DDM Analysis: INDIAMART.BO

Valuation Snapshot

Stable Growth	$4,112.01 - $17,778.09	$9,978.59
Multi-Stage	$2,125.52 - $2,322.75	$2,222.34
Blended Fair Value	$6,100.47
Current Price	$2,356.40
Upside	158.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	29.18%	0.00%	19.93	10.17	1.01	7.56	0.25	5.54	0.00	0.00	0.00	0.00
YoY Growth	-	-	96.06%	902.76%	-86.60%	2,951.98%	-95.53%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.77%	0.38%	0.04%	0.40%	0.01%	0.48%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,377.37
(-) Cash Dividends Paid (M)	3,000.99
(=) Cash Retained (M)	2,376.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,075.47	672.17	403.30
Cash Retained (M)	2,376.38	2,376.38	2,376.38
(-) Cash Required (M)	-1,075.47	-672.17	-403.30
(=) Excess Retained (M)	1,300.91	1,704.21	1,973.08
(/) Shares Outstanding (M)	60.15	60.15	60.15
(=) Excess Retained per Share	21.63	28.33	32.80
LTM Dividend per Share	49.89	49.89	49.89
(+) Excess Retained per Share	21.63	28.33	32.80
(=) Adjusted Dividend	71.51	78.22	82.69
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,112.01	$9,978.59	$17,778.09
Upside / Downside	74.50%	323.47%	654.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,377.37	5,726.90	6,099.15	6,495.59	6,917.81	7,367.46	7,588.49
Payout Ratio	55.81%	62.65%	69.48%	76.32%	83.16%	90.00%	92.50%
Projected Dividends (M)	3,000.99	3,587.69	4,237.97	4,957.64	5,752.95	6,630.72	7,019.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,311.13	3,342.52	3,373.90
Year 2 PV (M)	3,609.79	3,678.55	3,747.96
Year 3 PV (M)	3,897.28	4,009.16	4,123.15
Year 4 PV (M)	4,173.88	4,334.39	4,499.50
Year 5 PV (M)	4,439.88	4,654.33	4,876.99
PV of Terminal Value (M)	108,426.86	113,663.92	119,101.41
Equity Value (M)	127,858.83	133,682.87	139,722.90
Shares Outstanding (M)	60.15	60.15	60.15
Fair Value	$2,125.52	$2,222.34	$2,322.75
Upside / Downside	-9.80%	-5.69%	-1.43%

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IndiaMART InterMESH Limited (INDIAMART.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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