Overview

• Nuvama upgraded IndiaMART’s rating to Buy from Reduce and upped its target price by 81% from Rs2,100 to Rs3,800
• IndiaMART shares jumped over 6% on June 25 to their highest level in eight months
• Unique business enquiries per paid supplier climbed to 125 in Q4FY25 from a low of 106 in Q1FY24, signaling recovering buyer engagement
• Corrective measures including platform enhancements, partial insourcing of the sales force and boosted marketing investments have underpinned this improvement
• Nuvama forecasts subscriber additions to accelerate by Q2 or Q3 FY26 and projects an 18% revenue CAGR for FY25–28 alongside 9–10% earnings upgrades for FY26–27