IndiaMART Q2: EBITDA Jumps 23%, But Why Are Paying Suppliers And Business Inquiries Falling? |ET Now
ET Now · 28 Oct 2026 · 7 min
Management interview of IndiaMART InterMESH Ltd (INDIAMART), with 6 key numbers discussed.
- Dinesh Agarwal, Founder and CEO, IndiaMART
IndiaMART reported revenue growth near 10%, while inquiries stabilized at 26-27 million per quarter amid adjustments for search engine dynamics and LLM indexing. Paying suppliers faced churn at the lower-tier silver segment, though ARPU expanded as better-retained customers monetize well. Management projects revenue growth to stay close to 10% in the near term with visibility from collections and deferred revenues. Long-term EBITDA margins are guided at ~33% annually despite quarterly performance marketing spends of ₹80mn. Subsidiary Busy Infotech has reached a ₹1.6bn run rate and is expected to sustain 20%+ growth.