IndiaMART InterMESH LimitedQuarter ended September 30, 2026 Results & Financial Update
IndiaMART InterMESH Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹428.60 Cr, PAT ₹90.80 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore IndiaMART InterMESH Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
IndiaMART Intermesh Limited reported consolidated revenue from operations of INR 428.6 crore for the quarter ended September 30, 2026, marking an increase of 9.6% compared to INR 391.0 crore in the corresponding period of the previous year. On a sequential basis, revenue expanded by 3.4% from INR 414.4 crore in the quarter ended June 30, 2026.
Total consolidated income for the quarter stood at INR 421.0 crore, reflecting a year-on-year increase from INR 401.2 crore, though lower sequentially compared to INR 521.1 crore due to fluctuations in other income items.
Profit before tax (PBT) for the second quarter of fiscal 2027 reached INR 129.4 crore, compared to INR 118.6 crore in the same quarter last year and INR 231.7 crore in the preceding quarter.
Net profit after tax (PAT) for the quarter was reported at INR 90.8 crore, representing a 9.8% growth year-on-year from INR 82.7 crore. On a quarter-on-quarter basis, PAT contracted from INR 172.2 crore, affected by variations in non-operating items and tax expenses.
Basic earnings per share (EPS) for the quarter stood at INR 15.09, compared to INR 13.77 in the corresponding quarter of the previous year and INR 28.56 in the preceding quarter.
The company's operating performance continued to benefit from steady realization improvements from paying suppliers and healthy customer collections across both standalone marketplace operations and subsidiary segments.
01 · Business model
What does IndiaMART InterMESH do?
IndiaMART InterMESH Limited operates India's largest online B2B marketplace for business products and services, acting as an intermediary platform that connects buyers with business suppliers across diverse product categories and geographies.
The company's primary monetization streams include lead generation, lead management, and business enablement solutions offered to suppliers, alongside accounting software services through its subsidiary Busy Infotech.
Revenue is generated primarily through annual subscription fees paid by suppliers for storefront listings, enriched catalog visibility, and buyer inquiries.
The operating model relies on maintaining a large, active buyer base, continuous growth in paying subscription accounts, and value-added software products that integrate business accounting with marketplace operations.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹428.60 Cr | ₹391.00 Cr | ₹414.40 Cr |
| Total income | ₹421.00 Cr | ₹401.20 Cr | ₹521.10 Cr |
| Profit before tax | ₹129.40 Cr | ₹118.60 Cr | ₹231.70 Cr |
| Profit after tax | ₹90.80 Cr | ₹82.70 Cr | ₹172.20 Cr |
| EPS | ₹15.09 | ₹13.77 | ₹28.56 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 21.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 30.2% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was primarily driven by improvements in realization from paying suppliers across the web and related services segment.
Consolidated revenue of INR 428.6 crore includes contributions from the core web and related services marketplace as well as accounting software services provided by subsidiary entities.
What drove margins
Total consolidated expenses for the quarter were INR 276.3 crore, comprising employee benefits expense of INR 171.0 crore, finance costs of INR 0.5 crore, depreciation and amortization of INR 6.4 crore, and other expenses of INR 98.4 crore.
Profit before tax reflects a share of net loss from associates amounting to INR 15.3 crore during the quarter.
04 · Demand, customers & order book
Where demand is coming from
The platform registered unique business enquiries of 27 million during the quarter, with supplier storefronts reaching 8.9 million and total paying suppliers standing at 217K at the end of the period.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated external operating revenue of INR 388.8 crore for the quarter, with a segment result of INR 156.0 crore before unallocable items.
Contributed external operating revenue of INR 39.8 crore for the quarter, reporting a segment result of INR 3.2 crore.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The group incorporated IndiaMart Finance Limited as a subsidiary on August 4, 2026, to expand financial services capabilities.
07 · Reported developments
What changed operationally
Consolidated revenue from operations grew by 9.6% year-on-year to INR 428.6 crore, supported by steady demand for B2B marketplace solutions.
08 · Pressure points & risks
What is not going smoothly
The company recorded a share of net loss from associates of INR 15.3 crore for the quarter.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the six months ended September 30, 2026, was INR 298.8 crore, compared to INR 275.2 crore in the corresponding period of the previous year.
Capital allocation & funding
The consolidated balance sheet as at September 30, 2026, reflects non-current lease liabilities of INR 9.0 crore and current lease liabilities of INR 11.1 crore.
10 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 3.4% sequentially from INR 414.4 crore in Q1 FY27 to INR 428.6 crore in Q2 FY27.
11 · Key Q&A
The quarter, answered directly
What does IndiaMART InterMESH do?
IndiaMART InterMESH Limited operates India's largest online B2B marketplace for business products and services, acting as an intermediary platform that connects buyers with business suppliers across diverse product categories and geographies.
What is the clearest takeaway from Quarter ended September 30, 2026?
IndiaMART Intermesh Limited reported consolidated revenue from operations of INR 428.6 crore for the quarter ended September 30, 2026, marking an increase of 9.6% compared to INR 391.0 crore in the corresponding period of the previous year. On a sequential basis, revenue expanded by 3.4% from INR 414.4 crore in the quarter ended June 30, 2026.
What drove revenue or demand?
Revenue growth was primarily driven by improvements in realization from paying suppliers across the web and related services segment.
What mattered most for margins or profitability?
Total consolidated expenses for the quarter were INR 276.3 crore, comprising employee benefits expense of INR 171.0 crore, finance costs of INR 0.5 crore, depreciation and amortization of INR 6.4 crore, and other expenses of INR 98.4 crore.
What changed operationally beyond the headline numbers?
The group incorporated IndiaMart Finance Limited as a subsidiary on August 4, 2026, to expand financial services capabilities.
What are the main pressure points disclosed for the quarter?
The company recorded a share of net loss from associates of INR 15.3 crore for the quarter.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Paying Supplier Growth: Monitor the net addition of paying suppliers and trajectory of deferred revenue collections in subsequent quarters.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.