Quarter Ended: March 2026

IndiaMART – Q4 FY26 Results

NSE

indiamart

BSE

542726

Revenue growth remains steady YoY, but sharp QoQ decline in profitability due to lower other income and operating leverage impact

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹3,704 Mn
  - QoQ Change: -31.02%
  - YoY Change: -20.14%
- Previous Quarter (Q3 FY26): ₹5,370 Mn
- Previous Year (Q4 FY25): ₹4,639 Mn
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹502 Mn
  - QoQ Change: -73.34%
  - YoY Change: -72.20%
- Previous Quarter (Q3 FY26): ₹1,883 Mn
- Previous Year (Q4 FY25): ₹1,806 Mn
QoQ Performance
- Revenue Trend: Decline
- Profit Trend: Sharp Decline

Margin Analysis

Drivers:

Significant drop in other income
Increase in operating expenses
Lower operating leverage

Insight:

Margins compressed sharply QoQ → earnings pressure visible

Segment performance

Segment: Web & Related Services

Revenue: ₹3,683 Million
Core revenue driver (~90%+ contribution)

Segment: Accounting Software Services

Revenue: ₹361 Million
Smaller but growing segment

Segment insight

Summary:

IndiaMART remains heavily dependent on its core web marketplace business

Charcateristics:

Asset-light digital business
High operating leverage
Revenue visibility strong but profit volatile due to other income fluctuations

Earning quality check

Drivers:

High dependence on other income (investments, treasury gains)
Core operating profit relatively stable
Volatility driven by non-operating items

Interpretations:

Earnings quality is moderate, with noticeable dependence on non-core income streams

balance sheet Analysis

Total Assets: ₹46,246 Mn
Total Liabilities: ₹22,242 Mn

Insight:

Strong net worth base (~₹24,004 Mn equity)
Cash-rich and low-debt structure supports stability

key risks

Dependency on SME demand cycle
Revenue concentration in core segment
Volatility in treasury/other income
Competitive pressure in digital marketplace

management strategy signals

Focus Area:

Strengthening core marketplace ecosystem
Expansion in SaaS/accounting services
Improving monetization per user

Financial metrics table

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹3,704 Million	-31.02%	-20.14%
PBT	₹784 Million	-68.26%	-64.06%
PAT	₹502 Million	-73.34%	-72.20%

IndiaMART’s quarter reflects temporary earnings pressure, largely driven by non-operating income decline. Core business remains intact, but near-term sentiment stays mixed with cautious outlook.

Official Exchange Filing: IndiaMART InterMESH Limited

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

75%

NET PROFIT AS % OF REVENUE

14%

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED