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Swing Capital

Just Dial Ltd

NSE: JUSTDIAL BSE: 535648

Justdial is the market leader in local search engine segment in India. The Company provides local search-related services to users across India in a platform-agnostic manner. The multi-platform offering includes App (Android, iOS), mobile website, desktop /PC, voice and text. [1]

₹519
52W: ₹480 — ₹964
PE 8.63 · Book ₹600 · -14% vs book
Market Cap₹4,417 Cr
Stock P/E8.63Price to Earnings
ROCE13.1%Return on Capital
ROE10.6%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.85 times its book value
  • +Company has delivered good profit growth of 30.4% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 7.07% over last 3 years.
  • −Earnings include an other income of Rs.313 Cr.
  • −Working capital days have increased from 379 days to 1,515 days

Shareholding Pattern

Promoters74.15%
FIIs4.82%
DIIs9.31%
Public11.71%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.18%74.15%▼0.074.15%74.15%74.15%74.15%74.15%74.15%
FIIs6.95%7.82%▲0.97.32%▼0.56.57%▼0.86.49%▼0.15.93%▼0.65.96%▲0.04.82%▼1.1
DIIs8.86%8.37%▼0.58.32%▼0.08.92%▲0.68.8%▼0.19.05%▲0.38.96%▼0.19.31%▲0.3
Public10.01%9.65%▼0.410.18%▲0.510.36%▲0.210.57%▲0.210.87%▲0.310.93%▲0.111.71%▲0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales265270281285287289298303306307
Expenses205200200203201203211216210218
Operating Profit60718182878686879589
OPM %23%26%29%29%30%30%29%29%31%29%
Net Profit92116141154131158160119118100
EPS ₹10.8213.616.6118.1215.4418.5318.7714.0413.8711.76

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,214Cr, up 6.3% YoY. OPM at 29%.

Debt Position

Borrowings at ₹85Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Institutional Flow

DIIs: 9.31% (+0.18pp change). FIIs: 4.82% (-0.51pp change). Promoters hold 74.15%.

Margin & Efficiency

ROCE declining from 26% (Mar 2015) to 13% (Mar 2026). Working capital days: 1515.

Valuation

PE 8.63x with 13.1% ROCE. Price is -14% above book value of ₹600. Dividend yield: 0%.

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