INDIAMART - IndiaMART InterMESH Limited Share Price

Retailing

₹2263.10-45.00(-1.95%)

Market Closed as of May 2, 2025, 15:30 IST

What does IndiaMART InterMESH Limited do?

Internet & Catalogue Retail•Consumer Services•Small Cap

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. IndiaMART InterMESH Limited was incorporated in 1999 and is based in Noida, India.

Industry Group:Retailing

Employees:5,384

Website:www.indiamart.com

Valuation
Market Cap	13.55 kCr
Price/Earnings (Trailing)	28.86
Price/Sales (Trailing)	8.53
EV/EBITDA	18.78
Price/Free Cashflow	25.31
MarketCap/EBT	20.04

Fundamentals
Revenue (TTM)	1.59 kCr
Earnings (TTM)	469.7 Cr

Profitability
Operating Margin	42.57%
EBT Margin	42.57%
Return on Equity	25.02%
Return on Assets	13%
Free Cashflow Yield	3.95%

Income Statement for IndiaMART InterMESH

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	1.5%	337	332	315	299	291	281
Other Income	-63.9%	23	62	51	45	39	32
Total Income	-8.7%	360	394	366	344	330	313
Employee Expense	3.7%	140	135	131	138	129	124
Finance costs	0%	0.9	0.9	1.1	1	1.1	1.1
Depreciation and Amortization	-2.4%	5.1	5.2	5.2	9.7	5.3	5.1
Other expenses	-31.6%	53	77	67	71	76	76
Total Expenses	-8.8%	199	218	204	220	211	206
Profit Before exceptional items and Tax	-8.6%	161	176	162	125	119	107
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	-8.6%	161	176	162	125	119	107
Current tax	-20.5%	36	45	29	29	23	24
Deferred tax	-136.4%	0.2	3.2	8.6	3.2	4.4	0.2
Total tax	-27.1%	36	49	38	32	28	24
Total profit (loss) for period	-1.6%	125	127	124	92	92	83
Other comp. income net of taxes	-26.7%	-0.9	-0.5	1.5	-0.2	-1.2	0.9
Total Comprehensive Income	-1.6%	124	126	126	92	90	84
Earnings Per Share, Basic	-1.6%	20.84	21.17	20.69	15.4	15.29	13.57
Earnings Per Share, Diluted	-1.7%	20.78	21.12	20.65	15.37	15.26	13.54

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	21.3%	1,139	939	751	665	624
Other Income	50.9%	170	113	108	85	68
Total Income	24.5%	1,309	1,052	859	750	692
Employee Expense	27.1%	507	399	263	199	255
Finance costs	-10.8%	4.3	4.7	5.4	6.7	3.3
Depreciation and Amortization	33.3%	25	19	12	16	21
Other expenses	7.2%	298	278	176	133	196
Total Expenses	19%	834	701	456	354	475
Profit Before exceptional items and Tax	35.4%	475	351	403	396	217
Exceptional items before tax	84.1%	0	-5.3	0	0	-6.9
Total profit before tax	37.8%	475	345	403	396	210
Current tax	2.2%	94	92	98	64	-0.3
Deferred tax	185.4%	18	-18.9	-5.2	46	64
Total tax	54.2%	112	73	93	109	64
Total profit (loss) for period	33.2%	362	272	310	287	146
Other comp. income net of taxes	-153.3%	-0.6	4	0.5	-1.8	-5.4
Total Comprehensive Income	31.3%	362	276	310	285	141
Earnings Per Share, Basic	35%	59.84	44.57	50.915	49.265	25.365
Earnings Per Share, Diluted	35.2%	59.7	44.42	50.405	48.46	24.92

