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Just Dial Q2 Review: ICICI Securities Upgrades Stock To 'Add' — Check Target Price
Without visibility on shareholder payouts, re-rating triggers remain elusive, adds ICICI Securities.
14 Oct 2025, 11:01 AM IST 
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Just Dial's reported 6.4% YoY revenue growth in Q2 FY26, with Ebitda margin largely flattish YoY as headcount reduction was offset by higher other expenses.
(Image source: Company website)
Just Dial's revenue, in Q2 FY26, was Rs 3 billion, up 1.7% QoQ/6.4% YoY. Employee expenses, at Rs 1.8 billion, were up 2% QoQ/5.3% YoY. Ebitda was Rs 871 million, against brokerage's Rs 905 million estimate and Ebitda margin was 28.7% (down 29bps QoQ/8bps YoY).
