1. Opening Hook
India’s SME digitisation story is booming, UPI is everywhere, and every chaiwala is “online-first.”
So naturally, IndiaMART—India’s B2B mothership—decides to lose 1,000 paying suppliers this quarter.
Because why not?
On paper, Q3FY26 looks like a cash machine: margins flexing, profits popping, cash piling up like Diwali bonuses.
Under the hood, though, growth is increasingly ARPU-led, not volume-led, and suppliers are quietly tiptoeing out.
Management sounds confident. Slides look gorgeous. AI is sprinkled generously like garam masala.
But somewhere between ₹3,051 Cr cash and declining supplier count, the real story starts to itch.
Stick around.
The boring part is over. The interesting contradictions begin now.
2. At a Glance
- Revenue ₹402 Cr (+13% YoY) – Growth steady, not explosive; Excel still smiling politely.
- EBITDA ₹134 Cr (33% margin) – Margins holding strong like a gym bro on creatine.
- Net Profit ₹188 Cr (+56% YoY) – Thanks other income, the unsung hero.
- Collections ₹426 Cr (+17%) – Cash register still ringing loudly.
- Deferred Revenue ₹1,775 Cr – Future revenue stacked higher than management optimism.
- Paying Suppliers -1,000 QoQ – Growth story skipped leg day this quarter.
3. Management’s Key Commentary
“We continue to see strong engagement across buyers and suppliers.”
(Engagement yes, payments… debatable 😏)
“Deferred revenue provides strong revenue visibility.”
(Translation: Don’t worry, next quarters will fix this 🙃)
“AI-driven matchmaking is improving