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	1.7%	354	348	331	315	305	295
Other Income	-32.3%	45	66	53	77	42	35
Total Income	-3.4%	399	413	384	392	347	329
Purchases of stock-in-trade	-	0	0	0	0	0	0
Employee Expense	4.1%	153	147	143	149	138	132
Finance costs	-11.1%	1.8	1.9	2	2.2	2.2	2.3
Depreciation and Amortization	1.4%	8.3	8.2	8.1	13	8.4	8
Other expenses	-4.6%	63	66	69	77	81	82
Total Expenses	1.4%	226	223	222	241	230	225
Profit Before exceptional items and Tax	-9%	173	190	163	151	117	104
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	-9%	173	190	163	151	117	104
Current tax	-13.3%	40	46	29	29	23	25
Deferred tax	37.8%	-1.8	-3.5	8.1	10	4.4	-0.7
Total tax	-9.8%	38	42	37	40	28	24
Total profit (loss) for period	-10.4%	121	135	114	100	82	69
Other comp. income net of taxes	-18.8%	-0.9	-0.6	1.5	-0.2	-1.3	0.9
Total Comprehensive Income	-10.5%	120	134	116	99	81	70
Earnings Per Share, Basic	-11%	20.18	22.54	19	16.62	13.66	11.36
Earnings Per Share, Diluted	-10.9%	20.13	22.48	18.96	16.58	13.63	11.34

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	21.5%	1,197	985	754	670	639
Other Income	17.3%	211	180	112	87	69
Total Income	20.7%	1,407	1,166	866	756	708
Employee Expense	28.1%	544	425	268	205	267
Finance costs	11.3%	8.9	8.1	5.4	6.7	3.3
Depreciation and Amortization	16.7%	36	31	12	16	21
Other expenses	9.6%	321	293	178	136	203
Total Expenses	20.4%	911	757	463	364	494
Profit Before exceptional items and Tax	21.6%	497	409	403	392	213
Exceptional items before tax	-	-1.8	0	0	0	0
Total profit before tax	21.1%	495	409	403	392	213
Current tax	0%	95	95	98	64	0.1
Deferred tax	382.4%	25	-7.5	-5.2	46	64
Total tax	36.8%	120	88	93	110	64
Total profit (loss) for period	17.7%	334	284	298	280	147
Other comp. income net of taxes	-148.6%	-0.7	4.5	0.3	-1.8	-5.5
Total Comprehensive Income	15.7%	333	288	298	278	142
Earnings Per Share, Basic	19.1%	55.18	46.48	48.91	48.075	25.57
Earnings Per Share, Diluted	19.3%	55.04	46.315	48.42	47.29	25.12

Pros

Growth: Awesome revenue growth! Revenue grew 20.8% over last year and 92.6% in last three years on TTM basis.

Technicals: Bullish SharesGuru indicator.

Profitability: Very strong Profitability. One year profit margin are 30%.

Size: Market Cap wise it is among the top 20% companies of india.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Balance Sheet: Strong Balance Sheet.

Cons

Smart Money: Smart money looks to be reducing their stake in the stock.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: INDIAMART vs Retailing

Comprehensive comparison against sector averages

Comparative Metrics

INDIAMART metrics compared to Retailing

Category	INDIAMART	Retailing
PE	28.86	729.54
PS	8.53	5.05
Growth	20.8 %	13.5 %

Performance Comparison

INDIAMART vs Retailing (2021 - 2025)

Key Insights

1. INDIAMART is among the Top 10 Retailing companies but not in Top 5.
2. The company holds a market share of 0.9% in Retailing.
3. In last one year, the company has had an above average growth that other Retailing companies.

Share Holdings

Understand IndiaMART InterMESH ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Dinesh Chandra Agarwal	28.03%
Brijesh Kumar Agrawal	18.99%
SBI SMALL CAP FUND	4.42%
ICICI PRUDENTIAL MULTICAP FUND	3.86%
UTI-FLEXI CAP FUND	2.5%
SMALLCAP WORLD FUND INC	1.59%
MADHUP AGRAWAL	1.41%
ARISAIG ASIA FUND LIMITED	1.32%
BANDHAN FLEXI CAP FUND	1.24%
Chetna Agarwal	0.5%
Pankaj Agarwal	0.49%
Meena Agrawal	0.23%
Anand Kumar Agrawal	0.23%
Dinesh Chandra Agarwal HUF	0.19%
Prakash Chandra Agrawal	0.19%
Naresh Chandra Agrawal	0.13%
Gunjan Agarwal	0.06%
Naresh Chandra Agrawal HUF	0.03%
Vijay Jalan	0.03%
Anand Kumar Agrawal HUF	0.02%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Investor Care
Dividend Yield	0.89%
Dividend/Share (TTM)	20

Financial Health
Current Ratio	2.28
Debt/Equity	0.00
Debt/Cashflow	0.00

Description	Share	Value
Web and related services	95.2%	337.3 Cr
Accounting Software Services	4.8%	17 Cr
Total		354.3 Cr

Is IndiaMART InterMESH Better than it's peers?

