Info Edge Q4 Review: Near-Term Upside Capped By Macro Uncertainty, Says ICICI Securities, Maintaining 'Hold'

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ICICI Securities Report

Info Edge India Ltd.’s recruiting business billing grew 18.4% YoY in Q4 FY25 despite a moderate hiring environment, driven by SME client additions, strong performance from new offerings (IIMJobs, Naukri Gulf, FastForward) and increased traction in GCCs. 99acres posted strong billing growth, aided by effective marketing investments, with signs of market share gains.

Jeevansathi delivered billing growth and is nearing breakeven.

In Q4 FY25, Naukri increased marketing spends (IPL, branding, user acquisition), which led to ~290 bps YoY/ ~546 bps QoQ drop in Ebitda margin.

Brand investments may continue into H1 FY26. We believe current valuations have priced in the revenue recovery in Naukri. Maintain Hold with target price of Rs 1,530.

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