IndiaMART InterMESH Ltd is a transformative force in India’s B2B digital marketplace landscape. With a market capitalization of ₹17,302 Crores and a current stock price of ₹2,826, IndiaMART is the nation’s pioneering and largest B2B online platform. Its primary mission is to seamlessly integrate Small and Medium Businesses (SMEs) into the modern business paradigm, and it’s making significant strides in achieving this goal. By innovating and constantly expanding the horizons of online marketplaces, IndiaMART has made accessibility, visibility, and engagement for SMEs a top priority, ushering them into a new era of commerce in India.
In this article, we will delve into every aspect of this company and explore its remarkable journey and impact on India’s B2B digital marketplace.
About IndiaMART InterMESH
IndiaMART InterMESH, founded in 1996 by Dinesh Agarwal and Brijesh Agrawal, has evolved from a modest directory of websites in the Delhi-NCR region to become the leading Indian B2B e-commerce company. Over the years, it weathered challenges like the dot-com bust and a recession, strategically pivoting towards the India-focused B2B market.
IndiaMART made history by becoming the first online B2B marketplace to go public in India through an oversubscribed IPO in 2019. As of that year, it held a dominant 60% market share in India’s e-commerce platform for businesses. Despite its successes, the company has faced legal challenges, including a copyright infringement lawsuit and a data breach in 2021. IndiaMART has been on a notable journey in the Indian business landscape, and its position remains influential and pivotal.
Below are the trading platforms that you can use to purchase IndiaMART InterMESH shares:
- Zerodha
- Upstox
- Groww
- AngelOne
- ICICIDirect
| When | Maximum Price | Minimum Price |
| October 2023 | ₹3,108.60 | ₹2,826.00 |
| November 2023 | ₹3,047.65 | ₹2,770.59 |
| December 2023 | ₹3,148.22 | ₹2,862.02 |
In October 2023, IndiaMART InterMESH’s share price is expected to fluctuate between a maximum of ₹3,108.60 and a minimum of ₹2,826.00. As we move into November, the share price is projected to range between ₹3,047.65 at its highest and ₹2,770.59 at its lowest.
By December, the outlook improves with an estimated maximum share price of ₹3,148.22 and a minimum of ₹2,862.02. These price targets indicate a degree of volatility in the stock, likely influenced by market conditions and the company’s performance.
| When | Maximum Price | Minimum Price |
| January 2024 | ₹3,212.47 | ₹2,793.45 |
| February 2024 | ₹3,278.03 | ₹2,850.46 |
| March 2024 | ₹3,344.93 | ₹2,908.63 |
| April 2024 | ₹3,247.50 | ₹2,823.92 |
| May 2024 | ₹3,199.51 | ₹2,782.18 |
| June 2024 | ₹3,314.69 | ₹2,882.34 |
| July 2024 | ₹3,281.55 | ₹2,853.52 |
| August 2024 | ₹3,412.81 | ₹2,967.66 |
| September 2024 | ₹3,549.32 | ₹3,086.37 |
| October 2024 | ₹3,479.73 | ₹3,025.85 |
| November 2024 | ₹3,584.12 | ₹3,116.62 |
| December 2024 | ₹3,673.72 | ₹3,194.54 |
| When | Maximum Price | Minimum Price |
| January 2025 | ₹3,747.19 | ₹2,882.46 |
| February 2025 | ₹3,843.28 | ₹2,956.37 |
| March 2025 | ₹3,993.16 | ₹3,071.66 |
| April 2025 | ₹3,914.87 | ₹3,011.44 |
| May 2025 | ₹3,800.84 | ₹2,923.72 |
| June 2025 | ₹3,971.88 | ₹3,055.29 |
| July 2025 | ₹3,894.00 | ₹2,995.38 |
| August 2025 | ₹4,014.43 | ₹3,088.02 |
| September 2025 | ₹4,154.94 | ₹3,196.11 |
| October 2025 | ₹4,262.97 | ₹3,279.20 |
| November 2025 | ₹4,369.54 | ₹3,361.18 |
| December 2025 | ₹4,478.78 | ₹3,445.21 |
In the realm of stock market predictions, IndiaMART InterMESH appears to be on a promising trajectory, with share price targets for 2025 reflecting a steady upward climb. Starting the year in January, the share price target ranges from a minimum of ₹2,882.46 to a maximum of ₹3,747.19, demonstrating a positive outlook.
