Risks
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Vicious loop risk from declining supplier and buyer activity
View Risks →IndiaMART InterMESH Ltd — Q4 FY26
IndiaMART reported Q4 FY26 consolidated revenue of ₹404 crore (+14% YoY) and EBITDA margin of 33%.
bearish
high
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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.
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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.
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Guidance and risk preview
Management aims for double-digit growth driven by ARPU and paying supplier growth, but no specific timeline.
Both supplier additions and active buyers are declining, potentially leading to a negative feedback loop.
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