IndiaMART InterMESH Limited

BSE

INDIAMART

Stock

Yield per half year: +27.79%
Dividend yield: 0.8472%
Sector: Communication Services

Reporting IndiaMART InterMESH Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹										152.78
Revenue, bln ₹	3.18	4.11	5.07	6.39	6.7	7.53	9.85	11.97	13.88	13.88	9.99	15.68
Net profit, bln ₹	-0.6435	0.5476	0.2004	1.47	2.8	2.98	2.84	3.34	5.51	5.51	3.49	14.50
EBIT, bln ₹				1.48	3.12	2.96					2.52	25.99
EBITDA, bln ₹				2.36	4.12	4.08	4.11	4.74		4.11	3.88	14.97
OIBDA ₹					4.44	4.06	3.63				4.04	-6.49
Book value, bln ₹	-3.9	-3.21	1.6	2.75	16.11	18.74	20.58	17.36	21.85	21.85	18.93	6.28
FCF, bln ₹				2.56	3.22	3.98	4.59	5.44	6.15	6.15	4.68	13.82
Operating Cash Flow, bln ₹	-0.0058	1.79	2.55	2.61	3.23	4.02	4.76	5.59	6.23	6.23	4.77	14.04
Operating profit, bln ₹	-0.4712	0.5991	0.7821	1.48	3.12	2.96	2.37	2.95	4.9	4.9	3.26	9.45
Operating expenses, bln ₹				4.91	3.55	4.57	7.49	9.02	8.99	8.99	6.72	20.42
CAPEX, bln ₹	0.027	0.0229	0.0517	0.0464	0.00034	0.0442	0.172	0.1468	0.079	0.079	0.0885	197.32

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Revenue, bln ₹							2.51	2.69	2.82	2.95	3.05	3.15	3.31	3.48	3.54	3.55	3.41	2.42
Net profit, bln ₹							1.13	0.5594	0.8315	0.694	0.819	0.9955	1.14	1.35	1.21	1.81	1.30	12.70
EBIT, bln ₹						0.596	0.616										0.6060	1.66
EBITDA, bln ₹				0.8091	0.5824	1.03	1.63	0.864	1.22								1.07	15.94
Book value, bln ₹				18.74	18.04	18.78	20	20.58	20.87	15.45		17.36		18.77		21.85	18.86	0.92
FCF, bln ₹				1.53	0.6731	0.7											0.9677	-22.94
Operating Cash Flow, bln ₹	0.6146	1.61	2.45	4.02	0.7486	1.52	2.67	4.76	0.9063	1.93							2.36	4.89
Operating profit, bln ₹							0.6166	0.5762	0.6807	0.72	0.773	0.7585	1.11	1.26	1.3	1.22	1.13	9.97
Operating expenses, bln ₹							1.9	2.11	2.12	2.23	2.28	2.39	2.2	2.21	2.24	2.33	2.27	-0.51
CAPEX, bln ₹	0.0001	0.0001	0.0001	0.0442	0.0754	0.1518	0.1661	0.172	0.0344	0.038							0.1125	-24.19

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln ₹		0.1766	0.4671	0.402	0.1694	0.4012	0.4955	0.5811	0.848	0.735	0.735	0.6122	12.87
Short-Term Investments ₹		1.63	3.15	6.07	8.72	22.55	23.28	22.72	22.49	28.29	28.29	23.87	4.64
Accounts Receivable ₹		0.0053	0.0068	0.0057	0.0185	0.0125	0.0133	0.0706	0.0478	0.04	0.04	0.0368	26.19
Total Current Assets ₹		2.07	3.84	7.21	9.2	23.85	24.4	23.63	23.7	29.36	29.36	24.99	4.24
Net assets, bln ₹	0.1	0.0766	0.0746	0.0866	0.8532	0.6497	0.5608	0.5427	24.17		0.5427	5.36	95.18
Assets, bln ₹		2.21	5.43	8.21	11.23	25.11	29.49	34.45	34.49	41.34	41.34	32.98	10.49
Long-Term Debt ₹	2.2	2.46	3.73		0.6125	0.5257	0.4624	0.3403			0.3403	1.13	-38.05
Liabilities, bln ₹		6.11	8.64	6.61	8.48	9.01	10.75	13.86	17.12	19.48	19.48	14.04	16.67
Net debt, bln ₹						0.1245						0.1245	0.00
Debt, bln ₹					0.6125	0.5257						0.5691	-7.36
Interest Income ₹	0.0709	0.1928	1.23	0.25	0.6299	0.7369	0.9223	1.35	0.0267			0.7332	-46.86
Interest Expense, bln ₹					0.0328	0.0666	0.054	0.081	0.089	0.074	0.074	0.0729	2.13
Net interest income, bln ₹				0.25	0.0115	-0.0289	0.0144	-0.081	-0.0625		0.0267	-0.0293	-240.29
Goodwill ₹								4.54	4.54			4.54	0.00
Cost of production, bln ₹				0.0292	0.0288	0.0069	0.0077	0.0158	2.33		2.33	0.4778	140.76

