IndiaMART Q2 Results: Profit Up 10%, Margins Widen as Paying Suppliers Slip (October 27, 2026)

IndiaMART Q2 results came out on Tuesday, October 27, and the headline is steady rather than spectacular: consolidated net profit of Rs 90.8 crore for the September quarter, up 9.8% from Rs 82.7 crore a year ago. The more interesting story sits in the margins and in one operating number that went the other way.

IndiaMART Q2 results: the key numbers

According to the company’s results press release filed with BSE, consolidated revenue from operations rose about 10% year-on-year to Rs 429 crore, from Rs 391 crore. Of that, the core IndiaMART marketplace (standalone) brought in Rs 389 crore and Busy Infotech, its accounting-software arm, Rs 37 crore.

• Consolidated EBITDA: Rs 159 crore, up 23% YoY, a 37% margin. CNBC-TV18 puts it at Rs 160 crore against Rs 129.7 crore, with the margin up 400 basis points to 37.2% from 33.2%.
• Standalone business: revenue up 8% to Rs 389 crore from Rs 360 crore; EBITDA Rs 156 crore (up 36% YoY) at a 40% margin; net profit Rs 106 crore, up 27% YoY.
• Collections from customers: Rs 443 crore consolidated, up 9% YoY, including Rs 394 crore standalone (up 8%) and Rs 46 crore from Busy Infotech.
• Deferred revenue: Rs 2,029 crore as of September 30, up 16% YoY, of which Rs 1,863 crore is standalone (up 14%).
• Cash flow from operations: Rs 135 crore, up 19% YoY. Cash and investments stood at Rs 3,234 crore.

Why profit fell 47% from the June quarter

On a sequential basis, consolidated net profit was down 47%, per the company’s own performance table. Operations weren’t the problem there: revenue from operations was up 3% quarter-on-quarter and consolidated EBITDA up 9%. The drag came from below the operating line. Total income fell 19% QoQ to Rs 421 crore, and that figure is actually lower than the Rs 429 crore of operating revenue, which implies other income was a net negative this quarter. For a company sitting on more than Rs 3,000 crore of cash and investments, treasury income swings like this can move reported profit a lot, so we’d read the QoQ fall with that in mind.

The number to watch: paying suppliers

Paying suppliers at the end of the quarter stood at 217,000, down 2% from a year ago and flat on the June quarter. That matters because IndiaMART makes its money from suppliers who pay for subscriptions. The company says standalone revenue growth came mainly from better realisation per paying supplier, in other words higher revenue from each customer rather than more customers.

Elsewhere on the platform, supplier storefronts grew 4% YoY to 8.9 million and unique business enquiries came in at 27 million for the quarter. Deferred revenue growing 16%, faster than revenue itself, does give some visibility on the next few quarters.

CEO Dinesh Agarwal said in the release that AI remains central to the user experience, from product discovery and buyer-seller matchmaking to conversational tools, and that the company is also exploring new ways to monetise the platform.

How the stock moved

IndiaMART shares ended Tuesday at Rs 1,648.10 on the BSE, up Rs 86.10 or 5.51%, CNBC-TV18 reported. The BSE filing carries a digital signature time of 3:35 PM, just after the closing bell, so that move came before the numbers were public. Wednesday’s session will be the first real reaction to the results.

If you’re new to reading result tables like this one, our guide on how to analyse quarterly results of a company walks through standalone vs consolidated numbers and why other income deserves a second look. For the wider earnings season, see our Q2 FY27 earnings roundup.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.