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India's largest online B2B marketplace connecting small business buyers and suppliers across product categories.
India's largest online B2B marketplace connecting small business buyers and suppliers across product categories.
Suppliers pay annual or multi-year subscriptions for listings and buyer enquiries, mostly paid upfront and recognised over the subscription period, so cash collected runs ahead of reported revenue. Buyers use it free, which keeps suppliers paying for access to them. Founder Dinesh Agarwal remains chief executive.
In one line: India's Alibaba.com equivalent for domestic B2B trade.
Moat: wide (network effects, scale, brand). Largest supplier/buyer base in Indian B2B e-commerce creates strong network effects and switching costs.
Headquarters: Noida, India · Founded: 1996 · Employees: 6,222
Size IndiaMART InterMESH (INDIAMART.NS) is an India Consumer Discretionary company (Internet Retail) with a market value of $985M, the 599th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,547 on 6 Nov 2026.
Performance Over six months the shares fell 26.0%, against +5.7% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +2.0%); the operating margin is 33.7% (peer median 2.2%).
Valuation It trades at 17.0× forward earnings against a peer median of 29.2× (5th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -10 pp: the price already allows for a slowdown.
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹16.5B | ₹15.7B | ₹13.9B | ₹12.0B | ₹9.85B |
| Revenue growth | — | +13% | +16% | +21% | — |
| Gross profit | ₹6.57B | ₹6.03B | ₹5.53B | ₹3.48B | ₹2.82B |
| EBITDA | ₹5.83B | ₹5.38B | ₹5.31B | ₹3.37B | ₹2.73B |
| Net income | ₹5.01B | ₹4.75B | ₹5.51B | ₹3.34B | ₹2.84B |
| Free cash flow | ₹7.81B | ₹7.54B | ₹6.78B | ₹5.89B | ₹5.12B |
| Capital expenditure | ₹28.3M | ₹70.0M | ₹78.6M | ₹147M | ₹172M |
| Total debt | ₹201M | ₹231M | ₹330M | ₹407M | ₹459M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IndiaMART InterMESH INDIAMART.NS | $985M | -26% | +12% | 34% | 17.0× | 8.2% |
| Alibaba Group Holding Limited Sponsored ADR BABA | $255B | -22% | +8% | 4% | 14.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INDIAMART.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.6% | -0.8% | 8th lowest of 21 |
| 6-month return | -26.0% | +5.7% | 4th lowest of 21 |
| Distance from 52-week high | -38.8% | -25.2% | 6th lowest of 21 |
| Revenue growth (TTM) | +12.0% | +2.0% | 6th highest of 21 |
| Operating margin | 33.7% | 2.2% | highest of 21 |
| Forward P/E | 17.0× | 29.2× | 5th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 6.5% | 6th most demanding of 13 |
| Growth delivered (Del g) | +18.6% | +0.1% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | -10.4 pp | +4.7 pp | 4th least demanding of 13 |
| EV / EBITDA | 10.7× | 9.1× | 5th most expensive of 10 |
| Net debt / EBITDA | -5.2× | 2.3× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IndiaMART InterMESH INDIAMART.NS | India | $985M | -26% | +12% | 34% | 17.0× | 8.2% | +18.6% |
| Huakai Yibai Technology 300592.SZ | China | $966M | +27% | -11% | 7% | 15.7× | 3.4% | +132.3% |
| NanJi E-Commerce 002127.SZ | China | $1.05B | -1% | -28% | -12% | 29.9× | 6.4% | -9.0% |
| THG THG.L | United Kingdom | $877M | +30% | +10% | -1% | n/a | n/a | n/a |
| Akso Health Group Sponsored ADR AHG | United States | $1.14B | -34% | -6% | -29% | n/a | n/a | n/a |
| Petco Health & Wellness WOOF | United States | $848M | +5% | -1% | 3% | 12.5× | 6.6% | +3.9% |
| Hangzhou Onechance Tech Crop 300792.SZ | China | $839M | -32% | -19% | 9% | 46.2× | 19.9% | -3.7% |
| Aucnet 3964.T | Japan | $824M | +12% | +12% | 15% | 15.5× | 0.1% | +21.6% |
| Vedant Fashions MANYAVAR.NS | India | $1.22B | +6% | +2% | 32% | 29.6× | 21.4% | +21.5% |
| Global Top E-Commerce 002640.SZ | China | $757M | -12% | -6% | 1% | n/a | 33.4% | -19.8% |
| Guangzhou Ruoyuchen Technology 003010.SZ | China | $1.31B | -8% | +75% | 10% | 23.0× | 1.7% | +24.7% |
| Revolve RVLV | United States | $1.32B | -11% | +15% | 6% | 20.4× | n/a | n/a |
| Liquidity Services LQDT | United States | $1.37B | +21% | +5% | 9% | 24.8× | 16.2% | +18.3% |
| LuxExperience B.V. Sponsored ADR LUXE | United States | $1.40B | +20% | +111% | -6% | 194.0× | n/a | n/a |
| AO World AO..L | United Kingdom | $687M | +6% | +11% | 4% | 13.3× | 3.0% | -5.3% |
| ASKUL 2678.T | Japan | $682M | +2% | -20% | -5% | 29.2× | n/a | n/a |
| Yiwu Huading Nylon 601113.SS | China | $670M | -28% | -5% | 1% | 41.2× | n/a | n/a |
| ASOS ASC.L | United Kingdom | $670M | +88% | -15% | -1% | n/a | 1.2% | -5.5% |
| Groupon GRPN | United States | $630M | -13% | +2% | 2% | 33.7× | 27.5% | -18.9% |
| Belluna 9997.T | Japan | $629M | +22% | +5% | 8% | n/a | n/a | n/a |
| RealReal REAL | United States | $1.61B | +25% | +18% | 0% | 47.8× | n/a | n/a |