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹				0.4955	0.3007	0.2141	0.2993	0.5811	0.3317	0.312		0.848		0.289		0.735	0.5031	17.25
Short-Term Investments ₹				23.28	18.42	19.32	20.65	22.72	23.38	18.34		22.49		24.12		28.29	23.32	3.89
Accounts Receivable ₹				0.0133	0.0691	0.321	0.0217	0.127	0.055	0.046		0.0478		0.034		0.04	0.0446	-6.17
Total Current Assets ₹				24.4	18.89	19.95	21.23	23.63	24.17	19.04		23.7		24.72		29.36	24.20	3.97
Net assets, bln ₹	0.6113	0.5917	0.5694	0.5608	0.582	0.611	0.6103	0.5427	0.5372	0.551							0.5704	-2.05
Assets, bln ₹				29.49	29.44	30.45	32.21	34.45	34.99	30		34.49		36.13		41.34	35.39	3.39
Long-Term Debt ₹					0.3213	0.3345	0.3449	0.3403	0.3303	0.347							0.3394	0.74
Liabilities, bln ₹				10.75	11.4	11.67	12.21	13.86	14.12	14.55		17.12		17.36		19.48	16.53	6.65
Interest Income ₹	0.2514	0.2702	0.1726	0.2203	0.0795	0.3411	0.9034	0.1927	0.4508	0.133							0.4042	-17.17
Interest Expense, bln ₹							0.022	0.021	0.022	0.023	0.022	0.0221	0.02	0.019	0.018	0.017	0.0192	-5.11
Net interest income, bln ₹				-0.0011	-0.0045	-0.0188	-0.022	-0.021	-0.022	-0.023	-0.022						-0.0220	0.00
Goodwill ₹					4.56	4.56	4.56	4.54	4.54	4.54							4.55	-0.09
Cost of production, bln ₹	0.0015	0.0016	0.0026	0.002	0.0054	0.0047	0.0038	0.002	0.0048			2.33					0.4691	245.98
Inventory ₹					0.0013	0.001	0.00095										0.0011	-9.93

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	7.01	12.04	45.61	48.35	46.41	55.71	91.78		91.78	57.57	15.01
Share price		2066.05	6405.4	6473.95	4318.5	2721.6	2249.2	2545.85	2545.85	3661.82	-17.03
Number of shares, mln	28.59	28.88	60.63	61.11	61.16	59.95	60.01		60.01	60.57	-0.21
FCF/share		88.64	53.18	65.12	75	90.83	102.54		102.54	77.33	14.03

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS	7.6	11.18	36.9	9.15	13.6	11.57	13.63	16.61	22.53	30.1			18.89	21.07
Share price	4459.1	4296.42	4467.18	4698.66	5260.14	3018.51	2701.41			2069.2	2465.75	2552.6	2561.49	-3.30
FCF/share	22.15	11.46											16.80	-28.07

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	16.5	-17.04	12.54	53.58	17.37	15.88	14.43	17.6	28.09		28.09	21.32	18.67	10.09
ROA, %	-29.13	10.09	2.44	13.12	11.14	10.09	8.88	9.69	14.53		14.53	3.27	10.87	5.46
ROIC, %				44.27	19.55							11.55	31.91	-33.55
ROS, %		13.34	3.95	23.07	41.78	39.5	28.8	27.91	39.66	39.66	39.66	5.69	35.11	0.08
ROCE, %				53.72	19.39	15.79				0	0	8.83	29.63	-33.51
EBIT margin				23.13	46.64	39.27				0	0	7.16	36.35	19.30
EBITDA margin				36.92	61.54	54.12	41.66	45.47		29.6	29.6	24.20	46.48	-13.62
Net margin	-20.25	13.34	3.95	23.07	41.78	39.5	28.8	27.91	39.66		39.66	5.69	35.53	-1.04
Operational efficiency, %		14.59	15.41	23.14	46.61	39.27	24.03	24.64	35.29	35.29	35.29	19.40	31.70	-2.11
FCF yield, %											4.03	-6.84

