IndiaMART’s consolidated revenue from operations stood at Rs 372 crore in Q1 FY26, marking a 12% YoY growth compared to Rs 331 crore reported in the same quarter last year. The growth includes IndiaMART’s standalone revenue of Rs 346 crore, up 10% YoY, and Busy Infotech’s contribution of Rs 25 crore.
The profit margin was reported at 33%.
Customer collections for the quarter increased to Rs 430 crore, registering a 17% YoY growth. Of this, standalone collections contributed Rs 374 crore, reflecting a 10% YoY rise, while Busy Infotech’s collections stood at Rs 53 crore.
The company’s deferred revenue as of June 30, 2025, increased to Rs 1,735 crore, representing an 18% YoY growth. IndiaMART’s standalone deferred revenue accounted for Rs 1,628 crore, with Busy Infotech contributing Rs 101 crore.
Operationally, IndiaMART recorded 29 million unique business enquiries in Q1 FY26, reflecting a 17% YoY increase. Supplier storefronts grew 6% YoY to reach 8.4 million, while the number of paying suppliers at the end of the quarter stood at 2,18,000, with a net addition of 1,500 suppliers during the quarter.The company reported cash flow from operations at Rs 161 crore, while its cash and investments balance stood at Rs 2,762 crore as of June 30, 2025.Post the Q1 results, domestic brokerage firm HDFC Securities maintained an ‘add’ rating in the stock, with a target price of Rs 2,600.
HDFC Securities noted that IndiaMART reported a strong quarter with 4.8% QoQ and 12.3% YoY revenue growth, supported by a 17.5% YoY rise in cash collections—the highest in six quarters.
Growth was driven by ARPU improvement and a slight rise in paid suppliers, though higher churn in silver monthly customers impacted net additions. To address churn, the company is focusing on product-market fit, inquiry quality, buyer-side advertising, and improving renewal rates.
Increased digital marketing spend weighed on margins, but gross margins improved 100bps QoQ due to GenAI integration, automation, and cost optimization. Revenue estimates have been raised by 2–3% on a better growth and margin outlook.
IndiaMart shares closed nearly 1% higher at Rs 2,653.40 on the BSE on Friday.
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