INDIAMART - Indiamart Inter.
📢 Recent Corporate Announcements
IndiaMART InterMESH Limited held a one-on-one meeting with Dalmia Group Holdings on March 12, 2026. The meeting was conducted via video conference at 1:00 p.m. to discuss company updates based on publicly available information. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the session. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Obligations.
- One-on-one meeting held with Dalmia Group Holdings on March 12, 2026
- Interaction conducted via video conference at 1:00 p.m. IST
- No unpublished price sensitive information (UPSI) was disclosed during the meeting
- Compliance maintained under Regulation 30 of SEBI (LODR) Regulations, 2015
IndiaMART InterMESH Limited held a one-on-one meeting with institutional investor Nimida Capital on March 11, 2026. The meeting was conducted via video conference at 3:00 p.m. in compliance with SEBI Listing Obligations and Disclosure Requirements. The company confirmed that no unpublished price sensitive information was shared during the interaction. Investors are directed to the company's website for the latest investor presentation used during such calls.
- One-on-one meeting held with Nimida Capital on March 11, 2026
- Meeting conducted via video conference at 03:00 p.m.
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
- Company confirmed no unpublished price sensitive information (UPSI) was shared
IndiaMART InterMESH Limited held a one-on-one institutional investor meeting with Alpha Alternatives Singapore on March 10, 2026. The meeting was conducted via video conference at 1:00 p.m. to discuss the company's performance and outlook. The company confirmed that no unpublished price sensitive information was shared during the session. Investors are encouraged to refer to the latest presentation on the company's website for updated financial details.
- One-on-one meeting held with Alpha Alternatives Singapore on March 10, 2026
- The meeting was conducted via video conference at 01:00 p.m. IST
- The company explicitly stated that no unpublished price sensitive information (UPSI) was disclosed
- Latest Investor Presentation remains the primary source of shared information
IndiaMART InterMESH Limited held a one-on-one meeting with Dharohar Capital Partners on March 09, 2026. The interaction took place via video conference at 12:00 Noon. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the session. This meeting is part of the company's regular engagement with institutional investors to discuss publicly available information.
- One-on-one meeting held with Dharohar Capital Partners on March 09, 2026
- The meeting was conducted via Video Conference at 12:00 Noon
- Company explicitly stated that no unpublished price sensitive information was shared
- Investors are referred to the latest presentation on the company's official website
IndiaMART InterMESH Limited held a physical one-on-one meeting with FSSA Investment Managers on March 06, 2026, in Noida. The meeting was conducted at 05:00 P.M. as part of the company's regular investor engagement program. The company confirmed that no unpublished price sensitive information was shared during the session. Investors are encouraged to refer to the latest investor presentation available on the company's website for financial updates.
- One-on-one meeting held with FSSA Investment Managers on March 06, 2026
- The interaction was a physical meeting conducted at the company's Noida office
- Company explicitly stated that no unpublished price sensitive information (UPSI) was shared
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
IndiaMART InterMESH Limited held a one-on-one meeting with institutional investor Sofina SA on February 27, 2026. The meeting was conducted via video conference at 12:00 PM to discuss the company's performance and outlook. The company explicitly stated that no unpublished price sensitive information (UPSI) was shared during the interaction. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015.
- One-on-one meeting held with institutional investor Sofina SA on February 27, 2026.
- The interaction was conducted via video conference at 12:00 PM IST.
- Company confirmed that no unpublished price sensitive information (UPSI) was disclosed.
- The meeting follows standard disclosure protocols under Regulation 30 of SEBI Listing Obligations.
IndiaMART InterMESH Limited disclosed a one-on-one meeting with BugleRock Capital held on February 25, 2026. The meeting was conducted physically in Noida at 12:00 Noon as part of regular investor relations. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the discussion. This filing is a standard regulatory requirement under SEBI (LODR) Regulations, 2015.
- One-on-one meeting held with BugleRock Capital on February 25, 2026
- Meeting conducted physically at the company's Noida office at 12:00 Noon
- Company confirmed that no unpublished price sensitive information was disclosed
- Disclosure made under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements
IndiaMART InterMESH Limited disclosed a one-on-one meeting with Nalanda Capital held on February 19, 2026. The meeting was conducted physically at Noida at 12:00 Noon. The company clarified that no unpublished price sensitive information (UPSI) was shared during the session. Such meetings are part of regular investor relations activities to discuss publicly available information and business outlook.
- One-on-one meeting held with Nalanda Capital on February 19, 2026
- Physical meeting conducted at Noida starting at 12:00 Noon
- Company confirmed no unpublished price sensitive information was disclosed
- Latest investor presentation remains the primary source of shared data
IndiaMART InterMESH Limited conducted a one-on-one meeting with East Bridge Capital Management on February 13, 2026. The meeting was held physically at the company's Noida office starting at 03:00 p.m. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the session. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Obligations.
- One-on-one meeting conducted with East Bridge Capital Management on February 13, 2026
- The meeting took place physically in Noida at 03:00 p.m.
