Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Indiamart Intermesh Ltd.
NSE: INDIAMARTConsumer CyclicalInternet Retail
- Last close
- ₹1,572.80
- Day change
- −₹7.40 (−0.47%)vs
- Market cap
- ₹9,575 crIndian rupees
- Research updated
- 1 report
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About Indiamart Intermesh
Indiamart Intermesh Ltd. is an Indian e-commerce company that operates as a comprehensive online business-to-business (B2B) platform. Its primary function is to facilitate the connection between buyers and suppliers across various industries, ranging from the traditional manufacturing sector to the emerging technology industry. The platform provides a robust marketplace for enterprises of all sizes to showcase their products and services, enhancing visibility and business opportunities. As one of India's largest online B2B marketplaces, Indiamart Intermesh Ltd. plays a pivotal role in supporting the procurement and supply chain activities of numerous businesses nationwide, promoting efficiency and operational scalability. The company empowers small and medium enterprises (SMEs) with digital tools to reach a broader audience, thereby playing a key role in the digital transformation of the Indian business landscape. The significance of Indiamart Intermesh Ltd. in the financial market reflects the growing importance of digital commerce in addressing logistical challenges and enhancing market reach.
- Sector
- Consumer Cyclical
- Industry
- Internet Retail
- Listing
- NSE: INDIAMART
- Next results
- Chief executive
- Mr. Dinesh Chandra Agarwal
- Employees
- 5,384
- Headquarters
- Noida, India
- ISIN
- INE933S01016
- Website
- indiamart.com
Public research · Report of
Business model & financial foundation
IndiaMART (NSE: INDIAMART), B2B discovery marketplace and SME accounting software: revenue of ₹1,569 crore in FY26 (+13.0% on FY25), an EBITDA margin of 33.8%, net profit of ₹474.7 crore and net cash of ₹3,257 crore.
- Revenue, FY26 (₹ crore)
- 1,569
- consolidated
- Revenue growth, FY26
- +13.0%
- on FY25
- EBITDA margin, FY26
- 33.8%
- EBITDA (Operating EBITDA on company definition) / revenue
- Net profit, FY26 (₹ crore)
- 474.7
- to owners
- Return on equity, FY26
- 20.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,257
- Lease debt less company cash and treasury investments
- Market capitalisation (₹ crore)
- 98,117
- at the close of 13 Oct 2026
Company profile
IndiaMART sells supplier visibility, enquiries and related digital services on a B2B discovery marketplace rather than charging a transaction take rate. Upfront annual and multi-year subscriptions create contract liabilities and cash-flow visibility. BUSY and Livekeeping provide SME accounting products. Treasury assets and strategic stakes produce substantial non-operating earnings volatility.
| Item | Value |
|---|---|
| Legal name | IndiaMART InterMESH Limited |
| Exchange and ticker | NSE: INDIAMART; BSE: 542726 |
| ISIN | INE933S01016 |
| CIN | L74899DL1999PLC101534 |
| Sector | Communication Services |
| Industry | B2B discovery marketplace and SME accounting software |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹98,117 crore (13 Oct 2026) |
| Shares outstanding | 6.01 crore shares (FY26) |
| Price | ₹1,607 (close, 13 Oct 2026) |
| 52-week range | ₹1,565 - ₹2,526 (to 13 Oct 2026) |
| Website | https://investor.indiamart.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| BUSY Infotech Private Limited | 100% | SME accounting software |
| Livekeeping Technologies Private Limited | 100% | Mobile and web access to accounting data |
| Tradezeal Online Private Limited | 100% | Investment subsidiary |
| Pay With IndiaMART Private Limited | 100% | Payment facilitation |
| IIL Digital Private Limited | 100% | Business and credit facilitation |
Annual structure at31March2026; IndiaMART Finance incorporated4August2026 confirmed by exchange filing. Authorisation and actual subscription remittance not established. Associate/investment-scope changes recorded in capital file.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 49.17% | 49.12% | 49.12% | 49.07% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 21.53% | 18.27% | 19.17% | 19.92% |
| Domestic institutions | 13.00% | 16.41% | 13.54% | 12.11% |
| of which mutual funds | 11.61% | 14.64% | 11.85% | |
| Retail | 9.69% | 9.54% | 10.33% | |
| Other | 6.61% | 6.66% | 7.84% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
- Two reported segments. Web-related services (the B2B discovery marketplace) had external revenue of 1142.981 / 1320.153 / 1442.938 in FY24/FY25/FY26. Accounting software services (BUSY plus Livekeeping) had 53.794 / 68.191 / 126.104. Consolidated revenue was 1196.775 / 1388.344 / 1569.042. Segment results are on an EBITDA-type basis: web 335.245 / 534.708 / 532.856 and software −3.887 / −11.916 / −2.815. Both segment revenue and result reconcile to consolidated revenue and operating EBITDA (331.358 / 522.792 / 530.041) with zero residual.
