šŖAt a Glance
IndiaMART, Indiaās biggest B2B classifieds platform, has quietly become aprofit-generating tech stockāno burning cash, no jazzy IPOs, no metaverse. With a 29% PAT CAGR, ā¹1,388 Cr revenue, and a whopping 34% EBITDA margin, this SME whisperer has built a moated business nobody talks about. But the stock has stayed rangebound for 3 years. Why?
š§ TL;DR
| š Metric | FY25 | 5-Year Growth |
|---|---|---|
| Revenue | ā¹1,388 Cr | š¼ 17% CAGR |
| PAT | ā¹551 Cr | š¼ 29% CAGR |
| EBITDA Margin | 34% | ā¬ļø from 26% in FY21 |
| ROE | 26.9% | ā¬ļø from 20% |
| EPS | ā¹91.73 | ā¬ļø from ā¹46.09 |
| FCF | ā¹623 Cr | š° Free cash machine |
| Other Income | ā¹272 Cr | š§ 49% of PBT |
1ļøā£ Marketplace Monopoly + Recurring SaaS = ā¹15,000 Cr
- Controls~60% of Indiaās B2B online listing market
- 2.14 lakh paying customers on subscription
- ~194 million buyers (not all
- active, but stillā¦)
- Revenue from subscriptions = ~90%, hence stable and recurring
Think of it asSaaS + Classifiedswith built-in India SME inflation protection.
2ļøā£ But Wait, That āOther Incomeā is Loud
- FY25Other Income: ā¹272 Cr
- FY25PBT: ā¹706 Crā”ļø ~39% of profits = treasury gains, dividends, interest
- This means core operating marginlooks inflatedunless you strip it.
Operating profit from core biz = ā¹474 Cr ā a strong 34% margin still, but be cautious of inflated headline PAT.
3ļøā£ Cash Flows > Profits
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