- Company explicitly stated that no unpublished price sensitive information was shared
- Investors are referred to the existing investor presentation on the company's website for financial details
IndiaMART InterMESH Limited held a one-on-one meeting with 3T Family Office on February 12, 2026, via video conference. The meeting was conducted at 4:00 p.m. in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company explicitly stated that no unpublished price sensitive information (UPSI) was shared during the session. This interaction is part of the company's regular engagement with institutional investors and family offices.
- One-on-one meeting held with 3T Family Office on February 12, 2026
- Interaction conducted via Video Conference at 4:00 p.m. IST
- Company confirmed no unpublished price sensitive information (UPSI) was disclosed
- Investors directed to the existing Investor Presentation on the company website for financial data
IndiaMART InterMESH Limited informed the exchanges about a one-on-one meeting held with Crest Capital on February 05, 2026. The meeting was conducted via video conference at 5:00 p.m. to discuss company performance and strategy. The company explicitly stated that no unpublished price sensitive information (UPSI) was shared during the session. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Obligations.
- One-on-one meeting held with institutional investor Crest Capital on February 05, 2026.
- The interaction was conducted via video conference starting at 5:00 p.m. IST.
- Company confirmed that no unpublished price sensitive information (UPSI) was disclosed.
- Investors are referred to the existing Investor Presentation available on the company's website.
IndiaMART InterMESH Limited held a one-on-one institutional investor meeting with Nimida Capital Pvt Ltd on February 02, 2026. The meeting was conducted via video conference at 4:00 p.m. to discuss the company's business performance and outlook. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Obligations.
- One-on-one meeting held with Nimida Capital Pvt Ltd on February 02, 2026
- The interaction took place via Video Conference at 04:00 p.m.
- Company confirmed that no unpublished price sensitive information was disclosed
- Investors directed to the official website for the latest financial presentations
IndiaMART InterMESH Limited conducted a one-on-one meeting with Prescientcap Investment Advisors on January 28, 2026. The meeting was held physically in Noida at 12:00 Noon to discuss general business updates. The company confirmed that no unpublished price sensitive information was shared during the session. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations.
- One-on-one meeting held with Prescientcap Investment Advisors on January 28, 2026
- The interaction took place physically at Noida starting at 12:00 Noon
- Company explicitly stated that no unpublished price sensitive information was disclosed
- Compliance maintained under Regulation 30 of SEBI (LODR) Regulations, 2015
IndiaMART InterMESH reported a 13% YoY growth in consolidated revenue to Rs. 402 crores for Q3 FY26, with an EBITDA margin of 33%. Net profit stood at Rs. 188 crores, significantly aided by a one-time fair valuation gain of Rs. 82 crores from its investment in Baldor Technologies. However, the paying supplier base marginally declined by 1,000 to 221,000 following price hikes in the silver subscription tier and seasonal factors. The company maintains a strong balance sheet with a treasury balance of Rs. 3,051 crores and deferred revenue growth of 19%.
- Consolidated revenue from operations increased by 13% YoY to Rs. 402 crores
- Net profit of Rs. 188 crores includes a one-time fair valuation gain of Rs. 82 crores
- Paying supplier count dipped by 1,000 to 2.21 lakh due to price hikes and seasonal factors
- Deferred revenue grew 19% YoY to Rs. 1,775 crores, providing strong revenue visibility
- Busy Infotech achieved a normalized billing growth of 28% YoY, reaching Rs. 33 crores
IndiaMART InterMESH Limited held two separate one-on-one investor calls on January 21, 2026. The meetings were conducted with DT Partners at 11:00 AM and Solidarity Advisors at 11:30 AM. The company confirmed that no unpublished price sensitive information was discussed during these interactions. These meetings are part of the company's regular investor engagement program to discuss publicly available information and business outlook.
- One-on-one meeting held with DT Partners on January 21, 2026, at 11:00 AM.
- One-on-one meeting held with Solidarity Advisors on January 21, 2026, at 11:30 AM.
- The company explicitly stated that no unpublished price sensitive information (UPSI) was shared during the calls.
- Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 12% YoY to INR 391 Cr in Q2 FY26. IndiaMART standalone revenue grew 9% YoY to INR 360 Cr, contributing ~92% of total revenue. Busy Infotech revenue grew 88% YoY to INR 29 Cr (normalized growth 46% excluding reclassification), while other subsidiaries contributed INR 2 Cr.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates as India's largest online B2B marketplace with 8.6 million Indian supplier storefronts.
Profitability Margins
Gross Margin for standalone operations stood at 77% in Q2 FY26. Consolidated Net Profit Margin was 21% (INR 83 Cr), a significant decline from 33% in the previous quarter, primarily due to a drop in other income from INR 92 Cr to INR 10 Cr.
EBITDA Margin
Consolidated EBITDA margin was 33% (INR 130 Cr), down from 38% in FY25. Standalone EBITDA margin was 32% (INR 115 Cr), representing a 4% YoY decline in absolute EBITDA value.
