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Matrimony.Com Overview

1. Business Overview

Matrimony.Com Ltd. operates as a consumer internet company primarily focused on online matchmaking and related marriage services in India. Its core business model revolves around connecting individuals seeking life partners through its diverse portfolio of matrimony portals, most notably BharatMatrimony. The company generates revenue primarily through subscription fees for premium memberships, which offer enhanced features and visibility. Additionally, it monetizes through value-added services such as assisted matrimony, matrimony retail outlets, event management, and advertising.

2. Key Segments / Revenue Mix

The company's primary revenue driver is its matchmaking services segment, which includes its portfolio of online matrimony portals (e.g., BharatMatrimony, CommunityMatrimony, EliteMatrimony). These services cater to various linguistic, regional, and community preferences within India. A smaller but growing segment includes "Other Services," which encompasses assisted matrimony services, matrimony stores (physical outlets for personalized assistance), and event management related to weddings. The online matchmaking subscriptions constitute the bulk of its revenue.

3. Industry & Positioning

The online matrimony industry in India is dynamic and competitive, characterized by a large addressable market driven by demographic factors and increasing internet penetration. The industry comprises a few dominant national players, alongside regional and niche platforms. Matrimony.Com, through its flagship BharatMatrimony brand, holds a leading position as one of the largest and most recognized online matrimony service providers in India. It competes with other major players like Shaadi.com and Jeevansathi, as well as a multitude of smaller, community-specific portals and newer app-based entrants.

4. Competitive Advantage (Moat)

Matrimony.Com possesses several durable advantages:

Brand Recognition: BharatMatrimony is a well-established and trusted brand in India, built over two decades, which fosters user trust in a sensitive domain like matchmaking.

Scale and Network Effect: A large existing user base attracts more users, creating a powerful network effect where more profiles lead to a higher probability of successful matches, making the platform more valuable.

Data and Technology: Extensive user data and sophisticated algorithms allow for more precise matching, enhancing user experience and success rates.

Local Presence: Its network of physical retail outlets for assisted services provides an omnichannel approach, catering to users who prefer in-person assistance, especially in semi-urban areas.

5. Growth Drivers

Increasing Internet Penetration: Continued growth in internet and smartphone adoption across India, particularly in Tier 2 and Tier 3 cities, expands the addressable market for online matrimony services.

Shift from Traditional Matchmaking: A gradual societal shift towards online platforms for partner search, driven by convenience and wider choices, especially among the younger demographic.

Premiumization and Value-Added Services: Ability to increase monetization through higher-tier subscriptions, personalized assisted services, and diversification into related wedding services (e.g., event planning, photography).

Demographic Dividend: India's large youth population entering marriageable age provides a continuous pipeline of potential users.

Leveraging Data & AI: Enhancing matching algorithms and user experience through advanced data analytics and artificial intelligence to improve engagement and success rates.

6. Risks

Intense Competition: Fierce competition from established rivals, new market entrants, and traditional matchmaking methods can impact market share and pricing power.

User Acquisition and Retention Costs: High marketing and advertising expenses may be required to acquire and retain users in a competitive landscape.

Data Privacy & Security: Risks associated with safeguarding user data and maintaining platform integrity, as breaches or misuse can severely damage brand trust.

Reputational Risk: The platform's credibility can be impacted by issues like fake profiles, scams, or inappropriate behavior, requiring continuous moderation and security measures.

Evolving Social Norms: Changes in societal attitudes towards marriage, relationships, and online interactions could influence user behavior and demand for services.

Regulatory Scrutiny: Potential for increased regulation concerning online platforms, data handling, and consumer protection.

7. Management & Ownership

Matrimony.Com was founded by Mr. Murugavel Janakiraman, who continues to serve as the Managing Director and CEO. He is a pioneer in the Indian online matrimony space. The company is publicly listed, with a significant portion of shares held by the promoter group, indicating committed leadership. Institutional investors and the public also hold substantial stakes. The management team has extensive experience in the internet and consumer services sector.

