Nomura has maintained its Reduce rating on Indiamart InterMESH, with a target price of ₹2,000, implying a 25% downside from the current market price of ₹2,655.00. The brokerage flagged continued weakness in paying subscriber additions, which remains a key concern for the company’s growth trajectory.
Nomura noted that while Indiamart has begun experimenting with digital advertising and marketing initiatives, these early efforts are not yet translating into significant subscriber momentum. The firm believes collections will likely remain subdued in the near to medium term, as elevated churn persists and gross additions fail to accelerate meaningfully.
Improvement in financial performance, according to Nomura, hinges on a recovery in net subscriber additions—which would require both a reduction in churn and a ramp-up in customer acquisition.
Until then, the brokerage expects performance to remain under pressure and has maintained its cautious stance on the stock.
Disclaimer: The brokerage view is based on publicly available research and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.