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JUSTDIAL - Just Dial

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

📢 Recent Corporate Announcements

Just Dial Updates KMP Authorized for SEBI Materiality Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Apr 2026, 09:07 PM

Just Dial Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and information under SEBI Regulation 30(5). The authorized officials include Mr. V.S.S. Mani, Managing Director and CEO, and Mr. Manan Udani, Company Secretary and Compliance Officer. This filing is a standard administrative update to ensure clear communication channels with stock exchanges. It does not signify any change in the company's operational or financial status.

Mr. V.S.S. Mani (MD & CEO) is authorized to determine the materiality of events.
Mr. Manan Udani (Company Secretary) is authorized to make requisite disclosures to stock exchanges.
The update is compliant with Regulation 30(5) of SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company for substantive business developments.

Just Dial Q4 FY26: Revenue Grows to ₹307 Cr; Paid Campaigns Reach 6.31 Lakh

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Apr 2026, 10:27 PM

Just Dial reported a steady performance for Q4 FY26 with operating revenue reaching ₹3,072 million, a 6.2% increase compared to the same quarter last year. The company successfully expanded its monetization base, with active paid campaigns growing to 631,530. While unique visitors saw a slight sequential dip to 182.4 million, the company maintains a fortress balance sheet with ₹58,522 million in cash and investments. Net profit for the quarter stood at ₹1,000 million, representing a 28.1% margin on total revenue.

Operating Revenue increased to ₹3,072 million in Q4 FY26, up from ₹2,892 million in Q4 FY25.
Active paid campaigns grew to 631,530, showing consistent growth in SME advertiser adoption.
Cash and investment reserves reached a robust ₹58,522 million as of March 31, 2026.
EBITDA for the quarter was ₹888 million with a healthy operating margin of 28.9%.
Total listings database expanded to 54.7 million, with 157.1 million user ratings and reviews.

💡 Investors should focus on the company's ability to monetize its massive database through paid campaigns and its significant cash reserves. The slight decline in traffic warrants monitoring, but the overall financial profile remains strong and profitable.

Just Dial Q4 Net Profit Drops 36.6% YoY to ₹100 Cr; Revenue Up 6.2%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Apr 2026, 10:06 PM

Just Dial reported a 6.2% YoY growth in operating revenue to ₹307.2 crore for Q4 FY26, but net profit saw a sharp decline of 36.6% YoY to ₹100 crore. The drop in profit was primarily driven by a 55.2% fall in other income due to treasury MTM losses and a higher effective tax rate compared to the previous year. Operationally, EBITDA margins remained healthy at 28.9%, though slightly lower than the 29.8% recorded in the same quarter last year. Notably, quarterly unique visitors declined by 4.7% YoY to 182.4 million, indicating pressure on user engagement.

Operating Revenue grew 6.2% YoY to ₹307.2 Cr, while EBITDA rose 3.2% to ₹88.8 Cr.
Net Profit fell 36.6% YoY to ₹100 Cr, heavily impacted by a 55.2% drop in Other Income (Treasury gains).
Total Traffic (Unique Visitors) decreased 4.7% YoY to 182.4 million users, with 85.7% originating from mobile.
Active Paid Campaigns grew marginally by 3.0% YoY to 631,530, while active listings rose 12.1% to 54.7 million.
Cash and Investments remain strong at ₹5,852.2 Cr, providing a significant valuation floor.

💡 Investors should be cautious as the decline in unique visitors and volatility in treasury-dependent profits offset the modest revenue growth. Monitor the effectiveness of management's new AI-led tools in reversing traffic trends and improving monetization in the coming quarters.

Just Dial CFO Abhishek Bansal Resigns After 12-Year Tenure

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Apr 2026, 09:30 PM

Just Dial Limited has announced the resignation of its Chief Financial Officer, Mr. Abhishek Bansal, effective from the close of business on April 15, 2026. Mr. Bansal has been with the company for approximately 12 years, including over 8 years as the CFO. He is stepping down to pursue personal career considerations and explore outside opportunities, confirming no issues related to financial reporting or governance. The board has noted his resignation alongside the approval of the audited financial results for the year ended March 31, 2026.

