JUSTDIAL
Micro CapJust Dial Limited
Services
Justdial connects sellers of products & services with potential buyers/users in India. It operates a local search engine and online marketplace via voice, mobile apps, and web, offering a comprehensive database of 54.7M listings and 631,530 active paid campaigns as of Mar 31, 2026.
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.
Strong fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
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 31 Mar 2026
Bad · 0/100PAT -37% YoY · margin compression · Rev +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹307 Cr | +6.2% | +0.3% |
| EBITDA | ₹89 Cr | +3.5% | -6.3% |
| Operating margin | 29.0% | -100 bps | -200 bps |
| PAT | ₹100 Cr | -36.7% | -15.3% |
| PAT margin | 32.6% | -2210 bps | -599 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 operating revenue grew 6.2% YoY and 0.5% QoQ to Rs 3,072M. Operating EBITDA margin declined 86 bps YoY and 225 bps QoQ to 28.9%. Net profit fell 36.6% YoY and 15.2% QoQ, heavily impacted by a 55.2% YoY drop in other income.
While operating revenue showed modest growth, the significant decline in unique visitors and sharp contraction in EBITDA and Net Profit margins QoQ and YoY (due to lower other income) raise concerns. The increase in salesforce and listings is positive, but conversion to paid campaigns and overall profitability needs close monitoring.
Traffic Share by Platform Q4 FY26
Latest issuer-disclosed distribution across 3 reported categories.
Expanding Listing Database
Total listings grew 12.1% YoY to 54.7 million. Listings with Geocodes increased 25.4% YoY to 41.0 million.
Increased Salesforce
Total sales team strength increased 3.7% YoY and 3.3% QoQ to 10,472 employees.
User Engagement
Ratings & Reviews reached 157.1 million, up 2.9% YoY and 0.9% QoQ.
Salesforce Expansion
Total sales team strength increased to 10,472 employees as of Q4 FY26, up from 10,135 in Q3 FY26.
Decline in Other Income
Other Income decreased 55.2% YoY and 42.5% QoQ to Rs 486 million, primarily due to MTM gains on treasury portfolio.
Unique Visitor Decline
Quarterly unique visitors decreased 4.7% YoY and 1.2% QoQ to 182.4 million, with mobile visitors down 6.0% YoY.
Reliance on Treasury Income
Other Income, primarily MTM gains on treasury portfolio, can have high quarterly fluctuations, significantly impacting Net Profit.
Sustained User Engagement
Decline in unique visitors, especially mobile, suggests potential challenges in maintaining user base amidst competition.
Operating Margin Pressure
Operating EBITDA margin declined 225 bps QoQ, indicating potential cost pressures or inability to scale revenue efficiently.
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.
QoQ comparison is crucial for assessing sequential momentum in operating metrics like unique visitors, paid campaigns, and salesforce additions. YoY comparison provides a view on underlying business growth and profitability trends, especially for a service business that may have some seasonality.
Quarterly Unique Visitors
Negative182.4 million in Q4 FY26, down 4.7% YoY and 1.2% QoQ. Mobile visitors declined 6.0% YoY and 1.8% QoQ to 156.2 million.
Active Paid Campaigns
Neutral631,530 as of Mar 31, 2026, up 3.0% YoY and 0.4% QoQ.
Operating Revenue
NeutralRs 3,072 million in Q4 FY26, up 6.2% YoY and 0.5% QoQ.
Operating EBITDA Margin
Negative28.9% in Q4 FY26, down 86 bps YoY and 225 bps QoQ.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Unique Visitors Growth | 182.4 million (down 4.7% YoY, 1.2% QoQ) | Reversal of declining trend, especially in mobile traffic, to ensure platform relevance and demand generation. |
| Paid Campaign Conversion | 631,530 active campaigns (up 3.0% YoY, 0.4% QoQ) | Acceleration in paid campaign growth relative to salesforce expansion and listing additions, indicating monetization efficiency. |
| Operating EBITDA Margin | 28.9% (down 86 bps YoY, 225 bps QoQ) | Stabilization and improvement in operating margins, demonstrating efficient cost management and pricing power. |
| Other Income Volatility | Rs 486 million (down 55.2% YoY, 42.5% QoQ) | Reduced reliance on volatile treasury income for overall profitability; focus on core operating profit growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -18.2% / mo · near 52W low
Technical chart
JUSTDIALdaily · 5Y-27.7%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 51.
- SMA20 falling (~2.5% over last month) — short-term momentum negative.
- RSI(14) at 51 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 33% off 52W high · 10% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 74.9%.
- Growth contributes 25/25 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
- Balance sheet is weaker at 13/15; 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: +36 points.
Factor attribution
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 76th percentile of the scored universe and 81st percentile within Services. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter holding is 74.2%. Key concern: ROCE is low at 4.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 81st pctile, median 66 · Micro: 64th pctile, median 71
0 documents indexed, 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 74.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸10 years of positive FCF.
Trust risks
- ▸ROCE is low at 4.8%.
- ▸ROE is low at 3.6%.
- ▸OPM spread across recent quarters is 21%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 8.56
- P/B
- 0.86
- EV/EBITDA
- 11.12
- Market Cap
- 4397.00Cr
Profitability
- ROE
- 10.60%
- ROCE
- 13.10%
- ROA
- 8.22%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 75.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 39.78×
- Altman Z
- 4.68
- Book Value
- 600.00
Cash Flow
- FCF Yield
- 0.61%
- FCF Positive Y
- 11/5
- OCF
- 269.00 Cr
- EPS TTM
- 58.44
Shareholding
- Promoter Hold
- 74.15%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.