IndiaMART

ASell / Avoid

INDIAMART · NSE · Mid Cap · Payments / Tech

Payments / Tech

Fetching live…

₹2,380

1D -0.3%1M -2.0%1Y -22%

Fundamental (RQ-100)

Technical (TQ-100)

Valuation

Market cap

₹14.0K Cr

Live decision ratingA+Sell / Avoid

Fundamental score breakdown

87/100

Growth Quality

15.4 / 20

Rev 1Y 14.0%, 3Y CAGR 22.0%, 5Y CAGR 24.0%

Margin & Profitability

15.0 / 15

EBITDA 30.0%, PAT 28.0%

Return on Capital

20.0 / 20

ROCE 26.0%, ROE 22.0%

Cash Flow Quality

13.0 / 15

OCF/EBITDA 0.90

Leverage

10.0 / 10

ND/EBITDA -3.00

Reinvestment

3.0 / 8

Capex/Sales 1.0%

Accounting

7.0 / 7

Governance

4.0 / 5

Technical score breakdown

36/100

Trend Structure

8.0 / 20

↓ 200 · ↓ 50 · ↓ 20

Momentum

3.0 / 15

1Y -22.0%, 1M -2.0%

Volume Dynamics

8.0 / 15

Vol30 —%

Relative Strength

2.0 / 15

1Y -22.0%

MA Cluster

5.0 / 10

Extension

5.0 / 10

—% from 50DMA

Volatility

4.0 / 8

Price Action

1.0 / 7

-100.0% from 52W H

Business

What this company actually does

B2B classifieds leader. SaaS-like recurring revenue.

Stores

—

Dark stores

—

Cities

—

Listed status

Listed

Format exposure

How direct is this play?

Primary formatPayments / Tech

Exposure typeDominant

Revenue visibilityHigh

Operating leverage stageMaturity

Policy beneficiaryNone

Data confidenceMedium

Financial snapshot

Live · green dot = live, falls back to curated

Revenue

₹1.4K Cr

Rev 1Y growth

14%

Rev 3Y CAGR

22%

EBITDA margin

30.0%

PAT margin

28.0%

ROE

22%

ROCE

26%

OCF/EBITDA

0.90

Net Debt/EBITDA

-3.0

Financial statements

Multi-year P&L, balance sheet, cash flow — scraped live from Screener.in

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Valuation

Live multiples + retail-specific (curated)

P/E

Forward P/E

EV/EBITDA

EV/Sales

9.0

P/B

7.0

FCF Yield

2.7%

Trading below 25× EV/EBITDA — relatively reasonable for this segment.

Investment thesis

AI-generated · always cite sources before acting

Bull

Best-in-class 26% ROCE with 0.90 OCF conversion. Compounding revenue at 22% CAGR. Long-runway TAM with structural tailwinds.

Base

Earnings growth of ~24% over the next 3 years assuming margins hold. Multiple compression risk if growth slows; multiple expansion possible if Payments / Tech GMV outperforms.

Bear

Format-level risk: regulation, gig-cess, or competitive pressure compress contribution margin.

Variant perception

Consensus views IndiaMART as a quality compounder. Our differentiated take: the cyclical pessimism in Payments / Tech has overshot the long-term cash-flow potential.

Key monitorables

Quarterly EBITDA margin trajectory
Revenue growth vs management guidance
Capex vs store/dark-store adds
Promoter holding and ESOP dilution

Peers

Same primary format · sorted by market cap