1. At a Glance
Matrimony.com — the digital priest of Indian marriages — just posted a quarter where revenue dipped year-on-year, profits slumped nearly 40% YoY, but still managed a QoQ bump thanks to billing growth and some help from “other income” (read: money not from core business). Paid subscribers sit at 1 million, but growth is slower than an uncle finding a match on his first Shaadi.com login. Still, ROE at 17% and ROCE at 19% keep the balance sheet looking like a pre-wedding photoshoot — flattering but not hiding the grey hair.
2. Introduction
If you’ve ever been single in India and your parents own a smartphone, you’ve probably been on Matrimony.com — willingly or under duress. The company runs an online matchmaking empire with micro-market targeting so deep it can find you a Bengali-speaking, fish-loving, IIT-graduate groom with an allergy to coriander.
Their offline “wedding services” arm is the side hustle — think venue booking, catering, decor — essentially a Shaadi.com meets UrbanClap meets your aunt’s wedding WhatsApp group.
But unlike real weddings that go over budget, Matrimony.com’s growth budget has been on a diet lately.
3. Business Model (WTF Do They Even Do?)
- Core Business: Paid online matchmaking subscriptions.
- Side Hustles: Offline vendor platform for wedding services.
- Differentiator: Hyper-segmented portals (community, religion, region, NRI, elite) — “marriages are made in heaven, but marketed in 300+ domains.”
- Revenue Split: Mostly subscriptions, minor from ads/other.
- Cost Base: Digital marketing, tech infrastructure, staff.
Think of it as Tinder, but for people whose parents still control
the Netflix password.
4. Financials Overview
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 115.33 | 120.59 | 108.32 | -4.36% | 6.47% |
| EBITDA (₹ Cr) | 12.43 | 20.14 | 7.05 | -38.28% | 76.17% |
| PAT (₹ Cr) | 8.40 | 13.97 | 8.18 | -39.87% | 2.69% |
| EPS (₹) | 3.77 | 6.28 | 3.67 | -39.94% | 2.72% |
Commentary:Costs are sticky, marketing spends bite, and the business can’t charm inflation like a marriage bureau aunty charms two unwilling families.
5. Valuation (Fair Value RANGE only)
Method 1: P/E
- EPS (annualised) = ₹15.08
- Sector P/E range = 20× to 40× (digital consumer services)
- FV Range = ₹302 – ₹603
Method 2: EV/EBITDA
- EBITDA (annualised) = ₹49.72 Cr
- EV/EBITDA peer range = 15× to 25×
- FV Range = ₹345 – ₹575
Method 3: DCF
- Assume FCF = ₹40 Cr, growth 5% for 5 years, terminal 3%, discount 12%
- FV ≈ ₹310 – ₹500
Educational FV Range:₹300 – ₹575This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
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