Indiamart Intermesh Limited (INDIAMART)

About

Indiamart Intermesh operates an Internet and catalogue retail platform in India's Consumer Discretionary sector, with ₹10,757.3 Cr market cap. Operating margins of 33.78%, ROE of 20.7%, and zero debt reflect strong financial positioning; recent quarterly net profit ranges ₹50–₹206 Cr.

Founded: 2001
Face value: ₹10

Market cap

₹9,738 Cr

P/E

19.7×

P/B

4.1×

Dividend yield

3.7%

ROE

20.7%

ROCE

22.9%

Debt / equity

0

OPM

33.8%

EPS (TTM)

₹82.1

Book value

₹399.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins volatile across recent quarters (31.92% to 39.72%); verify underlying drivers and sustainability
Quarterly net profit swings from ₹50.2 Cr (Mar 2026) to ₹206.1 Cr (Dec 2025), suggesting cyclicality or operational variability; verify cause
Stock down 30% in one year (1y return -30.09%) despite consistent profitability; clarify investor concerns unrelated to earnings
Competition and regulatory evolution in online retail (GST, compliance, data localization); verify competitive position and margin resilience

Generated analysis · source review pending

Growth drivers

D/E ratio of 0 provides balance-sheet capacity for organic expansion or acquisitions
OPM of 33.78% sustains cash generation for reinvestment and shareholder returns; verify if margins hold or expand at scale
ROE of 20.7% indicates capital efficiency, enabling reinvestment-driven growth
E-commerce segment in India expanding; verify company's market share gains and TAM penetration

Generated analysis · source review pending

1,786 historical price candles were omitted because the exchange source has not been verified.

₹1,620.3+0.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 22.1% (3-yr avg)
+High return on capital employed of 24%
+Healthy operating margin of 33.8%
+Revenue CAGR of 18.6% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 235.2×
+Dividend yield of 3.7%
+Dividend payout of 73.1% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

68/100

Business quality: 84
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Info Edge (India) LimitedNAUKRINAUKRI	₹77,808 Cr	₹77,808 Cr	₹3,375 Cr	₹1,249 Cr	35.7%	₹1,600 Cr	53.7%	4.9%	4%	-19
Indiamart Intermesh LimitedINDIAMARTINDIAMART	₹9,738 Cr	₹9,738 Cr	₹1,611 Cr	₹543 Cr	33.8%	₹493 Cr	30.3%	22.9%	20.7%	-10
Just Dial LimitedJUSTDIALJUSTDIAL	₹5,552 Cr	₹5,552 Cr	₹1,043 Cr	₹217 Cr	20.8%	₹363 Cr	34.8%	11.8%	9.4%	-6
Crizac LimitedCRIZACCRIZAC	₹2,921 Cr	₹2,921 Cr	₹1,034 Cr	₹286 Cr	27.4%	₹220 Cr	21%	47.7%	37.5%	-38
Matrimony.com LimitedMATRIMONYMATRIMONY	₹1,029 Cr	₹1,029 Cr	₹475 Cr	₹65 Cr	11.2%	₹45 Cr	7.4%	18.5%	15.3%	-55
Tcc Concept LimitedTCCTCC	₹225 Cr	₹241 Cr	₹179 Cr	₹97 Cr	54.3%	₹63 Cr	36.1%	5.7%	5.3%	-533
Jupiter Infomedia LtdJUPITERINJUPITERIN	₹37 Cr	₹37 Cr	₹2 Cr	₹-3 Cr	-113.9%	₹0 Cr	40.8%	1.5%	0.2%	0
Olympia Industries LtdOLYMPTXOLYMPTX	₹14 Cr	₹56 Cr	₹139 Cr	₹2 Cr	2.3%	₹0 Cr	0.6%	12.4%	3.3%	131
JLA Infraville Shoppers LtdJSHLJSHL	₹1 Cr	₹1 Cr	₹0 Cr	₹-1 Cr	—	₹-0 Cr	—	-1.4%	-2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	507	639	670	754	985	1,197	1,388	1,569
	487	472	344	458	755	906	915	1,094
	20	167	326	296	230	291	474	475
OPM %	4%	26.2%	48.6%	39.2%	23.3%	24.3%	34.1%	30.3%
Depreciation	4	21	16	12	31	37	33	28
Interest	3	3	7	5	8	9	7	3
	41	69	87	112	181	209	272	204
Profit before tax	54	212	389	391	371	454	706	648
Tax	34	64	110	93	88	120	155	173
Tax %	62.8%	30.3%	28.1%	23.8%	23.6%	26.5%	22%	26.7%
	20	147	280	298	284	334	551	475
PAT margin %	4%	23.1%	41.8%	39.5%	28.8%	27.9%	39.7%	30.3%
EPS (₹)	—	51.1	96.2	97.8	93	55.2	91.8	79.1
EPS adjusted (₹)	3.5	25.5	45.8	48.7	46.4	55.8	91.8	79
	—	19.6%	15.6%	2%	21.5%	36.2%	54.4%	75.9%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	29	29	30	31	31	60	60	60
Reserves	-331	131	246	1,581	1,844	2,028	1,676	2,125	2,340
Minority interest	0	—	—	—	—	—	—	—	—
	—	—	—	0	0	0	0	0	0
	864	661	848	901	1,075	1,386	1,713	1,948	2,224
Total equity & liabilities	543	821	1,123	2,511	2,949	3,445	3,449	4,134	4,625
	8	9	6	3	56	553	536	515	494
CWIP	0	0	0	0	0	0	1	0	0
Investments	311	637	911	2,254	2,722	2,783	2,746	3,453	3,792
	223	175	206	254	171	108	166	166	338
Total assets	543	821	1,123	2,511	2,949	3,445	3,449	4,134	4,625

