Company Valuation: IndiaMART InterMESH Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 132,120 153,678 158,543 124,128 119,284 105,534 - -
Change - 16.32% 3.17% -21.71% -3.9% -11.53% - -
Enterprise Value (EV) 1 106,625 128,011 132,614 91,200 83,999 64,864 59,051 52,535
Change - 20.06% 3.6% -31.23% -7.9% -22.78% -8.96% -11.03%
P/E 44.6x 54.2x 44.3x 22.6x 25.2x 19.1x 17.4x 16.1x
PBR 7.06x 7.47x 9.13x 5.68x 4.97x 3.98x 3.6x 3.35x
PEG - -12.47x 1.5x 0.4x -1.8x 1.1x 1.76x 2.06x
Capitalization / Revenue 17.5x 15.6x 13.2x 8.94x 7.6x 6.14x 5.54x 4.98x
EV / Revenue 14.2x 13x 11.1x 6.57x 5.35x 3.77x 3.1x 2.48x
EV / EBITDA 34.6x 47.8x 40x 17.4x 15.8x 11.1x 9.19x 7.51x
EV / EBIT 36x 54.1x 45x 18.6x 16.7x 11.7x 9.69x 8x
EV / FCF 26.8x 27.9x 24.4x 14.8x 12.2x 10.4x 8.45x 7.3x
FCF Yield 3.73% 3.58% 4.11% 6.75% 8.18% 9.66% 11.8% 13.7%
Dividend per Share 2 1 10 20 50 60 53.6 58.16 63.1
Rate of return 0.05% 0.4% 0.76% 2.42% 3.02% 3.05% 3.31% 3.6%
EPS 2 48.42 46.32 59.7 91.59 78.77 92.02 101.1 109
Distribution rate 2.07% 21.6% 33.5% 54.6% 76.2% 58.3% 57.5% 57.9%
Net sales 1 7,535 9,854 11,968 13,884 15,690 17,202 19,050 21,196
EBITDA 1 3,078 2,679 3,314 5,228 5,300 5,829 6,429 6,994
EBIT 1 2,959 2,368 2,949 4,899 5,016 5,521 6,095 6,570
Net income 1 2,976 2,838 3,340 5,507 4,747 5,538 6,089 6,562
Net Debt 1 -25,495 -25,667 -25,929 -32,928 -35,285 -40,670 -46,483 -52,999
Reference price 2 2,161.32 2,509.88 2,645.45 2,068.70 1,986.20 1,755.00 1,755.00 1,755.00
Nbr of stocks (in thousands) 61,129 61,229 59,930 60,003 60,056 60,134 - -
Announcement Date 4/28/22 A 4/28/23 A 4/30/24 A 4/29/25 A 4/30/26 A - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.07x3.77x11.13x3.05% 1.11B
22x1.6x11.29x0.85% 293B
93.95x12.4x67.01x-.--% 195B
9.75x0.87x3.88x-.--% 131B
47.3x1.93x19.55x-.--% 92.3B
-43.08x0.98x64.93x-.--% 72.53B
25.38x4.38x14.59x1.11% 49.83B
18.75x4.96x12.02x - 27.46B
5.8x0.24x2.57x3.83% 7.53B
37.5x4.98x22.46x-.--% 7.11B
Average 23.64x 3.61x 22.94x 0.98% 87.64B
Weighted average by Cap. 33.54x 4.16x 28.12x 0.4%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation IndiaMART InterMESH Limited