IndiaMART InterMESH Ltd. (INDIAMART) AI Stock Analysis

IndiaMART InterMESH Ltd.

(NSE:INDIAMART)

Select Model

Rating:78.3Outperform

Price Target:INR 1,798.00▲(20.93% Upside)

Action:reiterated

Date:10/29/26

The score is primarily supported by exceptionally strong financial performance, including high profitability, minimal debt, and excellent cash generation. This strength is moderated by clearly weak technical momentum and only moderately attractive valuation.

Positive Factors

High ProfitabilityIndiaMART’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 GrowthThe 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.

IndiaMART InterMESH Ltd. (INDIAMART) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 98.76B
Dividend Yield: 2.02%
Average Volume (3M): 11.33K
Price to Earnings (P/E): 17.8
Beta (1Y): 0.83
Revenue Growth: 11.99%
EPS Growth: -6.88%
Country: India
Employees: 6,222
Sector: General
Sector Strength: 55
Industry: Specialty Retail

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 connec...

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 suc...

IndiaMART InterMESH Ltd. Financial Statement Overview

Summary

Very strong financial profile, supported by high profitability, minimal leverage, substantial equity, and excellent operating and free cash flow. Recent margin compression, lower cash-flow coverage, and a modest equity decline are minor weaknesses.

Income Statement

90Very Positive

Balance Sheet

94Very Positive

Cash Flow

93Very Positive

Financial statement breakdown
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

Technical Analysis SentimentNegative

Last Price1486.75

Price Trends

50DMA1653.72Negative

100DMA1767.14Negative

200DMA1909.96Negative

Market Momentum

MACD-30.59Positive

RSI29.86Positive

STOCH16.58Positive

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 1486.75 is below the 20-day moving average (MA) of 1591.81, below 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:INDIAMART against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:JUSTDIAL	79Outperform	INR 54.82B	10.68	―	―	8.98%	-13.39%
IN:INDIAMART	78Outperform	INR 89.42B	17.82	―	2.02%	11.99%	-6.88%
IN:NAUKRI	66Neutral	INR 771.62B	43.72	―	0.71%	13.19%	33.52%
IN:ETERNAL	62Neutral	INR 3.31T	636.39	―	―	143.65%	159.25%
IN:MATRIMONY	59Neutral	INR 11.17B	25.39	―	0.93%	5.46%	17.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:NETWORK18	45Neutral	INR 36.51B	-108.40	―	―	-23.25%	98.17%

* General Sector Average

Performance Comparison

IN:INDIAMART and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:INDIAMART	IndiaMART InterMESH Ltd.	1486.75	-910.97	-37.99%
IN:JUSTDIAL	Just Dial Ltd.	644.60	-121.85	-15.90%
IN:MATRIMONY	Matrimony.com Ltd.	540.25	24.60	4.77%
IN:NAUKRI	Info Edge India Ltd.	1190.00	-161.46	-11.95%
IN:NETWORK18	Network18 Media & Investments Limited	23.68	-24.28	-50.63%
IN:ETERNAL	Zomato Ltd.	343.00	20.55	6.37%

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 managemen...

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 co...

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 Management L...

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 acti...

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 unpublish...

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 company...

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.

Date of analysis: Oct 29, 2026

IndiaMART InterMESH Ltd. AI Stock Analysis