Just Dial Ltd(JUSTDIAL)

NSE: JUSTDIALBSE: 535648

₹ 704-7.59%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,987 crWebsite: www.justdial.comUpdated: 24 Oct 2026

About

Just Dial Ltd is India's leading local search platform, connecting users with businesses, products and services across categories and geographies through apps, mobile site, desktop, WhatsApp and a voice hotline. In FY26 the company reported revenue from operations of ₹12,138.6 million, operating entirely within a single Search and Search-related Services segment. As of Q2 FY27 the platform served 656,520 paid campaigns and 57.4 million listings, and it operates across more than 250 cities and 11,000-plus pin codes.^[1][2]

Business segment

Just Dial operates in a single segment - Search and Search-related Services - which generated revenue from operations of ₹12,138.6 million in FY26, up 6.3% YoY.^[1]
Operating revenue was ₹3,428 mn in Q2 FY27, up 13.1% YoY and 4.7% QoQ.^[2]
Revenue is prepaid: merchants pay in advance, giving the business negative working capital, zero receivables and strong revenue visibility.^[3]
About 57% of revenue comes from the top 11 cities in India; Tier II and Tier III cities contribute roughly 43% in FY25.^[3]

Products and services

Merchant suite spans JD Business (profile and lead management), JD Omni (transaction-ready websites), JD Pay (integrated payments), JD Analytics (performance insight), JD Mart (B2B commerce) and Universal Business Listing.^[1]
JD Mart is a B2B marketplace connecting manufacturers, suppliers, distributors and retailers with verified buyers, with listings supporting specifications, pricing, MOQs and in-platform chat.^[1]
JD Pay accepts debit and credit cards, UPI, e-NACH, EMI, net banking, wallets and Pay Later on encrypted infrastructure.^[1]
Users reach the platform via Android and iOS apps, mobile site, desktop, WhatsApp and the 88888 88888 voice hotline.^[1]
Trust markers JD Verified and JD Trust help users identify credible businesses and improve merchant discoverability.^[1]

Key operating numbers

Paid campaigns reached 656,520 at end of Q2 FY27 vs 623,970 a year earlier (+5.2% YoY) and 639,200 in Q1 FY27.^[2]
Unique visitors were 198.4 mn in Q2 FY27 vs 197.7 mn a year earlier (+0.4%) and 192.9 mn in Q1 FY27; mobile fell 2.1% YoY, desktop rose 24.7%, voice fell 9.2%.^[2]
Total listings were 57.4 mn at end of Q2 FY27 vs 51.2 mn a year earlier (+12.2%); net additions were 1,309,647 vs 1,519,607 (-13.8% YoY).^[2]
Ratings and reviews totalled 164.0 mn in Q2 FY27 (+6.0% YoY); unearned revenue stood at ₹5,261 mn (0.0% YoY).^[2]
App downloads averaged 6,363 per day in Q2 FY27, down 21.9% YoY.^[2]
Operating EBITDA margin was 26.4% in Q2 FY27 vs 28.7% a year earlier (-228 bps) and 26.7% in Q1 FY27.^[2]
Average quarterly unique visitors for FY26 were 189.4 million; active business listings ended FY26 at 54.7 million.^[1]

Platform reach and operations

The platform spans over 250 cities and 11,000-plus pin codes, supported by field and tele-sales teams extending into Tier II and Tier III markets as of FY26.^[1]
Just Dial operates 11 branch offices across India's key cities alongside a pan-India operator-assisted helpline.^[1]
Total employees stood at 13,070 as of 31 March 2026: 5,350 feet-on-street salesforce, 5,122 tele-sales, and 2,598 in support, voice, content, product and technology.^[1]

Customers and distribution

A two-sided marketplace: users across metros and Tier II/III cities on the demand side; SMEs including retailers, service providers, professionals, manufacturers and distributors on the supply side.^[1]
Total sales team grew to 10,965 in Q1 FY27, up 7.8% YoY, with tele-sales headcount at 5,796.^[4]

AI and technology initiatives

New AI products cited in Q2 FY27: Ask Genie, LLM review insights, conversational RFQ on JD Mart, AI onboarding, Lead Bank and AI review responses.^[2]
JD Mart's Conversational RFQ is an AI assistant that turns a buyer's requirement into matched, verified sellers (Q2 FY27).^[2]
28% of all leads are qualified through automated AI-driven omnichannel channels spanning WhatsApp, Conversational RFQs and AI-powered voice calls as of FY26.^[1]
An MCP server allows external AI engines to securely access Justdial data; connector submissions are complete for integration with AI-led search environments including OpenAI.^[1]

Expansion focus

Management aims to use its distribution scale to bring AI tools to Indian SMEs (Q2 FY27, no target stated).^[2]
Strategic focus is on Tier II and Tier III market expansion; rural internet adoption is growing four times faster than urban, with 579 million Indians yet to come online (FY26).^[1]

Treasury

Cash and investments were ₹61,139 mn at end of Q2 FY27, up 9.8% YoY.^[2]
Other income consists primarily of MTM gains on the treasury portfolio and can fluctuate significantly quarter to quarter with bond yield movements.^[4]

Market Cap

₹5,987 Cr

High / Low

₹838 / 486

Stock P/E

18.8

Price / Book

1.7

Book Value

₹600

EPS

₹58.4

No. of Shares

8.5 Cr

ROCE

13.1%

ROE

10.2%

OPM

41.8%

Debt / Equity

0.00

Sales

₹1,214 Cr

Net Profit

₹497 Cr

Promoter holding

74.1%

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