- How the marketplace earns. It is free to join for most suppliers. Paid Silver/Gold/Platinum subscriptions buy visibility and prioritised RFQs. Fees are collected upfront and recognised over the contract term. It is not a GMV or take-rate model.
- Prepayment float. Group contract liabilities were 1439.981 / 1677.649 / 1965.260 at FY24/FY25/FY26. Standalone deferred revenue including advances was 1,831.786 at March 2026 and 1,858 at June 2026.
- Customer stock and pricing. Paying suppliers were about 220,000 at FY26 and 218,000 at Q1FY27 (rounded issuer figures). Gold/Platinum are about 50% of paid suppliers and nearly 75% of revenue.
- BUSY. FY26 revenue was INR119.1cr (+81% reported, +44% normalised for the November 2024 channel-discount reclassification). That reclassification breaks like-for-like growth; it must not be read as organic acceleration.
- Large treasury book. Current treasury investments were 3029.405 at FY26. Other income was 204.103 in FY26, of which strategic fair-value gains were 77.703.
- Associate portfolio. Eight associates at FY26, including Vyapar, Fleetx, Mobisy and Truckhall. The share of losses was −54.772 in FY26.
| Segment | revenue, FY26 (₹ crore) | Share | result ebitda, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Web and related services | 1,443 | 92.0% | 532.9 | 100.5% | 3,141 | 67.9% |
| Accounting software services | 126.1 | 8.0% | -2.82 | -0.5% | 720.7 | 15.6% |
| Unallocated reconciliation assets (not operating segment) | 762.9 | 16.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Just Dial Limited (JUSTDIAL) | SME paid visibility and discovery; local consumer-services mix differs. |
| Info Edge (India) Limited (NAUKRI) | |
| CarTrade Tech Limited (CARTRADE) | Dealer leads and vertical discovery; auto transactions and auction exposure. |
| Matrimony.com Limited (MATRIMONY) | Paid matching, conversion and retention; consumer rather than SME end market. |
| RateGain Travel Technologies Limited (RATEGAIN) | B2B recurring software analogue; global travel economics differ from BUSY. |
| PB Fintech Limited (POLICYBZR) | Supplementary acquisition, trust and lead-conversion analogue; commission economics. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 753.5 | 985.4 | 1,197 | 1,388 | 1,569 |
| Cost of revenue (vendor classification) * | 134.4 | 220.4 | 232.8 | 89.1 | 96.1 |
| Other operating costs (vendor classification) * | 41.0 | 65.7 | 79.3 | 163.0 | 231.4 |
| EBITDA (vendor classification) * | 303.7 | 235.1 | 294.4 | 479.1 | 488.7 |
| Operating EBIT excluding treasury and associate losses | 395.9 | 379.4 | 294.9 | 489.8 | 501.6 |
| Finance costs | 5.40 | 8.15 | 8.91 | 7.41 | 2.98 |
| Profit before tax after associate losses | 390.4 | 371.3 | 454.4 | 705.8 | 647.9 |
| Total income tax expense | 92.8 | 87.5 | 120.4 | 155.1 | 173.3 |
| Consolidated net profit for year | 297.6 | 283.8 | 334.0 | 550.7 | 474.7 |
| Diluted earnings per share (₹) | 48.42 | 46.32 | 55.04 | 91.59 | 78.77 |
| Employee benefits expense | 544.1 | 601.0 | 692.8 | ||
| Other expenses | 321.3 | 264.6 | 346.2 | ||
| Materials, traded goods and inventory change | n.a. | n.a. | n.a. | ||
| Operating EBITDA on company definition | 331.4 | 522.8 | 530.0 | ||
