Indiamart Intermesh Limited has released the transcript of its earnings conference call held on January 20, 2026, to discuss the financial performance for the quarter ended December 31, 2025. During the call, management reported consolidated revenue from operations of ₹402 crore, marking a year-on-year growth of 13%. Collections from customers increased to ₹426 crore, a 17% year-on-year rise. Deferred revenue grew to ₹1,775 crore, up 19% year-on-year. Unique business inquiries reached 28 million, a 4% year-on-year increase, with improved quality. However, the total number of paying suppliers declined slightly to 2.21 lakh, primarily due to a price increase implemented for the silver subscription tier and fewer working days during the festival season. Busy Infotech, a subsidiary, reported billing of ₹33 crore in Q3, with a normalized year-on-year growth rate of 28%. Revenue from operations was ₹32 crore, and deferred revenue stood at ₹112 crore, showing 50% and 56% growth respectively on a normalized basis. The company also discussed its strategy, emphasizing continued investment in AI-enabled technologies to enhance product quality, user experience, and trust across the marketplace. Management addressed concerns about the subdued paid supplier numbers, stating that the market is not saturated and that they intend to remain a tech-oriented company, focusing on enabling features like trust and payment facilitation rather than direct fulfillment. Financial highlights include consolidated EBITDA of ₹134 crore (33% margin) and a one-time fair valuation gain of approximately ₹82 crore on a strategic investment in Baldor Technologies. Consolidated net profit for the quarter was ₹188 crore, with consolidated cash generated from operations at ₹129 crore. Treasury balance stood at ₹3,051 crore as of December 31, 2025. The company also clarified the impact of a recent price hike in the silver subscription tier and discussed the sustainability of collection growth, ARPU trends, and churn levels. Management indicated that the full impact of price hikes would be visible in six to nine months and that they are continuously working on improving sales execution, customer service, and the platform's technology.
