NAUKRI
Mid CapInfo Edge (India) Limited
Services
Info Edge operates internet-based service delivery in India, primarily through Naukri.com (recruitment), 99acres.com (real estate), Jeevansathi.com (matrimony), and Shiksha.com (education). It provides online platforms for job search, property listings, matrimonial services, and educational information.
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 consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 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
Excellent · 75/100Rev +16% YoY · PAT +12% YoY · margin expansion · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹869 Cr | +15.9% | +6.1% |
| EBITDA | ₹334 Cr | +44.0% | +13.6% |
| Operating margin | 38.0% | +700 bps | +200 bps |
| PAT | ₹756 Cr | +11.5% | +138.5% |
| PAT margin | 87.0% | -340 bps | +4829 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
Info Edge reported strong Q4 FY26 revenue growth across segments, with Recruitment Solutions and 99acres showing sequential and YoY improvement. 99acres turned profitable in Q4, a key positive, though full-year losses persisted. Net profit was significantly boosted by exceptional gains from investment revaluation.
While core recruitment and real estate segments show revenue growth and 99acres achieved Q4 profitability, the ongoing whistle-blower investigation in 99acres and the full-year loss in the segment are concerning. The impact of tax rate changes on deferred tax also adds a layer of complexity.
Revenue from Operations by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Recruitment Solutions
INTACTThis segment continues to be the largest revenue contributor, showing consistent YoY and QoQ growth in Q4 FY26.
99acres Real Estate
INTACTThe segment demonstrated strong revenue growth and achieved profitability in Q4 FY26, indicating potential for future contribution.
Strategic Investments
INTACTThe company continues to make significant investments in controlled trusts and subsidiaries, indicating a strategy for future growth avenues.
Digital Adoption
INTACTThe company operates internet-based service delivery, benefiting from ongoing digital transformation and online platform usage in India.
Increased Tax Rate
INTACTChange in Finance Act 2024 raised the effective tax rate on long-term capital gains from 11.44% to 14.30%, leading to an incremental deferred tax charge.
99acres Investigation
UNDER_STRESSA whistle-blower complaint alleging violations and/or fraudulent actions by certain employees in the 99acres segment is under investigation by an independent law firm and forensic experts.
Investment Valuation Volatility
INTACTSignificant unrealized mark-to-market gains/losses on financial investments (e.g., PB Fintech) are routed through OCI, leading to volatility in comprehensive income.
Merger Scheme Delays
UNDER_STRESSThe scheme of amalgamation for wholly-owned subsidiaries faces an appeal before NCLAT against an NCLT order, potentially delaying integration benefits.
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 assessing overall annual growth and performance trends, especially for a services business. QoQ comparison is important to track sequential momentum, particularly for segments like 99acres showing a turnaround in profitability.
Recruitment Solutions Revenue Growth
PositiveQ4 FY26 revenue at 5,812.77 Mn, up from 5,112.44 Mn YoY and 5,749.33 Mn QoQ. FY26 revenue grew to 22,559.44 Mn from 19,826.18 Mn in FY25.
99acres Revenue Growth
PositiveQ4 FY26 revenue at 1,436.05 Mn, up from 1,058.00 Mn YoY and 1,185.78 Mn QoQ. FY26 revenue grew to 4,880.58 Mn from 4,107.93 Mn in FY25.
99acres Segment Profitability
Positive99acres reported a segment profit before tax of 341.00 Mn in Q4 FY26, compared to a loss of (204.61) Mn in Q3 FY26 and (148.63) Mn in Q4 FY25.
Operating Cash Flow
PositiveNet cash flow from operating activities for FY26 was 11,686.55 Mn, up from 9,344.55 Mn in FY25.
Dividend Policy
INTACTThe Board recommended a final dividend of Rs. 3.60 per equity share for FY26, in addition to two interim dividends paid during the year.
Strategic Investments
INTACTThe company continues to invest in controlled trusts and subsidiaries, with significant amounts paid for such investments in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| 99acres Profitability | Q4 FY26 segment profit before tax of 341.00 Mn. | Sustained profitability and growth in the 99acres segment in subsequent quarters. |
| 99acres Investigation Outcome | Independent investigation ongoing into whistle-blower complaint regarding 99acres. | Resolution of the investigation and any potential financial or operational impact. |
| Merger Scheme Progress | Appeal filed with NCLAT regarding the amalgamation scheme for subsidiaries. | Timely approval and completion of the merger scheme to realize integration benefits. |
| Unutilized QIP Funds | 10,073.89 Mn balance unutilized funds from QIP as of March 31, 2026. | Deployment strategy and utilization of remaining QIP funds for growth initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The non-recruitment businesses will continue to grow steadily and reduce cash losses.
"The non-recruitment businesses continue to grow steadily and reduce cash losses"
The Jeevansathi business intends to stay within its current marketing expense range while continuing to operate at or near breakeven levels, subject to changes in competitive intensity.
"The business intends to stay within this range while continuing to operate at or near breakeven levels"
Outcome check: OPM moved from 35.0% to average 37.0% (+2.0 pp).
Traffic share gains in 99acres will ultimately translate into billing growth, but with some lag.
"We believe traffic share gains will ultimately translate into billing growth"
Outcome check: Revenue YoY averaged 14.6% across 2 later quarter(s).
Niche and adjacent platforms including iimjobs, Hirist, NaukriGulf, Naukri Fast Forward, DoSelect, AmbitionBox, and JobHai will hopefully unlock new growth opportunities in years to come.
"will hopefully unlock new opportunities, growth opportunities in years to come."
Outcome check: Revenue YoY averaged 14.6% across 2 later quarter(s).
Trend score and candlestick chart
45NeutralSMA20 -18.5% / mo · near 52W low
Technical chart
NAUKRIdaily · 1Y-26.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 50.
- SMA20 falling (~3.3% over last month) — short-term momentum negative.
- RSI(14) at 50 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 30% off 52W high · 8% 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
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -22.0%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; 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: +0 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.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 57th percentile of the scored universe and 64th percentile within Services. Main check: financial discipline is weak at 48/100.
Healthy Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 1 were partially delivered.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 64th pctile, median 66 · Mid: 34th pctile, median 76
3/4 claims checked. Use as directional, not final.
3/4 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · medium 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 pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸ROCE is low at 5.4%.
- ▸ROE is low at 3.9%.
- ▸OPM spread across recent quarters is 16%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 45.50
- P/B
- 1.71
- EV/EBITDA
- 50.23
- Market Cap
- 64793.00Cr
Profitability
- ROE
- 3.91%
- ROCE
- 5.43%
- ROA
- 3.71%
- Dividend Y
- 0.84%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 62.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 91.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 43.41×
- Altman Z
- 5.58
- Book Value
- 585.00
Cash Flow
- FCF Yield
- 0.72%
- FCF Positive Y
- 8/5
- OCF
- 1076.00 Cr
- EPS TTM
- 22.36
Shareholding
- Promoter Hold
- 37.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
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.