IndiaMART InterMESH (INDIAMART) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue from operations reached INR 4,016 million (INR 402 crores) in Q3 FY26, up 13% year-over-year, with net profit at INR 1,883 million (INR 188 crores) and a margin of 35%.

• Customer collections grew 17% YoY to INR 426 crores, with deferred revenue up 19% YoY to INR 1,775 crores.

• Unique business inquiries rose 4% YoY to 28 million, while paying suppliers declined by 1,000 to 2,221,000 due to price hikes and fewer working days.

• Platinum and Gold customers, representing 50% of the base and over 75% of revenue, maintained strong upsell and retention rates.

• Continued investment in AI, SaaS, and accounting technology to enhance platform quality and user experience.

Financial highlights

• Consolidated EBITDA was INR 134 crores (33% margin), with a one-time fair valuation gain of INR 82 crores from Baldor Technologies.

• Consolidated net profit stood at INR 188 crores for the quarter; cash generated from operations was INR 129 crores.

• Busy Infotech reported INR 33 crores in billing, 50% normalized YoY growth, and sold 10,000 new licenses.

• Standalone revenue was INR 368 crores, up 9% YoY, with net profit at INR 206 crores and a 41% margin.

• Cash in treasury was INR 3,051 crores as of December 31, 2025.

Outlook and guidance

• Management expects gross addition of suppliers to normalize in the next quarter as the impact of price hikes is absorbed.

• Focus remains on improving inquiry quality, leveraging technology, and expanding the buyer and supplier network.

• Cautious optimism on sustaining mid-teen collection growth, pending confirmation over subsequent quarters.

• Continued investment in business enablement SaaS and accounting solutions to drive future growth.

• Monitoring the impact of new Labour Codes, which have increased employee benefit provisions and may further affect future periods.