Indiamart Inter.

Busy Infotech revenue growth accelerated significantly to 88% YoY in Q2 FY26 compared to the FY25 CAGR of 23%. (1 exceeded across 1 tracked commitment)

New licenses sold for Busy Infotech grew by 11% YoY in Q2 FY26, reaching 421 thousand total licenses, with 12 thousand new licenses added in the quarter. (5 exceeded across 5 tracked commitments)

Management is successfully shifting the business model toward higher monetization per user. ARPU for the top 1% of customers has nearly doubled since FY21, driven primarily by price hikes and expanded product features like multi-city targeting. (1 expanding)

Busy Infotech is growing significantly faster than the core business, with revenue increasing 57% YoY, though it remains a small portion of the total mix (~6.6% of consolidated revenue). (3 expanding)

Busy Infotech is showing explosive growth with normalized net billing growth of 64% and deferred revenue growth of 61% YoY, significantly outperforming the core business growth rates. (5 accelerating across 5 signals, 2 leading indicators)

ARPU growth is accelerating, particularly among top-tier customers, driven by successful implementation of variable and differential pricing models. (2 accelerating, 3 steady across 5 signals)

Losses from associates are persisting and slightly increasing due to accounting reclassifications (Fleetx) and increased stakes in early-stage companies like Vyapar and Bizom. (5 intensifying, 2 high-severity)

The decline has reversed into a net addition, though growth remains sluggish with only 1,500 net additions this quarter compared to previous losses. (3 easing, 1 stable)