Arthneeti

Just Dial Q2 FY27 Share Price & Earnings Call Analysis

₹678.35-0.67% today
Market cap
₹5,769 Cr
P/E
11.06
ROE
3.38%
PEG
0.22
Price to sales
4.64
Debt to equity
0.02
52W high / low
₹804 / ₹491
Sales growth (5Y)
12.45%
EBITDA margin
28.83%
Net profit margin
13.52%
Promoter holding
74.14%
Sales (last year)
₹1,243 Cr

Justdial is the market leader in local search engine segment in India. The Company provides local search-related services to users across India in a platform-agnostic manner. The multi-platform offering includes App (Android, iOS), mobile website, desktop /PC, voice and text. [1]

Guidance scorecard · Q2 FY27 call

What Just Dial's management guided
and where it ranks in Retailing

Revenue10–20%MarginsFlatCapexWhat management saidFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY25 call

10–20%
  • Just Dial targets accelerating top line (revenue) growth to mid-teens percentage range in fiscal 2026.
  • Past growth was decent but slightly short of mid-teens; focus is on improving growth while maintaining margins around 29-30%.
  • Growth will come from a balanced mix of volume additions and price increases, aiming for roughly half from volume/traffic growth (currently 12-15%) and half from price hikes.
  • B2B traffic and revenue share is increasing, offering opportunities for better realizations and growth.
  • Investment in digital advertising and qualified lead generation is expected to support volume and revenue growth without substantially increasing sales staff.

2 more points from Just Dial's call on revenue

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Full Q4 FY25 analysis

MarginsQ4 FY25 call

Flat

See what Just Dial said on margins — free account, 30 seconds.

Full Q4 FY25 analysis

CapexQ4 FY25 call

  • Just Dial is developing a dedicated online shopping site aggregating products from various platforms, allowing easy search by keywords and attributes like color and fabric.
  • The beta of this shopping platform is expected soon, targeting online sellers who have standalone websites, distinct from marketplaces like Amazon or Flipkart.
  • There are ongoing efforts to integrate rich content such as catalogs, promotional videos, and reels of listed businesses to enhance service listings.
  • (Throughout discussion)
Full Q4 FY25 analysis

FundraisingQ4 FY25 call

See what Just Dial said on fundraising — free account, 30 seconds.

Full Q4 FY25 analysis

Order bookQ4 FY25 call

  • The company reports a strong active paid campaigns count at about 613,290, up 5.1% year-on-year.
  • Collections and revenue growth have improved with an 11.3% YoY jump in collections in the March quarter.
  • Emphasis is on accelerating top line growth and maintaining margins rather than backlog or order book figures.
Full Q4 FY25 analysis
Full Retailing ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Retailing
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Entero Healthcare Solutions LtdGood growth
    3
See all potential multibaggersWhere does Just Dial rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Retailing companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹6,264 Cr38.2
240%+Flat₹6,053 Cr53.9
3Entero Healthcare Solutions Ltd20–40%Up 0–2%₹6,899 Cr53.5
420–40%Up 0–2%₹790 Cr19.0
520–40%Flat₹3.14L Cr725.0
620–40%Flat₹1.12L Cr170.8

Sign up free to see every company in the sector ranking and track Just Dial.

Pro shows every company guiding 40%+ revenue growth →Full Retailing ranking

Financials of Just Dial

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Just Dial

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +74.31%74.29%74.18%74.15%74.15%74.15%74.15%74.15%74.15%74.15%74.14%74.14%
FIIs +4.87%5.31%6.95%7.82%7.32%6.57%6.49%5.93%5.96%4.82%3.21%2.62%
DIIs +8.89%8.18%8.86%8.37%8.32%8.92%8.80%9.05%8.96%9.31%9.87%11.84%
Public +11.93%12.21%10.01%9.65%10.18%10.36%10.57%10.87%10.93%11.71%12.76%11.40%
No. of Shareholders79,37276,66073,05476,71381,84879,93981,34484,46083,60482,55782,23681,205

Financials of Just Dial

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +261265270281285287289298303306307327343
Expenses +212205200200203201203211216210218240252
Operating Profit49607181828786868795898791
OPM %19%23%26%29%29%30%30%29%29%31%29%27%26%
Other Income +587591871147710912773644913155
Interest2232233322222
Depreciation1212121212121212111111109
Profit before tax92121147154182149180199147146125207135
Tax %22%24%22%8%15%12%12%20%19%19%20%20%20%
Net Profit +7292116141154131158160119118100166108
EPS in Rs8.4410.8213.6016.6118.1215.4418.5318.7714.0413.8711.7619.5412.68

Financials of Just Dial

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +5906687197828929536756478451,0431,1421,2141,283
Expenses +424523609617663680520649759826807856921
Operating Profit166144110164229273155-286217335358362
OPM %28%22%15%21%26%29%23%-0.3%10%21%29%29%28%
Other Income +4980876693140150122142305387313298
Interest00000977891197
Depreciation24314036345242303246474541
Profit before tax19119315619428835225583188466664616611
Tax %27%26%22%26%28%23%16%15%13%22%12%19%
Net Profit +13914312114320727221471163363584497492
EPS in Rs19.7020.5517.4521.2531.9341.9634.628.4919.3242.6768.7058.4457.85
Dividend Payout %10%0%0%0%0%0%0%0%0%0%0%0%

Financials of Just Dial

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital70697067656562848485858585
Reserves6036708369129341,2231,2023,4023,5833,9384,5215,0215,291
Borrowings +0000476635568851008579
Other Liabilities +291309360431546468459491601752814853862
Total Liabilities9651,0481,2661,4101,5491,8321,7864,0334,3374,8615,5216,0446,317
Fixed Assets +92139156149126172138134152147143109101
CWIP09906000300000
Investments7737969651,1431,2911,5531,5123,7984,0514,6084,9685,6445,414
Other Assets +100105136118126107137101103107410292802
Total Assets9651,0481,2661,4101,5491,8321,7864,0334,3374,8615,5216,0446,317

Financials of Just Dial

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +18514813622627615313939179259311269
Cash from Investing Activity +-15825-118-137-77-127174-2,187-163-230-290-242
Cash from Financing Activity +-14-1811-84-217-27-2912,109-23-27-29-31
Net Cash Flow12-8195-17-122-38-72-7-4
Free Cash Flow1175510420526015013525129282305265
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit145%142%145%165%143%81%121%-2,092%229%134%114%96%

Financials of Just Dial

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days000000000000
Inventory Days
Days Payable
Cash Conversion Cycle000000000000
Working Capital Days-166-154-161-181-178-145-190-211-206-192-185-182
ROCE %26%13%19%21%29%30%12%-0%2%5%7%7%

Guidance history

How Just Dial's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY25 call →10–20%Flat———
Q1 FY25 call →10–20%FlatNone planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

29out of 100

Momentum score · price trend

29 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−13.9%44%
Last 6 months+29.0%79%
Last 3 months−8.5%44%

The price is 62.3% below its all-time high of ₹1,799 (8 Aug 2014). Stocks more than 20% below their peak have their score halved, so 58 became 29.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Just Dial: 0.4 × 44 + 0.4 × 79 + 0.2 × 44 = 58, halved to 29 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What Just Dial's management said in earlier quarters

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