Indiamart Intermesh Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹9,286 Cr
- P/E
- 18.82
- ROE
- 20.70%
- PEG
- 1.00
- Price to sales
- 5.75
- Debt to equity
- 0.01
- 52W high / low
- ₹2,504 / ₹1,544
- Sales growth (5Y)
- 18.57%
- EBITDA margin
- 30.27%
- Net profit margin
- 30.25%
- Promoter holding
- 49.07%
- Sales (last year)
- ₹1,611 Cr
IndiaMART, the first and largest B2B digital marketplace in the country, today stands out as a game-changer on the B2B landscape. It focuses on integrating the Small and Medium Businesses (SMEs) into the new paradigm with speed and ease, we are constantly pushing the frontiers of innovation to make the online marketplace more accessible, visible and engaging to them. [1]
Guidance scorecard · Q2 FY27 call
What Indiamart Intermesh Ltd's management guided
and where it ranks in Retailing
Retailing
RevenueQ1 FY27 call
20–40%- BUSY Infotech aims to grow revenue at a 27-30% CAGR over the next couple of years, targeting 35-40% CAGR over five years.
- Growth drivers include increased license sales (targeting 15-20% growth), price hikes, improved renewal rates, and upselling add-on products like mobile apps.
- IndiaMART expects elevated revenues driven by content aggregation and AI-based improvements, with major value creation expected by the end of next year.
- Strategic investments in related businesses (accounting software, distribution management) have shown strong performance, supporting future growth.
- Buyer monetization is focused on high-value categories, with efforts to improve buyer and enquiry quality and expand paid subscriptions among sellers.
2 more points from Indiamart Intermesh Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Indiamart Intermesh Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Most strategic investments were made during 2021-2022 as part of the first wave of understanding.
- Focus areas included accounting and invoicing (e.g., acquisitions of Vyapar, BUSY for Rs. 500 Cr, Realbooks, Livekeeping), and distribution management systems (e.g., SuperProcure, Fleetx, Bizom, Airchain).
- The company prefers focused strategic investments where mutual value can be created, avoiding becoming a broad venture investor.
- Follow-on investments have been made in portfolio companies like Bizom, Fleetx, SuperProcure, and Aerchain to support growth and working capital needs.
2 more points from Indiamart Intermesh Ltd's call on capex
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FundraisingQ1 FY27 call
See what Indiamart Intermesh Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Indiamart Intermesh Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Retailing
on management's own guidance
- Strong growth2
- Strong growth1
- Entero Healthcare Solutions LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Retailing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,264 Cr | 38.2 | |
| 2 | 40%+ | Flat | ₹6,053 Cr | 53.9 | |
| 3 | Entero Healthcare Solutions Ltd | 20–40% | Up 0–2% | ₹6,899 Cr | 53.5 |
| 4 | 20–40% | Up 0–2% | ₹790 Cr | 19.0 | |
| 5 | 20–40% | Flat | ₹3.14L Cr | 725.0 | |
| 6 | 20–40% | Flat | ₹1.12L Cr | 170.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Retailing rankingFinancials of Indiamart Intermesh Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Indiamart Intermesh Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 49.21% | 49.21% | 49.21% | 49.21% | 49.17% | 49.17% | 49.17% | 49.17% | 49.12% | 49.12% | 49.07% | 49.07% |
| FIIs + | 24.16% | 23.08% | 23.37% | 23.86% | 21.06% | 18.95% | 19.21% | 21.53% | 18.28% | 19.17% | 19.92% | 20.32% |
| DIIs + | 8.23% | 10.60% | 11.81% | 12.10% | 13.85% | 15.49% | 15.29% | 12.99% | 16.41% | 13.54% | 12.11% | 9.61% |
| Public + | 18.30% | 17.08% | 15.56% | 14.78% | 15.83% | 16.34% | 16.29% | 16.28% | 16.13% | 18.17% | 18.88% | 20.97% |
| Others + | 0.08% | 0.05% | 0.05% | 0.04% | 0.09% | 0.05% | 0.03% | 0.03% | 0.05% | 0.01% | 0.02% | 0.01% |
| No. of Shareholders | 1,71,361 | 1,61,823 | 1,59,877 | 1,48,435 | 1,68,357 | 1,68,138 | 1,69,988 | 1,63,687 | 1,57,986 | 1,58,065 | 1,55,473 | 1,57,071 |
Financials of Indiamart Intermesh Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 295 | 305 | 315 | 331 | 348 | 354 | 355 | 372 | 391 | 402 | 404 | 414 | 429 |
| Expenses + | 226 | 227 | 238 | 223 | 226 | 230 | 236 | 253 | 275 | 282 | 284 | 282 | 285 |
| Operating Profit | 69 | 78 | 77 | 108 | 122 | 124 | 119 | 119 | 116 | 120 | 120 | 132 | 144 |
| OPM % | 23% | 26% | 24% | 33% | 35% | 35% | 34% | 32% | 30% | 30% | 30% | 32% | 34% |
| Other Income + | 35 | 42 | 77 | 53 | 66 | 45 | 109 | 92 | 10 | 135 | -34 | 107 | -8 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 0 | 0 |