Detailed comparison of IndiaMART InterMESH against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
NAUKRI	Info Edge(India)Internet & Catalogue Retail	92.04 kCr	3.46 kCr	+2.73%	+17.09%	127.83	26.59	+49.76%	+21081.79%
AFFLE	Affle (India)IT Enabled Services	22.36 kCr	2.27 kCr	+0.39%	+41.56%	61.05	9.84	+30.61%	+34.59%
JUSTDIAL	Just DialInternet & Catalogue Retail	7.97 kCr	1.49 kCr	+14.81%	-15.82%	14.69	5.34	+15.36%	+63.83%
INFIBEAM	INFIBEAM AVENUESFinancial Technology (Fintech)	4.79 kCr	3.64 kCr	-0.64%	-49.43%	20.75	1.32	+16.22%	+58.97%
MATRIMONY	Matrimony.comInternet & Catalogue Retail	1.09 kCr	496.05 Cr	-6.17%	-10.22%	22.27	2.19	-1.06%	-0.77%

Summary of Latest Earnings Report from IndiaMART InterMESH

Summary of IndiaMART InterMESH's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: May 25

In the Q4 FY2025 earnings webinar, IndiaMART's management provided a cautiously optimistic outlook. The consolidated revenue from operations stood at Rs. 355 crores for Q4 and Rs. 1,388 crores for FY2025, marking a 13% and 16% year-on-year growth, respectively. Collections from customers grew to Rs. 541 crores in Q4 (12% growth) and Rs. 1,626 crores for the full year (10% growth).

Management highlighted a focus on enhancing lead quality, aiming to reduce churn among silver customers. Notably, the churn rate for platinum and gold subscribers is around 1%, while silver monthly churn is at 6-7% and annual churn at 3-4%. There was a net addition of 2,139 suppliers in Q4, raising the total to 217,000, although net additions have been steady around 2,000 for several quarters.

Key forward-looking points included:

Anticipated consolidation of EBITDA margins around 38-40%, which may normalize to 33-35% as growth accelerates.
Management emphasized a target of maintaining collection growth at around 10%, with future improvements expected once churn is addressed and supplier acquisitions are optimized.
The ARPU for top customers has increased by 17%, suggesting stronger revenue potential from premium subscribers.
They expressed commitment to enhancing product offerings and user experience while experimenting with advertising strategies to drive traffic.

Looking ahead, management recognized the complexity of market conditions but maintained a belief in returning to growth, with expectations set for gradual improvement in both customer additions and revenue.

