IndiaMART Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹10,680 Cr
- Book Value
- ₹400
- Stock P/E
- 21.6
- Dividend Yield
- 1.69%
- ROE
- 20.7%
- ROCE
- 28.0%
- PEG Ratio
- 1.93
- EV/EBITDA
- 15.0
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
IndiaMART share price today
IndiaMART InterMESH (NSE: INDIAMART) is where Indian business buys from Indian business: the dominant B2B listings marketplace, decades of accumulated supplier profiles and buyer enquiries deep. The network effect is textbook — buyers search where suppliers list, suppliers pay where buyers search — and the model is subscription software in disguise: suppliers pay upfront (deferred-revenue float), 30.3% operating margins, 28% ROCE, net cash, and now a 1.7% dividend.
The wrinkle: paying-supplier growth has stalled, and the stock de-rated from internet-darling multiples to 21.6×. Our universe tags it accumulate — our note says it plainly: growth slowed, moat didn’t. The flag beside it: watch supplier churn.
Monopoly at a crossroads
Nobody displaced IndiaMART — B2B discovery in India still starts there, and competitors (Udaan’s pivots, JustDial’s B2C skew) never cracked the listings network. The stall is internal: churn in the small-supplier tier as price hikes met SME stress. The bull path is boring and plausible — churn stabilises, collections (which lead revenue) re-accelerate, and the float keeps compounding at 28% ROCE. Meanwhile the balance sheet holds net cash plus stakes (Busy accounting software and others) the multiple ignores.
Watch-items: paying-supplier net additions (the single metric that decides the story), collections growth, ARPU-versus-churn balance in the bottom tier, and capital allocation of the cash pile.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹10,680 Cr |
| P/E (TTM) | 21.6 |
| EV/EBITDA | 15.0 |
| Operating margin | 30.3% |
| ROE / ROCE | 20.7% / 28.0% |
| Debt to equity | 0.00 (net cash) |
| Sales CAGR (5y) | 18.6% |
| Profit CAGR (5y) | 11.2% |
| Promoter holding | 49.1% |
| EPS (TTM) | ₹82.02 |
IndiaMART share price target 2026 to 2030
EPS base ₹82.02 (TTM). Bear: churn persists, growth stays single-digit — 6% growth, multiple at 15×. Base: supplier additions revive modestly — 12% growth at 20×. Bull: re-acceleration re-rates the network — 17% growth at 26×.
| Year | Bear (15×, +6%) | Base (20×, +12%) | Bull (26×, +17%) |
|---|---|---|---|
| 2026 | ₹1,305 | ₹1,835 | ₹2,495 |
| 2027 | ₹1,380 | ₹2,060 | ₹2,920 |
| 2028 | ₹1,465 | ₹2,305 | ₹3,415 |
| 2029 | ₹1,555 | ₹2,580 | ₹3,995 |
| 2030 | ₹1,645 | ₹2,890 | ₹4,675 |
From ₹1,775, the base case is ≈ +63% over four and a half years plus the 1.7% yield; the bear is −7%. A monopoly priced for stagnation needs only ordinariness to pay — the accumulate range below is where ordinariness is fully in the price.
Reasons to own IndiaMART (at the right price)
- The B2B discovery monopoly — network effects nobody has cracked in 25 years.
- Subscription economics: upfront collections, deferred-revenue float, 30% margins.
- Net cash plus strategic stakes the market values at zero.
- 22× for a monopoly is stagnation pricing — the moat costs nothing extra.
- A 1.7% yield while the churn cycle mends.
The risks: the supplier stall could be structural SME economics rather than cyclical, AI-native B2B discovery is a long-term wildcard, and capital allocation of the cash needs discipline.
Should you buy at the current price?
The live buy range below is for members — monopoly pricing, pessimism included.
FAQ
What is the IndiaMART share price target for 2030? Base case ≈ ₹2,890 (20× on 12% compounded growth), bear ≈ ₹1,645, bull ≈ ₹4,675. Arithmetic above.
Why did IndiaMART’s growth stall? Churn in the smallest supplier tier — SMEs squeezed by price increases and their own margins. Enterprise tiers held; the bottom tier’s net additions turned sluggish.
What is the deferred-revenue float? Suppliers pay subscriptions upfront; IndiaMART recognises revenue over the term while investing the cash meanwhile — a Buffett-style float attached to a network effect.
When are IndiaMART’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.