NSE: JUSTDIAL · BSE: 535648
JUSTDIAL LTD.
Operates an online local search and discovery platform that connects consumers searching for products and services with nearby businesses. Revenue is earned from businesses that pay to list and promote themselves on the platform, including paid campaigns and B2B marketplace offerings such as the JD Mart Super Sixer Pack. In Q1 FY27 the platform recorded 192.9 million unique visitors, 56.1 million total listings and 639,200 paid campaigns, with quarterly net revenue of Rs 327.5 crore, up 9.9% year-on-year. Full-year FY26 revenue stood at Rs 1,213.86 crore against an EBITDA margin of 55.22%, while Q1 FY27 EBITDA margin was 26.7%, a fall of 232 basis points year-on-year. Costs are dominated by people: employee expenses accounted for 59.9% of FY26 revenue, with other operating expenses at 10.7% and depreciation at 3.7%; no material input cost is incurred. Cash and investments on the balance sheet were Rs 6,022 crore in Q1 FY27. The promoter Reliance Retail Ventures Limited holds 74.14% of the equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paid campaigns and listings from businesses, B2B marketplace (JD Mart). Asset-light, people-driven digital advertising and local search platform
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 953 | 675 | 647 | 845 | 1,043 |
| EBITDA (ex other income) | 273 | 155 | (2) | 86 | 217 |
| margin % | 28.6 | 22.9 | (0.3) | 10.2 | 20.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 42.00 | 33.92 | 9.49 | 19.32 | 42.72 |
| ROE % · ROCE % | 21.1 · 25.7 | 16.9 · 19.0 | 2.0 · 2.5 | 4.4 · 5.1 | 9.0 · 11.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | 139 | 39 | 179 | 259 |
| Capex | — | (4) | (12) | (18) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 186 | 205 | 221 | 233 | 247 | 261 | 265 | 270 |
| Profit before tax | (60) | 64 | 88 | 96 | 106 | 92 | 121 | 147 |
| Net profit | (48) | 52 | 75 | 84 | 83 | 72 | 92 | 116 |
| EPS (₹) | (5.75) | 6.19 | 8.93 | 9.92 | 9.84 | 8.44 | 10.82 | 13.61 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INFO EDGE (I) LTD | 78,867 | 49.2 | 1.95 | 34.6 | 4.4 | 4.7 | 24.0 | 75.9 |
| INDIAMART INTERMESH LTD | 9,838 | 19.9 | 4.10 | 13.3 | 19.8 | 21.6 | 18.6 | 61.1 |
| JUSTDIAL LTD. ◆ | 5,847 | 16.1 | 1.45 | 11.2 | 9.0 | 11.0 | 3.2 | 59.9 |
| CRIZAC LIMITED | 2,499 | 11.3 | 4.22 | 7.5 | 37.0 | 47.7 | — | 34.0 |
| MATRIMONY.COM LIMITED | 1,065 | 24.2 | 5.16 | 14.1 | 16.5 | 17.9 | 4.0 | 25.2 |
| TCC CONCEPT LIMITED | 203 | 2.9 | 0.12 | 1.6 | 3.9 | 2.8 | — | 38.4 |
| JUPITER INFOMEDIA LTD. | 38 | — | 0.93 | 36.8 | 2.4 | 1.5 | 30.2 | 7.9 |
| OLYMPIA INDUSTRIES LTD. | 15 | 7.5 | 0.28 | — | 3.3 | 4.2 | — | 2.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.1 | 16.1 | 4 of 7 | 50% |
| P/B | 1.4 | 1.4 | 5 of 9 | 50% |
| ROCE | 11.0 | 7.8 | 4 of 8 | 57% |
| ROE | 9.0 | 6.7 | 4 of 8 | 57% |
| Debt / Equity | 0.0 | 0.0 | 1 of 9 | 50% |
| EBITDA margin | 60.0 | 36.2 | 3 of 8 | 71% |
| Revenue growth | 16.2 | 12.3 | 3 of 8 | 71% |
| Profit growth | 38.4 | 36.4 | 4 of 8 | 57% |
| Market cap | 5847 | 1065 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Just Dial Q2 FY27 Investor Presentation: Revenue up 13.1%, PAT down 9.7% | investor communications | medium | — | — |
| 19 Oct 2026 · Just Dial Q2 FY27: Revenue up 13.1% YoY, Net Profit down 9.7% YoY | compliance | low | — | — |
| 19 Oct 2026 · Contact details of authorised Key Managerial Personnel filed with BSE and NSE | compliance | minimal | — | — |
| 19 Oct 2026 · Just Dial Q2 FY27 Results: Net Profit Rs 1,078 mn, Revenue Up 13% YoY | results | high | — | — |
| 12 Oct 2026 · Board meeting scheduled to consider Q2 and H1 FY26 results | results | low | — | — |
| 5 Oct 2026 · Just Dial: Promoter V.S.S. Mani acquires 2.4 lakh shares via inter-se gift transfer | ownership changes | medium | — | — |
| 30 Sept 2026 · Trading window closure for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 31 Aug 2026 · AGM 2026: All 4 resolutions passed including director re-appointments | management changes | medium | — | — |
| 31 Aug 2026 · Just Dial AGM 2026: All 4 resolutions passed, including independent director re-appointment | management changes | medium | — | — |
| 31 Aug 2026 · Just Dial 32nd AGM proceedings: all resolutions passed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.