INDIAMART

Indiamart Intermesh share price & financials

Price
₹1,910.1
Market cap
₹10.6k Cr
Sector
Consumer Services
Calls analysed
8
Latest concall · Q1 FY27 · call held 21 Jul 2026

Indiamart Intermesh Limited Q1 FY27

Consolidated Revenue from Operations ₹414 cr +11%Consolidated EBITDA ₹146 cr Consolidated EBITDA Margin 35% Consolidated Net Profit ₹172 cr

What went well

  • Consolidated Revenue from operations grew 11% YoY to Rs. 414 crores.
  • Consolidated Deferred revenue grew 16% YoY to Rs. 2,014 crores.
  • Consolidated EBITDA was Rs. 146 crores, representing a margin of 35%, elevated due to savings arising from lower customer acquisition and operating leverage.

What to watch

  • Total paying supplier base saw a net decline of 1,850 suppliers during the quarter, primarily due to moderation in gross addition and elevated churn at the Silver subscription tier.
  • Unique business enquiries were 26 million, with active buyers down by 5%, and overall buyer numbers stagnating.
Read the full call →

What Indiamart Intermesh Limited does

IndiaMART InterMESH operates India's largest online B2B marketplace, a two-way discovery platform where suppliers list products via web storefronts and buyers submit RFQs (BuyLeads) that are AI-matched to relevant suppliers. Revenue comes from a subscription-based (freemium-to-paid) model in which paying suppliers subscribe to Silver, Gold or Platinum packages for storefront visibility, priority listing, RFQ credits and CRM tools, plus cloud telephony and business-enablement SaaS (accounting, invoicing). Its wholly-owned subsidiary Busy Infotech sells BUSY, an accounting and billing software product for SMEs, sold on a licence basis; another wholly-owned subsidiary, Livekeeping Technologies, and minority stakes in logistics, fintech, HR-tech and other MSME-adjacent startups round out the group.

Segments

  • IndiaMART (Standalone marketplace)
  • Busy Infotech
  • Livekeeping Technologies
Market position
India's largest online B2B marketplace
Indian supplier storefronts
8.7 million
Paying suppliers
220,000
Active buyers (last 12 months)
41 million
Live product listings
129 million
Product categories covered
~98,000 across 57 industries
Founded 1996Headquarters New Delhi, IndiaEmployees 6,222 (2026-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 2 delivered 4 missed 3 open
  • Sustainable EBITDA Margin delivered said Q2 FY25 Promised: 33% (+/- 1%), later refined to 33-35% Q1 FY27: Reported 35% EBITDA margin, at the top end of the guided range, citing savings from lower customer acquisition and operating leverage.
  • Timeline to Fix Silver-Tier Churn missed said Q3 FY25 Promised: 1-2 quarters for a 'really good news about the churn' Q1 FY27: Continued to miss, with a net decline of 1,850 suppliers due to elevated churn. Management now asks for another '2-3 quarters' to see impact from new strategies, further delaying the fix.
  • BUSY CAGR Growth Rate open said Q1 FY27 Promised: 27-30% CAGR over the next couple of years Q1 FY27: Guided a 27-30% CAGR for BUSY over the next couple of years, while also stating an ambition for 35-40%.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.7%, net profit up 6.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue332 337 336 346 360 +8%368 +9%368 +10%376 +9%
EBITDA120 144 133 135 115 −4%136 −6%135 +2%149 +10%
Net profit127 125 231 166 84 −34%206 +65%70 −70%176 +6%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −34.2% 1Y

₹1.6k₹1.8k₹2.0k₹2.2k₹2.4k₹2.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 20 Jan 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 21 Jul 2026

1Y: ₹2,576.4 on 10 Sept 2025 → ₹1,695. High ₹2,612.4 (11 Sept 2025), low ₹1,637.7 (10 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−0.8%
21 Jul
Q4 FY26
−1.3%
30 Apr
Q3 FY26
−2.4%
20 Jan
Q2 FY26
−0.5%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 14.0% a year over 3 years, FY23 to FY26. Operating margin widened to 36.1%.

