1. Opening Hook
When the CEO of IndiaMART spends more time explaining AI crawlers than revenue, you know the future of B2B is now crawling—literally. In a quarter where even ChatGPT got blamed for analytics confusion, IndiaMART posted a modest 12% revenue rise and an 18% deferred revenue jump. The company also redefined “traffic jam” — bots caused it this time, not buyers.
CEO Dinesh Agarwal’s classic mix of zen patience and nerdy optimism returned: “We’ll keep working hard till something smart happens.” Spoiler — it kind of did. The silver suppliers still churned, AI bots joined the sales team, and “moral obligations” gave way to machine learning. Stick around — it’s one of those calls where data meets dad jokes in real time. 😏
2. At a Glance
- Revenue:₹391 crore – Up 12% YoY; traffic fell but bots compensated.
- Collections:₹406 crore – Up 14% YoY; CFO calls it “cash, not clicks.”
- Deferred Revenue:₹1,750 crore – +18% YoY; the future is prepaid.
- EBITDA:₹130 crore – Margin at 33%; “Efficiency meets inflation.”
- PAT:₹83 crore – Down due to bond losses; treasury turned tragic.
- Paying Suppliers:2.22 lakh – Net adds 2,800; silver churn still brutal.
- Other Income:₹10 crore vs ₹92 crore QoQ; CFO lost sleep, not cash.
- Cash Balance:₹2,874 crore – India’s B2B war chest stays loaded.
3. Management’s Key Commentary
“Revenue grew 12%, collections 14%, deferred revenue 18%.”(Translation:We love percentages more than profits.*)
“We simplified onboarding and gained 1,200 extra customers.”(Translation:We pressed ‘Activate Now’ faster; churn can cry later.*)
“Silver churn remains elevated at 7% monthly.”(Translation:Silver is shiny but slippery.*)
“Traffic KPI will be dropped — bots ruined analytics.”(Translation:Thanks ChatGPT, you broke Google Analytics too.*)
“AI voice bots will handle 1 lakh calls/day by January.”(Translation:Our sales team now speaks in Python and empathy.*)
“Busy Infotech grew 46% YoY.”(Translation:The accounting software is more productive than some accountants.*)
“We will keep working till we find something smart.”(Translation:It’s the startup version of ‘Bhagwan bharose.’ 🙏*)
4. Numbers Decoded
| Metric | Q2FY26 | YoY Change | One-Line Analysis |
|---|---|---|---|
| Revenue from Ops | ₹391 Cr | +12% | Steady B2B flow despite AI flooding the web. |
| EBITDA | ₹130 Cr | +10% | Margins glued strong at 33%. |
| PAT | ₹83 Cr | -55% QoQ | Treasury mark-to-market blues. |
| Deferred Revenue | ₹1,750 Cr | +18% | Subscription money parked safely. |
| Paying Suppliers | 2.22 Lakh | +2,800 QoQ | Slow churn tango continues. |
| Busy Infotech Revenue | ₹29 Cr | +46% | Accounting subsidiary’s growth is “Busy” indeed. |
| Other Income | ₹10 Cr | -89% QoQ | Bond yields pulled a prank. |
| Cash + Treasury | ₹2,874 Cr | Flat | Sitting on cash like a dragon hoarding coins. 🐉 |
5. Analyst Questions — And the Real Answers
DAM Capital:“What’s this onboarding simplification?”Mgmt:“GST + payments = instant activation.”(Translation:We hit ‘Auto Approve’ and called it transformation.*)
Banyan Tree:“Collection vs Deferred growth gap?”Mgmt:“See the table in the standalone notes.”(Translation:Read the footnotes; that’s where the fun is.*)
Nuvama:“Why hike silver prices amid churn?”Mgmt:“Inflation happens. Value doesn’t.”(Translation:We can’t subsidize mediocrity anymore.*)
Dexter Capital:“ARPU doubled for top 1%. What drove it?”Mgmt:“Price hikes and more keywords.”(Translation:Rich clients pay to appear in more searches. SEO works.*)
DT Fund:“AI to fight churn?”Mgmt:“Yes, voice bots already calling customers.”(
