Synopsis:
Justdial plunged sharply following its poor Q2 efficiency. It reported Rs 303 crores of income with a progress of 6 p.c YoY and a pair of p.c QoQ, whereas web revenue decreased by 23 p.c YoY to 119 crores and 26 p.c QoQ. EBITDA margins dipped marginally by 10 bps, and web revenue margin decreased considerably by 700 bps YoY.
The shares of this main market chief within the native search engine phase in India are in focus after reporting a poor Q2 efficiency. As of June 2025, Reliance, by means of its Retail arm (Reliance Retail Ventures Ltd) holds a 63.84 p.c stake within the enterprise.
With a market capitalization of Rs 6,969 crore, the shares of Justdial Ltd made a day low of Rs 815.75 per share, down by 5 p.c from its earlier day closing worth of Rs 859.65 per share. Over the previous 5 years, the inventory has delivered a return of 69 p.c, underperforming the NIFTY 50’s return of 114 p.c.
Q2 Highlights
Justdial has reported an working income of Rs 303 crore in Q2 FY26, a progress of 6 p.c as in comparison with Rs 285 crore in Q2 FY25. Moreover, on a quarter-on-quarter foundation, it grew barely by 2 p.c from Rs 298 crore.
Relating to its profitability, it reported a web revenue of Rs 119 crore in Q2 FY26, a decline of 23 p.c as in comparison with Rs 154 crore in Q2 FY25. Moreover, on a quarter-on-quarter foundation, it declined by 26 p.c from Rs 160 crore.
Coming to its margins, EBITDA margins barely declined by 10 bps to twenty-eight.7 p.c in Q2 FY26, as in comparison with 28.8 p.c in Q2 FY25. Moreover, its Internet Revenue margins declined considerably by as staggering 700 bps to 31.7 p.c in Q2 FY26 vs 38.7 p.c in Q2 FY25.
The variety of distinctive customers mixed from all channels over the quarter was 197.7 million, with the yearly pattern exhibiting a slight lower (0.2 p.c), however the quarterly pattern exhibiting a rise of two.3 p.c.
The share of visitors from cellular gadgets was 87.3 p.c, desktops/PCs made up 10 p.c, and voice gadgets contributed 2.7 p.c. The amount of cellular visitors elevated by 2.1 p.c yr on yr.
Analyst Feedback
Citi has maintained a “purchase” ranking on the corporate however slashed its worth goal by 3.6 p.c from Rs 1,100 to Rs 1,060, implying a 23 p.c upside from Monday’s closing stage. The brokerage highlighted that Simply Dial must put money into progress areas like gross sales fleet, product, and visitors acquisition, and expects EBITDA progress to be pushed by working leverage.
Nuvama has additionally retained its “purchase” ranking however barely lowered the worth goal to Rs 1,200 from Rs 1,280, nonetheless implying a 39 p.c upside from Monday’s closing stage. The brokerage has decreased EPS estimates for FY26 and FY27 by 5.8 p.c and three.9 p.c, respectively, citing subdued collections progress and decreasing near-term progress and profitability expectations.
Simply Dial Restricted is India’s No. 1 Native Search engine, finest recognized for serving to customers find services and products shortly wherever within the nation. That is completed by means of its webpage, cellular software, or by means of phone or textual content.
It started its journey in 1996 as a Justdial phone-based service, and in 2007, it launched its web site. Progressively, the corporate has advanced right into a full-fledged digital platform that not solely presents data but additionally permits the person to register, order and pay on-line.
The corporate gives handy instruments like JD Omni, which helps small companies to handle their operations digitally, JD Pay for quick digital transactions, and JD Social for the enterprise sector to share their updates and content material. Furthermore, it has launched a chat function that encourages customers and enterprises to have a direct dialog.
Justdial, as of September 2025, is a database that comprises over 5 crore enterprise listings, has round 20 crore quarterly customers, and over 6.2 lakh paid campaigns. With greater than 250 cities lined throughout India, it serves as a every day bridge that hyperlinks hundreds of thousands of customers and MSMEs and is, subsequently, thought of one of the crucial dependable mediums for native discovery and enterprise visibility in India.
Written by Satayjeet Mukherjee
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