Indiamart Gets HDFC Securities 'Buy' Upgrade With Revised Target Price — Here's Why

IndiaMart's revenue growth is projected at 14.8%/17.6%/18.3% in FY26E/27E/28E, with Ebitda margins expected to moderate to 33.8%/33.0%/33.3% over the same period due to marginally higher marketing spends and continued investment in platform enhancements. This implies revenue, Ebitda, and EPS CAGRs of 18%/17%/19% respectively over FY26–28E..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.HDFC Securities has upgraded IndiaMart InterMesh Ltd. to Buy, citing improving growth visibility and limited downside risk as churn in the silver-tier customer segment begins to stabilize. The brokerage has raised its target price to Rs 2,800 (from Rs 2,560), implying a P/E of 27x on FY28E earnings per share..IndiaMART registered a ~19%/17% CAGR in revenue and collections respectively over FY20–25, driven by an ~8.1%/7.5% CAGR in paying subscribers and average revenue per user. Ebitda grew at an even faster pace of ~25% CAGR during the same period, supported by margin expansion from 26.0% in FY20 to 37.6% in FY25. The company has stepped up investments, which has led to the margin contracting to ~34% in H1 FY26E, and we expect it margins to settle at ~33% as growth accelerates and investments continue. Revenue growth is projected at 14.8%/17.6%/18.3% in FY26E/27E/28E, with Ebitda margins expected to moderate to 33.8%/33.0%/33.3% over the same period due to marginally higher marketing spends and continued investment in platform enhancements. This implies revenue, Ebitda, and EPS CAGRs of 18%/17%/19% respectively over FY26–28E. IndiaMART is currently trading at a P/E of 24x on FY27E earnings, significantly below its five-year average of ~45x..Click on the attachment to read the full report:.Astra Microwave Rated 'Buy' By Motilal Oswal On Coverage Initiation — Check Target Price, Upside Potential.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Indiamart Gets HDFC Securities 'Buy' Upgrade With Revised Target Price — Here's Why

HDFC Securities upgrades IndiaMart shares to 'Buy' from 'Add' implying an upside of 24%.

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