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Swing Capital

Indiamart Intermesh Ltd

NSE: INDIAMART BSE: 542726IT / Software

IndiaMART, the first and largest B2B digital marketplace in the country, today stands out as a game-changer on the B2B landscape. It focuses on integrating the Small and Medium Businesses (SMEs) into the new paradigm with speed and ease, we are constantly pushing the frontiers of innovation to make the online marketplace more accessible, visible and engaging to them. [1]

₹1,938
52W: ₹1912 — ₹2799
PE 22.2 · Book ₹423 · +358% vs book
Market Cap₹11,656 Cr
Stock P/E22.2Price to Earnings
ROCE28.6%Return on Capital
ROE21.8%Return on Equity
Div. Yield1.54%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 39.0%

Weaknesses

  • −Earnings include an other income of Rs.191 Cr.
  • −Working capital days have increased from -70.4 days to 411 days

Shareholding Pattern

Promoters49.12%
FIIs19.17%
DIIs13.54%
Public18.17%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.21%49.21%49.17%▼0.049.17%49.17%49.17%49.12%▼0.149.12%
FIIs23.37%23.86%▲0.521.06%▼2.818.95%▼2.119.21%▲0.321.53%▲2.318.28%▼3.319.17%▲0.9
DIIs11.81%12.1%▲0.313.85%▲1.815.49%▲1.615.29%▼0.212.99%▼2.316.41%▲3.413.54%▼2.9
Public15.56%14.78%▼0.815.83%▲1.116.34%▲0.516.29%▼0.116.28%▼0.016.13%▼0.218.17%▲2.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales291299315332337336346360368368
Expenses204209198212193203212245232234
Operating Profit8790117120144133135115136135
OPM %30%30%37%36%43%40%39%32%37%37%
Net Profit92921241271252311668420670
EPS ₹15.2715.3920.6721.1720.8138.5327.6513.9134.311.58

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,443Cr, up 9.3% YoY. OPM at 36%.

Debt Position

Borrowings at ₹23Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Institutional Flow

DIIs: 13.54% (+7.92pp change). FIIs: 19.17% (-7.59pp change). Promoters hold 49.12%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 29% (Mar 2026). Working capital days: 411.

Valuation

PE 22.2x with 28.6% ROCE. Price is 358% above book value of ₹423. Dividend yield: 1.54%.

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