Just Dial Ltd. (JUSTDIAL) AI Stock Analysis

• Market Cap: ₹46.73B
• Dividend Yield: N/A
• Average Volume (3M): 10.76K
• Price to Earnings (P/E): 11.1
• Beta (1Y): 1.03
• Revenue Growth: 6.97%
• EPS Growth: 12.91%
• Country: IN
• Employees: 12,834
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 16.35
• Shares Outstanding: 85,044,655
• 10 Day Avg. Volume: 18,785
• 30 Day Avg. Volume: 10,759
• PEG Ratio: 0.19
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 6.04
• P/FCF Ratio: 22.51
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹968.00
• Price Target Upside: 31.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 65.18
• Revenue Forecast (FY): ₹12.26B

• Rating: 74 Outperform
• Price Target: ₹617.00 ▼(-16.10% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily supported by strong financial performance (high profitability, low leverage, and growing free cash flow) and an attractive valuation (low P/E). These positives are partially offset by very weak technical conditions, with the stock trading below all major moving averages and bearish momentum signals.

Positive Factors

High Profitability

Sustained high net and gross margins indicate durable pricing power and efficient cost structure in Just Dial’s core local-search advertising business. These margins support internal reinvestment, dividend capacity and resilience to revenue volatility over the medium term.

Very Low Leverage

Extremely low leverage and a strong equity base give the company financial flexibility to fund growth, pursue acquisitions, or absorb downturns without pressure from interest costs, strengthening long-term strategic optionality and capital allocation choices.

Strong Free Cash Flow Growth

Robust FCF expansion demonstrates effective cash generation from operations, enabling self-funded investments in product, sales and tech. Consistent FCF growth underpins sustainable shareholder returns and reduces dependence on external financing over multiple quarters.

Negative Factors

Declining EBITDA Margin

A falling EBITDA margin signals worsening operational efficiency or rising operating costs that may erode operating leverage. If persistent, this trend can compress core profitability and limit capacity to reinvest or maintain elevated net margins over the medium term.

Suboptimal Cash Conversion

Cash conversion below 1.0 implies reported earnings are not fully translating to cash, hinting at working-capital swings or non-cash gains. Persistent suboptimal conversion can restrict free cash available for growth initiatives, M&A or distributions over several quarters.

Dependency on Merchant Monetization

Business relies on converting free merchants to paid plans and selling local ad solutions. That structural dependency, combined with mid-single-digit revenue growth, creates sensitivity to competitive pricing, merchant churn and slower digital ad uptake that can cap scalable revenue expansion.

Just Dial Ltd. Business Overview & Revenue Model

Company Description

Just Dial Limited engages in the search engine business under the Justdial brand name in India and internationally. The company offers local search, search related, and software services through various platforms, including internet, mobile internet, over the telephone, and text. It also provides review and rating certification services under the JD Ratings name; and online payment services under the JD Pay name. In addition, the company engages in the advertising and events business; and the operation of JD Social, a social sharing platform, as well as Search Plus, JD Maps, JD Omni, and other platforms. Further, it offers website development and maintenance services. As of June 30, 2021, the company had a database of approximately 30.6 million listings. Just Dial Limited was incorporated in 1993 and is based in Mumbai, India.

How the Company Makes Money

Just Dial generates revenue primarily through a subscription-based model, where businesses pay for listings on the platform to enhance their visibility. The company offers various paid services, including featured listings, advertisements, and enhanced profiles that allow businesses to showcase their offerings more effectively. Additionally, Just Dial earns revenue from lead generation services, where businesses receive inquiries and leads from potential customers. Partnerships with local businesses and service providers also contribute to its earnings, as these collaborations often involve revenue-sharing agreements. Furthermore, Just Dial has expanded its revenue streams by venturing into e-commerce and providing digital marketing solutions, thus diversifying its income sources.

Just Dial Ltd. Financial Statement Overview

Summary

Strong overall fundamentals supported by solid revenue growth (+9.5% from 2024 to 2025), very high net profit margin (51.15%), and a robust, low-leverage balance sheet (debt-to-equity 0.02, equity ratio 83.42%). Cash generation is healthy with free cash flow growth (+25.38%), though cash conversion (operating cash flow to net income 0.53) and weakening EBITDA margin point to some operational efficiency pressure.

Income Statement

Just Dial Ltd. demonstrates strong revenue growth with a 9.5% increase from 2024 to 2025. The company has a remarkable net profit margin of 51.15%, and a gross profit margin of 39.11% for 2025, indicating efficient cost management and profitability. However, the EBITDA margin shows a decrease from previous years, suggesting potential pressure on operational efficiencies.

Balance Sheet

The balance sheet is robust with a low debt-to-equity ratio of 0.02 and a high equity ratio of 83.42%, indicating strong financial stability. The return on equity is impressive at 12.69%, reflecting effective use of shareholders' funds to generate profit. Just Dial Ltd. maintains a significant cash position, enhancing its liquidity and financial flexibility.

