India's local search & business-discovery platform connecting users to SMEs via app, web and voice search.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 343 | +13.2% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 26.0 | −3.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 108 | −9.2% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | +2.3 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | +11.8 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | −7.2 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Guidance
6 targets tracked, none judged yet · 6 open · verdicts reflect calls analysed to Q4 FY25.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Top Line Growth | mid-teens | Q4 FY25 | Our aspiration is to accelerate our revenue growth from current levels to mid-teens kind of number for FY26. | New |
6 of Just Dial's 6 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 5 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹775.3 on 24 Oct 2025 → ₹687.1. High ₹804.05 (15 Jul 2026), low ₹490.7 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Just Dial runs a local search and business-discovery platform that connects users searching for products and services with local businesses and SMEs, accessed via mobile app, the justdial.com website, and a pan-India voice/telephone helpline. It earns primarily by charging paid advertisers (SMEs) a fixed fee to run search-led advertising campaigns, with premium and non-premium listing packages that determine placement in search results; pricing varies by business category, geography targeted and package type, and advertisers pay upfront or via monthly plans. Add-on products such as own-website creation, digital payments (JD Pay), ratings tools and banners supplement the core listings business. It also operates JD Mart, a separate B2B marketplace platform for wholesale buyers and sellers.
Guidance
6 targets tracked, none judged yet · 6 open · verdicts reflect calls analysed to Q4 FY25.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Top Line Growth | mid-teens | Q4 FY25 | Our aspiration is to accelerate our revenue growth from current levels to mid-teens kind of number for FY26. | New |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 6 tracked commitments, with each call’s wording and source.
Call summaries
Just Dial Q4 FY25
Just Dial reported a strong Q4 FY25 with 7% YoY revenue growth and significant margin expansion, with EBITDA margin reaching 29.8%. Full year FY25 saw 9.5% revenue growth and 55% EBITDA growth, comfortably exceeding margin targets. The company is focused on accelerating top-line growth to mid-teens in FY26 while maintaining healthy margins, driven by optimized sales productivity, dynamic pricing, and increased advertising.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2019 to Mar 2024).
Financials
Net profit, year on year: −9% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 287 | 289 | 298 | 303 | 306 | 307 | 327 | 343 |
| Expenses | 201 | 203 | 211 | 216 | 210 | 218 | 240 | 252 |
| Operating profit | 87 | 86 | 86 | 87 | 95 | 89 | 87 | 91 |
| Operating margin | 30.0% | 30.0% | 29.0% | 29.0% | 31.0% | 29.0% | 27.0% | 26.0% |
| Other income | 77 | 109 | 127 | 73 | 64 | 49 | 131 | 55 |
| Interest | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 12 | 12 | 12 | 11 | 11 | 11 | 10 | 9 |
| Profit before tax | 149 | 180 | 199 | 147 | 146 | 125 | 207 | 135 |
| Tax rate | 12.0% | 12.0% | 20.0% | 19.0% | 19.0% | 20.0% | 20.0% | 20.0% |
| Net profit | 131 | 158 | 160 | 119 | 118 | 100 | 166 | 108 |
| EPS (₹ per share) | 15.44 | 18.53 | 18.77 | 14.04 | 13.87 | 11.76 | 19.54 | 12.68 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 647 | 845 | 1,043 | 1,142 | 1,214 |
| Expenses | 650 | 758 | 827 | 807 | 855 |
| Operating profit | -2 | 85 | 217 | 336 | 357 |
| Other income | 123 | 141 | 305 | 387 | 313 |
| Interest | 7 | 8 | 9 | 10 | 9 |
| Depreciation | 30 | 32 | 46 | 48 | 45 |
| Profit before tax | 83 | 188 | 466 | 665 | 617 |
| Net profit | 70 | 163 | 363 | 584 | 497 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 84 | 85 | 85 | 85 | 85 | 85 |
| Reserves | 3,583 | 3,938 | 4,521 | 4,798 | 5,021 | 5,291 |
| Borrowings | 68 | 85 | 100 | 95 | 85 | 79 |
| Other liabilities | 601 | 752 | 814 | 809 | 853 | 862 |
| Total liabilities | 4,337 | 4,861 | 5,521 | 5,788 | 6,044 | 6,317 |
| Fixed assets | 152 | 147 | 143 | 128 | 109 | 101 |
| Capital work in progress | 30 | 0 | 0 | 0 | 0 | 0 |
| Investments | 4,051 | 4,608 | 4,968 | 5,418 | 5,644 | 5,414 |
| Other assets | 103 | 107 | 410 | 242 | 292 | 802 |
| Total assets | 4,337 | 4,861 | 5,521 | 5,788 | 6,044 | 6,317 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 139 | 39 | 179 | 259 | 311 | 269 |
| Cash from investing | 174 | -2,187 | -163 | -230 | -290 | -242 |
| Cash from financing | -291 | 2,109 | -23 | -27 | -29 | -31 |
| Net cash flow | 22 | -38 | -8 | 2 | -7 | -4 |
| Free cash flow | 135 | 24 | 129 | 282 | 305 | 265 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 0 | 0 | 0 | 0 | 0 | 0 |
| Working capital days | -190 | -211 | -206 | -192 | -185 | -182 |
| Return on capital employed | 12.0% | 0.0% | 2.0% | 5.0% | 7.0% | 7.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
To justify its price of ₹687, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~63%. At that growth it is worth ₹8804 — upside of 1181%.
Ownership
Promoters hold 74.14% as of Sept 2026; institutions added 1.38 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Just Dial above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 63.83% | unchanged | |
| 7.89% | +0.28 pp | |
| Mutual fund | 4.61% | +0.18 pp |
| 2.26% | unchanged | |
| Mutual fund | 1.99% | unchanged |
| Mutual fund | 1.94% | newly disclosed |
| Mutual fund | 1.82% | unchanged |
| 0.16% | unchanged | |
| — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹113 Cr | held | Feb '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
Shares held by these funds +3%
Oct '23 16.90 L shares Sep '26
Your own record
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