Motilal Oswal recommends IndiaMART buy and sets ₹2,000 target

Business Oct 28, 2026

Motilal Oswal is recommending IndiaMART (INMART) as a buy, setting a target price of ₹2,000.

The call comes after IndiaMART's revenue jumped 9.6% in Q2 FY27, outperforming expectations, and the firm sees strong growth potential ahead.

Deferred revenue ₹20.3B and EBITDA 37.1%

IndiaMART's deferred revenue rose 16% year over year to ₹20.3 billion, and its EBITDA margin hit 37.1%, beating estimates.

While adjusted PAT grew by 9.4%, it was below forecasts due to higher other income.

Still, Motilal Oswal expects IndiaMART to keep up the momentum in the second half of FY27, thanks to its solid financials and promising outlook.