Capital Expenditure
Standalone fixed assets stood at INR 27 Cr as of Q2 FY26. Strategic investments increased to INR 1,352 Cr (standalone) and INR 685 Cr (consolidated), reflecting ongoing capital allocation toward the accounting and business enablement space.
Credit Rating & Borrowing
Not disclosed in available documents. The company maintains a strong cash position with INR 2,874 Cr in cash and treasury investments and zero reported long-term debt.
Operational Drivers
Raw Materials
As a digital marketplace, the primary 'raw material' is human capital. Manpower costs represent the largest expense at INR 171 Cr (43.7% of consolidated revenue), growing 16% YoY.
Import Sources
Not applicable for a digital platform; talent is primarily sourced from the domestic Indian market.
Key Suppliers
Not applicable. The company provides a platform for 8.6 million supplier storefronts rather than procuring physical raw materials.
Capacity Expansion
Current capacity is measured by 222,000 paying suppliers (up 2% YoY) and 124 million live product listings (up 6% YoY). The company added 2,800 net paying suppliers in Q2 FY26.
Raw Material Costs
Manpower costs grew 16% YoY to INR 171 Cr. Customer service costs for standalone operations were INR 85 Cr (23.6% of standalone revenue), up 14% YoY.
Manufacturing Efficiency
Platform efficiency is reflected in the Annualized Revenue Per Paying Supplier, which grew 12% YoY to INR 65,000, indicating better monetization of the existing supplier base.
Logistics & Distribution
Not applicable; however, the company is exploring 'Logistics/Tracking' as a business enablement opportunity for its SME base.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be driven by a 15-18% increase in deferred revenue, expansion of the 'Busy' accounting software (which saw 57% normalized billing growth), and targeting medium-sized enterprises (INR 100-500 Cr turnover). The company is also investing INR 10 Cr in performance marketing to drive unique business enquiries, which reached 31 million (up 12% YoY).
Products & Services
B2B marketplace subscriptions (Silver/Gold/Platinum), Busy Business Accounting Software, Livekeeping (Tally on Mobile), and lead generation services for SMEs.
Brand Portfolio
IndiaMART, Busy Infotech, Livekeeping.
New Products/Services
Expansion of Busy Infotech features including E-Way bills, E-Invoicing, and mobile-first accounting. Accounting software is viewed as a strategic fit to access SKU-level data and provide transaction financing.
Market Expansion
Targeting the 15-20 million 'good' SMEs in India. Currently penetrating only ~5-10% of the potential market. Focus is on top 10,000 product categories for performance marketing.
Market Share & Ranking
India's largest online B2B marketplace with ~60% market share in the organized B2B classifieds space.
Strategic Alliances
Strategic investments in the accounting space totaling ~INR 715 Cr, including a 100% stake in Busy Infotech (INR 508 Cr) and Livekeeping Technologies (INR 42 Cr).
External Factors
Industry Trends
Shift toward digital procurement and integrated accounting. The industry is evolving from simple discovery to business enablement (logistics, payments, and SKU-level inventory management).
Competitive Landscape
Competes with horizontal search engines (Google), vertical B2B platforms, and traditional offline trade directories.
Competitive Moat
Strong network effect moat: 210 million active buyers and 8.6 million suppliers create a self-sustaining ecosystem. High switching costs in the accounting segment (Busy) further strengthen the moat.
Macro Economic Sensitivity
Sensitive to the nominal growth of the SME sector; management targets a 10% nominal growth rate for the SME base to sustain subscriber additions.
Consumer Behavior
Increasing preference for mobile-first accounting and real-time inventory tracking among SMEs.
Geopolitical Risks
Limited direct impact as operations are primarily within India; however, global supply chain shifts affect the B2B trading activity on the platform.
Regulatory & Governance
Industry Regulations
Compliance with GST regulations is a major driver for the accounting software business (Busy), as SMEs require automated E-way bill and E-invoice generation.
Environmental Compliance
ESG initiatives include impacting 14,000+ students through school infrastructure projects and maintaining a 29% female workforce in non-sales roles.
Taxation Policy Impact
Effective tax rate is approximately 25%. Standalone tax liabilities stood at INR 56 Cr in Q2 FY26.
Risk Analysis
Key Uncertainties
Slowdown in buyer traffic growth (3% YoY) and the ability to maintain net paying supplier additions (2,800 in Q2) in a competitive digital ad market.
Geographic Concentration Risk
Primarily concentrated in India, though diversified across thousands of cities and product categories.
Third Party Dependencies
High dependency on search engine algorithms for organic traffic and channel partners for Busy Infotech software distribution.
Technology Obsolescence Risk
Risk of Tally-based solutions being disrupted by cloud-native accounting platforms; mitigated by investments in Livekeeping and Busy's cloud features.
Credit & Counterparty Risk
Low risk as most revenue is collected in advance (Deferred Revenue of INR 1,750 Cr).