Just Dial Q2 Review: ICICI Securities Upgrades Stock To 'Add' — Check Target Price

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ICICI Securities Report

Just Dial Ltd. reported 6.4% YoY revenue growth in Q2 FY26, with Ebitda margin largely flattish YoY (–29bps QoQ), as headcount reduction (–2.0% QoQ/–2.6% YoY) was offset by higher other expenses.

Paid campaign net additions rebounded to 1.5 million (vs 938k in Q1 FY26), likely reflecting the impact of increased ad spends during Q2. Web segment traffic was up 2.3% QoQ/flattish YoY.

Sustained traction in net additions in next two–three quarters and its eventual translation into collections may be a key monitorable. Collections in Q2 were Rs 3.0 billion (flattish YoY), while cash balance increased to Rs 56 billion. However, the key question on the stock – cash distribution to shareholders – remains unanswered.

Without visibility on shareholder payouts, re-rating triggers remain elusive.

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