Indiamart Intermesh Limited Earnings Summary — Q4 FY2026
Indiamart Revenue Growth Hits New Quarterly High Despite Net Profit Compression from Other Income Volatility
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 10 consecutive quarters.
- Revenue of ₹414 Cr is 11.4% higher year-on-year.
- Revenue has compounded at 13.0% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹172 Cr is 12.2% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 27.5% annualised across the period.
- Operating margin stands at 31.8% in Q1 FY2027.
- Operating margin compressed by 26 bps year-on-year.
- Over the last two years operating margin has contracted by 86 bps.
- PBT margin is 55.9%.
- Expenses grew 11.8% against revenue growth of 11.4%.
- Operating profit of ₹132 Cr is 10.5% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 75/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 414 | 404 | 402 | 391 | 372 | 355 | 354 | 348 | 331 | 315 |
| Expenses | Stable | 283 | 284 | 282 | 275 | 253 | 236 | 230 | 226 | 223 | 238 |
| Operating Profit | Improving | 132 | 120 | 120 | 116 | 119 | 119 | 124 | 122 | 108 | 77 |
| Operating Margin | Improving | 31.8% | 29.7% | 29.8% | 29.7% | 32.1% | 33.6% | 35.1% | 35.1% | 32.7% | 24.4% |
| Other Income | Volatile | 107 | -34 | 135 | 10 | 92 | 109 | 45 | 66 | 53 | 77 |
| Interest | Declining | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | Softening | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 13 |
| Profit Before Tax | Volatile | 232 | 78 | 247 | 119 | 204 | 218 | 159 | 177 | 151 | 139 |
| Tax | Volatile | 60 | 28 | 59 | 36 | 50 | 38 | 38 | 42 | 37 | 40 |
| Net Profit | Volatile | 172 | 50 | 188 | 83 | 154 | 181 | 121 | 135 | 114 | 100 |
| Net Margin | Volatile | 41.5% | 12.4% | 46.9% | 21.1% | 41.3% | 50.9% | 34.1% | 38.9% | 34.4% | 31.6% |
Key Takeaways
- Revenue grew by 13.8% YoY to reach Rs. 404 Crores, demonstrating steady B2B platform demand.
- Net profit saw a significant decline to Rs. 50 Crores, primarily weighed down by negative 'Other Income' of Rs. 34 Crores.
- Operating margins have stabilized at 30% for three consecutive quarters, down from a peak of 34% in Mar 2025.
- Standalone core operations remain steady, but consolidated performance is sensitive to treasury/investment volatility.
- The company maintains an extremely strong balance sheet with investments rising to Rs. 3,792 Crores.
- Tax expense percentage spiked to 36% in the current quarter, further impacting the bottom line.
- The business continues to operate with a negative working capital cycle and superior cash conversion.
Management Guidance
Management remains focused on transitioning from a listing site to a technology-driven matchmaking engine with integrated CRM functionality.
Sentiment Shift
Deteriorating
While core revenue is resilient, the extreme volatility in net profit due to non-operating items and rising tax rates may concern short-term investors.
Outlook
The outlook for core revenue remains positive due to the structural shift in SME digitalization, although margin expansion remains capped by tech talent costs and tiered pricing competition.
From the Annual Report (Key Quotes)
“Transitioning from a traditional listing site to a technology-driven matchmaking engine.”
“Dominant market share in the SME listing space, benefiting from network effects.”
“High contribution of 'Other Income' to the Profit Before Tax remains a notable feature.”
Official Quarterly Documents
Ask AI about this quarter
This summary is AI-generated from Indiamart Intermesh Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.