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	3.06	2.59	3.64	5.64	2.93	4.22	3.53		5.27		7.37		9.9			21.32	6.06	18.59
ROA, %	1.95	1.59	2.24	3.5	1.68	2.39	2.14		3.09		3.83		4.66			3.27	3.22	14.29
ROS, %						29.47	23.55	26.83	31.64	34.41	38.86	34.15	50.86	39.66	39.66	5.69	40.64	0.41
ROCE, %			3.17	3.08												8.83	3.13	-1.43
EBITDA margin	40.17	25.93	42.71	64.83	32.15	43.24								29.6	29.6	24.20	39.88	-14.51
Net margin				44.88	20.82	29.47	23.55	26.83	31.64	34.41	38.86	34.15	50.86			5.69	37.98	9.96
Operational efficiency, %						24.13	24.43	25.32	24.1	33.63	36.35	36.69	34.38	35.29	35.29	19.40	35.60	-0.59

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	20.34	76.3	66.46	45.87	49.38	24.51		24.51	20.54	52.50	-20.32
P/BV	10.9	13.25	10.55	6.32	9.5	6.18		6.18	5.96	9.16	-14.15
P/S	4.69	31.88	26.25	13.21	13.78	9.72		9.72	7.16	18.97	-21.14
P/FCF					0	0	24.83	24.83	42.22	24.83	0.00
E/P					0	0	0.036	0.036	-0.02	0.0360	0.00
EV/EBIT						0	0	0	21.07
EV/S					0	0	0	0	5.98
EV/FCF						0	0	0	17.44
Debt/EBITDA	0.2597	0.1276			0	0	0	0	4.14	0.1936	-29.90
Netdebt/Ebitda		0.0302			0	0	0	0	3.61	0.0302	0.00
Debt/Ratio	0.0545	0.0209			0	0	0	0	0.68	0.0377	-38.07
Debt/Equity	0.2227	0.0326			0	0	0.8916	0.8916	0.62	0.3823	58.79
Debt/Net Income	0.4156	0.1879			0	0	0	0	-5.96	0.3018	-32.76
PEG							0.1668	0.1668	-17.30	0.1668	0.00
Beta					-0.7539	4.31	2.2	2.2	0.20	1.92	-242.90
Altman Index					0.6273	0.7083	5.29	5.29	6.18	2.21	103.54

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	22.68	32.28	33.37	46.23	54.36	55.29	52.77	46.3	25.94			20.54	46.93	-13.75
P/BV	3.22	7.17	6.51	7.44	8.35	11.33	9.28	9.51	5.76			5.96	8.85	-7.16
P/S	7.3	9.16	9.66	12.62	16.69	16.18	14.02	14.47	9.58			7.16	14.19	-10.51
P/FCF											24.83	42.22	24.83	0.00
E/P											0.036	-0.02	0.0360	0.00
Debt/Equity										0.8916	0.8916	0.62	0.8916	0.00
PEG										0.4062	0.1668	-17.30	0.2865	-35.92
Beta									1.86	1.74	2.2	0.20	1.93	5.76
Altman Index									0.7083	0.8514	5.29	6.18	2.28	95.47

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	0.3333	0.3333	0.0149	0.4551	0.6115	1.2			0.7945		0.5230	29.20
Dividend		5	5	7.5	1	10	20	30	30		13.70	31.95
Dividend yield, %		0.5421	0.1518	0.097	0.3569	0.0337	0.4225	0.8472	0.8472	0.69	0.3515	54.26
Dividends / profit, %		22.61	0.5329	15.29	2.15	18.31	21.77		21.77	34.66	11.61	110.01
Dividend coverage ratio			6.15	48.81	4.64	2.79		6.93	6.93	3.27	13.86	2.42

	2020Q1	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend payout, bln		0.0148	0.0149	0.4552	0.4552	0.4551	0.0611	0.061	0.061	0.6115	0.611				0.2811	58.49
Dividend	5			7.5			1			1					3.63	-33.13
Dividend yield, %	0.221			0.0979			0.0233			0.1901				0.69	0.1331	-3.70
Dividends / profit, %		1.84	2.68	55.43	64.82	79.31	8.94	5.4	10.9	73.54	88.04			34.66	37.36	58.00
Dividend coverage ratio												6.93	6.93	3.27	6.93	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Revenue, %	0.0051	0.5863	1.75	1.23	0.569	0.569	156.75
Staff, people				4 583	4 583		0.00

	CAGR 5

	CAGR 5