1. Opening Hook
IndiaMART just reported Q3 numbers while the internet is busy debating whether Google Search is dead and ChatGPT stole its job. Meanwhile, IndiaMART calmly reminded everyone it survived Orkut, Yahoo, and dial-up internet — so relax.
Revenue grew, profits popped (thanks to an investment revaluation cameo), but supplier count quietly slipped. Management insists demand is “unlimited,” churn is “unchanged,” and AI will fix everything eventually.
If this sounds familiar, it’s because it is. The story is steady, not spectacular — and the interesting bits are buried in pricing, churn math, and what management isn’t rushing to do.
Read on. The real drama starts after the headline numbers.
2. At a Glance
- Revenue ₹402 Cr (+13% YoY) – Respectable growth, not the glory days.
- Collections ₹426 Cr (+17%) – Cash arrived early, revenue will follow later.
- EBITDA ₹134 Cr (33% margin) – Still printing margins like it’s SaaS royalty.
- Net Profit ₹188 Cr – Boosted by ₹82 Cr fair-value magic, not pure operations.
- Paying suppliers down 1,000 – Price hike met festive lethargy, apparently.
- Treasury ₹3,051 Cr – More cash than urgency.
3. Management’s Key Commentary (Decoded)
“Market is not saturated; demand is unlimited.”
(Translation: Suppliers will come back once inquiries double. Please wait.)
“We don’t want fulfillment or transaction-led models.”
(Translation: Classified + subscription keeps margins clean. Logistics is messy.
