IndiaMART InterMESH

INDIAMART (₹1,545.00) exhibits a clear bearish technical structure on daily and weekly timeframes as of 2026-11-06, while the monthly trend remains bullish but weak. On the daily chart, price is below all key moving averages (EMA/SMA 20/50/200) and the Supertrend, with an ADX of 21.01 indicating developing downward momentum. The weekly setup reinforces this with a strong bearish trend (ADX 30.23) and price below all indicators. Conversely, the monthly timeframe shows price above the Supertrend but below moving averages, with a very weak ADX of 14.12, suggesting a potential long-term base or consolidation phase.

Participation has been negative recently, highlighted by an extreme volume-driven drop on 2026-10-30 (-3.7% return, 4.9x volume ratio) and a moderate monthly anomaly on 2026-11-06. Price is positioned near the lower end of its 252-day range (+7.5%) and in the middle of its 20-day range (+42.7%). Immediate support lies at ₹1,540.00 (0.32% below), with resistance at ₹1,556.53 (0.75% above). The stock carries significant risk, evidenced by a current drawdown of -43.6% against a maximum historical drawdown of -45.8%, and annualized volatility of +26.6%. An active monthly Inside Bar pattern suggests potential for a breakout, but direction is currently biased downward by shorter-term trends.

Indiamart Intermesh reported Q2 FY2027 results (ended September 30, 2026) with consolidated revenue of ₹429 crores (10% YoY growth) and net profit of ₹91 crores. The paying supplier base contracted by 615 to 217,000, driven by elevated churn in the Silver subscription tier, while Platinum and Gold customers contributed approximately 75% of revenue. Management noted that unique business enquiries declined 10-15% from peak levels due to strategic data protection against LLM scraping and shifts in Google search behavior. Subsidiary BUSY Infotech posted billing of ₹46 crores (20% YoY growth) and sold 11,000 new licenses. On the market front, the stock closed at ₹1,545 on November 6, 2026, reflecting a -2.0% daily decline and a significant -37.5% one-year return. Technical indicators show a bearish daily trend with the price trading below key moving averages.

IndiaMART InterMESH Limited reported audited financial results for the half-year ended September 30, 2026, on October 27, 2026. The company achieved consolidated revenue from operations of ₹429 crores in Q2 FY2027, reflecting 10% year-on-year growth, with a net profit of ₹91 crores. On a six-month basis, total income reached ₹9,420.95 million and net profit was ₹1,293.87 million (Basic EPS: ₹15.09). Management highlighted that while Platinum and Gold customers contributed approximately 75% of revenue, the paying supplier base declined by 615 to 217,000 due to elevated churn in the Silver subscription tier. Unique business enquiries fell 10-15% from peak levels, attributed to strategic data protection measures against LLM scraping and shifts in Google search behavior. Subsidiary BUSY Infotech grew billing by 20% YoY to ₹46 crores. The statutory auditor, B S R & Co. LLP, issued an unmodified opinion on the results.

Indiamart Intermesh demonstrates a robust top-line trajectory with sales rising to ₹1,569 crore in FY2026 (up from ₹1,388 crore in FY2025) and continuing to grow sequentially to ₹429 crore in Q2 FY2026-27. However, earnings quality has deteriorated significantly; net profit fell 14% to ₹475 crore in FY2026 from ₹551 crore in FY2025, despite operating profit remaining stable at ₹475 crore. This divergence is driven by a sharp decline in other income, which dropped from ₹272 crore to ₹204 crore, and a negative impact of ₹8 crore in Q2 FY2026-27. Cash generation remains strong, with cash flow from operations increasing to ₹694 crore in FY2026, supported by an efficient cash conversion cycle of just one day. The balance sheet is conservative, with borrowings reduced to ₹20 crore as of Sep 2026 and zero capital work-in-progress. Shareholding shows a gradual exit by FIIs (down to 20.32%) and DIIs (down to 9.61%), while promoters maintain a ~49% stake.

Indiamart Intermesh exhibits significant near-term technical weakness and substantial historical drawdowns as of 6 November 2026. The stock closed at ₹1,545.0, down from a previous close of ₹1,576.3, with daily technical indicators signaling a bearish trend. The Supertrend direction is bearish on both daily and weekly timeframes, supported by negative slopes in the 20-day and 50-day simple moving averages (-12.85% and -19.33% respectively over five days). Downward pressure is evident as the minus DI (22.89) exceeds the plus DI (21.76) on the daily chart, and significantly dominates on the weekly chart (minus DI 27.35 vs. plus DI 8.58). Performance metrics reflect prolonged underperformance, with returns of -37.5% over one year, -29.6% year-to-date, and -24.9% over six months. The stock is currently trading 43.6% below its peak, approaching its maximum drawdown of -45.8%. While monthly trends remain bullish, the immediate operational reality for investors involves navigating a confirmed downtrend with high volatility (annualized volatility +26.6%) and limited upside momentum in the short term.