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Indiamart Intermesh Limited (INDIAMART)

₹1,627.20 -0.12% last close, 16 Oct

📊 NSE: INDIAMART 🏢 Internet & Catalogue Retail 📢 Latest filing: 17 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indiamart Intermesh's revenue was ₹414 Cr (+11.4% year on year, +2.6% on the previous quarter), and net profit ₹172 Cr (+12.2% year on year); the operating margin was 35.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹414	+11.4%	+2.6%
Operating profit	₹146	+9.7%	+22.1%
Net profit	₹172	+12.2%	+244.4%
EPS (₹)	28.66	+12.0%	+243.2%
Operating margin	35.4%	—	—

Full quarterly financials → Results calendar →

INDIAMART delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 59.18% of the INDIAMART shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.5%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

59.18%Delivery, 16 Oct

54.5%Own 20-session average

0.3×Volume vs its average

₹1,627.20NSE close · -0.12%

Delivery in the last 5 sessions: 47.5% · 44.2% · 55.7% · 70.4% · 59.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

IndiaMART Concludes Institutional Investor Meetings on September 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 06:51 PM

IndiaMART InterMESH Limited has disclosed the outcome of its one-to-one analyst and institutional investor interactions held on September 17, 2026. The company engaged physically in Noida with Securities Investment Managers Pvt. Ltd. at 02:30 PM and via video conference with Dalmia Group Holdings at 05:00 PM. No unpublished price sensitive information (UPSI) was shared during these meetings. The discussions referred to the existing investor presentation publicly available on the company website.

Meeting conducted on September 17, 2026, at 02:30 PM with Securities Investment Managers Pvt. Ltd. in Noida
Meeting conducted on September 17, 2026, at 05:00 PM with Dalmia Group Holdings via video conference
Both interactions were conducted as one-to-one meetings with single institutions
No unpublished price sensitive information (UPSI) was shared per the regulatory filing

💡 Track the upcoming quarterly earnings release for updates on subscriber growth, deferred revenue trends, and traffic numbers. No immediate operational action is required from this routine meeting disclosure.

IndiaMART Concludes One-on-One Investor Meetings with Fidelity and ICICI Prudential AMC

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 07:10 PM

IndiaMART InterMESH Limited disclosed the outcome of its physical one-on-one institutional investor meetings held on September 16, 2026, in Noida. The management met with Fidelity International at 02:45 PM and ICICI Prudential AMC Ltd. at 05:30 PM. The company confirmed that no unpublished price sensitive information (UPSI) was shared during these interactions. The latest investor presentation remains available on the company's website.

Conducted physical one-on-one meeting with Fidelity International at 02:45 P.M. on September 16, 2026
Conducted physical one-on-one meeting with ICICI Prudential AMC Ltd. at 05:30 P.M. on September 16, 2026
Both meetings took place physically at Noida
Confirmed that no unpublished price sensitive information was shared

💡 Monitor upcoming quarterly financial filings for any updates on paying supplier additions and traffic growth, which drive core subscription revenues.

IndiaMART Concludes Institutional Investor Meetings with New Mark Advisors & Discovery Capital

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Sep 2026, 07:08 PM

IndiaMART InterMESH held two physical one-on-one institutional investor meetings on September 14, 2026, in Noida. The sessions were conducted with New Mark Advisors LLP at 02:00 P.M. and Discovery Capital Management LLC at 05:30 P.M. The company confirmed that no unpublished price sensitive information (UPSI) was shared during these meetings. Such disclosures are routine regulatory filings under Regulation 30 of SEBI LODR.

Conducted physical one-on-one meeting with New Mark Advisors LLP at 02:00 P.M. on September 14, 2026
Conducted physical one-on-one meeting with Discovery Capital Management LLC at 05:30 P.M. on September 14, 2026
Both meetings took place physically at Noida
No unpublished price sensitive information (UPSI) was shared during the interactions

💡 Track upcoming quarterly operational metrics, particularly net additions to paying suppliers and traffic growth, which drive deferred revenue.

IndiaMART Schedules Investor Group Meetings at Anand Rathi Summit on Sept 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 06:34 PM

IndiaMART InterMESH Limited has scheduled group meetings with analysts and institutional investors on September 21, 2026. The meetings will occur physically in Mumbai at 11:00 AM during the Anand Rathi Annual Flagship Conference G-200 Summit. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction. This is a routine institutional interaction under SEBI LODR Regulation 30.

