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Just Dial Q4 Results Review: ICICI Securities Maintains 'Hold' Rating, Cuts Target Price On Muted Growth
ICICI Securities maintains Hold on Just Dial with a revised target price of Rs 968 (earlier Rs 1,028), based on 8x one-year forward EV/Ebitda multiple (FY27E).
21 Apr 2025, 06:08 PM IST 
Just Dial's revenue, in Q4 FY25, was Rs 2.9 billion, flattish QoQ/7% YoY. (Image source: Company website)
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. The brokerage thinks 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 ...
