• ICICI Securities downgraded Matrimony.com to ADD from BUY on 11 November 2026 and raised its target price to INR 690 from INR 650.
  • Q2 FY27 net income was INR 207.3mn, up 167.1% year on year, according to ICICI; Business Standard, citing the company, reported a 167.3% rise.
  • Shares fell as much as 5% to INR 580 on 12 November, Business Standard reported.
  • ICICI now sees 13% upside from INR 610, inside its 5% to 15% ADD band.

ICICI Securities downgraded Matrimony.com to ADD from BUY in a results note dated 11 November 2026, and the shares fell as much as 5% intraday on 12 November, Business Standard reported. The stock hit INR 580 on the NSE after opening at INR 612.10, ending a three-session run of about 11%.

The note came after Q2 FY27 profit rose roughly 167%. ICICI wrote: 'Given the recent rally, we downgrade to ADD with a revised TP of INR 690.' It is a call on price, not on the business.

The DII Take

This is a broker admitting that a good quarter has been paid for. ICICI raised its FY27E and FY28E EPS estimates by 38.8% and 32.1%, yet its INR 690 target implies 13% upside from INR 610, which falls within its own definition of ADD. Investors should read the rating change as arithmetic, not alarm.

Profit is rising faster than the underlying growth

ICICI put Q2 revenue at INR 1,348mn, up 17.6% year on year, with EBITDA margin of 22.4%. Billings, per company figures reported by Kotak Neo, rose 10.7% to INR 131.09 crore. Paid subscriptions grew 26.6% to 302k, which ICICI attributes partly to one-month packages offered to select customer cohorts, while average transaction value fell 12.2% to INR 4,313.

That mix matters. On ICICI's figures, shorter, cheaper packages appear to be helping Matrimony.com add payers. Bumble (BMBL), by contrast, reported in its 10-Q 3,075.8 thousand paying users against 3,574.9 thousand a year earlier, though the business model and market differ. DII has covered Matrimony.com's first-half profit rise already.

What to watch in Q3

ICICI relayed management guidance that Q3 matchmaking billings growth will slow to single digits because Shraddh and Navratri fall in Q3 this year, against Q2 last year, with a catch-up expected in Q4. Q3 profit is guided at about INR 190-200mn. Management aspires to a 25% EBITDA margin.

ICICI said better visibility of growth or capital return could trigger a further re-rating. Cash stood at INR 3.45bn at September 2026, and the board will decide on further buybacks once a one-year cooling-off period ends.

ICICI raised its FY27E and FY28E EPS estimates by 38.8% and 32.1%.
  • ICICI Securities' Matrimony.com downgrade rests on valuation, since its estimates rose while its rating fell.
  • Q3 billings growth is guided to single digits, so the Q4 catch-up is the test of the ICICI thesis.

Sources: ICICI Securities: Matrimony.com Results Update, ADD (Downgrade from BUY), TP INR 690 (ICICI Securities); Bumble Inc. Form 10-Q for quarter ended 30 September 2026 (SEC / Bumble Inc.); Matrimony downgraded by ICICI Sec despite 167% rise in Q2 PAT; stock skids (Business Standard); Matrimony.com Q2 FY27 billings rise 10.7% (Kotak Neo)