Indiamart Intermesh Ltd.revenue ₹429 Cr (+10%), 37% margin, paying suppliers down

IndiaMART's Q2 FY27 call, held on 27 October 2026, showed a business-to-business marketplace with steady money growth but a shrinking customer base.

Revenue was ₹429 crore, up 10%, collections were ₹443 crore, up 9%, and deferred revenue was ₹2,029 crore, up 16%. EBITDA was ₹159 crore at a 37% margin and net profit was ₹91 crore after a notional bond loss in other income. The paying supplier base fell by 615 to 217,000 on elevated churn in the lowest Silver tier, and management is holding back gross additions until churn improves, while Gold and Platinum customers are about half the base but 75% of revenue.

Business enquiries are 10% to 15% below peak as the company moved data behind login and AI search took traffic. BUSY, its accounting software unit, grew billing 20%. Management kept a long-term EBITDA margin guide of 33%, said AI adds cost in the short run, is piloting credit and buyer verification with no significant capital, and called a buyback a Board matter. Cash and treasury stand at ₹3,234 crore. No earlier promises were on file for comparison.