Mr. Abhishek Bansal resigns as CFO and Key Managerial Personnel effective April 15, 2026.
Bansal completed a ~12-year tenure with the company, including 8+ years as CFO.
The resignation is for personal career considerations and is not related to any material governance or financial issues.
Deloitte Haskins & Sells LLP issued an unmodified audit opinion on the FY26 financial results.
The company is in the process of ensuring a smooth transition and handover of responsibilities.

💡 Investors should monitor the announcement of a successor to ensure continuity in financial leadership. Given the long tenure and clean exit statement, this transition appears routine rather than a red flag.

Just Dial FY26 Results Approved; CFO Abhishek Bansal Resigns After 8 Years in Role

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 13 Apr 2026, 09:02 PM

Just Dial Limited has approved its audited financial results for the fiscal year ended March 31, 2026, with an unmodified opinion from auditors Deloitte Haskins & Sells LLP. A significant management change was announced as Chief Financial Officer Abhishek Bansal resigned, effective April 15, 2026, to explore outside opportunities. Bansal has been with the company for 12 years, serving as CFO for over 8 years. The company is now in the process of transitioning this key managerial role following his long tenure.

Board approved audited financial results for the full year ended March 31, 2026.
CFO Abhishek Bansal resigned effective April 15, 2026, after 12 years with the company.
Auditors Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial statements.
Bansal confirmed his resignation is not related to any financial reporting or governance matters.

💡 Investors should monitor the company's announcement regarding a successor for the CFO position to ensure a smooth leadership transition. While the clean audit report is reassuring, the departure of a long-tenured CFO is a key event to watch.

Just Dial to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Mar 2026, 07:59 PM

Just Dial Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are made public. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.

Trading window closure commences on April 1, 2026.
Closure is related to the financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the results become generally available information.
Applies to all designated persons, their immediate relatives, and other insiders as per company code.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming earnings release for actual performance data.

Just Dial Receives GST Tax Demand and Penalty Order Totaling ₹27.63 Crore

🔴 NEGATIVE ⭐ 6/10

LEGAL 📅 25 Mar 2026, 03:55 PM

Just Dial Limited has been served an order by the Assistant Commissioner of State Tax, Mumbai, regarding the FY 2019-20 period. The order alleges excess availment of input tax credit and imposes a penalty of ₹8.74 crore along with a tax and interest demand of ₹18.89 crore. The total financial implication stands at ₹27.63 crore, which the company intends to challenge through an appeal. Management has clarified that this development does not impact the company's daily operations.

Total financial demand of ₹27.63 crore including tax, interest, and penalty
Penalty of ₹8.74 crore imposed under Section 74 of the CGST and MGST Acts
Allegations involve excess Input Tax Credit (ITC) on common services for FY 2019-20
Company has officially stated its intention to file an appeal against the order
No impact on the operational activities of the company reported

💡 Investors should monitor the outcome of the proposed appeal as a final unfavorable ruling would result in a one-time cash outflow. However, the amount is manageable given the company's balance sheet strength and should not alter the long-term investment thesis.

Just Dial Faces Rs 27.63 Crore GST Demand and Penalty for FY 2019-20

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 25 Mar 2026, 03:52 PM

Just Dial Limited has received an order from the Assistant Commissioner of State Tax, Mumbai, demanding a total of Rs 27.63 crore. This includes a penalty of Rs 8.74 crore and a tax demand with interest amounting to Rs 18.89 crore for the financial year 2019-20. The dispute arises from alleged excess availment of input tax credit on common services. The company has stated its intention to file an appeal against this order and maintains that there is no impact on its business operations.

