IndiaMART dips as Nomura flags need for subscriber growth

IndiaMART InterMESH

21/07/2025 07:15

** Shares of IndiaMART InterMES INMR.NS slip 2% to 2,597 rupees

     ** Nomura maintains "reduce" rating on the B2B marketplace while raising target price to 2,000 rupees from 1,950 rupees, implying ~25% downside from last close

** Revises INMR FY26–27F PAT estimates ~2–3% higher; says meaningful subscriber growth essential for stock upside

** Brokerage says marketplace is struggling to add paying subscribers while facing elevated churn, pressuring revenue and weighing on average revenue per user

** INMR posts 9% y/y increase in Q1 ARPU, reports 30% rise in Q1 consol net profit and 12.3% rise in rev from ops

** INMR rated "hold" by 18 analysts on avg; median PT at 2,472.5 rupees - data compiled by LSEG

** Stock up 16.4% YTD

 (Reporting by Rudra Pratap Singh in Bengaluru)

 ((rudrapratap.singh@thomsonreuters.com))