IndiaMART InterMESH is targeting 10-12% revenue growth with margins holding at around 33% for FY27, according to CEO Dinesh Agarwal. As reported by CNBC-TV18, Agarwal stated the company continues to aim for double-digit expansion in revenue while maintaining profitability. The CEO emphasized that margins should remain in the 33% range, plus or minus 1-2%, providing investors with clear guidance for the upcoming fiscal year.
The company has been grappling with fluctuations in its paid subscriber base for nearly two years, with quarterly variations of 1,000-2,000 users. According to CNBC-TV18 reports, Agarwal attributed the pressure largely to weakness in the small and medium enterprise (SME) segment and broader geopolitical uncertainty. Around 50% of IndiaMART's customers in the higher-tier gold and platinum categories continue to perform well, while churn remains elevated in the entry-level silver tier.
IndiaMART's accounting software arm, Busy, continues to be a bright spot with 44,000 new subscribers added during the year and approaching break-even. As reported by CNBC-TV18, Agarwal noted that Busy has achieved quarterly operating cash flows of ₹5-10 crore and about ₹45 crore for the full year. The platform is expected to sustain around 25% growth with improving margins, contributing positively to the company's overall performance.
Collections remained stable despite seasonal fluctuations, with 8-9% year-on-year growth on a standalone basis and 13% on a consolidated basis. According to CNBC-TV18, Agarwal noted that quarter four typically sees collections that are 40% higher than quarter three. The company's stock was trading with a decline of around 1.7% at ₹2,066.90 per share on Monday, with a market capitalization of ₹12,422.45 crore and negative returns of around 16% over the past six months.
IndiaMART flagged that mark-to-market movements linked to interest rate changes could introduce volatility in quarterly earnings, though the broader annual performance remains steady. As reported by CNBC-TV18, the company continues to work on improving product-market fit, particularly for entry-level offerings where churn remains elevated. Agarwal refrained from committing to a full-year subscriber outlook, stating he cannot guide for the entire year until multiple quarters of 2,000-3,000 additions per quarter are achieved.