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Web and related services	1,443	532.8	3,141	2,070.8	1,070.2	49.79
Accounting Software services	126.1	-2.8

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	4%	26.4%	49%	40.9%	27.2%	27.7%	37.7%	33.8%
EBIT margin %	3.2%	23.1%	46.6%	39.3%	24%	24.6%	35.3%	32%
PAT margin %	4%	23.1%	41.8%	39.5%	28.8%	27.9%	39.7%	30.3%
Working capital
Receivable days	0	1	1	1	3	1	1	1
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	14	16	15	14	15	11	11
NWC days	—	—	-16	-14	-11	-13	-10	-10
Leverage
Current ratio	1.71	1.88	4.41	3.71	2.76	2.22	2.4	2.34
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	17.4	65.6	59.5	75.6	51.5	56.8	103	235.2
Asset turnover	0.62	0.57	0.27	0.26	0.29	0.35	0.34	0.34
Return ratios
Return on assets %	2.4%	13.1%	11.1%	10.1%	8.2%	9.7%	13.3%	10.3%
Return on capital employed %	14.3%	41.9%	30.6%	19.2%	17.1%	20.3%	28.8%	22.9%
Return on equity %	12.5%	53.6%	17.4%	15.9%	13.8%	19.2%	25.2%	19.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.21%	49.21%	49.21%	49.21%	49.21%	49.17%	49.17%	49.17%	49.17%	49.12%	49.12%	49.07%
	27.34%	24.16%	23.07%	23.37%	23.86%	21.06%	18.95%	19.22%	21.53%	18.27%	19.17%	19.92%
	5.47%	8.25%	10.62%	11.82%	12.11%	13.86%	15.5%	15.3%	13%	16.41%	13.54%	12.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	17.87%	18.3%	17.05%	15.55%	14.78%	15.82%	16.34%	16.28%	16.28%	16.15%	18.16%	18.88%
No. of shareholders	—	—	—	—	—	—	—	—	1,63,687	1,57,986	1,58,065	1,55,473

Promoter holding down 0.14 percentage points since Sep 2023.

52 deals · 4 Jan 2022 – 14 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jan 2026	NALANDA INDIA EQUITY FUND LIMITED	Bulk	BSE	Buy	11,18,734	₹2,110.00	₹236.05 Cr
14 Jan 2026	SMALLCAP WORLD FUND INC	Bulk	BSE	Sell	6,26,443	₹2,110.00	₹132.18 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST	Block	NSE	Sell	57,074	₹2,561.00	₹14.62 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST II	Block	NSE	Buy	57,074	₹2,561.00	₹14.62 Cr
21 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,07,100	₹2,547.48	₹129.18 Cr
21 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,50,400	₹2,530.34	₹113.97 Cr
21 Jun 2024	WESTBRIDGE CROSSOVER FUND LLC	Bulk	BSE	Sell	7,30,000	₹2,601.00	₹189.87 Cr
21 Jun 2024	SBI MUTUAL FUND	Bulk	BSE	Buy	5,40,000	₹2,601.00	₹140.45 Cr
21 Jun 2024	WESTBRIDGE CROSSOVER FUND LLC	Block	BSE	Sell	5,40,000	₹2,601.00	₹140.45 Cr
21 Jun 2024	SBI MUTUAL FUND	Block	BSE	Buy	5,40,000	₹2,601.00	₹140.45 Cr

1–10 of 52

1 / 6

Mr. Dinesh Chandra AgarwalExecutive Director-CEO-MD
Mr. Brijesh Kumar AgrawalExecutive Director
Mr. Vivek Narayan GourNon-Executive - Independent Director
Ms. Pallavi Dinodia GuptaNon-Executive - Independent Director
Mr. Manoj BhargavaExecutive Director
Mr. Manish VijNon-Executive - Independent Director
Mr. Sandeep Kumar BarasiaNon-Executive - Independent Director
Mr. Vasuta AgarwalNon-Executive - Independent Director
Ms. Vasudha BagriCompliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

34

across 10 fund houses

Held by these funds

4%

of the company's equity

All mutual funds

10.44%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

34 schemes · 10 fund houses

		Shares
Technology Fund	ICICI Prudential Mutual Fund	9.38 L	164.73	1.21%	1.561%	-0
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	7.23 L	126.93	0.38%	1.203%	-0
Dividend Yield FundNEW	ICICI Prudential Mutual Fund	2.4 L	42.07	0.63%	0.399%	—
Business Cycle Fund	ICICI Prudential Mutual Fund	2.28 L	40.08	0.25%	0.38%	-0
Templeton India Value Fund	Franklin Templeton Mutual Fund	1.03 L	18.08	0.94%	0.171%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	48,849	8.58	0.24%	0.081%	+597
Nifty Smallcap250 Quality 50 Index Fund	DSP Mutual Fund	32,035	5.62	1.78%	0.053%	-30
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	24,826	4.36	0.24%	0.041%	+278

1–8 of 34

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

8

Investor Presentation and earnings call

4

Jul 2026Transcript AI Summary PPT REC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

37 announcementsExport CSV

28 Sept 2026, 10:14 pmCompany Update