Q&A Session

Last updated: May 25

Major Questions and Their Detailed Answers

Question: "What steps have you taken to reduce customer churn and when can we expect improvements in net customer additions and revenue?" Answer: We identified that focusing solely on service levels didn't yield results. We've made substantial product improvements, such as refining buyer-supplier introductions and improving enquiry quality. Currently, around 80% of our RFQs are well-defined. We haven't resolved churn within our silver segment yet, and this will take more time"”likely a few quarters. We are seeing a gradual improvement in renewal rates among gold and platinum customers and have increased repeat buyer rates to 57.5%.
Question: "What is your outlook on margins given the recent customer additions?" Answer: Our margins are currently around 40%, and we're guiding for a normalized margin of around 33-35% once we ramp up customer additions. If we can address churn and scale gross additions, we do anticipate margins will shift towards that sustainable range over the upcoming quarters.
Question: "Have you noticed an improvement in conversion rates with the reduced unique business enquiries?" Answer: Anecdotal feedback suggests improvement, as suppliers are experiencing more meaningful engagements, although they miss the quantity. Our indicators point towards satisfaction in renewal rates. We'll continue monitoring these developments closely but ensure we maintain the quality of enquiries over sheer volume.
Question: "What adjustments are you considering regarding advertising to boost traffic and site visits?" Answer: We're piloting multiple advertising strategies, including online and affiliate marketing. While these won't impact this quarter's results significantly, we're optimistic that if any of these yield positive unit economics, we will scale up efforts.
Question: "Can you provide insights on churn rates among different supplier categories?" Answer: Our monthly churn rates stand at approximately 1% for gold and platinum customers and around 6-7% for silver monthly customers. The churn among silver annual customers is between 3-4%. We continue to work on reducing these rates as we focus on product-market fit.
Question: "Are you considering acquisitions or returning capital to shareholders?" Answer: We have a prudent capital allocation strategy, maintaining about Rs. 1,100 crores for investments or returns. This year, the Board has approved dividends of Rs. 50 per share, a continuation of our policy to distribute cash to shareholders while ensuring we have reserves for future investments.

Balance Sheet for IndiaMART InterMESH

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-66.2%	28	81	28	50	17	45
Current investments	7.3%	2,259	2,105	1,730	2,152	1,845	2,299
Loans, current	550%	3.7	0.4	0.3	0.4	0.7	45
Total current financial assets	4.1%	2,301	2,210	1,774	2,218	1,870	2,429
Current tax assets	-	0	0	0.4	0	5.8	0
Total current assets	4.1%	2,306	2,215	1,780	2,222	1,880	2,433
Property, plant and equipment	-10.9%	42	47	54	53	60	56
Capital work-in-progress	-100%	0	0.5	0.2	0.2	0.2	0.2
Non-current investments	7.8%	1,180	1,095	1,086	1,072	1,029	446
Loans, non-current	0%	0.1	0.1	0.1	0.1	0.1	0.1
Total non-current financial assets	7.7%	1,184	1,099	1,090	1,076	1,033	450
Total non-current assets	7%	1,232	1,152	1,150	1,138	1,121	532
Total assets	5.1%	3,537	3,367	2,931	3,361	3,000	2,965
Total non-current financial liabilities	-24.2%	26	34	38	39	48	46
Provisions, non-current	25%	31	25	18	18	18	23
Total non-current liabilities	5.9%	610	576	517	473	424	416
Total current financial liabilities	-9.7%	66	73	57	59	48	48
Provisions, current	19.1%	9.1	7.8	7.8	6.6	5.2	5
Current tax liabilities	265.9%	16	5.1	0	3.6	0	0
Total current liabilities	-0.6%	1,014	1,020	837	824	672	657
Total liabilities	1.8%	1,624	1,596	1,354	1,296	1,096	1,073
Equity share capital	0%	60	60	60	31	31	31
Total equity	8.1%	1,914	1,770	1,576	2,064	1,904	1,892
Total equity and liabilities	5.1%	3,537	3,367	2,931	3,361	3,000	2,965

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-66.7%	29	85	31	58	21	50
Current investments	7.7%	2,392	2,222	1,825	2,272	1,919	2,301
Loans, current	100%	21	11	0.3	5.6	20	45
Total current financial assets	4.3%	2,466	2,364	1,897	2,358	1,985	2,436
Current tax assets	-	0	0	0.3	0	5.8	0
Total current assets	4.3%	2,472	2,370	1,904	2,363	1,995	2,440
Property, plant and equipment	-10.6%	43	48	55	54	61	56
Capital work-in-progress	-100%	0	0.5	0.2	0.2	0.2	0.2
Goodwill	0%	454	454	454	454	456	0
Non-current investments	27.9%	345	270	240	236	196	172
Loans, non-current	-116.4%	0.1	6.5	27	0.1	0.1	0.1
Total non-current financial assets	26.2%	353	280	271	241	228	176
Total non-current assets	5.8%	1,141	1,078	1,096	1,081	1,050	509
Total assets	4.8%	3,613	3,449	3,000	3,445	3,046	2,949
Total non-current financial liabilities	-54.5%	26	56	60	70	76	46
Provisions, non-current	19.2%	32	27	20	20	19	23
Total non-current liabilities	1.4%	654	645	576	530	469	417
Total current financial liabilities	9.1%	97	89	72	66	51	49
Provisions, current	26.4%	12	9.7	9.4	7.6	5.5	5
Current tax liabilities	275%	16	5	0	3.6	-	0
Total current liabilities	1.3%	1,082	1,068	879	856	698	658
Total liabilities	1.4%	1,736	1,712	1,455	1,386	1,167	1,075
Equity share capital	0%	60	60	60	31	31	31
Total equity	8.1%	1,877	1,736	1,545	2,058	1,878	1,874
Total equity and liabilities	4.8%	3,613	3,449	3,000	3,445	3,046	2,949

