Just Dial Limited

Communication Services — Internet Content & Information · NSE

₹712.70+₹32.00 (+4.70%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by high debt relative to equity, small-cap size, which brings sharper price swings.

In simple words: Reasonable but unspectacular business quality, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Just Dial Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Just Dial Limited engages in the search engine business in India. The company offers local search, search related, and software services through various platforms, including internet, mobile internet, over the telephone, and text.

IndustryInternet Content & Information

SectorCommunication Services

Employees13,070

Annual revenue₹1,214 Cr

How does it make money?

Turns over ₹1,214 Cr a year. Of every ₹100 of sales, about ₹41 reaches shareholders as profit, with ₹33 left at the operating level before interest, tax and depreciation. Each of its 13,070 employees supports ₹9.3 lakh of revenue a year, the signature of a people-led business.

EBITDA margin32.8%

Net margin40.9%

Revenue / employee₹9.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

BHARTI AIRTEL LIMITEDP/E 39.8x · ROE 20.2%

VODAFONE IDEA LIMITEDP/E 3.6x · ROE —

What is its competitive advantage?Little sign of one

Returns on capital of 11.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE11.6%

ROE9.7%

Peer median ROE20.2%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 6.6% and earnings to grow about 7.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+6.6%

Est. earnings growth+7.2%

Analysts5

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +44% while net margin moved +113% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+44%

Margin effect+113%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.11 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

75/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

80/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

11.6x

3Y Median

20.9x

40 monthly readings · mean 24.9x · range 7.1x–66.4x

Sector Median

21.7x

median of 2 sector peers

🟢Current valuation is approximately 45% below its 3y median of 20.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 47% below the peer median of 21.7x.

vs. its own history

Cheap

20.9x median over 40 months · -45%

vs. sector peers

Cheap

21.7x median of 2 peers · -47%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

11.6x

P/B

1.19x

EV/EBITDA

15.4x

PEG

0.26

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 13.0% to 32.8% over 3 years.
Cash generation is improving
Free cash flow is up 105% over 3 years.
Return on equity is rising
ROE has improved from 4.4% to 9.7%.
Return on capital is rising
ROCE has improved from 5.1% to 11.6%.
Valuation below its historical average
At 11.6x the stock trades 45% below its own median of 20.9x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 1.66x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 13.0% to 32.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 45% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 47% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.66x. Interest is payable whether or not the business has a good year.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 10% a year✓ 12.8% CAGR
Latest reported year was 9.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 31%✓ 32.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹264 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 9%✓ 11.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹6,061 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.6x

Cheap

Cheap against the generic band

P/B Ratio

1.19x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹61.69

Profitable

Profitable on a per-share basis

ROE

9.7%

Moderate

Moderate capital efficiency

ROCE

11.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.66x

High

High leverage

Revenue Growth (YoY)

9.9%

Modest

Modest growth

Profit Growth (YoY)

4.1%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹264 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹712.7

P/E (Forward)

10.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

23.5%

Good

Healthy core-business profitability

Net Margin

40.5%

Good

Strong bottom-line conversion

Current Ratio

8.87

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.11

Defensive

Steadier than the market

52W Range Position

65%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

668.0 / 674.8

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

62.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹845 Cr	₹1,043 Cr	₹1,142 Cr	₹1,214 Cr	+12.8%
EBITDA	₹110 Cr	₹241 Cr	₹369 Cr	₹398 Cr	+53.5%
EBITDA Margin	13.0%	23.1%	32.3%	32.8%	—
PAT (Net Profit)	₹163 Cr	₹363 Cr	₹584 Cr	₹497 Cr	+45.1%
EPS	₹19.14	₹42.66	₹68.69	₹58.44	+45.1%
ROE	4.4%	9.0%	12.7%	9.7%	—
ROCE	5.1%	11.2%	13.9%	11.6%	—
Total Debt	₹68 Cr	₹85 Cr	₹100 Cr	₹85 Cr	+7.3%
Free Cash Flow	₹129 Cr	₹244 Cr	₹305 Cr	₹264 Cr	+27.1%

🟢 Revenue has grown at 12.8% a year over 3 years.

🟢 EBITDA has grown at 53.5% a year over 3 years.

🟢 EBITDA Margin has risen from 13.0% to 32.8% over 3 years (+19.8 pts).

🟢 PAT (Net Profit) has grown at 45.1% a year over 3 years.

🟢 EPS has grown at 45.1% a year over 3 years.

🟢 ROE has risen from 4.4% to 9.7% over 3 years (+5.3 pts).

🟢 ROCE has risen from 5.1% to 11.6% over 3 years (+6.5 pts).

🔴 Total Debt has grown at 7.3% a year over 3 years.

🟢 Free Cash Flow has grown at 27.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6,044 Cr

Total Liabilities

₹938 Cr

Total Debt

₹85 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

₹269 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

13.1%

Insider Holding

73.9%

Corporate Actions

Ex-Dividend Date

10 Sept 2015

Analyst Consensus

Recommendations

6 Buy · 0 Hold · 1 Sell

Target Price (Mean)

₹939.17

+31.8% vs CMP

Target Range

₹505 – ₹1,200

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

4 mixed2 general

JUSTDIAL Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Just Dial Limited (NSE:JUSTDIAL) Just Released Its First-Quarter Earnings: Here's What Analysts Think

Simply Wall Street, 15 JulAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Just Dial shares rocket 36% in two days! Why Citi, Kotak, others think Reliance-backed stock can rally up

The Economic Times, 14 Jul

Just Dial's cash pile is as much as its market cap, says report

CNBC TV18, 28 Aug

Just Dial Share Price Target 2026 Analyst Forecast Bull and Bear Case

Univest, 24 AprAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Just Dial shares hit 20% upper circuit as Q1 PAT rises 66% QoQ; firm also announces new CEO, CFO

Moneycontrol.com, 13 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong15.8/20

🟢Financial HealthStrong13.9/20

🟢GrowthStrong16.1/20

🟢ProfitabilityStrong10/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4.3/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 10% a year12.8% CAGR
✓EBITDA margin holds above 31%32.8%
✓Free cash flow remains positive₹264 Cr
✓Debt / EBITDA stays below 2x0.2x
✓ROCE stays above 9%11.6%