JUSTDIAL - Just Dial

📊 NSE: JUSTDIAL 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 8:44

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reporting segment, 'Search and Search-related Services', which grew 9.5% YoY to INR 11,419.3 million in FY25. For Q2 FY26, operating revenue was INR 3,031 million, representing a 6.4% YoY increase and 1.8% QoQ growth.

Geographic Revenue Split

Justdial services over 11,000 pin codes across 250+ cities in India. While specific percentage splits by region are not disclosed, the network provides nationwide coverage for SMEs.

Profitability Margins

Net profit margin (including other income) improved significantly from 26.9% in FY24 to 38.2% in FY25, an increase of 1131 bps. Profit After Tax (PAT) for FY25 was INR 5,842.0 million, up 61.0% YoY.

EBITDA Margin

Operating EBITDA margin for FY25 was 29.4%, up 861 bps from 20.8% in FY24. For Q2 FY26, the Operating EBITDA margin was 28.7%, a slight decrease of 9 bps YoY and 29 bps QoQ.

Capital Expenditure

In H1 FY26, the company spent INR 14.2 million on the purchase of property, plant, and equipment, compared to INR 18.3 million in H1 FY25. Total depreciation and amortisation for FY25 was INR 472.6 million.

Credit Rating & Borrowing

Justdial is a zero-debt company with no loans or borrowings. The interest coverage ratio improved by 25.2% YoY to 64.2 in FY25, primarily reflecting interest on lease liabilities.

⚙️ Operational Drivers

Raw Materials

Not applicable as Justdial is a service-based local search platform.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Active paid campaigns reached 623,970 at the end of Q2 FY26, growing from 598,430 in Q2 FY25 (a 4.3% increase). The sales force consists of 4,633 tele-sales and 5,470 field sales employees.

Raw Material Costs

Not applicable. Operating costs are primarily driven by employee benefit expenses, which were INR 6,953.9 million in FY25, down 3.4% YoY.

Manufacturing Efficiency

Not applicable. Operational efficiency is driven by AI tools for catalogue management and intelligent channel recommendations for merchants.

Logistics & Distribution

Distribution is digital; advertising and promotion spend was INR 256.4 million in FY25, up 21.3% YoY to drive traffic and brand awareness.

📈 Strategic Growth

Expected Growth Rate

9.50%

Growth Strategy

Growth is targeted through strengthening technology and talent foundations to unlock the next phase of growth. Key initiatives include leveraging AI for operational efficiency, improving user experience via review summarisation and fraud detection, and nurturing new growth areas by leveraging existing SME strengths.

Products & Services

Local search services provided via Web, Mobile App, and Telephone; specialized advertising platforms and paid campaigns for SMEs.

Brand Portfolio

Justdial

New Products/Services

New AI-driven features include review summarisation, dynamic review prompts, and automated data extraction from signboards and visiting cards for merchant onboarding.

Market Expansion

The company services over 11,000 pin codes in India and is identifying new growth areas to leverage its existing SME network.

Market Share & Ranking

Leader in the Indian local search industry with strong brand recognition.

🌍 External Factors

Industry Trends

The local search industry is evolving through AI integration for better fraud detection and automated content curation. Justdial is positioning itself by investing in AI for catalogue management and user-facing review tools.

Competitive Landscape

Operates in a dynamic environment against other digital advertising platforms and specialized search services.

Competitive Moat

Sustainable moat built on strong brand recognition, a massive sales force of over 10,000 employees, and a deep network of 250+ cities, creating high barriers to entry for competitors.

Macro Economic Sensitivity

Highly sensitive to interest rates and market performance due to a large treasury portfolio; Other Income contributed INR 3,865.4 million to total income in FY25.

Consumer Behavior

Shift towards mobile-first search and demand for AI-summarised reviews and verified business listings.

Geopolitical Risks

Primarily domestic focus in India; risks are limited to local regulatory changes and data protection laws.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, SEBI Listing Regulations, and Secretarial Standards (SS-1 and SS-2).

Taxation Policy Impact

Effective tax rate was approximately 12% in FY25 (INR 799.5 million tax on INR 6,641.5 million PBT), aided by the reversal of deferred tax on treasury moving to long-term buckets.