| Depreciation | 8 | 8 | 13 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 6 | 6 |
| Profit before tax | 93 | 110 | 139 | 151 | 177 | 159 | 218 | 204 | 119 | 247 | 78 | 232 | 129 |
| Tax % | 26% | 25% | 28% | 25% | 24% | 24% | 17% | 25% | 30% | 24% | 36% | 26% | 30% |
| Net Profit + | 69 | 82 | 100 | 114 | 135 | 121 | 181 | 154 | 83 | 188 | 50 | 172 | 91 |
| EPS in Rs | 11.57 | 13.65 | 16.61 | 19.01 | 22.52 | 20.16 | 30.08 | 25.57 | 13.78 | 31.34 | 8.35 | 28.63 | 15.10 |
Financials of Indiamart Intermesh Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 176 | 254 | 318 | 411 | 507 | 639 | 670 | 753 | 985 | 1,197 | 1,388 | 1,569 | 1,649 |
| Expenses + | 228 | 373 | 391 | 487 | 490 | 472 | 344 | 458 | 755 | 906 | 915 | 1,094 | 1,134 |
| Operating Profit | -52 | -119 | -74 | -76 | 17 | 167 | 326 | 296 | 230 | 291 | 474 | 475 | 515 |
| OPM % | -29% | -47% | -23% | -19% | 3.4% | 26% | 49% | 39% | 23% | 24% | 34% | 30% | 31% |
| Other Income + | 23 | 8 | 14 | 19 | 41 | 69 | 87 | 112 | 181 | 209 | 272 | 204 | 201 |
| Interest | 0 | 1 | 0 | 0 | 0 | 3 | 7 | 5 | 8 | 9 | 7 | 3 | 2 |
| Depreciation | 3 | 4 | 5 | 3 | 4 | 21 | 16 | 12 | 31 | 36 | 33 | 28 | 27 |
| Profit before tax | -32 | -115 | -64 | -60 | 54 | 211 | 389 | 390 | 371 | 454 | 706 | 648 | 686 |
| Tax % | 0% | 0% | 0% | -191% | 63% | 30% | 28% | 24% | 24% | 26% | 22% | 27% | |
| Net Profit + | -32 | -116 | -64 | 55 | 20 | 147 | 280 | 298 | 284 | 334 | 551 | 475 | 502 |
| EPS in Rs | -8.71 | -31.67 | -17.58 | 13.69 | 3.50 | 25.50 | 46.09 | 48.71 | 46.38 | 55.68 | 91.73 | 79.00 | 83.42 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 20% | 16% | 2% | 22% | 36% | 54% | 76% |
Financials of Indiamart Intermesh Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 10 | 29 | 29 | 30 | 31 | 31 | 60 | 60 | 60 | 60 |
| Reserves | -152 | -153 | -399 | -331 | 131 | 246 | 1,581 | 1,844 | 2,028 | 1,676 | 2,125 | 2,340 | 2,256 |
| Borrowings + | 49 | 66 | 0 | 0 | 0 | 77 | 63 | 56 | 46 | 41 | 33 | 23 | 20 |
| Other Liabilities + | 196 | 268 | 611 | 864 | 661 | 771 | 837 | 1,019 | 1,338 | 1,672 | 1,912 | 2,201 | 2,272 |
| Total Liabilities | 102 | 191 | 221 | 543 | 821 | 1,123 | 2,511 | 2,949 | 3,442 | 3,449 | 4,130 | 4,625 | 4,609 |
| Fixed Assets + | 6 | 10 | 9 | 8 | 9 | 86 | 65 | 56 | 553 | 536 | 515 | 494 | 485 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 60 | 125 | 136 | 311 | 607 | 901 | 2,254 | 2,722 | 2,784 | 2,746 | 3,453 | 3,792 | 3,817 |
| Other Assets + | 36 | 56 | 76 | 223 | 204 | 136 | 192 | 171 | 106 | 166 | 161 | 338 | 307 |
| Total Assets | 102 | 191 | 221 | 543 | 821 | 1,123 | 2,511 | 2,949 | 3,442 | 3,449 | 4,130 | 4,625 | 4,609 |
Financials of Indiamart Intermesh Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 7 | -55 | -1 | 179 | 255 | 261 | 322 | 402 | 476 | 559 | 623 | 694 |
| Cash from Investing Activity + | -4 | -75 | -8 | -165 | -276 | -233 | -1,338 | -335 | -324 | 162 | -486 | -347 |
| Cash from Financing Activity + | -0 | 133 | 7 | 15 | 14 | -51 | 1,038 | -58 | -143 | -695 | -148 | -340 |
| Net Cash Flow | 3 | 2 | -1 | 29 | -7 | -23 | 23 | 9 | 9 | 27 | -11 | 7 |
| Free Cash Flow | 4 | -63 | -3 | 177 | 250 | 256 | 323 | 398 | 460 | 545 | 615 | 687 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -10% | 48% | -1% | -236% | 1,524% | 167% | 117% | 169% | 240% | 224% | 164% | 179% |
Financials of Indiamart Intermesh Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 3 | 1 | 1 | 1 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 1 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 3 | 1 | 1 | 1 |
| Working Capital Days | -272 | -241 | -243 | -260 | -277 | -266 | -246 | -289 | -305 | -311 | -305 | -301 |
| ROCE % | 84% | 39% | 22% | 19% | 24% | 34% | 28% |
Guidance history
How Indiamart Intermesh Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | — | — | — |
| Q3 FY26 call → | 10–20% | Flat | — | — | — |
| Q2 FY26 call → | 10–20% | Flat | — | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
9 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −37.8% | 14% |
| Last 6 months | −26.6% | 11% |
| Last 3 months | −11.4% | 36% |
The price is 68.4% below its all-time high of ₹4,890.45 (5 Feb 2021). Stocks more than 20% below their peak have their score halved, so 17 became 9.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indiamart Intermesh Ltd: 0.4 × 14 + 0.4 × 11 + 0.2 × 36 = 17, halved to 9 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Indiamart Intermesh Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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