IndiaMART’s ARPU-Driven Resurgence: Navigating Churn & Powering Premium Growth in FY25 02.05.2025
● Introduction: The Marketplace Titan at a Strategic Crossroads IndiaMART InterMESH Ltd., India's largest B2B marketplace, just released its 4QFY25 earnings—and it's a nuanced tale of resilience, strategic recalibration, and ARPU-fueled growth. While the silver-tier churn continues to challenge, gold and platinum segments shine bright, proving that premiumization is the real growth engine . With investor eyes on profitability, product-market fit, and retention, IndiaMART has held its ground. But can it scale sustainably in FY26 and beyond? ● Large Bullet: FY25 at a Glance — The Numbers Speak First 1. Solid Financial Momentum Revenue surged 16% YoY to INR 13.9B Adjusted PAT jumped 64% YoY to INR 5.5B EBITDA margin maintained at 38% ARPU rose 11% YoY, clocking INR 62K Traffic stayed flat YoY at 272M users Paying subscribers up by 2,100 QoQ 2. A Valuation Still in the Sweet Spot CMP: INR 2,331; Target Price: INR 2,650 (+14% upside) P/E FY25: 25.4x | P/BV FY25: 6...