Cash Flow

Just Dial Ltd. has shown healthy free cash flow growth of 25.38% from 2024 to 2025, indicating effective cash generation. The operating cash flow to net income ratio is 0.53, suggesting a solid conversion of net income into cash. However, the free cash flow to net income ratio is slightly lower at 0.52, which may point to the need for improving operational cash flow efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	11.59B	11.42B	10.43B	8.45B	6.47B	6.75B
Gross Profit	3.73B	3.87B	2.41B	1.29B	752.30M	1.60B
EBITDA	6.60B	3.35B	5.22B	2.28B	1.20B	3.04B
Net Income	6.03B	5.84B	3.63B	1.63B	708.30M	2.14B
Balance Sheet
Total Assets	0.00	55.21B	48.61B	43.37B	40.33B	17.86B
Cash, Cash Equivalents and Short-Term Investments	52.79B	52.79B	46.25B	40.78B	34.88B	615.20M
Total Debt	0.00	998.40M	853.10M	683.80M	553.30M	629.70M
Total Liabilities	-46.06B	9.14B	8.37B	6.70B	5.47B	5.22B
Stockholders Equity	46.06B	46.06B	40.23B	36.67B	34.86B	12.64B
Cash Flow
Free Cash Flow	0.00	3.06B	2.48B	12.88B	243.80M	1.35B
Operating Cash Flow	0.00	3.11B	2.59B	1.79B	389.60M	1.39B
Investing Cash Flow	0.00	-2.90B	-2.30B	-1.63B	-21.87B	1.74B
Financing Cash Flow	0.00	-288.40M	-272.10M	-230.80M	21.09B	-2.91B

Just Dial Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 735.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JUSTDIAL, the sentiment is Negative. The current price of 735.4 is above the 20-day moving average (MA) of 626.23, above the 50-day MA of 674.66, and below the 200-day MA of 793.09, indicating a bearish trend. The MACD of -37.68 indicates Positive momentum. The RSI at 18.03 is Positive, neither overbought nor oversold. The STOCH value of 11.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JUSTDIAL.

Just Dial Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JUSTDIAL	74 Outperform	₹46.73B	11.09	―	―	6.97%	12.91%
ICRA	72 Outperform	₹53.89B	37.64	―	0.97%	8.06%	24.52%
HAPPYFORGE	71 Outperform	₹117.42B	34.32	―	0.28%	3.57%	4.74%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
IONEXCHANG	60 Neutral	₹51.72B	55.57	―	0.40%	11.56%	-2.78%
MHRIL	57 Neutral	₹56.98B	702.73	―	―	4.25%	17.51%

Just Dial Ltd. Corporate Events

Just Dial Q3 FY26 Revenue Rises 6.4% as Margins Strengthen Despite One-Off Costs

Just Dial Limited reported a 6.4% year-on-year rise in operating revenue to ₹305.7 crore for the quarter ended December 31, 2025, with EBITDA up 10% to ₹95.2 crore and margins improving to 31.2%. Operating profit before tax climbed 14.4% to ₹82.1 crore, but overall profit before tax declined 2.4% to ₹145.6 crore and net profit fell 10.2% to ₹118 crore, mainly due to a one-time exceptional expense linked to new labour code implementation and a normalised tax rate compared with the prior year. The company’s platform usage remained robust, with 184.5 million quarterly unique visitors, while deferred revenue increased 2.9% year-on-year to ₹521.9 crore and cash and investments grew to ₹5,703 crore, underscoring a strong balance sheet and ample treasury to support future operations and expansion.

Just Dial Shares Investor Presentation on Q3 and Nine-Month FY2025 Results

Just Dial Limited has informed stock exchanges that it has prepared and shared an investor presentation covering its unaudited financial results for the third quarter and nine months ended December 31, 2025. The disclosure, made under securities listing regulations, provides analysts and investors with an overview of the company’s recent financial performance, reinforcing its transparency and ongoing engagement with the capital markets.

Just Dial to Appeal Rs 21.83 Crore GST Demand and Penalty Order

Just Dial Limited has disclosed that it received an order dated 26 December 2025 from the Assistant Commissioner of State Tax, Mazgaon, Mumbai, imposing a penalty of Rs 6.62 crore under Section 74 of the Central and Maharashtra Goods and Services Tax Acts for alleged excess availment of input tax credit on common services during FY 2018-19. The order also raises a demand for additional tax and interest aggregating Rs 15.21 crore, and while the company plans to appeal the decision, it has stated that the financial impact is limited to the amounts specified in the order and that there is no impact on its operations or other activities.

Just Dial to Appeal Rs 21.83 Crore GST Demand and Penalty Order

Just Dial Limited has disclosed that it has received an order from the Assistant Commissioner of State Tax, Mazgaon, Mumbai, imposing a penalty of Rs. 6.62 crore under the Central and Maharashtra Goods and Services Tax Acts for alleged excess availment of input tax credit on common services in FY 2018-19, along with a demand for additional tax and interest aggregating Rs. 15.21 crore. The company has stated it will appeal the order and clarified that while the financial impact is limited to the amounts specified, there is no effect on its operations or other business activities, signaling that day-to-day functioning and service delivery remain unaffected despite the tax dispute.