NDA Securities Broker Research reports

We expect valuation multiples to remain firm in the near term, supported by VBL’s market leadership, strong profitability profile, and visibility on double-digit earnings growth.

We expect moderate multiple expansion as the bank sustains mid-teen RoE, stable margins, and continued balance sheet strengthening.

We anticipate modest multiple compression over the next two years as the company transitions from hypergrowth to steady compounding. The applied multiples (55.0x for FY26E and 50.0x for FY27E) remain premium but reflect a necessary normalization from the market's current peak valuation (61.3x).

As of December 2024 end, the company had free cash and bank balance of ~?44 crore. This apart, the company had restricted cash balance of ~?161 crore and unutilised working capital limits of ~?800 crore as of December 2024 end.

The company’s liquidity position was adequate, supported by expectation of healthy cash flows, sizeable cash and bank balances (~Rs. 5,910 crore as on March 31, 2025) and low to moderate utilisation of committed facilities (buffer of ~Rs. 3,397 crore as on March 31, 2025).

Liquidity at HMIL was sizeable at ?8,579 crore as on March 31, 2025. Besides this average utilisation of the fund-based limit of ?3,637 crore was negligible in the six months through June 2025.

JSWIL has a strong liquidity position on a consolidated level marked by sufficient generations of cash accruals against repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance and excluding earmarked IPO money) to the tune of ?3,025 crore as on March 31, 2024, and ~3,520 crore as on June 30, 2024, apart from unutilised working capital limits.

Federal Bank is steadily evolving into a high-potential challenger in India’s private banking landscape. With a well-diversified loan book across retail (33%), SME (13%), agri (3%) and corporate (28%) segments, the bank is actively reshaping its portfolio towards higher-yielding verticals including gold loans, used CVs, LAP and credit cards.

As India’s 60 million+ MSMEs embrace digital-first work-flows, IndiaMART stands at the intersection of scale, simplicity, and software-led transformation.

This report presents a comprehensive equity research assessment of IndiaMART InterMESH Ltd., detailing its leadership in India’s B2B discovery ecosystem, expansion into SaaS-led productivitysolutions, and its asset-light, cash-rich financial model.