Year endingFY23FY24FY25FY26
Revenue₹973 Cr₹1.1k Cr₹1.3k Cr₹1.4k Cr
Operating profit₹241 Cr₹334 Cr₹514 Cr₹521 Cr
Operating margin24.8%29.3%38.9%36.1%
Interest₹7 Cr₹4 Cr₹4 Cr₹4 Cr
Depreciation₹29 Cr₹24 Cr₹20 Cr₹15 Cr
Net profit₹296 Cr₹362 Cr₹607 Cr₹526 Cr
Net margin30.4%31.8%46.0%36.5%
ROCE17.0%24.0%37.0%29.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹30 Cr₹31 Cr₹31 Cr₹60 Cr₹60 Cr₹60 Cr
Reserves₹1.6k Cr₹1.9k Cr₹2.0k Cr₹1.7k Cr₹2.1k Cr₹2.5k Cr
Borrowings₹63 Cr₹56 Cr₹46 Cr₹41 Cr₹28 Cr₹23 Cr
Other liabilities₹835 Cr₹1.0k Cr₹1.3k Cr₹1.6k Cr₹2.0k Cr₹2.0k Cr
Total liabilities₹2.5k Cr₹3.0k Cr₹3.4k Cr₹3.4k Cr₹4.1k Cr₹4.6k Cr
Fixed assets₹65 Cr₹56 Cr₹53 Cr₹47 Cr₹507 Cr₹21 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹2.3k Cr₹2.7k Cr₹3.2k Cr₹3.2k Cr₹3.4k Cr₹4.3k Cr
Other assets₹184 Cr₹163 Cr₹83 Cr₹120 Cr₹216 Cr₹255 Cr
Total assets₹2.5k Cr₹3.0k Cr₹3.4k Cr₹3.4k Cr₹4.1k Cr₹4.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −3.18 pp while the public added +2.59 pp. The shareholder count shrank 9% to 1,55,473.

Promoters
49.1%
FIIs
19.9%
DIIs
12.1%
Public
18.9%
Others
0.0%

Since Jun 2025

  • DIIs −3.18 pp
  • Public +2.59 pp
  • FIIs +0.71 pp

How it drifted, 12 quarters

Over this window FIIs fell from 27.3% to 19.9% — −7.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 49.2%, FIIs 27.3%, DIIs 5.5%, Public 17.9%, Others 0.1%.Dec '23: Promoters 49.2%, FIIs 24.2%, DIIs 8.2%, Public 18.3%, Others 0.1%.Mar '24: Promoters 49.2%, FIIs 23.1%, DIIs 10.6%, Public 17.1%, Others 0.1%.Jun '24: Promoters 49.2%, FIIs 23.4%, DIIs 11.8%, Public 15.6%, Others 0.1%.Sep '24: Promoters 49.2%, FIIs 23.9%, DIIs 12.1%, Public 14.8%, Others 0.0%.Dec '24: Promoters 49.2%, FIIs 21.1%, DIIs 13.8%, Public 15.8%, Others 0.1%.Mar '25: Promoters 49.2%, FIIs 18.9%, DIIs 15.5%, Public 16.3%, Others 0.1%.Jun '25: Promoters 49.2%, FIIs 19.2%, DIIs 15.3%, Public 16.3%, Others 0.0%.Sep '25: Promoters 49.2%, FIIs 21.5%, DIIs 13.0%, Public 16.3%, Others 0.0%.Dec '25: Promoters 49.1%, FIIs 18.3%, DIIs 16.4%, Public 16.1%, Others 0.1%.Mar '26: Promoters 49.1%, FIIs 19.2%, DIIs 13.5%, Public 18.2%, Others 0.0%.Jun '26: Promoters 49.1%, FIIs 19.9%, DIIs 12.1%, Public 18.9%, Others 0.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Indiamart Intermesh Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Dinesh Chandra Agarwal 27.98%unchanged
Brijesh Kumar Agrawal 18.96%unchanged
Nalanda India Equity Fund Limited FPI fund7.54%+1.90 pp
ICICI Prudential Mutual Fund Mutual fund6.05%newly disclosed
UTI Mutual Fund Mutual fund2.77%newly disclosed
Madhup Agrawal 1.28%unchanged
Chetna Agarwal 0.50%unchanged
Pankaj Agarwal 0.49%newly disclosed
Meena Agrawal 0.23%unchanged
Anand Kumar Agrawal 0.23%unchanged
Dinesh Chandra Agarwal HUF 0.19%unchanged
Prakash Chandra Agrawal 0.19%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in INDIAMART

Filings to Aug 2026

0 new, 4 added, 2 trimmed, 0 sold out — net +0.01 L shares (+1.0%).

Held by funds
₹14 Cr
6 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹9 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹9 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹4 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund₹0 Cr−0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 2 trimmed — net +844 shares (+1.0%)

Funds are sitting on
-23%
vs est. average cost
Held by funds
₹14 Cr
6 schemes · ≈ 0.15% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹9 Cr · 0.2% of that fund

Shares held by these funds −79%

Aug '23 81,603 shares Jul '26

What the price assumes

Attractive

To justify its price of ₹1695, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹2450 — upside of 45%.

Growth the price implies
14.8% a year
for 7 years, fading to 4%
It has actually compounded at
21.1% a year
net profit, FY23–FY26 · EPS 21.9%
The gap
-0.1 pp
45% downside if it only repeats history
Price today ₹1,695 Value at the reference growth ₹2,450.22

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Indiamart Intermesh Limited

Guides on how to read this kind of business and the numbers that matter.