IndiaMART upgrades outlook on demand cycle, traffic, and subscriber growth, with higher earnings estimates but lower profitability.

• Broker raises FY26/FY27 earnings 9-10% but cuts profit expectations amid 35x valuation boost for growth.
• Platform upgrades, insourced sales, and branding investments aim to tackle structural challenges and boost satisfaction.
• Subscriber additions are expected to recover by Q2/Q3, driving collections after reducing supplier competition.