8. Outlook

Matrimony.Com holds a strong position in the growing Indian online matrimony market, driven by favorable demographics and increasing digital adoption. Its established brand, network effect, and diversified service offerings provide a solid foundation for continued growth. The company's ability to innovate, effectively monetize its large user base through premium and value-added services, and expand its reach into underserved markets will be crucial. However, the business faces significant challenges from intense competition, the need for continuous user acquisition and retention, and the imperative to maintain trust and data security in a sensitive domain. Sustained growth will depend on its execution capabilities in navigating these competitive pressures and evolving market dynamics while successfully expanding its service portfolio.

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Matrimony.Com Key Financials

Market Cap ₹869 Cr.

Stock P/E 19.2

P/B 4.2

Current Price ₹420.5

Book Value ₹ 99.9

Face Value 5

52W High ₹589

Dividend Yield 1.19%

52W Low ₹ 363.3

Matrimony.Com Share Price

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Volume
Price

Matrimony.Com Quarterly Price

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Matrimony.Com Peer Comparison

Matrimony.Com Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 117 119 121 116 111 108 115 115 113 117
Other Income 6 7 7 9 7 11 6 6 6 5
Total Income 124 126 127 124 118 120 122 121 119 122
Total Expenditure 101 102 100 98 98 101 103 102 101 102
Operating Profit 23 24 27 26 21 18 19 18 19 20
Interest 1 1 1 1 1 1 1 1 1 1
Depreciation 7 7 7 8 7 7 7 7 7 6
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 14 15 18 17 12 10 11 10 11 12
Provision for Tax 3 4 4 4 2 2 2 2 2 2
Profit After Tax 11 12 14 13 10 8 9 8 8 10
Adjustments 0 0 -0 -0 -0 -0 -0 -0 -0 -0
Profit After Adjustments 11 12 14 13 10 8 8 8 8 10
Adjusted Earnings Per Share 5 5.3 6.3 5.9 4.6 3.8 3.9 3.6 3.8 4.7

Matrimony.Com Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 241 255 293 335 348 372 378 434 456 481 456 460
Other Income 5 5 5 7 17 20 17 18 24 26 34 23
Total Income 246 260 298 343 365 391 395 452 480 508 490 484
Total Expenditure 225 248 234 259 275 319 310 348 388 409 398 408
Operating Profit 21 11 63 84 90 72 85 105 92 98 92 76
Interest 2 3 6 2 5 5 5 5 6 5 5 4
Depreciation 8 10 10 10 27 28 26 27 30 28 29 27
Exceptional Income / Expenses -14 -74 -4 13 0 0 0 0 0 0 0 0
Profit Before Tax -3 -75 43 86 58 39 54 72 56 65 58 44
Provision for Tax 0 0 0 12 16 10 13 18 9 15 13 8
Profit After Tax -3 -75 43 74 42 30 41 54 47 50 45 35
Adjustments -0 -0 -0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -3 -75 43 74 42 30 41 54 47 50 45 34
Adjusted Earnings Per Share -2 -50.8 20.2 32.5 18.7 13 17.8 23.4 21 22.3 21 16

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -5% 2% 4% 7%
Operating Profit CAGR -6% -4% 5% 16%
PAT CAGR -10% -6% 8% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -16% -9% -14% NA%
ROE Average 17% 17% 18% 21%
ROCE Average 23% 24% 24% 24%

Matrimony.Com Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds -1 -76 -30 168 203 228 263 310 253 292 242
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 5 23 1 -2 38 45 46 55 48 34 29
Total Current Liabilities 98 177 147 105 118 130 141 155 159 168 183
Total Liabilities 103 124 118 270 358 403 451 520 460 494 453
Fixed Assets 24 28 24 68 124 133 127 100 93 89 85
Other Non-Current Assets 13 11 16 17 13 20 18 41 41 41 69
Total Current Assets 67 84 78 185 222 250 306 336 327 364 298
Total Assets 103 124 118 270 358 403 451 520 460 494 453

Matrimony.Com Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 11 50 6 17 5 5 9 10 9 8
Cash Flow from Operating Activities 41 -8 29 76 69 57 70 78 57 61 57
Cash Flow from Investing Activities -15 1 -65 -150 -51 -34 -43 -53 67 -33 57
Cash Flow from Financing Activities 25 18 -8 84 -29 -24 -23 -24 -125 -29 -104
Net Cash Inflow / Outflow 51 11 -44 11 -11 -1 4 1 -1 -1 10
Closing Cash & Cash Equivalent 53 23 6 17 5 5 9 10 9 8 18

