28-Oct-2026 07:57:11
NOMURA ON INDIAMART ; UPGRADE TO NEUTRAL | TP ₹1,840 (CMP ₹1,627.80)
• Upgrades IndiaMART to NEUTRAL with a target price of ₹1,840. • Paying subscriber additions remained weak, with another modest decline in Q2 FY27. • Product improvements remain critical to reviving subscriber additions over the medium to long term. • Meaningful recovery in paying subscriber additions is necessary for significant stock upside. • Stronger subscriber additions could improve customer collections and support revenue growth. • Upside risk: Faster recovery in subscriber additions leading to stronger customer collections. • Downside risk: Sharp decline in unique business enquiries could weaken the platform's long-term growth potential. • Target price of ₹1,840 implies approximately 13% upside from CMP of ₹1,627.80.
INDIAMART INTERMESH LTD