Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹404 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹133 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IndiaMART reported Q4 FY26 consolidated revenue of ₹404 crore (+14% YoY) and EBITDA margin of 33%. Paying suppliers declined by 1,200 sequentially to 2,20,000, driven by price hike impacts and geopolitical headwinds. Collections grew 10% YoY to ₹595 crore, while deferred revenue rose 17% to ₹1,965 crore. Management acknowledged a potential vicious loop as both supplier additions and buyer activity slow. Silver segment churn worsened to ~7% monthly, while platinum/gold remained healthy. ARPU growth is now the primary revenue driver, but management sees limited near-term catalyst for re-acceleration. Risk: Failure to improve silver retention could prolong low growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims for double-digit growth driven by ARPU and paying supplier growth, but no specific timeline.
- Management declined to provide net addition guidance until multiple quarters of consistent improvement are seen.
- AI features and buyer-side OTP verification are being rolled out, which may temporarily impact inquiry volumes.
Risks flagged
- Both supplier additions and active buyers are declining, potentially leading to a negative feedback loop.
- Silver monthly churn has risen to ~7% from 5-6% historically, and management sees no quick fix.
- Management indicated ~50% penetration of serviceable obtainable market, limiting incremental benefit from adding more suppliers.
- The war in March impacted gross additions, and MSMEs are facing significant pain, delaying recovery.
Key quotes
- There is a definitely a worry of falling into the vicious loop because that virtuous cycle where the suppliers were increasing and buyers were increasing... now it has to increase the buyers have to come more frequently and supply side has to become more trustable.
- We are not going back on pricing.
- Until we fix the supplier growth... I would say that there is enough headroom. 1688.com in China typically has about a million paying sub suppliers.
Research modules