Institutional meeting scheduled for September 21, 2026
Participation in Anand Rathi Annual Flagship Conference G-200 Summit
Format: Physical group meetings in Mumbai at 11:00 AM
No unpublished price sensitive information (UPSI) to be discussed

💡 Track if any new presentation or post-meet transcript is uploaded on the exchanges following the September 21, 2026 event.

IndiaMART Concludes One-on-One Investor Call with TVF Capital

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 01:52 PM

IndiaMART InterMESH held a one-on-one institutional investor meeting with TVF Capital on September 10, 2026, via video conference. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. Discussions relied on publicly available information and the existing investor presentation. With a market capitalization of Rs 9,830 crore, this is a standard investor relations disclosure.

Meeting conducted on September 10, 2026, at 11:30 A.M.
Institutional participant: TVF Capital (one-on-one meeting)
Mode of interaction: Video Conference
Confirmation that zero unpublished price sensitive information (UPSI) was shared

💡 Track the upcoming quarterly financial results and paying supplier additions for operational trends, as this filing is purely procedural.

IndiaMART Concludes 1-on-1 Investor Meeting with DT Partners in Noida

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Sep 2026, 10:14 PM

IndiaMART InterMESH Limited informed the exchanges that it completed a one-on-one physical meeting with institutional investor DT Partners on September 09, 2026, at 06:00 PM in Noida. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. The discussion relied on the latest investor presentation available on the company website. As a standard institutional engagement update, this filing carries no operational or financial revisions.

One-on-one institutional investor meet held on September 09, 2026, at 06:00 PM
Meeting conducted physically in Noida with DT Partners
No unpublished price sensitive information (UPSI) was disclosed

💡 Track subsequent quarterly financial earnings announcements and business operational metrics such as paying supplier additions and traffic growth.

IndiaMART Concludes Institutional Investor Calls with Resurgence Fincap and Oaklane Capital

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 05:41 PM

IndiaMART InterMESH held one-to-one institutional investor meetings via video conference on September 08, 2026. The discussions were conducted separately with Resurgence Fincap Advisors at 11:30 AM and Oaklane Capital Management at 4:00 PM. The company confirmed that no unpublished price sensitive information (UPSI) was shared during these sessions. This is a routine post-earnings or periodic engagement intimation under SEBI LODR Regulation 30.

Held 2 one-to-one institutional meetings on September 08, 2026
First meeting conducted with Resurgence Fincap Advisors at 11:30 A.M.
Second meeting conducted with Oaklane Capital Management at 04:00 P.M.
Both meetings took place via Video Conference with no UPSI shared

💡 Track subsequent quarterly operational metrics, particularly deferred revenue growth and net paying supplier additions (222,000 as of recent reports), to evaluate business momentum.

IndiaMART InterMESH to Attend Jefferies 5th India Forum on September 18, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 03:10 PM

IndiaMART InterMESH Limited has scheduled an institutional investor interaction at the Jefferies 5th India Forum on September 18, 2026. The meeting will be conducted physically in Gurgaon starting at 11:00 A.M. as a group meeting. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions.

Meeting scheduled for September 18, 2026 at 11:00 A.M.
Interaction to take place at the Jefferies 5th India Forum in Gurgaon
Format specified as physical group meetings
Company confirmed no unpublished price sensitive information will be shared

💡 Track subsequent disclosures for any presentation updates or meeting transcripts released post-conference.

IndiaMART Concludes One-on-One Investor Meeting with Saral Management Advisors

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Sep 2026, 05:58 PM

IndiaMART InterMESH Limited disclosed the conclusion of an institutional investor meeting held on September 07, 2026. The one-on-one interaction took place with Saral Management Advisors at 03:00 P.M. IST via video conference. The company confirmed that no unpublished price sensitive information was shared during the call.

Meeting conducted on September 07, 2026 at 03:00 P.M. IST
One-on-one video conference call with Saral Management Advisors
Company confirmed no unpublished price sensitive information (UPSI) was shared
Investor presentation referenced is already available in the public domain

💡 This is a routine regulatory disclosure requiring no specific portfolio action; track upcoming quarterly filings for updates on paying supplier additions and revenue growth.

IndiaMART Concludes 1-on-1 Investor Meeting with Quantum Advisors in Noida

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 02:49 PM

IndiaMART Intermesh Limited conducted a physical one-on-one meeting with institutional investor Quantum Advisors on August 24, 2026, at 12:30 PM in Noida. The company confirmed that no unpublished price-sensitive information (UPSI) was shared during the interaction. Discussion referenced the existing investor presentation available on the company website. This is a routine compliance disclosure under SEBI LODR Regulation 30.