Cash Flow for IndiaMART InterMESH

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-8.3%	4.3	4.6	5.4
Depreciation	33.3%	25	19	12
Impairment loss / reversal	-	0	0	4.5
Dividend income	-	0.8	1	0.3
Adjustments for interest income	-400%	0	0.8	6
Share-based payments	-8%	24	26	10
Net Cashflows from Operations	18.9%	636	535	504
Income taxes paid (refund)	26.8%	91	72	97
Net Cashflows From Operating Activities	17.5%	545	464	407
Cashflows used in obtaining control of subsidiaries	-100.2%	0	618	399
Proceeds from sales of PPE	-16.7%	0.3	0.4	0.2
Purchase of property, plant and equipment	-13.3%	14	16	2
Dividends received	-	41	1	0.3
Interest received	-102%	0	51	17
Other inflows (outflows) of cash	-34.2%	176	267	47
Net Cashflows From Investing Activities	156.9%	181	-315.6	-339
Payments to acquire or redeem entity's shares	399.2%	620	125	0
Proceeds from exercise of stock options	-25%	0	0.2	0.5
Payments of lease liabilities	-	14	0	7.1
Dividends paid	1076.5%	61	6.1	46
Interest paid	-	0	0	5.4
Net Cashflows from Financing Activities	-382.6%	-694.9	-143.2	-57.5
Net change in cash and cash eq.	689.5%	31	4.8	10

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	9.7%	8.9	8.2	5.4
Depreciation	16.7%	36	31	12
Impairment loss / reversal	-	0	0	-103.8
Dividend income	-	2.9	1	0.3
Adjustments for interest income	-183.3%	0	2.2	5.8
Share-based payments	-4%	25	26	10
Net Cashflows from Operations	18.2%	651	551	499
Income taxes paid (refund)	23%	92	75	97
Net Cashflows From Operating Activities	17.5%	559	476	402
Cashflows used in obtaining control of subsidiaries	-100.2%	0	507	395
Proceeds from sales of PPE	-450%	0.3	1.2	0.2
Purchase of property, plant and equipment	-12.5%	15	17	2
Dividends received	-	44	1	0.3
Interest received	-102%	0	52	17
Other inflows (outflows) of cash	-16.9%	158	190	47
Net Cashflows From Investing Activities	149.5%	162	-324	-335.4
Payments to acquire or redeem entity's shares	399.2%	620	125	0
Proceeds from exercise of stock options	-25%	0	0.2	0.5
Payments of lease liabilities	8.3%	14	13	7.1
Dividends paid	1076.5%	61	6.1	46
Interest paid	-	0	0	5.4
Net Cashflows from Financing Activities	-382.3%	-694.9	-143.3	-57.5
Net change in cash and cash eq.	242.1%	27	8.6	9.4

INDIAMART - IndiaMART InterMESH Limited Share Price

What does IndiaMART InterMESH Limited do?

Valuation

Fundamentals

Profitability

Income Statement for IndiaMART InterMESH

Sector Comparison: INDIAMART vs Retailing

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Investor Care

Financial Health

Revenue Breakdown

Is IndiaMART InterMESH Better than it's peers?

Summary of Latest Earnings Report from IndiaMART InterMESH

Major Questions and Their Detailed Answers

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Balance Sheet for IndiaMART InterMESH

Cash Flow for IndiaMART InterMESH