IndiaMART InterMESH Limited (INDIAMART.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+274.9%

₹5,746.61

vs ₹1,533.00 price

Levered DCF

₹7,386.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.06

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.12×	22.41×	49.14×	54×	44.19×	80.49×	37.86×	168.21×
P/B	4.97×	5.66×	9.45×	7.45×	7.02×	13.98×	20.29×	21.06×
P/S	7.6×	8.91×	13.71×	15.55×	17.45×	33.63×	8.74×	6.64×
EV / EBITDA	17.45×	16.53×	32.75×	37.31×	32.27×	54.7×	23.91×	57.33×
Gross margin	100.0%	93.6%	92.1%	91.0%	92.0%	85.1%	78.7%	76.9%
Operating margin	32.0%	35.5%	24.7%	24.1%	39.4%	47.0%	23.1%	15.4%
Net margin	30.3%	39.7%	27.9%	28.8%	39.5%	41.8%	23.1%	4.0%
Current ratio	2.34×	2.4×	2.22×	2.76×	3.71×	4.41×	1.88×	1.71×
Debt / equity	0.01×	0.02×	0.02×	0.02×	0.03×	0.04×	0.28×	0×
Interest coverage	167.2×	66.46×	33.1×	29.11×	54.91×	47.21×	45.01×	0×
Dividend yield	2.5%	1.0%	0.4%	0.0%	0.3%	0.0%	0.6%	0.0%
Payout ratio	63.2%	21.8%	18.3%	2.1%	15.3%	0.5%	22.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.8%	25.2%	19.2%	13.8%	15.9%	17.4%	53.6%	12.5%
Return on invested capital	11.2%	13.1%	9.1%	7.0%	9.8%	11.4%	44.3%	7.3%
Return on assets	10.3%	13.3%	9.7%	8.2%	10.1%	11.1%	13.1%	2.4%
Free cash flow yield	6.3%	5.0%	3.3%	3.0%	3.0%	1.4%	4.6%	7.4%
Earnings yield	4.0%	4.4%	2.0%	1.9%	2.3%	1.2%	2.6%	0.6%
Enterprise value	₹118.6B	₹123.4B	₹163.7B	₹153.1B	₹131.6B	₹225.4B	₹56.4B	₹33.3B
Net debt / EBITDA	-0.1×	-0.05×	-0.09×	-0.03×	0.02×	0.06×	0.25×	-0.69×
Cash conversion cycle (days)	1	-4	6	-9,295	-13,928	-56	-2,377	-1,914