| Other income | 210.6 | 272.4 | 204.1 | ||
| Depreciation, amortisation and impairment expense | 36.5 | 32.9 | 28.4 | ||
| Exceptional items: signed P&L contribution | -1.82 | 0.00 | 0.00 | ||
| Share of net loss of associates: signed | -40.4 | -49.1 | -54.8 | ||
| Profit attributable to equity holders used in EPS | 334.0 | 550.7 | 474.7 | ||
| Separately disclosed non-controlling profit share | n.d. | n.d. | n.a. | ||
| Current income tax expense | 95.4 | 154.5 | 162.7 | ||
| Deferred income tax expense | 25.0 | 0.59 | 10.6 | ||
| Profit before associates, exceptional and tax | 496.6 | 754.9 | 702.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 1,874 | 2,058 | 1,736 | 2,185 | 2,400 |
| Total debt on company definition: lease liabilities | 56.3 | 45.9 | 40.7 | 33.0 | 23.1 |
| Cash and cash equivalents | 49.6 | 58.1 | 84.8 | 73.5 | 80.4 |
| Trade receivables | 1.33 | 7.05 | 4.78 | 3.97 | 5.50 |
| Trade payables including accrued expenses | 18.4 | 0.42 | 34.4 | 27.0 | 32.0 |
| Net PPE excluding right-of-use assets | 0.00 | 54.1 | 15.5 | 7.97 | 5.05 |
| Capital work in progress net carrying amount | 0.18 | 0.18 | 0.50 | 0.00 | 0.00 |
| Total consolidated assets | 2,949 | 3,445 | 3,449 | 4,134 | 4,625 |
| Current lease liabilities | 11.4 | 10.3 | 10.0 | ||
| Noncurrent lease liabilities | 29.2 | 22.7 | 13.1 | ||
| Current treasury investments | 2,222 | 2,788 | 3,029 | ||
| Noncurrent financial investments excluding associates | 269.5 | 420.2 | 407.9 | ||
| Equity-accounted associate investments | 254.2 | 244.8 | 355.0 | ||
| Company disclosed cash and treasury investments | 2,340 | 2,885 | 3,280 | ||
| Lease debt less company cash and treasury investments | -2,300 | -2,852 | -3,257 | ||
| Other current bank balances | 16.4 | 10.9 | 10.8 | ||
| Inventory | n.a. | n.a. | n.a. | ||
| Acquisition deferred consideration liability | 40.2 | 30.5 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 574.1 | 640.8 | 559.2 | 623.2 | 694.2 |
| Free cash flow (vendor definition) * | 397.9 | 458.6 | 544.5 | 615.4 | 687.2 |
| Dividends paid: positive cash expenditure | -45.5 | -6.10 | 61.1 | 119.9 | 300.0 |
| Gross purchases PPE, intangibles and capital advances | -4.24 | -16.1 | 14.7 | 7.86 | 7.00 |
| Lease principal and interest cash paid | 13.9 | 14.9 | 13.2 | ||
| Investments in associates and other entities | 25.5 | 162.6 | 75.0 | ||
| Deferred acquisition consideration cash paid | n.d. | 13.4 | 26.8 | ||
| Buyback cash expenditure including tax excluding fees | 616.2 | 0.00 | 0.00 | ||
| Buyback transaction expenses cash paid | 3.70 | ||||
| Proceeds on sale PPE | 0.28 | 0.14 | 0.09 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares before trust elimination | 6.08 | 6.11 | 6.00 | 6.00 | 6.01 |
| Weighted-average basic shares | 6.05 | 6.00 | 6.00 | ||
| Weighted-average diluted shares | 6.07 | 6.01 | 6.03 | ||
| Year-end shares net of employee trust | 5.99 | 6.00 | 6.01 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 347.7 | 354.3 | 355.1 | 372.1 | 391.0 | 401.6 | 404.3 | 414.4 |
| Cost of revenue (vendor classification) * | 37.9 | 22.6 | 22.6 | 23.9 | 26.4 | |||
| Other operating costs (vendor classification) * | 65.7 | 20.4 | 41.8 | 47.9 | 57.7 | 93.7 | 61.6 | |