As we move into the subsequent months, the forecast remains encouraging. By June 2025, the share price is expected to reach a minimum of ₹3,055.29 and a maximum of ₹3,971.88, suggesting continued growth. July and August maintain this upward trend with minimum prices of ₹2,995.38 and ₹3,088.02, respectively.
However, it’s the latter part of the year that truly stands out, indicating a significant surge in the share price. In October 2025, the minimum share price target rises to ₹3,279.20, with a maximum of ₹4,262.97, showing substantial potential for appreciation. The momentum carries on into November and December with minimum prices of ₹3,361.18 and ₹3,445.21, and maximum prices reaching ₹4,369.54 and ₹4,478.78, respectively.
These predictions paint a compelling picture of IndiaMART InterMESH’s growth potential in 2025. Investors and stakeholders may find this data particularly interesting, as it suggests that the company’s performance is expected to not only maintain its strength but potentially experience significant gains in share value, especially in the latter part of the year. However, it’s important to remember that stock market forecasts are inherently uncertain, and many factors can influence actual market performance.
| Year | Maximum Price | Minimum Price |
| 2026 | ₹4,702.72 | ₹3,291.90 |
| 2027 | ₹5,172.99 | ₹3,621.09 |
| 2028 | ₹7,242.18 | ₹3,621.09 |
| 2029 | ₹6,270.29 | ₹3,135.14 |
| 2030 | ₹8,151.38 | ₹5,705.96 |
The share price targets for IndiaMART InterMESH in the years 2026 to 2030 present a compelling long-term growth perspective for the company’s stock. Starting in 2026, the share price is projected to range from a maximum of ₹4,702.72 to a minimum of ₹3,291.90. This signifies continued growth and a healthy outlook for investors. The year 2027 shows an even more substantial rise, with estimated share prices ranging from ₹5,172.99 at the highest to ₹3,621.09 at the lowest.
The years 2028 and 2029 indicate further significant expansion, with share prices expected to reach as high as ₹7,242.18 and ₹6,270.29, respectively. These numbers underscore IndiaMART’s impressive growth and solid market presence. Looking even further ahead, the year 2030 appears to be exceptionally promising, with projections ranging from a maximum of ₹8,151.38 to a minimum of ₹5,705.96, reflecting a considerable leap in value.
IndiaMART InterMESH Financial Condition: Last 5 Years
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Sales (Rs. Crores) | 497 | 624 | 665 | 751 | 939 |
| Expenses (Rs. Crores) | 483 | 451 | 332 | 439 | 677 |
| Operating Profit (Rs. Crores) | 14 | 173 | 333 | 312 | 262 |
| OPM % | 3% | 28% | 50% | 42% | 28% |
| Other Income (Rs. Crores) | 36 | 62 | 85 | 108 | 164 |
| Interest (Rs. Crores) | 0 | 3 | 7 | 5 | 5 |
| Depreciation (Rs. Crores) | 4 | 21 | 16 | 12 | 19 |
| Profit Before Tax (Rs. Crores) | 46 | 210 | 396 | 403 | 417 |
| Tax % | 73% | 30% | 28% | 23% | 21% |
| Net Profit (Rs. Crores) | 13 | 146 | 287 | 310 | 272 |
| EPS (Rs.) | 2.20 | 25.30 | 47.23 | 50.71 | 44.48 |
| Dividend Payout % | 0% | 20% | 16% | 2% | 22% |
Over the last five years, IndiaMART InterMESH has shown a notable financial performance. Starting in 2019, the company’s sales amounted to ₹497 Crores, and it managed to maintain steady revenue growth each subsequent year, with sales reaching ₹939 Crores in 2023, indicating a substantial increase. This growth in sales was complemented by effective expense management, with expenses ranging from ₹332 Crores in 2021 to ₹677 Crores in 2023.
