Indiamart Intermesh Ltd(INDIAMART)

NSE: INDIAMARTBSE: 542726

₹ 1,563.95-0.60%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 9,406 crNext results: 27 Oct 2026Website: www.indiamart.comUpdated: 27 Oct 2026

About

IndiaMART Intermesh describes itself as India's largest online B2B marketplace, listing 129 Mn products across 98,000 categories and 57 industries and serving 41 Mn active buyers in FY 2025-26. Most revenue comes from Silver, Gold and Platinum supplier subscriptions. In FY26 it reported revenue of Rs 1,569 Cr: web and related services made up 92% and accounting software (Busy) made up 8%.^[1][2][3]

Business segments

Web and related services (B2B marketplace): Rs 1,443 Cr revenue in FY26, 92% of revenue, with an EBIT margin of 36.9%.^[3]
Accounting software services (Busy Infotech): Rs 126.1 Cr revenue in FY26, 8% of revenue, with EBIT of -Rs 2.8 Cr.^[3]
The web and related services share of revenue fell 3.6 percentage points over FY2023-FY2026 as Busy grew.^[3]

Products and platform

As of FY26 the platform lists 129 Mn products across 98,000 categories and 57 industries.^[1]
Subscriptions come in Silver, Gold and Platinum tiers on annual or multi-year terms. Silver is also sold as a monthly plan.^[1]
The platform supports 9 voice languages and 243 text languages as of FY26.^[1]
Trust features include TrustSEAL and Know Your Seller verification, with checks of supplier GST, PAN, bank and Udyam details.^[1]
A Buyer Payment Protection Program offers up to Rs 5 lakh assurance on purchases from TrustSEAL-verified suppliers.^[4]
A TrustSEAL check of seller bank accounts is under way, targeting 50%+ of paid suppliers within about 1 year and 80%+ within about 2 years (Q1 FY27).^[4]
Voice AI handles nearly 1 lakh calls a day across multiple languages (FY26), up from 80,000 manual calls a day earlier.^[1][4]

Key operating numbers

There were 114 Mn unique business enquiries and 595 Mn replies and callbacks in FY 2025-26.^[1]
Unique business enquiries were 26 Mn in Q1 FY27 (-11% YoY). Active buyers over the last 12 months were 41 Mn in Q1 FY27 (-5% YoY).^[4]
Annualised ARPU was Rs 69K in Q1 FY27 (+9% YoY), up from Rs 67K in Q4 FY26 (+8% YoY).^[4]
In FY26 overall ARPU grew 8% and ARPU of the top 10% of suppliers grew 11% YoY.^[1]
Collections from customers were Rs 463 Cr in Q1 FY27 (+8% YoY) and Rs 1,857 Cr in FY26 (+14% YoY).^[4]
Deferred revenue was Rs 2,014 Cr in Q1 FY27 (+16% YoY), up from Rs 1,965 Cr in Q4 FY26.^[4]
Repeat buyers (90-day) were 58% in Q1 FY27, matching the high of 58-59% in Q3 FY26.^[4]

Suppliers and churn

Gold and Platinum suppliers make up about 50% of paying suppliers and bring in nearly 75% of operating revenue (FY26).^[1]
Silver monthly churn was about 7% in Q1 FY27, unchanged from Q2 FY26. Gold and Platinum annual churn was about 1% in Q2 FY26.^[4][5]
Net paying supplier additions were only 2 thousand in FY25, as Silver retention has been lower since FY24.^[6]
Category-based pricing in three tiers (standard, premium, super-premium) is being rolled out, with the top 1,000 categories classed as super-premium (Q4 FY26).^[7]
The long-term aim is to reach 500K paying suppliers (Q4 FY26).^[7]

Reach and distribution

The company operates 77 branches across 42 cities (FY26).^[1]
48% of suppliers come from Tier II and smaller cities (FY26).^[1]
Export-oriented collections were Rs 60-70 Cr as of Q4 FY26, up from Rs 50-60 Cr around FY25.^[7]
Performance marketing spend was Rs 7-8 Cr per quarter in Q1 FY27, aimed at the top 10% of monetisable categories.^[4]

Busy Infotech (accounting software)

Busy sold 45K new licenses in FY 2025-26, versus 33K in FY25.^[1][6]
Busy revenue from operations was Rs 36 Cr in Q1 FY27 (+47% YoY), with deferred revenue of Rs 146 Cr (+44% YoY).^[4]
Busy billing was Rs 59 Cr in Q1 FY27 (+10% YoY reported, about 30% normalised).^[4]
Products include BUSY for Mandi, aimed at commission agents in agricultural wholesale markets, plus BUSY on Cloud, BUSY Recom and the BUSY Mobile App.^[1]
Management targets 27-30% revenue CAGR for Busy over the next couple of years (Q1 FY27).^[4]

Expansion and investments

In Q1 FY27 the board approved IndiaMART Finance Limited, an NBFC subsidiary to arrange short-term B2B financing through partner lenders, without lending from its own balance sheet.^[4]
Livekeeping Technologies, a mobile SaaS tool for Tally users, became a wholly owned subsidiary in FY 2026 after IndiaMART bought the remaining stake.^[1]
In FY25 the company bought a 10% stake in Baldor Technologies (IDfy) for Rs 90 crore.^[6]
6 of 13 strategic investees may pursue an IPO over the next 2-3 years (Q4 FY26).^[7]

Capital return

For FY26 the board proposed a final dividend of Rs 30 plus a special dividend of Rs 30 per share, versus Rs 50 in total for FY25.^[1][6]
Cash and treasury balance was Rs 3,553 Cr in Q1 FY27, up from Rs 3,280 Cr in Q4 FY26.^[4]

Market Cap

₹9,406 Cr

High / Low

₹2,525 / 1,539

Stock P/E

19.4

Price / Book

4.0

Book Value

₹399

EPS

₹79.0

No. of Shares

6.01 Cr

ROCE

28.2%

ROE

20.7%

OPM

39.8%

Debt / Equity

0.00

Sales

₹1,569 Cr

Net Profit

₹475 Cr

Promoter holding

49.1%

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Indiamart Intermesh Ltd(INDIAMART)

About

Business segments

Products and platform

Key operating numbers

Suppliers and churn

Reach and distribution

Busy Infotech (accounting software)

Expansion and investments

Capital return

Signal history

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Verdict

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