Ghosted by the bot: Why IndiaMART is desperate to be visible on ChatGPT

Last January, Japanese brokerage firm Nomura downgraded IndiaMART from ‘neutral’ to ‘downgrade’, reducing its target price. ₹3,150 to ₹1,900 due to declining paid subscribers, weak customer acquisition and high customer churn. Around the same time, Nuvama cut off its target ₹2,500 to ₹1.970 maintains its ‘decline’ rating. Motilal Oswal was an outlier, reaffirming its ‘buy’ rating with its revised target. ₹2,600. However, by June 2025, Nuvama increased its target by turning to ‘acquisition’ ₹3,800 and we call this a new cycle of demand growth. The stock is currently trading around ₹2,183.