMESH Ltd. Technical Analysis
Negative
1757.85
Price Trends
1810.79
Negative
1903.28
Negative
2017.49
Negative
Market Momentum
-22.95
Negative
32.05
Neutral
6.04
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 1754.51, below the 50-day MA of 1810.79, and below the 200-day MA of 2017.49, indicating a bearish trend. The MACD of -22.95 indicates Negative momentum. The RSI at 32.05 is Neutral, neither overbought nor oversold. The STOCH value of 6.04 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹59.37B | 11.25 | ― | 0.25% | 7.27% | -16.44% | |
73 Outperform | ₹842.95B | 52.31 | ― | 0.65% | 13.86% | 55.88% | |
70 Outperform | ₹102.65B | 20.50 | ― | 1.76% | 12.75% | -16.52% | |
68 Neutral | ₹3.09T | 682.22 | ― | ― | 190.50% | 40.03% | |
63 Neutral | ₹10.75B | 24.26 | ― | 0.97% | 5.46% | 17.23% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ₹42.65B | -124.60 | ― | ― | -48.53% | 97.63% |
* General Sector Average
IN:INDIAMART
IndiaMART InterMESH Ltd.
1,682.65
-818.92
-32.74%
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IndiaMART InterMESH Ltd. Corporate Events
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...
IndiaMART Publishes Q1 FY2027 Earnings Call Transcript
Jul 25, 2026
IndiaMART InterMESH Ltd., a leading Indian B2B online marketplace listed on BSE and NSE, provides a digital platform that connects buyers and suppliers, with a strong focus on small and medium enterprises across the country.The company has release...
IndiaMART posts Q1 FY27 earnings call recordings for investors
Jul 21, 2026
IndiaMART InterMESH Ltd. announced that audio and video recordings of its earnings conference call for analysts and investors, covering financial results and developments for the quarter ended June 30, 2026, have been made available on its investo...
IndiaMART Publishes FY 2025-26 Business Responsibility and Sustainability Report
Jun 2, 2026
IndiaMART InterMESH has released its Business Responsibility and Sustainability Report as part of its Integrated Annual Report for FY 2025-26, in line with SEBI’s disclosure requirements for listed entities. The report, prepared on a standal...
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.