Penalty of Rs 8.74 crore imposed under Section 74 of the CGST and MGST Act 2017
Additional tax demand and interest aggregate to Rs 18.89 crore
Allegation involves excess input tax credit (ITC) claims during FY 2019-20
Company intends to challenge the order through the formal appeal process

💡 Investors should monitor the progress of the appeal as the total demand represents a potential one-time financial hit. While the amount is significant, the company's operational stability remains unaffected.

Just Dial Q3 FY26: 184.5M Unique Visitors and 6.29 Lakh Active Paid Campaigns

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Jan 2026, 09:56 PM

Just Dial reported 184.5 million unique visitors for Q3 FY26, representing a sequential decline from 197.7 million in Q2 FY26. The company's database has expanded to 52.8 million listings, supported by 629,180 active paid campaigns. Mobile remains the primary driver of traffic, accounting for 86.2% of total user engagement. The company maintains a robust sales infrastructure with over 10,000 employees across tele-sales and field operations to target SMEs nationwide.

Quarterly unique visitors reached 184.5 million in Q3 FY26, down from 197.7 million in the previous quarter.
Active paid campaigns stood at 629,180 as of December 31, 2025.
Total database listings grew to 52.8 million with 155.7 million user ratings and reviews.
Mobile platform dominates traffic share at 86.2%, while Desktop and Voice contribute 11.0% and 2.8% respectively.
Salesforce consists of 4,883 tele-sales and 5,252 feet-on-street employees covering 250+ cities.

💡 Investors should monitor the sequential dip in unique visitors to determine if it is a seasonal fluctuation or a trend shift. Focus on the company's ability to monetize its 52.8 million listings through its massive 10,000+ salesforce.

Just Dial Q3 FY26: Revenue up 6.4% to ₹305.7 Cr; EBITDA Margins Expand to 31.2%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 13 Jan 2026, 09:27 PM

Just Dial reported a steady 6.4% YoY growth in operating revenue for Q3 FY26, reaching ₹305.7 Crores, while EBITDA grew 10% to ₹95.2 Crores. Net profit saw a 10.2% YoY decline to ₹118 Crores, primarily due to a one-time exceptional expense of ₹21.1 Crores related to the new labour code and a higher effective tax rate. Operationally, the company maintained a strong cash position of ₹5,703 Crores and saw an 11.1% YoY increase in active listings. While quarterly traffic dipped 3.5% YoY to 184.5 million, it showed a recovery of 6.6% on a sequential basis.

Operating Revenue grew 6.4% YoY to ₹305.7 Crores, with EBITDA margins expanding by 101 bps to 31.2%.
Net Profit decreased 10.2% YoY to ₹118.0 Crores, impacted by a ₹21.1 Crore one-time labor code expense.
Total Active Listings reached 52.8 million (up 11.1% YoY), while paid campaigns grew 4.7% YoY to 629,180.
Cash and Investments remain robust at ₹5,703 Crores as of December 31, 2025.
Quarterly unique visitors stood at 184.5 million, reflecting a 6.6% QoQ recovery despite a 3.5% YoY decline.

💡 Investors should monitor the stabilization of user traffic and the effectiveness of new AI-driven lead generation initiatives. The strong cash reserve and margin expansion provide a safety net, though the one-time labor cost impact should be treated as non-recurring.

Just Dial Q3 FY26 Net Profit at ₹1,179M; Revenue Up 6.4% YoY to ₹3,057M

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 13 Jan 2026, 08:26 PM

Just Dial reported a modest 6.4% YoY growth in net revenue from operations to ₹3,056.9 million for Q3 FY26. While operating profit before exceptional items showed strength at ₹1,667 million, the final Net Profit declined 10.2% YoY to ₹1,179.3 million due to a one-time exceptional charge. This ₹210.8 million charge stems from the implementation of new labour codes affecting gratuity calculations. Other income, primarily from fair value gains on investments, remains a significant contributor to the company's total income profile.

Net Revenue from operations increased 6.4% YoY to ₹3,056.9 million from ₹2,873.3 million.
Profit before exceptional items and tax rose to ₹1,667 million compared to ₹1,491.7 million in Q3 FY25.
Recognized a one-time exceptional expense of ₹210.8 million due to the new Social Security labour code.
Net Profit for the quarter stood at ₹1,179.3 million, down from ₹1,313.1 million in the previous year's corresponding quarter.
Other income contributed ₹846.3 million, including ₹747.3 million in fair value gains on financial instruments.

💡 Investors should focus on the improved operational margins before the one-time regulatory hit, while remaining aware of the high dependency on investment gains for bottom-line support.

Just Dial Announces Trading Window Closure Starting January 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Dec 2025, 08:50 PM

Just Dial Limited has informed the stock exchanges that its trading window for designated persons and their relatives will be closed effective January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The window will remain closed until 48 hours after the financial results for the third quarter and nine months ending December 31, 2025, are announced. This is a standard regulatory procedure for listed companies in India to prevent insider trading.

Trading window closure commences on January 1, 2026
Closure is related to financial results for the quarter and nine months ending December 31, 2025
Window to reopen 48 hours after the official announcement of financial results
Applicable to all designated persons, their immediate relatives, and other insiders as per SEBI norms

💡 This is a routine regulatory filing and should not impact investment decisions. Investors should monitor the company's upcoming Q3 earnings release for actual performance metrics.

Just Dial Faces GST Demand and Penalty Totaling Rs 21.83 Crore for FY 2018-19

🔴 NEGATIVE ⭐ 6/10

LEGAL 📅 27 Dec 2025, 06:48 PM

Just Dial Limited has received an order from the Assistant Commissioner of State Tax, Mumbai, imposing a penalty and tax demand for the financial year 2018-19. The order includes a penalty of Rs. 6.62 crore and an additional tax demand with interest amounting to Rs. 15.21 crore. The dispute relates to the alleged excess availment of input tax credit (ITC) on common services. The company has expressed its intention to file an appeal against this order and confirmed that it does not impact current business operations.

Penalty of Rs. 6.62 crore imposed under Section 74 of CGST and MGST Acts
Additional tax demand plus interest aggregates to Rs. 15.21 crore
Total financial impact of the order stands at approximately Rs. 21.83 crore
Dispute pertains to alleged excess input tax credit (ITC) claims during FY 2018-19
Company intends to contest the order through an appeal process

💡 Investors should monitor the outcome of the appeal process as the demand represents a potential one-time cash outflow. While the amount is significant, it is unlikely to affect the long-term fundamentals of the company.

Just Dial Faces GST Demand and Penalty Totaling Rs 21.83 Crore for FY 2018-19

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 27 Dec 2025, 06:45 PM

Just Dial Limited has received an order from the Assistant Commissioner of State Tax, Mumbai, involving a total financial impact of Rs 21.83 crore. This amount comprises a penalty of Rs 6.62 crore and a tax demand with interest totaling Rs 15.21 crore for the financial year 2018-19. The order alleges that the company claimed excess input tax credit on common services. Just Dial has stated its intention to file an appeal against the order and confirmed that there is no impact on its business operations.

Penalty of Rs 6.62 crore imposed under Section 74 of CGST and MGST Acts
Additional tax demand and interest aggregate to Rs 15.21 crore
Total financial implication of the order stands at Rs 21.83 crore
Allegation involves excess availment of input tax credit (ITC) for FY 2018-19
Company intends to contest the order through the formal appeal process

💡 Investors should monitor the progress of the legal appeal as it represents a potential cash outflow. While the amount is manageable for the company, it serves as a reminder of ongoing regulatory scrutiny regarding historical tax filings.

View All JUSTDIAL Announcements on Live Market Tracking →

💰 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.

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.