INDIAMART · Consumer Services
Indiamart Intermesh Ltd. reported revenue of ₹372 cr for April to June 2025, +12.4% on the year and +4.8% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹1,429 cr, +14.7% on the four before.
Operating profit (EBITDA) was ₹119 cr, a margin of 32.0%, −64 bps on the year and −153 bps on the quarter. Over the last 8 quarters the margin has ranged from 23.4% to 35.1%, averaging 30.2%. Operating costs grew +13.5%, faster than revenue at +12.4%, so operating profit grew less than sales.
Net profit was ₹154 cr, +35.1% on the year and −14.9% on the quarter, with earnings per share of ₹25.57. Profit before other income, one-offs and tax grew 14.3%, so 21 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹591 cr, +61.9% on the four before.
On earnings per share of ₹98.33 over the last four quarters, the stock at ₹1,630.40 trades at 16.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹295 cr | ₹305 cr | ₹315 cr | ₹331 cr | ₹348 cr | ₹354 cr | ₹355 cr | ₹372 cr | ₹391 cr | ₹402 cr | ₹404 cr | ₹414 cr |
| YoY | — | — | — | +17% | +18% | +16% | +13% | +12% | +12% | +14% | +14% | +11% |
| EBITDA margin | 23.4% | 25.6% | 24.4% | 32.6% | 35.1% | 35.0% | 33.5% | 32.0% | 29.7% | 29.9% | 29.7% | 31.9% |
| Other income, % of PBT | 38% | 38% | 55% | 35% | 37% | 28% | 50% | 45% | 8% | 55% | −44% | 46% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 28% | 25% | 24% | 24% | 17% | 25% | 30% | 24% | 36% | 26% |
| Net profit | ₹69.0 cr | ₹82.0 cr | ₹100 cr | ₹114 cr | ₹135 cr | ₹121 cr | ₹181 cr | ₹154 cr | ₹83.0 cr | ₹188 cr | ₹50.0 cr | ₹172 cr |
| YoY | — | — | — | +37% | +96% | +48% | +81% | +35% | −39% | +55% | −72% | +12% |
| Core profit YoY | — | — | — | +72% | +91% | +68% | +76% | +14% | −2% | −2% | +3% | +12% |
| EPS | ₹11.57 | ₹13.65 | ₹16.61 | ₹19.01 | ₹22.52 | ₹20.16 | ₹30.08 | ₹25.57 | ₹13.78 | ₹31.34 | ₹8.35 | ₹28.63 |
| Flags | 1 | 1 | 1 | ✓ | ✓ | ✓ | 2 | 2 | 2 | 4 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indiamart Intermesh Ltd. reported revenue of ₹372 cr (+12.4% on the year) and net profit of ₹154 cr (+35.1% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +14.3% on the year, against +35.1% for reported profit.
2 checks raised a question: Depreciation fell while the business grew. Were asset lives changed?
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