Infra.Market FY25 results show a strong topline of INR 18,472 crore driven by core materials, but PAT drops to ~INR 220 crore on higher costs
IPO-bound Infra.Market reported consolidated revenue from operations of INR 18,472 crore in FY25, crossing the USD 2-billion mark and up 27% year-on-year, even as net profit fell 42% to about INR 220 crore. The numbers are based on financial statements filed with the Registrar of Companies.
Revenue Expands, Profitability Compresses
Revenue rose from INR 14,530 crore in FY24 to INR 18,472 crore in FY25, according to the report. Net profit declined to INR 219.7 crore from INR 378 crore a year earlier as operating costs and finance charges climbed. Total expenses increased to INR 18,249.6 crore (INR 14,272.3 crore in FY24), with employee costs up 41% to INR 563.6 crore and finance costs up 45% to INR 804.8 crore. A lower non-operating income (INR 84 crore vs INR 213 crore) also weighed on the bottom line.
Growth Levers
The Mumbai-based materials platform said the structural products business remained the largest contributor, accounting for over 60% of FY25 revenue at INR 11,176 crore. Finishing products brought in INR 1,924 crore, while the lifestyle segment—which includes modular kitchens, appliances, and paints—generated INR 2,487 crore. Allied services and equipment-related revenue added another INR 2,884 crore.
Infra.Market IPO Plans & Valuation
Infra.Market has confidentially pre-filed for a public offering estimated at around INR 5,000 crore, with Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal, and Nuvama mandated as bankers, according to reports. The company also raised ~INR 732 crore in September 2025 from promoters and existing shareholders and has tapped a USD 150-million (~INR 1,350 crore) debt facility from Mars Growth Capital to support expansion. Recent rounds have pegged its valuation near USD 2.8 billion (~INR 25,000 crore).
Management Focus & Strategy
“We will be aggressively focusing on the retail and B2C market … and will be spending on these categories from the fundraise,” co-founder Souvik Sengupta said in an interview in June 2024, outlining plans to deepen presence in tiles, paint, electricals, and wood panels to bolster profitability over time.
Outlook
A ratings note last year flagged refinancing and working-capital intensity as key monitorables for the group, highlighting elevated finance costs and stretched receivables in certain overseas units, even as liquidity buffers were disclosed. The agency commentary came alongside a separate assessment that acknowledged strong revenue growth and ongoing refinancing progress.
“Intra. Market is a generational company that represents category dominance, outsized growth at scale, and best-in-class profitability,” said Foundamental general partner Shubhankar Bhattacharya during a January 2025 fundraise, reflecting investor confidence as the company prepares for listing.
Competitive Landscape
Infra.Market operates in a crowded B2B materials space alongside Of Business, Zetwerk, and Moglix. Publicly available data show peers posting double-digit revenue bases with varied profitability tracks, underscoring how scale and unit economics remain central to investor scrutiny ahead of potential listings.
Infra.Market FY25 Results Highlights
- FY25 consolidated revenue: INR 18,472 crore, up 27% YoY.
- FY25 PAT: ~INR 220 crore, down 42% YoY (INR 378 crore in FY24).
- Total expenses: INR 18,249.6 crore; finance cost up 45% YoY to INR 804.8 crore.
- Segment mix: structural INR 11,176 cr; finishing INR 1,924 cr; lifestyle INR 2,487 cr; allied services INR 2,884 cr.
- Infra.Market IPO: confidential pre-filing; issue size around INR 5,000 crore; multiple global and domestic bankers on mandate.
Conclusion
Infra.Market FY25 results shows scale continuing to build, but with profitability pressured by higher finance and operating costs and softer other income. With a confidential IPO in the works, investors will watch margin discipline, working-capital cycles and the ramp-up of higher-margin retail and lifestyle categories as the company readies for public markets.
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