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Last Updated on: 16 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Indiamart Intermesh Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 15, 2024, 3:04 pm

Market Cap 13,700 Cr.
Current Price 2,284
High / Low3,199/2,229
Stock P/E31.5
Book Value 319
Dividend Yield0.88 %
ROCE24.4 %
ROE18.9 %
Face Value 10.0
PEG Ratio1.87

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Indiamart Intermesh Ltd

Competitors of Indiamart Intermesh Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Industry Average0 Cr0000%0.59%0.49%0

All Competitor Stocks of Indiamart Intermesh Ltd

Quarterly Result

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales162173179181182187201213229240256268281
Expenses7984939197108142154164170189192200
Operating Profit83898690848058606570677681
OPM %51%51%48%50%46%43%29%28%28%29%26%28%29%
Other Income2124630312225-33747265432
Interest2221111111111
Depreciation4443333456645
Profit before tax98108881151129779529611086124107
Tax %24%24%38%21%24%24%24%7%23%26%22%23%22%
Net Profit74825491857460497482689583
EPS in Rs12.8014.008.9314.9213.9312.169.777.9912.1213.3311.0315.5613.54

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2011Mar 2012Mar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales691161261732463094044976246657519391,096
Expenses137172133212293331595483451332439677786
Operating Profit-68-55-7-39-47-23-19114173333312262310
OPM %-98%-48%-5%-22%-19%-7%-47%3%28%50%42%28%28%
Other Income571238147366285108108151
Interest0000100037554
Depreciation343334342116121920
Profit before tax-66-53-9-19-43-13-18746210396403345436
Tax %-12%0%-0%0%-1%0%61%73%30%28%23%21%
Net Profit-74-53-9-19-43-13-7213146287310272337
EPS in Rs-40.58-28.71-4.81-10.37-23.58-7.16-36.222.2025.3047.2350.7144.4855.09
Dividend Payout %0%0%0%0%0%0%0%0%20%16%2%22%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2011-20122012-20132015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)28.38%83.02%-126.32%69.77%-453.85%118.06%1023.08%96.58%8.01%-12.26%
Change in YoY Net Profit Growth (%)0.00%54.64%-209.33%196.08%-523.61%571.90%905.02%-926.50%-88.56%-20.27%

Indiamart Intermesh Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2011-2012 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:%
5 Years:18%
3 Years:20%
TTM:18%
Compounded Profit Growth
10 Years:%
5 Years:96%
3 Years:8%
TTM:31%
Stock Price CAGR
10 Years:%
5 Years:19%
3 Years:-16%
1 Year:-12%
Return on Equity
10 Years:%
5 Years:20%
3 Years:17%
Last Year:19%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 11:31 pm

MonthMar 2012Mar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital999991029293031316060
Reserves-104-113-139-67-262-3221322461,5861,8622,0341,7101,854
Borrowings49494966000776356464138
Other Liabilities1011091882526098626587688351,0171,2501,5561,585
Total Liabilities55551072603565508191,1192,5162,9653,3613,3673,537
Fixed Assets13106912689856556534742
CWIP0000000000000
Investments2729682111563226149062,2672,7453,2243,1993,438
Other Assets15153340742191961271841638312057
Total Assets55551072603565508191,1192,5162,9653,3613,3673,537

Reserves and Borrowings Chart

Cash Flow

MonthMar 2012Mar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +-382141559183259264326407464545
Cash from Investing Activity +40-2-11-146-60-170-282-236-1,343-339-316181
Cash from Financing Activity +-30-013371514-511,038-58-143-695
Net Cash Flow0032628-9-232210531