The company’s operating profit has steadily improved, especially in 2022 when it reached ₹333 Crores, translating to an operating profit margin (OPM) of 50%. In contrast, the OPM percentage dipped slightly to 28% in 2023.
Other income has also been on the rise, reaching ₹164 Crores in 2023, indicating diversified income streams. The company has managed to keep its interest and depreciation expenses fairly stable over the years.
Profit before tax has grown consistently, reaching ₹417 Crores in 2023. This financial strength is coupled with a declining tax percentage, suggesting improved tax efficiency. Despite the ups and downs, the net profit has remained healthy, hovering around ₹310 Crores in 2022 and 2023.
Earnings per share (EPS) has increased substantially, reflecting the company’s growing profitability and performance. The dividend payout percentage has fluctuated, with a significant increase in 2023, demonstrating the company’s commitment to rewarding shareholders. Overall, IndiaMART InterMESH’s financials portray a robust growth trajectory, with consistent improvements in profitability and financial stability over the past five years.
ICICI Securities recommends buying IndiaMART InterMESH with a target price of Rs 3,500.
FAQs
Is IndiaMART InterMESH a financially stable company?
Yes, IndiaMART InterMESH is almost debt-free, signifying a strong financial position.
Is IndiaMART InterMESH’s market capitalization indicative of its market standing?
Yes, IndiaMART InterMESH boasts a market capitalization of ₹17,302 Crores, which reflects its significant presence in the market.
How has IndiaMART InterMESH’s profitability been in recent years?
IndiaMART InterMESH has delivered impressive profit growth at a rate of 42.1% CAGR over the last 5 years.
What’s the historical trend in revenue generation for IndiaMART InterMESH?
IndiaMART InterMESH has maintained a median sales growth of 25.0% over the last 10 years, indicating consistent revenue generation.
Is IndiaMART InterMESH’s stock currently overvalued?
Yes, IndiaMART InterMESH’s stock is trading at 8.38 times its book value, suggesting a relatively high valuation.
Is the high earnings growth of IndiaMART InterMESH sustainable?
While the earnings have shown strong growth, investors should be aware that it includes a significant other income of Rs. 164 Crores, which may not be recurring.
Is there any concern regarding promoter confidence or management changes at IndiaMART InterMESH?
The promoter holding of IndiaMART InterMESH has decreased by -3.21% over the last 3 years, which may raise questions about promoter confidence or potential management changes.
What is IndiaMART InterMESH’s dividend yield?
IndiaMART InterMESH offers a dividend yield of 0.35%, which is relatively modest.
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Conclusion: Should you invest in IndiaMART InterMESH in October 2023?
Based on the financial condition and performance of IndiaMART InterMESH as of October 2023, there are both strengths and areas of caution to consider when deciding whether to invest in the company.
The company’s financial condition is notable for being almost debt-free, signifying a strong balance sheet and a reduced financial risk. It has exhibited impressive profit growth with a 42.1% CAGR over the past five years, highlighting its ability to generate substantial returns. Additionally, IndiaMART InterMESH has shown consistent sales growth over the past decade, with a median growth rate of 25.0%.
However, the stock’s relatively high valuation with a P/E ratio of 53.7 suggests that investors have high expectations for future growth.
Investors should carefully weigh the potential for future earnings against the current stock price. The non-recurring nature of a significant portion of earnings and the decline in promoter holding over the last three years are factors to consider cautiously. In making an investment decision, it’s crucial to conduct thorough research, assess your own investment objectives and risk tolerance, and ensure that IndiaMART InterMESH aligns with your overall investment strategy.
What did we learn?
- 1 About IndiaMART InterMESH
- 2 How to purchase IndiaMART InterMESH Shares?
- 3 IndiaMART InterMESH Share Price Target: 2023 To 2030
- 4 IndiaMART InterMESH Financial Condition: Last 5 Years
- 5 ICICI Securities On IndiaMART InterMESH Share Price Target
- 6 FAQs
- 7 Also Read:
- 8 Conclusion: Should you invest in IndiaMART InterMESH in October 2023?
