IndiaMart stock jumps 9% on strong profit Q4; brokerages slash target prices

Over the past six months, shares of IndiaMART have gained 12 percent.

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26 Aug, 2025 12:21

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IndiaMART InterMESH Ltd share price surged over nine percent in trade on May 2, after it reported strong profit growth for the quarter ended March.

The online business-to-business (B2B) marketplace's consolidated net profit jumped 79 percent to Rs 99.6 crore. In a quarter that is typically slow for the e-commerce sector, its revenue grew 17 percent to Rs 315 crore from Rs 269 crore in the year-ago period.

At 12.30 pm, shares of IndiaMART were quoting at Rs 2,889.5 apiece on the NSE, higher by 9.3 percent compared to the previous close.

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IndiaMART's paid supplier addition continues to remain subdued as the churn in silver category remains elevated. With no visible signs of recovery in subscriber addition, Nuvama Institutional Equities believes the collection shall grow at current pace.

"IndiaMART has delivered consistent growth since Covid-19, with a mix of volume and higher realisation. However, over the last three quarters, this growth has largely been driven by higher realisation," Nuvama said.

Nomura added that the churn was a result of the recent price hike and was also impacted by the base effect of high subscriber addition in FY23.

"Our key concern about IndiaMART’s business model has been the weak increase in business enquiries, along with high subscriber additions, resulting in diminishing returns for paying subscribers," said the brokerage.

Nomura reiterated its 'neutral' stance on the firm, with a reduced price target of Rs 2,520 from Rs 2,530 earlier.

Nuvama also cut its target price on the company to Rs 2,650, down from Rs 2,800 while maintaining its 'hold' call.

Over the past six months, shares of IndiaMART have gained 12 percent, underperforming the benchmark index Nifty 50, which gained around 19 percent during the same time period.

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