Free Cash Flow

MonthMar 2011Mar 2012Mar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow-68.00-104.00-56.00-88.00-113.00-23.00-191.0014.0096.00270.00256.00216.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days321110011110
Inventory Days
Days Payable
Cash Conversion Cycle321110011110
Working Capital Days-247-226-263-237-250-265-283-264-242-285-308-314
ROCE %86%40%22%17%24%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters49.52%49.52%49.52%49.22%49.22%49.22%49.22%49.22%49.21%49.21%49.21%49.21%
FIIs27.91%26.53%23.93%23.59%25.00%25.38%26.60%26.76%27.33%24.16%23.08%23.37%
DIIs4.68%5.34%5.46%4.96%5.24%5.81%5.62%5.62%5.46%8.23%10.60%11.81%
Public17.16%18.57%21.05%21.50%20.33%19.46%18.45%18.27%17.87%18.30%17.08%15.56%
Others0.72%0.04%0.04%0.72%0.21%0.15%0.12%0.12%0.11%0.08%0.05%0.05%
No. of Shareholders1,34,1821,59,6172,10,1732,41,4092,14,6401,95,2491,77,6541,65,6271,71,4701,71,3611,61,8231,59,877

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
UTI Flexi Cap Fund1,110,7351.21294.31,110,7352024-11-150%
SBI Technology Opportunities Fund284,0332.3675.261,110,7352024-11-15-74.43%
ICICI Prudential Technology Fund183,4690.4548.611,110,7352024-11-15-83.48%
Franklin India Technology Fund120,6673.3231.971,110,7352024-11-15-89.14%
PGIM India Small Cap Fund99,3671.5926.331,110,7352024-11-15-91.05%
UTI Unit Linked Insurance Plan (ULIP) - Ten Year Plan97,5650.525.851,110,7352024-11-15-91.22%
Invesco India Smallcap Fund95,4290.8825.281,110,7352024-11-15-91.41%
Aditya Birla Sun Life Digital India Fund92,5550.6224.521,110,7352024-11-15-91.67%
Franklin India Opportunities Fund77,1881.3720.451,110,7352024-11-15-93.05%
Invesco India ELSS Tax Saver Fund67,2850.8317.831,110,7352024-11-15-93.94%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)55.1892.9697.8296.1551.14
Diluted EPS (Rs.)55.0492.6396.8494.5850.24
Cash EPS (Rs.)68.53115.38105.3398.4658.93
Book Value[Excl.RevalReserv]/Share (Rs.)289.60673.17613.38531.3695.25
Book Value[Incl.RevalReserv]/Share (Rs.)289.60673.17613.38531.3695.25
Revenue From Operations / Share (Rs.)199.63322.25246.62220.86221.23
PBDIT / Share (Rs.)90.40146.64137.48136.8182.24
PBIT / Share (Rs.)84.32136.48133.57131.5174.92
PBT / Share (Rs.)82.53133.81131.80129.3173.78
Net Profit / Share (Rs.)62.44105.21101.4293.1651.61
NP After MI And SOA / Share (Rs.)55.7192.8297.4192.2851.04
PBDIT Margin (%)45.2845.5055.7461.9437.17
PBIT Margin (%)42.2342.3554.1659.5433.86
PBT Margin (%)41.3441.5253.4458.5433.35
Net Profit Margin (%)31.2732.6441.1242.1823.32
NP After MI And SOA Margin (%)27.9028.8039.4941.7823.06
Return on Networth / Equity (%)19.2313.7815.8817.3653.58
Return on Capital Employeed (%)21.2316.1217.8120.2334.20
Return On Assets (%)9.688.2310.0911.1313.12
Asset Turnover Ratio (%)0.340.290.270.360.64
Current Ratio (X)2.222.763.714.411.88
Quick Ratio (X)2.222.763.714.411.88
Dividend Payout Ratio (NP) (%)18.312.1515.290.0019.59
Dividend Payout Ratio (CP) (%)16.511.9314.700.0017.13
Earning Retention Ratio (%)81.6997.8584.710.0080.41
Cash Earning Retention Ratio (%)83.4998.0785.300.0082.87
Interest Coverage Ratio (X)60.8155.0177.7662.2572.34
Interest Coverage Ratio (Post Tax) (X)43.2040.4758.3643.3946.39
Enterprise Value (Cr.)15759.8115317.3013131.8523364.275566.43
EV / Net Operating Revenue (X)13.1715.5417.4334.898.71
EV / EBITDA (X)29.0834.1631.2656.3323.44
MarketCap / Net Operating Revenue (X)13.2515.6017.5335.018.75
Retention Ratios (%)81.6897.8484.700.0080.40
Price / BV (X)9.147.477.0514.5520.32
Price / Net Operating Revenue (X)13.2515.6017.5335.018.75
EarningsYield0.020.010.020.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Indiamart Intermesh Ltd as of November 16, 2024 is: 1,915.88

