Company Valuation: IndiaMART InterMESH Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 132,120 153,678 158,543 124,128 119,284 113,620 - -
Change - 16.32% 3.17% -21.71% -3.9% -4.75% - -
Enterprise Value (EV) 1 106,625 128,011 132,614 91,200 83,999 72,640 66,426 85,996
Change - 20.06% 3.6% -31.23% -7.9% -13.52% -8.55% 29.46%
P/E 44.6x 54.2x 44.3x 22.6x 25.2x 20.7x 18.5x 16.6x
PBR 7.06x 7.47x 9.13x 5.68x 4.97x 4.24x 3.84x 3.76x
PEG - -12.47x 1.5x 0.4x -1.8x 1.3x 1.6x 1.5x
Capitalization / Revenue 17.5x 15.6x 13.2x 8.94x 7.6x 6.55x 5.85x 5.24x
EV / Revenue 14.2x 13x 11.1x 6.57x 5.35x 4.19x 3.42x 3.96x
EV / EBITDA 34.6x 47.8x 40x 17.4x 15.8x 12.6x 10.3x 12.1x
EV / EBIT 36x 54.1x 45x 18.6x 16.7x 13.4x 11x 12.7x
EV / FCF 26.8x 27.9x 24.4x 14.8x 12.2x 10.8x 8.88x 10.2x
FCF Yield 3.73% 3.58% 4.11% 6.75% 8.18% 9.23% 11.3% 9.84%
Dividend per Share 2 1 10 20 50 60 59.97 62.32 70.53
Rate of return 0.05% 0.4% 0.76% 2.42% 3.02% 3.17% 3.3% 3.73%
EPS 2 48.42 46.32 59.7 91.59 78.77 91.26 102 113.5
Distribution rate 2.07% 21.6% 33.5% 54.6% 76.2% 65.7% 61.1% 62.1%
Net sales 1 7,535 9,854 11,968 13,884 15,690 17,346 19,434 21,696
EBITDA 1 3,078 2,679 3,314 5,228 5,300 5,762 6,419 7,108
EBIT 1 2,959 2,368 2,949 4,899 5,016 5,436 6,051 6,760
Net income 1 2,976 2,838 3,340 5,507 4,747 5,493 6,147 6,832
Net Debt 1 -25,495 -25,667 -25,929 -32,928 -35,285 -40,980 -47,194 -27,624
Reference price 2 2,161.32 2,509.88 2,645.45 2,068.70 1,986.20 1,889.30 1,889.30 1,889.30
Nbr of stocks (in thousands) 61,129 61,229 59,930 60,003 60,056 60,139 - -
Announcement Date 4/28/22 4/28/23 4/30/24 4/29/25 4/30/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.6x4.15x12.48x3.19% 1.19B
17.09x1.17x8.21x1.13% 219B
135.23x10.02x54.28x-.--% 155B
8.8x0.69x3.09x-.--% 117B
44.13x1.96x19x-.--% 89.4B
-34.5x0.71x47.34x-.--% 56.37B
25.25x4.51x14.71x1.08% 50.99B
18.97x5.05x12.24x - 27.78B
4.93x0.17x1.82x4.5% 6.37B
32.56x4.25x18.97x-.--% 6.19B
Average 27.30x 3.27x 19.21x 1.1% 73.04B
Weighted average by Cap. 40.90x 3.44x 22.18x 0.48%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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