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ICICI Securities Report
According to our proprietary model, business-to-business e-commerce total addressable market is poised for a compound annual growth rate of ~55.8% over FY23E-FY25E.
However, IndiaMart Intermesh Ltd. and Just Dial Ltd., the two listed stocks in the space, have corrected by ~55% and ~40% over the past one year.
On the other hand, strategic investors and private financial investors have turned bullish on the space.
In our view, this divergence is unlikely to last much longer. We expect both IndiaMart and Just Dial to outperform the broader markets over the next year given their large exposure to the fast growing B2B e-commerce space.
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