Just Dial Q4 Results Review: ICICI Securities Maintains 'Hold' Rating, Cuts Target Price On Muted Growth

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ICICI Securities Report

Just Dial Ltd.'s Q4 FY25 revenue growth slowed to 7% YoY. Ebitda margin declined sequentially for the first time after seven quarters. Given the sustained pressure on revenue growth and all-time high Ebitda margin, the earnings growth outlook remains weak for FY26. Cash balance grew to ~Rs 53 billion. Management has announced earnings call for the first time after Q1 FY25.

We think investors would be keen to understand if management envisages growth revival in the near term and whether one should estimate ad-spends to ascend hereon – to address concerns around stagnating traffic to the platform.

In Q1 FY25’s earnings call, management had indicated that they were actively evaluating means to distribute incremental cashflows to shareholders. Any concrete clarification on the same could be a trigger for rerating.

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