Matrimony.Com Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -1.98 -50.8 20.23 32.52 18.68 12.97 17.83 23.4 20.97 22.26 21
CEPS(Rs) 3.56 -44.19 25.12 36.74 30.34 25.26 29.16 35.15 34.43 35.02 34.57
DPS(Rs) 0 0 0 1.5 1.5 3.5 3.5 5 5 5 10
Book NAV/Share(Rs) -1.85 -52.71 -14.44 73.43 88.6 99.53 114.5 134.68 112.58 130.04 111.04
Core EBITDA Margin(%) 6.78 2.6 19.97 22.85 21.01 14.2 17.87 20.02 14.8 14.99 12.78
EBIT Margin(%) -0.55 -28.28 16.59 26.02 18.18 11.92 15.48 17.77 13.57 14.52 13.74
Pre Tax Margin(%) -1.2 -29.45 14.68 25.56 16.79 10.51 14.2 16.54 12.27 13.44 12.68
PAT Margin (%) -1.2 -29.45 14.67 22.02 12.18 7.94 10.79 12.33 10.24 10.29 9.93
Cash Profit Margin (%) 2.18 -25.63 18.22 24.87 19.79 15.46 17.65 18.53 16.82 16.19 16.35
ROA(%) -3.12 -66.12 35.56 38.05 13.51 7.76 9.55 11.04 9.52 10.39 9.56
ROE(%) 0 0 0 108.54 23.06 13.8 16.69 18.79 16.7 18.35 17.12
ROCE(%) -6.74 0 0 92.33 33.65 20.58 23.8 26.92 21.95 25.67 23.49
Receivable days 1.94 2.09 2.53 3.22 3.79 3.49 5.36 6.48 3.21 0.08 0.22
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 4394.54 0 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 23.56 34.93 20.94 54 28.49 24.52 23.56 24.38
Price/Book(x) 0 0 0 10.44 7.36 2.73 8.41 4.95 4.57 4.03 4.61
Dividend Yield(%) 0 0 0 0.2 0.23 1.29 0.36 0.75 0.97 0.95 1.95
EV/Net Sales(x) -0.07 -0 -0.01 4.92 4.06 1.35 5.3 2.99 2.02 1.96 2.28
EV/Core EBITDA(x) -0.78 -0.04 -0.05 19.62 15.75 6.96 23.56 12.39 10.02 9.61 11.3
Net Sales Growth(%) 17.51 5.55 14.91 14.56 3.87 6.72 1.63 14.98 4.9 5.61 -5.3
EBIT Growth(%) 84.08 -5347.09 167.39 79.72 -27.42 -30.04 31.76 32.04 -19.92 13 -10.39
PAT Growth(%) 68.21 -2484.54 157.25 71.91 -42.53 -30.43 37.76 31.44 -12.92 6.17 -8.62
EPS Growth(%) 69.06 -2462.96 139.82 60.79 -42.57 -30.54 37.42 31.28 -10.42 6.17 -5.65
Debt/Equity(x) -29.62 -0.64 -1.45 0.04 0 0 0 0 0 0 0
Current Ratio(x) 0.68 0.48 0.53 1.77 1.89 1.92 2.17 2.17 2.05 2.17 1.63
Quick Ratio(x) 0.68 0.48 0.53 1.77 1.89 1.92 2.17 2.17 2.05 2.17 1.63
Interest Cover(x) -0.84 -24.13 8.69 56.97 13.04 8.44 12.12 14.41 10.46 13.52 13.05
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Matrimony.Com Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 51.59 51.59 51.59 51.59 53.26 53.26 53.26 54.26 54.61 58.27
FII 25.55 23.01 22.84 23.02 22.35 22.18 22.33 22.23 22.09 19.28
DII 11.81 11.93 10.7 8.91 8.51 8.64 8.71 7.51 7.35 6.95
Public 11.05 13.47 14.86 16.48 15.88 15.92 15.69 16.01 15.96 15.5
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Matrimony.Com News

Matrimony.Com Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 4.2 times its book value.
  • The company has delivered a poor profit growth of 8% over past five years.
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