IndiaMART InterMESH (INDIAMART) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue from operations reached INR 402 crores in Q3 FY26, up 13% year-over-year, with collections from customers at INR 426 crores, up 17% year-over-year.

• Net profit for the quarter was INR 188 crores, a 56% increase year-over-year, with a margin of 35%.

• Deferred revenue increased 19% year-over-year to INR 1,775 crores, and unique business inquiries grew 4% year-over-year to 28 million.

• Paying suppliers declined by 1,000 to 2,221,000, mainly due to a price increase in the Silver subscription tier and fewer working days during the festival season.

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

Financial highlights

• Consolidated EBITDA was INR 134 crores, with a margin of 33%.

• Other income for the quarter was INR 135 crores, including a one-time fair valuation gain of INR 82 crores from revaluation of Baldor Technologies.

• Cash generated from operations was INR 129 crores, and cash in treasury was INR 3,051 crores as of December 31, 2025.

• Busy Infotech reported INR 33 crores in billing, 28% normalized year-over-year growth, and sold 10,000 new licenses in the quarter.

• Standalone revenue was INR 368 crores, up 9% year-over-year, with net profit at INR 206 crores, a 65% increase year-over-year and a 41% margin.

Outlook and guidance

• Management expects gross addition of suppliers to normalize in the coming quarters as the sales team adjusts to new pricing.

• Collection growth is expected to remain strong if current trends in upsell and renewal rates continue, but management remains cautious and wants to see the trend repeat for a few quarters.

• Full impact of recent price hikes will be visible over the next six to nine months.

• Strategic focus remains on expanding the buyer and supplier network, enhancing engagement, and enabling commerce and fintech solutions.

• The company is monitoring the impact of new Labour Codes, which have increased employee benefit provisions and may further affect future periods once rules are notified.