AI-generated · cited to primary sources · not investment advice
Indiamart Inter. (542726) Jan 2026 Filing Analysis
Does management do what it says?
Management outperformed this guidance by reducing S&M costs to 15% of revenue in Q3 FY26, down from 17% in Q2 FY26 and significantly lower than the 20% peak in FY23. (4 exceeded, 1 missed across 5 tracked commitments)
“I have always guided to 6-8% on the ARPU and top 10% ARPU at 9-11%, and that is how it is going. ... So ARPU growth is now coming in line to the long-term trend of 6-8%.”
See the full cited Management analysis of Indiamart Inter.
What could break the thesis?
The risk remains high as the price hike from Rs. 3,000 to Rs. 4,000 (monthly) has caused a moderation in gross additions. Management expects it will take 6-9 months to fully understand the impact of this pricing change. (1 intensifying)
“Earlier, it was Rs. 3,000 plus tax on a monthly basis... Now it is Rs. 4,000 plus tax... some fence sitters might actually churn out because of that.”
See the full cited Risk analysis of Indiamart Inter.
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