Matrimony.com Limited

Communication Services — Internet Content & Information · NSE

₹532.00−₹4.85 (−0.90%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

The 60-second version of Matrimony.com Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Matrimony.com Limited, a consumer internet company, provides online matchmaking services on internet and mobile platforms in India and internationally. It operates through two segments: Matchmaking Services and Marriage Services.

IndustryInternet Content & Information

SectorCommunication Services

Employees2,581

Annual revenue₹460 Cr

How does it make money?

Turns over ₹460 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 2,581 employees supports ₹17.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹17.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 19.7% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE20.2%

What is the outlook?

1 analysts covering the stock expect revenue to grow about 8.6% and earnings to grow about 22.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+8.6%

Est. earnings growth+22.1%

Analysts1

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +1% while net margin moved -27% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+1%

Margin effect-27%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 0.3% — barely ahead of inflation
✗ Profit has declined at 9.9% a year

Quality vs. Valuation

Company Quality

60/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

52/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

25.0x

3Y Median

26.3x

40 monthly readings · mean 26.7x · range 19.2x–36.0x

Sector Median

21.7x

median of 2 sector peers

🟡Currently trading close to its 3y median of 26.3x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 15% above the peer median of 21.7x.

vs. its own history

Fair

26.3x median over 40 months · -5%

vs. sector peers

Fair

21.7x median of 2 peers · +15%

vs. generic bands

Fair

15x–35x

EV/EBITDA

17.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 27% over 3 years.
Cash generation is improving
Free cash flow is up 27% over 3 years.
Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Receivables growing faster than salesFinancial
Receivables up 1343% against revenue up 1% — sales are being booked faster than they are collected.
🟡Profit is decliningFinancial
Net profit is down 27% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 3.7 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Deleveraging frees up earnings
Debt is down 27% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹65 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 18.0% to 14.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 1343% against revenue up 1%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 0.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 12%✓ 14.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 0.3% CAGR
Latest reported year was 13.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹65 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 19.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

11 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹1,100 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

25.0x

Fair

Fairly valued against the generic band

P/B Ratio

5.33x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹21.27

Profitable

Profitable on a per-share basis

ROE

16.5%

Strong

Strong capital efficiency

ROCE

19.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

13.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

137.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.94%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹65 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

16.3x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

15.1%

Good

Healthy core-business profitability

Net Margin

9.4%

Average

Average bottom-line conversion

Current Ratio

1.39

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.13

Defensive

Steadier than the market

52W Range Position

80%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

529.7 / 524.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

51.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹456 Cr	₹481 Cr	₹456 Cr	₹460 Cr	+0.3%
EBITDA	₹82 Cr	₹90 Cr	₹81 Cr	₹66 Cr	-7.1%
EBITDA Margin	18.0%	18.8%	17.8%	14.3%	—
PAT (Net Profit)	₹47 Cr	₹50 Cr	₹45 Cr	₹34 Cr	-9.9%
EPS	₹20.72	₹22.25	₹20.56	₹15.92	-8.4%
ROE	18.4%	17.0%	18.7%	16.5%	—
ROCE	20.1%	20.9%	22.5%	19.7%	—
Total Debt	₹68 Cr	₹58 Cr	₹53 Cr	₹49 Cr	-10.1%
Free Cash Flow	₹51 Cr	₹41 Cr	₹44 Cr	₹65 Cr	+8.3%

🟡 Revenue has been broadly flat over 3 years (0.3% a year).

🔴 EBITDA has shrunk at 7.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 18.0% to 14.3% over 3 years (-3.7 pts).

🔴 PAT (Net Profit) has shrunk at 9.9% a year over 3 years.

🔴 EPS has shrunk at 8.4% a year over 3 years.

🔴 ROE has fallen from 18.4% to 16.5% over 3 years (-1.9 pts).

🟡 ROCE has held roughly flat at 19.7% over 3 years.

🟢 Total Debt has shrunk at 10.1% a year over 3 years.

🟢 Free Cash Flow has grown at 8.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹440 Cr

Total Liabilities

₹234 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹75 Cr

Capex

-₹11 Cr

Shareholding (proxy)

Institutional Holding

0.3%

Insider Holding

81.3%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

05 Aug 2026

Analyst Consensus

Recommendations

1 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹650

+22.2% vs CMP

Target Range

₹650 – ₹650

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

4 positive1 mixed1 general

Matrimony.com soars after Q1 PAT spurts 127.5% YoY

Business Standard, 11 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Income Investors Should Know That Matrimony.com Limited (NSE:MATRIMONY) Goes Ex-Dividend Soon

Simply Wall Street, 01 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Matrimony.Com Share Price Forecast: 3 Year Outlook to 2030

Univest, 21 Jul

Matrimony.com Q1FY27 net profit up 127% to ₹19.1 crore

scanx.trade, 17 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Matrimony.com shares jump up to 14% as company to consider share buyback on December 15

Upstox, 07 DecCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Matrimony.com shares fall 5% despite ₹58.5-crore buyback announcement: Should you tender shares?

Livemint, 15 DecCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability

MiddlingRisk

WeakGrowth · Valuation

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Revenue growth stays above 4% a year · see Key things to watch ↑