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 16, 2024, Indiamart Intermesh Ltd is Overvalued by 16.12% compared to the current share price 2,284.00

Intrinsic Value of Indiamart Intermesh Ltd as of November 16, 2024 is: 2,238.51

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 16, 2024, Indiamart Intermesh Ltd is Overvalued by 1.99% compared to the current share price 2,284.00

Last 5 Year EPS CAGR: 16.84%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 15.75%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -265.33, which is a positive sign.
  3. The company has higher reserves (647.46 cr) compared to borrowings (41.08 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (378.46 cr) and profit (111.23 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 1.00, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Indiamart Intermesh Ltd:
    1. Net Profit Margin: 31.27%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 21.23% (Industry Average ROCE: 0.59%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 19.23% (Industry Average ROE: 0.49%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 43.2
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 2.22
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 31.5 (Industry average Stock P/E: 0)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

IndiaMART InterMESH Ltd. is a Public Limited Listed company incorporated on 13/09/1999 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L74899DL1999PLC101534 and registration number is 101534. Currently Company is involved in the business activities of Data processing, hosting and related activities. Company’s Total Operating Revenue is Rs. 750.77 Cr. and Equity Capital is Rs. 30.55 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Internet & Catalogue Retail1st Floor, 29-Daryagang, New Delhi Delhi 110002cs@indiamart.com
http://www.indiamart.com
Management
NamePosition Held
Mr. Dinesh Chandra AgarwalManaging Director & CEO
Mr. Brijesh Kumar AgrawalWhole Time Director
Mr. Dhruv PrakashNon Executive Director
Mr. Vivek Narayan GourIndependent Director
Mr. Rajesh SawhneyIndependent Director
Mr. Aakash ChaudhryIndependent Director
Ms. Pallavi Dinodia GuptaLead Independent Director

FAQ

What is the latest intrinsic value of Indiamart Intermesh Ltd?

The latest intrinsic value of Indiamart Intermesh Ltd as on 16 November 2024 is ₹1915.88, which is 16.12% lower than the current market price of ₹2,284.00.

What is the Market Cap of Indiamart Intermesh Ltd?

The Market Cap of Indiamart Intermesh Ltd is 13,700 Cr..

What is the current Stock Price of Indiamart Intermesh Ltd as on 16 November 2024?

The current stock price of Indiamart Intermesh Ltd as on 16 November 2024 is ₹2,284.

What is the High / Low of Indiamart Intermesh Ltd stocks in FY 2024?

In FY 2024, the High / Low of Indiamart Intermesh Ltd stocks is 3,199/2,229.

What is the Stock P/E of Indiamart Intermesh Ltd?

The Stock P/E of Indiamart Intermesh Ltd is 31.5.

What is the Book Value of Indiamart Intermesh Ltd?

The Book Value of Indiamart Intermesh Ltd is 319.

What is the Dividend Yield of Indiamart Intermesh Ltd?

The Dividend Yield of Indiamart Intermesh Ltd is 0.88 %.

What is the ROCE of Indiamart Intermesh Ltd?

The ROCE of Indiamart Intermesh Ltd is 24.4 %.

What is the ROE of Indiamart Intermesh Ltd?

The ROE of Indiamart Intermesh Ltd is 18.9 %.

What is the Face Value of Indiamart Intermesh Ltd?

The Face Value of Indiamart Intermesh Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Indiamart Intermesh Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE