Just Dial Limited (JUSTDIAL)
Micro CapServices stocks · Micro cap · NSE
Justdial connects sellers of products & services with potential buyers/users, operating India's leading local search engine & online marketplace. It reported 192.9M quarterly unique visitors in Q1 FY27, 56.1M listings, and 639,200 active paid campaigns, leveraging a scalable, profitable prepaid business model.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +10% YoY · PAT +4% YoY · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹327 Cr | +9.7% | +6.5% |
| EBITDA | ₹87 Cr | +1.2% | -2.2% |
| Operating margin | 27.0% | -200 bps | -200 bps |
| PAT | ₹166 Cr | +3.8% | +66.0% |
| PAT margin | 50.8% | -293 bps | +1819 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 Operating Revenue grew 9.9% YoY to Rs 3,275M, with EBITDA up 1.2% YoY to Rs 874M, but margins contracted 232 bps YoY to 26.7%. Net Profit rose 4.1% YoY to Rs 1,663M, boosted by other income. Unique visitors were flat YoY, while paid campaigns increased 3.5% YoY.
Operating revenue growth is healthy, but EBITDA margin compression and flat unique visitors YoY suggest underlying pressure on core profitability and user engagement. Reliance on other income for PAT growth is a concern. Salesforce expansion is positive, but its impact on efficiency needs monitoring.
Traffic Share by Platform Q1 FY27
Latest issuer-disclosed distribution across 3 reported categories.
Increased User Engagement
160.5 million ratings & reviews, with mobile-verified, unbiased ratings and intelligent tags.
Comprehensive Database
56.1 million active listings as of Q1 FY27, growing 13.0% YoY.
Salesforce Expansion
Total sales team strength increased to 10,965 employees, up 7.8% YoY.
JD Mart B2B Platform
Exclusive B2B platform for businesses to connect with other businesses.
Salesforce Expansion
Total sales team strength increased to 10,965 employees in Q1 FY27, up 7.8% YoY and 4.7% QoQ.
Nationwide Presence
On-the-ground presence in 250+ cities pan India, covering 11,000+ pin codes.
First Mover Advantage
Company holds a first-mover advantage in the Indian Local Search Market.
Strong Brand Recognition
Evidenced by 192.9 million unique quarterly visitors in Q1 FY27.
Prepaid Business Model
Efficient and profitable business model with a strong financial profile due to prepaid nature.
EBITDA Margin Contraction
Operating EBITDA margin declined by 232 bps YoY and 220 bps QoQ to 26.7% in Q1 FY27.
Flat Unique Visitors YoY
Unique visitors were 192.9 million in Q1 FY27, a -0.2% YoY change.
Reliance on Other Income
Net Profit is heavily influenced by mark-to-market gains on treasury portfolio, which can have high quarterly fluctuations.
Rising Employee Costs
Employee costs as a percentage of operating revenue increased to 61.0% in Q1 FY27 from 59.9% in Q4 FY26.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for understanding long-term growth and seasonal trends in a services business. QoQ is important to track sequential momentum in user engagement, paid campaigns, and the impact of salesforce additions.
Unique Visitors
192.9 million in Q1 FY27 (-0.2% YoY, 5.8% QoQ).
Active Paid Campaigns
639,200 in Q1 FY27 (3.5% YoY, 1.2% QoQ).
Active Listings
56.1 million in Q1 FY27 (13.0% YoY, 2.7% QoQ).
Ratings & Reviews
160.5 million in Q1 FY27 (4.4% YoY, 2.2% QoQ).
Leadership Transition
Mr. Dinkar Ayilavarapu appointed Chief Executive Officer (designate) effective August 1, 2026, replacing Mr. V.S.S. Mani.
SME Value Proposition Focus
Management emphasizes creating websites, enabling digital payments (JD Pay), and enhancing ratings for SMEs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | 26.7% | Stabilization or improvement after recent declines. |
| Unique Visitors Growth | -0.2% YoY | Sustained positive YoY growth to indicate demand recovery. |
| Paid Campaigns Growth | 3.5% YoY | Acceleration in growth, indicating stronger monetization efforts. |
| Revenue per Sales Employee | Not explicitly disclosed, but salesforce grew 7.8% YoY. | Efficiency gains from the expanded salesforce translating into higher revenue per employee. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60Bullishfull bull SMA stack · SMA20 -7.0% / mo · MACD +
Technical chart
JUSTDIALdaily · 1Y · AUTO+29.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 falling (~7.5% over last month) — short-term momentum negative.
- RSI(14) at 54 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -7.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +16 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 80th percentile within Services. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter holding is 74.1%. Key concern: ROCE is low at 7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 80th pctile, median 66 · Micro: 54th pctile, median 73
117 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE is low at 7%.
- ▸ROE is low at 3.4%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.30
- P/B
- 1.16
- EV/EBITDA
- 14.87
- Market Cap
- 5893.00Cr
Profitability
- ROE
- 3.38%
- ROCE
- 7.01%
- ROA
- 8.34%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 52.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 44.75×
- Altman Z
- 5.64
- Book Value
- 600.00
Cash Flow
- FCF Yield
- 0.46%
- FCF Positive Y
- 11/5
- OCF
- 269.00 Cr
- EPS TTM
- 59.21
Shareholding
- Promoter Hold
- 74.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.