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INDIAMARTINTERMESH Other 13 Apr 2026

IndiaMART InterMESH Ltd — Q4 FY26

IndiaMART reported Q4 FY26 consolidated revenue of ₹404 crore (+14% YoY) and EBITDA margin of 33%.

bearish high
Revenue ₹404 Cr +14%
EBITDA ₹133 Cr
PAT ₹50 Cr
EBITDA Margin 33%
Duration 64 min

✓ Verified against BSE filing

2-Min Summary

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.

Key Numbers

Paying Suppliers 220,000
-1,200 QoQ

Net decline in paying suppliers due to price hike impact and geopolitical tensions.

Unique Business Inquiries 27M
-1% YoY

Flat to declining inquiries despite investments in performance marketing.

Collections ₹595 Cr
+10% YoY

Consolidated collections growth moderated to 10% in Q4.

Deferred Revenue ₹1,965 Cr
+17% YoY

Deferred revenue growth remains healthy, indicating future revenue visibility.

Management Guidance

G

Double-digit revenue growth in near term

Management aims for double-digit growth driven by ARPU and paying supplier growth, but no specific timeline.

revenue
G

No guidance on net supplier additions

Management declined to provide net addition guidance until multiple quarters of consistent improvement are seen.

growth
G

Continued investment in AI and buyer verification

AI features and buyer-side OTP verification are being rolled out, which may temporarily impact inquiry volumes.

ai_strategy

Key Risks

R

Vicious loop risk from declining supplier and buyer activity

Both supplier additions and active buyers are declining, potentially leading to a negative feedback loop.

high · analyst_question
R

Elevated silver churn persists

Silver monthly churn has risen to ~7% from 5-6% historically, and management sees no quick fix.

high · management_commentary
R

Limited headroom for supply-side growth

Management indicated ~50% penetration of serviceable obtainable market, limiting incremental benefit from adding more suppliers.

medium · management_commentary
R

Geopolitical and macroeconomic headwinds

The war in March impacted gross additions, and MSMEs are facing significant pain, delaying recovery.

medium · management_commentary

Notable 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.
Dharava · Chief Executive Officer
We are not going back on pricing.
Dharava · Chief Executive Officer
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.
Dharava · Chief Executive Officer