IndiaMART shares drop 2% after Nomura flags subscriber growth issues, maintains “reduce” rating with 25% downside target.

• Nomura raises target price to ₹2,000; sees modest PAT growth but warns on subscriber churn and ARPU pressures.
• IndiaMART reported a 30% profit rise, 12.3% revenue growth in Q1, but subscriber additions remain sluggish.
• Stock up 16.4% YTD; analysts’ median target price stands at ₹2,472.5; most rate stock as “hold”.