Goldman Sachs retained its 'Sell' rating on Bharat Dynamics while raising the target price marginally to ₹1,275 after fresh defence orders improved revenue visibility. According to reports from The Economic Times, the investment bank continues to flag valuation concerns and margin risks despite the positive order developments. Meanwhile, HDFC Securities maintained its constructive stance on IndiaMART InterMESH, betting on pricing power, AI-led efficiency gains, and scope for subscriber growth. The latest target price for IndiaMART from HDFC Securities stands at ₹2,400, while Jefferies has set an even higher target of ₹3,400, reflecting growing confidence in the company's performance and market position.
The contrasting brokerage views highlight different perspectives on the defence sector's prospects. As reported by The Economic Times, Goldman Sachs remains cautious about Bharat Dynamics despite the company's improved order book, while HDFC Securities maintains a more optimistic view on IndiaMART InterMESH's growth potential. The divergent recommendations reflect varying assessments of each company's fundamental strengths and market positioning, with Goldman Sachs maintaining a 'Buy' rating on Kajaria Ceramics with a target price of ₹1,330, compared with ₹1,170 earlier.
IndiaMART InterMESH Limited announced its financial results for the full year and fourth quarter ending March 31, 2026, on April 30. The company reported consolidated Revenue from Operations of ₹404 crore as compared to ₹355 crore in the corresponding quarter of last year, representing a growth of 14%. This includes IndiaMART Standalone Revenue of ₹368 crore*, representing YoY growth of 10% and Busy Infotech Revenue of ₹34 crore. Collections from customers grew to ₹595 crore for the quarter, representing YoY growth of 10%, primarily comprising IndiaMART Standalone Collections of ₹546 crore*, representing YoY growth of 8% and Busy Infotech Collections of ₹45 crore. The company also recommended a total dividend of ₹60 per share for the fiscal year, with a final dividend of ₹20 per equity share for FY 2022-23, which is 200% of the face value.
According to The Economic Times, HDFC Securities remains constructive on IndiaMART InterMESH based on its pricing power, AI-led efficiency gains, and potential for subscriber growth. However, the platform faces significant challenges with silver-tier customer churn remaining elevated at around 5% for the past two years, with average net additions of around 1,000 per quarter versus the historical average of over 5,000. Additionally, unique business inquiries on the platform declined from around 31 million in Q2FY26 to around 27 million in Q4FY26. The company has implemented multiple churn-reduction initiatives, including an AI agent deployed with over 100,000 autonomous conversations daily, achieving 20% higher conversions and 15% lower costs. If silver churn reduces, annual net additions could recover to 12-15,000, potentially boosting revenue by 2-5% and EBITDA by 4-8%.