One-on-one physical investor meeting held on August 24, 2026, at 12:30 PM in Noida
Interaction conducted specifically with institutional investor Quantum Advisors
Company confirmed zero unpublished price-sensitive information (UPSI) was shared

💡 Track upcoming quarterly operational metrics, particularly paying supplier additions and traffic growth, which drive deferred revenue performance.

IndiaMART Concludes One-on-One Investor Meeting with CapGrow Capital Advisors

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 02:43 PM

IndiaMART InterMESH Limited disclosed the outcome of a one-on-one institutional investor meeting held on August 20, 2026. The meeting was conducted via video conference at 12:00 PM with CapGrow Capital Advisors LLP. The company confirmed that no unpublished price-sensitive information (UPSI) was shared during the interaction.

One-on-one meeting conducted on August 20, 2026 at 12:00 PM
Interaction held with single institution: CapGrow Capital Advisors LLP
Conducted via Video Conference mode
Company confirmed zero unpublished price sensitive information (UPSI) was shared

💡 This is a routine regulatory disclosure under Regulation 30; no actionable trading or financial impact arises from this filing.

IndiaMART Concludes 1-on-1 Investor Call with TenCore Partners on August 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 09:39 PM

IndiaMART InterMESH Limited has submitted a regulatory update regarding an institutional investor interaction held on August 17, 2026. The one-on-one call was conducted with TenCore Partners at 06:30 P.M. via video conference. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting.

Meeting conducted on August 17, 2026, at 06:30 P.M.
One-on-one virtual interaction with TenCore Partners
No unpublished price sensitive information (UPSI) was shared
Company directed investors to its latest presentation on the investor relations portal

💡 Track upcoming quarterly performance and key operational indicators such as paying supplier additions and deferred revenue trajectory.

IndiaMART Conducts One-on-One Meetings with BugleRock Capital and Aberdeen Investment Management

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 06:23 PM

IndiaMART InterMESH Limited held two separate one-on-one institutional investor meetings on August 13, 2026. The meetings were conducted via video conference with BugleRock Capital at 12:00 PM and Aberdeen Investment Management at 04:00 PM. The company explicitly stated that no unpublished price-sensitive information (UPSI) was shared during these interactions. These meetings are part of the company's regular investor relations program for its Rs 10,757 Cr market cap business.

2 separate institutional investor meetings conducted on August 13, 2026
Participants included BugleRock Capital and Aberdeen Investment Management
0 unpublished price-sensitive information (UPSI) shared during the calls
Company maintains a base of 222,000 paying suppliers as per latest operational data

💡 As no new material information was disclosed, investors should focus on the next quarterly results to track the 15-18% expected growth rate and the performance of the 'Busy' accounting software segment.

2 Institutional Investor Meetings Conducted on August 11, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:19 PM

IndiaMART Intermesh Limited conducted two separate one-to-one meetings with institutional investors on August 11, 2026. The meetings were held via video conference with Manas Asian Equities Value Fund and Sicomoro Advisors. The company confirmed that no unpublished price sensitive information (UPSI) was shared during these interactions. These meetings are part of the company's routine investor relations engagement for its Rs 10,706 Cr market capitalization base.

2 one-to-one meetings held on August 11, 2026, via video conference
12:00 PM meeting conducted with Manas Asian Equities Value Fund
03:00 PM meeting conducted with Sicomoro Advisors
0 unpublished price sensitive information was shared during the calls

💡 Investors should review the latest investor presentation on the company's website to track progress on the 15-18% expected growth rate and supplier acquisition trends.

IndiaMART Conducts One-on-One Meeting with SteadFort Investment Managers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Aug 2026, 07:14 PM

IndiaMART InterMESH Limited held a one-on-one meeting with SteadFort Investment Managers on August 10, 2026, via video conference. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the 3:00 PM call. This interaction occurs as the company maintains a dominant 60% market share in the B2B classifieds space but faces a 30% stock price decline over the past 12 months. Investors should note that such meetings are standard practice for maintaining institutional relations.

One-on-one meeting conducted with SteadFort Investment Managers on August 10, 2026
Interaction held via Video Conference at 03:00 P.M. IST
Company maintains a TTM revenue of ₹1,569 Cr with a 33% operating margin
Current paying supplier base stands at 222,000, representing a 2% YoY growth
No unpublished price sensitive information was disclosed during the session

💡 Focus on upcoming quarterly filings to track if institutional engagement leads to improved growth in unique business enquiries, which recently slowed to 31 million.

View All INDIAMART Announcements on Live Market Tracking →

💰 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.