Company Valuation: IndiaMART InterMESH Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 132,120 153,678 158,543 124,128 119,284 107,675 - -
Change - 16.32% 3.17% -21.71% -3.9% -9.73% - -
Enterprise Value (EV) 1 106,625 128,011 132,614 91,200 83,999 67,005 61,192 54,676
Change - 20.06% 3.6% -31.23% -7.9% -20.23% -8.68% -10.65%
P/E 44.6x 54.2x 44.3x 22.6x 25.2x 19.5x 17.7x 16.4x
PBR 7.06x 7.47x 9.13x 5.68x 4.97x 4.06x 3.68x 3.42x
PEG - -12.47x 1.5x 0.4x -1.8x 1.2x 1.8x 2.07x
Capitalization / Revenue 17.5x 15.6x 13.2x 8.94x 7.6x 6.25x 5.64x 5.06x
EV / Revenue 14.2x 13x 11.1x 6.57x 5.35x 3.89x 3.21x 2.57x
EV / EBITDA 34.6x 47.8x 40x 17.4x 15.8x 11.5x 9.51x 7.81x
EV / EBIT 36x 54.1x 45x 18.6x 16.7x 12.1x 10x 8.32x
EV / FCF 26.8x 27.9x 24.4x 14.8x 12.2x 10.7x 8.76x 7.59x
FCF Yield 3.73% 3.58% 4.11% 6.75% 8.18% 9.35% 11.4% 13.2%
Dividend per Share 2 1 10 20 50 60 53.6 58.16 63.1
Rate of return 0.05% 0.4% 0.76% 2.42% 3.02% 2.99% 3.25% 3.52%
EPS 2 48.42 46.32 59.7 91.59 78.77 92.03 101.3 109.3
Distribution rate 2.07% 21.6% 33.5% 54.6% 76.2% 58.2% 57.4% 57.7%
Net sales 1 7,535 9,854 11,968 13,884 15,690 17,225 19,089 21,266
EBITDA 1 3,078 2,679 3,314 5,228 5,300 5,828 6,434 7,003
EBIT 1 2,959 2,368 2,949 4,899 5,016 5,521 6,095 6,570
Net income 1 2,976 2,838 3,340 5,507 4,747 5,540 6,102 6,583
Net Debt 1 -25,495 -25,667 -25,929 -32,928 -35,285 -40,670 -46,483 -52,999
Reference price 2 2,161.32 2,509.88 2,645.45 2,068.70 1,986.20 1,790.60 1,790.60 1,790.60
Nbr of stocks (in thousands) 61,129 61,229 59,930 60,003 60,056 60,134 - -
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.($)
19.46x3.89x11.5x2.99% 1.11B
20.03x1.4x9.81x0.95% 260B
129.22x9.36x50.73x-.--% 146B
8.88x0.71x3.15x-.--% 119B
45.05x2.02x19.75x-.--% 91.19B
-40.96x0.92x61x-.--% 68.73B
24.02x4.3x14.03x1.13% 48.54B
17.2x4.47x10.83x - 25.18B
5.35x0.21x2.18x4.15% 6.92B
30.48x3.97x17.77x-.--% 5.79B
Average 25.87x 3.13x 20.08x 1.03% 77.19B
Weighted average by Cap. 36.56x 3.12x 22.54x 0.45%

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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