Revenue and Profit Growth
Indiamart Inter.’s net sales have shown a consistent upward trend, rising from ₹507.40 crores in March 2019 to ₹1,388.40 crores by March 2025. This represents a near threefold increase over six years, underscoring the company’s expanding market reach and operational scale. Total operating income mirrors this growth, as other operating income remained nil throughout the period.
Operating profit before depreciation and interest (PBDIT excluding other income) surged from a modest ₹17.00 crores in 2019 to ₹522.80 crores in 2025, reflecting improved operational efficiency and cost management. When factoring in other income, operating profit rose to ₹795.20 crores in the latest fiscal year, up from ₹58.00 crores in 2019.
Profit before tax increased substantially from ₹53.90 crores in 2019 to ₹754.90 crores in 2025, while profit after tax climbed from ₹20.10 crores to ₹599.80 crores over the same period. Consolidated net profit followed a similar trajectory, reaching ₹550.70 crores in 2025 compared to ₹20.10 crores in 2019. These figures highlight a strong bottom-line expansion, supported by rising margins and effective tax management.
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Margins and Earnings Per Share
Operating profit margins (excluding other income) have fluctuated, peaking at 49.01% in 2021 before moderating to 37.65% in 2025. Gross profit margins similarly peaked above 60% in 2021 and settled at 56.74% in the latest year, indicating sustained profitability despite rising employee and other expenses.
Profit after tax (PAT) margins have remained strong, with 39.66% recorded in 2025, reflecting the company’s ability to convert revenue into net earnings efficiently. Earnings per share (EPS) have also shown impressive growth, rising from ₹7.03 in 2019 to ₹91.78 in 2025, signalling enhanced shareholder returns and value creation.
Balance Sheet Strength and Asset Growth
Indiamart Inter.’s total assets have expanded markedly from ₹1,098.36 crores in 2020 to ₹4,129.95 crores in 2025. This growth is supported by a substantial increase in both current and non-current investments, with current investments rising to ₹2,788.21 crores and non-current investments reaching ₹664.95 crores in 2025. Shareholder’s funds have also grown robustly, standing at ₹2,185.29 crores in 2025 compared to ₹275.06 crores in 2020, reflecting strong equity accumulation.
The company maintains a debt-free status, with no long-term or short-term borrowings reported during the period, which enhances its financial stability and reduces risk exposure. Deferred tax assets have increased slightly, while other long-term liabilities have grown in line with the company’s expansion.
Cash Flow and Liquidity
Cash flow from operating activities has shown consistent improvement, rising from ₹260 crores in 2020 to ₹623 crores in 2025. Despite significant cash outflows in investing activities, particularly in earlier years, the company has managed to maintain positive net cash inflows in most years, with a slight net outflow of ₹11 crores in 2025. Closing cash and cash equivalents remain healthy at ₹73 crores, supporting ongoing operational and strategic initiatives.
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Summary of Historical Performance
Over the past six years, Indiamart Inter. has transformed from a modestly sized enterprise into a financially robust company with strong revenue growth, expanding profit margins, and solid cash flow generation. The absence of debt and the accumulation of substantial reserves and investments underpin its financial health. While operating margins have moderated from peak levels, the company continues to deliver impressive net profit margins and EPS growth, signalling effective management and operational execution.
Investors may note the steady increase in employee costs and other expenses, which have been managed without compromising profitability. The company’s balance sheet strength and liquidity position provide a solid foundation for future growth opportunities in the competitive e-commerce and B2B marketplace sectors.
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