INDIAMART
Indiamart Intermesh Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
INDIAMART
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹1,800 today
BEAR
₹31,990
+1677%
1578.1% a year · 24.1x exit
BASE
₹94,738
+5164%
2730.3% a year · 42.4x exit
BULL
₹1,58,764
+8721%
3710.5% a year · 52.7x exit
Where the market has priced it
22x23x today86x
management named no year; shown one year out
- the guided figure reached earnings through a low-confidence bridge
- the last 3 years priced this company 39% below its ten-year median (26x vs 42x) — the exit multiple here is the ten-year one, so a sustained re-rating would not be captured
- at 23x its FY26 earnings the stock trades below the bottom of its own ten-year range (24x)
- the range is unusually wide — read it as the span of management's own claim, not as a forecast
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹79 (screener) |
|---|---|
| Guided growth | 2730.3% a year, said on the call of 25-Jul-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — low confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 24.13x / 42.37x / 52.74x, this company’s own p20 / median / p80 across 7 filed years |
| Filed-industry peers | median 52.29x across 3 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 2730%
But over the next couple of years, I think we can definitely expect us to be closer to anything between, let's say 2730% CAGR growth rate, that we've seen over the last four years.
Call 25-Jul-2026 · bridge confidence low · transcript PDF