IndiaMART Intermesh has provided guidance on its business growth trajectory, indicating that paid supplier growth will remain flat for another quarter before recovering in the coming months.

Growth Recovery Timeline

The company expects no change in paid supplier growth for the immediate quarter ahead. However, management anticipates a return to natural growth numbers by April, May, or June, suggesting a recovery timeline within the next few months.

ARPU Growth Projections

IndiaMART Intermesh has outlined its Average Revenue Per User (ARPU) growth expectations across different customer segments:

The differentiated growth rates indicate that the company's premium customers are expected to contribute higher revenue growth compared to the overall customer base.

Market Outlook

Management has expressed confidence in the long-term business prospects, stating that current market trends support the projected growth outlook. This suggests that despite the temporary plateau in paid supplier growth, the underlying business fundamentals remain strong for the B2B marketplace platform.

The company's guidance reflects a measured approach to growth expectations, with clear timelines for recovery and differentiated projections across customer segments.

IndiaMART InterMESH Limited announced strong consolidated financial results for Q3FY26, demonstrating robust growth across key financial metrics. The B2B marketplace leader reported significant improvements in profitability and revenue generation during the quarter ended December 31, 2025.

Consolidated Financial Performance

The company's consolidated results showcased impressive growth momentum with net profit surging 55.6% year-on-year to ₹1,883 crores in Q3FY26 compared to ₹1,210 crores in the corresponding quarter of the previous year. Revenue from operations grew 13.3% YoY to ₹4,016 crores, reflecting strong demand for the company's services.

The company's earnings per share (basic) reached ₹31.37 for Q3FY26, significantly higher than ₹20.18 in Q3FY25. Total comprehensive income for the quarter stood at ₹1,910 crores compared to ₹1,201 crores in the previous year.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, IndiaMART InterMESH maintained its growth trajectory with consolidated net profit increasing 14.7% to ₹4,245 crores from ₹3,701 crores in the corresponding period of FY25. Revenue from operations rose 12.7% to ₹11,647 crores.

Segment-wise Revenue Breakdown

The web and related services segment, which forms the core of IndiaMART's business, generated ₹3,681 crores in Q3FY26 compared to ₹3,373 crores in Q3FY25, representing a growth of 9.1%. This segment contributed ₹10,747 crores during the nine-month period, up from ₹9,848 crores in the previous year.

The accounting software services segment showed remarkable growth with revenue of ₹335 crores in Q3FY26, nearly doubling from ₹170 crores in Q3FY25. For the nine-month period, this segment generated ₹900 crores compared to ₹485 crores in the corresponding period of FY25.

Standalone Results Highlight Strong Core Business

IndiaMART's standalone financial results were equally impressive, with net profit surging 65.0% YoY to ₹2,061 crores in Q3FY26 from ₹1,249 crores in Q3FY25. Standalone revenue from operations reached ₹3,680 crores, up from ₹3,372 crores in the previous year.

Corporate Developments and Regulatory Updates

During the nine-month period ended December 31, 2025, the company granted 406,730 Stock Appreciation Rights (SAR) to eligible employees at a weighted average share price of ₹2,245 per share with an exercise price of ₹10 each, vesting over five years.

The company has also assessed the impact of new Labour Codes notified by the Government of India, which became effective from November 21, 2025. This assessment resulted in an increase in employee benefit provisions by ₹90.72 crores for consolidated results and ₹85.79 crores for standalone results, reflecting the company's proactive approach to regulatory compliance.

The Board of Directors approved these audited financial results at their meeting held on January 20, 2026, following review and recommendation by the Audit Committee on January 19, 2026. The statutory auditors have expressed an unmodified audit opinion on these results, confirming their accuracy and compliance with applicable accounting standards.