Indiamart Intermesh Ltd’s shares are skyrocketing after the e-commerce company reported an earnings beat for the first quarter and some top analysts see even further upside to the stock.

The Indiamart Analyst: ICICI Securities analysts led by Abhishek Banerjee maintained their Buy rating on the stock, with a target price of ₹3,500, which indicates another 9.7% upside over the latest trading price.

The Indiamart Thesis: Banerjee noted the upbeat earnings reported by the Noida-based company, wherein revenue from operations grew 26% year-on-year at ₹282 crore in the first quarter.

27.4% EBITDA margin reported by IndiaMart beat ICICI Securities’ estimate of 26.3%. The analyst said the 15.4% growth in BUSY revenue quarter-on-quarter indicates “improving traction for its accounting software service offerings.”

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Banerjee also noted the company’s plan to buyback of 2.04% equity at ₹4,000 per share.

On the flip side, the analyst expressed concerns over lower subscriber additions, which were likely due to customers pushing back against pricing.

The Indiamart Price Action: Indiamart shares traded nearly 10% at ₹3,190.55 toward the end of the regular trading session on Friday. The stock has a 52-week high of ₹3,190.55 and 52-week low of ₹1,963.6.

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