| EBITDA (vendor classification) * | 187.4 | 127.3 | 118.9 | 124.3 | 126.5 | 122.3 | 86.0 | 136.8 |
| EBIT * | 179.2 | 160.8 | 220.0 | 205.0 | 247.6 | 79.0 | 232.3 | |
| Finance costs | 1.83 | 1.80 | 1.70 | 1.04 | 0.71 | 0.70 | 0.60 | 0.56 |
| Profit before tax after associates | 177.3 | 159.0 | 218.1 | 203.9 | 118.6 | 247.0 | 78.4 | 231.7 |
| Total income tax expense | 42.2 | 38.0 | 37.5 | 50.4 | 35.9 | 58.7 | 28.2 | 59.5 |
| Net profit for the quarter | 135.1 | 121.0 | 180.6 | 153.5 | 82.6 | 188.3 | 50.2 | 172.2 |
| Diluted EPS (₹) | 22.48 | 20.13 | 30.06 | 25.52 | 13.71 | 31.24 | 8.33 | 28.56 |
| Employee benefits expense | 147.4 | 153.0 | 157.4 | 160.9 | 171.5 | 182.3 | 178.0 | 174.0 |
| Other operating expenses including outsourced sales | 65.7 | 63.0 | 67.3 | 77.6 | 89.8 | 85.1 | 93.7 | 93.9 |
| Other income (signed) | 65.5 | 44.9 | 108.8 | 92.5 | 10.1 | 135.4 | -33.9 | 106.7 |
| Depreciation amortisation and impairment as reported | 8.18 | 8.30 | 8.30 | 6.93 | 7.14 | 7.30 | 7.00 | 6.36 |
| Profit before share of associates loss and tax | 190.0 | 173.1 | 229.2 | 218.0 | 132.0 | 261.6 | 91.1 | 246.2 |
| Share in net loss of associates (signed) | -12.7 | -14.1 | -11.1 | -14.1 | -13.4 | -14.6 | -12.7 | -14.6 |
| Company EBITDA (sum of reported segment results) | 134.5 | 138.3 | 130.4 | 133.5 | 129.7 | 134.2 | 132.6 | 146.5 |
| Current tax | 45.7 | 39.8 | 39.7 | 38.9 | 39.9 | 43.4 | 40.4 | 43.0 |
| Deferred tax expense or credit (signed) | -3.53 | -1.80 | -2.20 | 11.4 | -3.97 | 15.3 | -12.2 | 16.5 |
| COGS materials purchases and inventory change | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Separately classified exceptional items (signed) | n.a. | 0.00 | 0.00 | n.a. | n.a. | n.a. | n.a. | n.a. |
| Profit attributable to parent owners (EPS numerator) | 135.1 | n.r. | n.r. | 153.5 | 82.6 | n.r. | n.r. | 172.2 |
| Profit attributable to non-controlling interests | 0.00 | n.d. | n.d. | 0.00 | 0.00 | n.d. | n.d. | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.5% | 30.8% | 21.5% | 16.0% | 13.0% |
| EBITDA margin | 27.7% | 37.7% | 33.8% | ||
| Net margin | 27.9% | 39.7% | 30.3% | ||
| Return on equity | 17.6% | 28.1% | 20.7% | ||
| Return on capital employed | 22.0% | 18.8% | 15.2% | 24.5% | 21.6% |
| Return on assets | 9.7% | 14.5% | 10.8% | ||
| Net debt (₹ crore) | -2,300 | -2,852 | -3,257 | ||
| Net debt / EBITDA | -6.94x | -5.46x | -6.14x | ||
| Interest cover | 73.3x | 46.6x | 33.1x | 66.1x | 168.3x |
| Asset turnover | 0.28x | 0.31x | 0.35x | 0.37x | 0.36x |
| Receivable days | 1 | 3 | 1 | 1 | 1 |
| Payable days (on revenue) | 9 | 0 | 10 | 7 | 7 |
| Cash conversion | 1.67x | 1.13x | 1.46x | ||
| Capex intensity | 0.6% | 1.6% | 1.2% | 0.6% | 0.4% |
| Free cash flow (₹ crore) | 569.8 | 624.8 | 544.5 | 615.4 | 687.2 |
| Dividend payout | 18.3% | 21.8% | 63.2% | ||
| EPS, diluted (₹) | 48.42 | 46.32 | 55.04 | 91.59 | 78.77 |
| Book value per share (₹) | 308.0 | 337.1 | 289.5 | 364.0 | 399.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA on company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease debt less company cash and treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA on company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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