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Investing.com - Nuvama has upgraded IndiaMart InterMesh Ltd (NSE:INMART) from reduce to buy, raising its price target to INR3,800.00 from INR2,100.00, citing the company’s entry into a new demand upcycle.
The research firm had previously downgraded IndiaMart to hold in October 2023 and further to reduce in October 2024, but now sees improved growth prospects for the business-to-business marketplace.
Nuvama analyst Nikhil Choudhary noted that management initiatives, including platform changes and increased investment in marketing and branding to attract buyers, will lead to higher unique business enquiries and net new subscriber additions.
The firm has increased its earnings estimates for IndiaMart by approximately 9% for FY26E and 10% for FY27E, driven by expectations of higher revenue growth, though with slightly lower profitability projections.
Nuvama also raised its target valuation multiple for IndiaMart from 22x to 35x, returning to its pre-downgrade level, reflecting the improved growth outlook for the company.
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