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).
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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.
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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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