Just Dial LimitedQ2 FY27 Results & Financial Update
Just Dial Limited: Q2 FY27 standalone results and company financials – revenue ₹342.82 Cr, PAT ₹107.81 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Just Dial Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Just Dial reported operating revenue of ₹342.82 crores for Q2 FY27, representing a 13.1% year-on-year increase compared to ₹303.07 crores in Q2 FY26 and a 4.7% sequential growth over ₹327.47 crores in Q1 FY27.
Operating EBITDA stood at ₹90.70 crores with an operating margin of 26.4%, reflecting a compression from 28.7% in the corresponding period of the previous year as the company absorbed elevated technology and sales expansion investments.
Net profit after tax for the quarter was recorded at ₹107.81 crores, marking a 9.7% decline year-on-year from ₹119.44 crores and a 35.1% contraction sequentially from ₹166.22 crores.
The bottom-line decrease was primarily driven by lower other income, which fell to ₹54.60 crores from ₹73.30 crores in Q2 FY26 and ₹131.46 crores in Q1 FY27, impacted by bond yield movements and mark-to-market valuations on financial instruments compared to the prior quarter.
Active paid campaigns expanded by 5.2% year-on-year and 2.7% sequentially to reach 656,520 campaigns at the close of September 2026, while total active listings grew 12.2% year-on-year to 57.4 million.
Total user traffic reached 198.4 million unique visitors during the quarter, with mobile platforms accounting for 85.1% of overall engagement, desktop and PC traffic contributing 12.4%, and voice search comprising 2.5%.
Cash and investments on the balance sheet strengthened to ₹6,113.90 crores as of September 30, 2026, compared to ₹5,569.70 crores a year earlier, providing a robust liquidity buffer to fund ongoing platform enhancements.
01 · Business model
What does Just Dial do?
Just Dial Limited operates India's prominent local search engine, connecting consumers with local businesses across multiple communication channels including desktop and mobile websites, mobile applications, and telephone voice services.
The company generates its primary monetization streams through paid campaigns, listings, and banner advertisements sold to small and medium enterprises (SMEs) and micro-merchants seeking customer discovery and digital visibility.
Beyond traditional local search, Just Dial operates JD Mart, a dedicated B2B marketplace platform designed to connect manufacturers, distributors, wholesalers, and retailers with digital product catalogues and vendor discovery tools.
The enterprise also provides transaction-oriented services, CRM and lead management software, web-presence building solutions, and JD Pay digital payment facilitation to transition merchants from offline operations to internet-ready workflows.
02 · Historical context
What shaped the business before this quarter
Previously launched to capture B2B commerce, JD Mart expanded merchant digital product catalogues to connect manufacturers and wholesalers post-pandemic.
The company progressively shifted from a pure discovery provider to an enabler of transactions, introducing app-based utility, CRM tools, and JD Pay solutions.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹342.82 Cr | ₹303.07 Cr | ₹327.47 Cr |
| Total income | ₹397.38 Cr | ₹376.37 Cr | ₹458.93 Cr |
| EBITDA | ₹90.70 Cr | ₹87.10 Cr | — |
| Profit before tax | ₹134.57 Cr | ₹147.01 Cr | ₹206.59 Cr |
| Profit after tax | ₹107.81 Cr | ₹119.44 Cr | ₹166.22 Cr |
| EPS | ₹12.68 | ₹14.04 | ₹19.54 |
| EBITDA margin | 26.40% | 28.70% | — |
Financial interpretation
What the reported numbers mean
Profit after tax represented 31.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 39.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹54.56 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Active paid campaigns advanced 5.2% year-on-year and 2.7% sequentially to 656,520 campaigns, driving core operating revenue expansion.
Collections including monthly Electronic Clearing Service (ECS) rose 11.7% year-on-year and 5.3% sequentially to ₹328.80 crores.
What drove margins
Employee expenses increased to ₹208.67 crores from ₹183.72 crores in Q2 FY26, reflecting ongoing talent and operational investments.
Incremental expenditures were directed toward AI-led capabilities, automation, and B2B expansion, which accounted for approximately one-third of incremental spend during the quarter.
05 · Demand, customers & order book
Where demand is coming from
Platform traffic reached 198.4 million unique visitors for the quarter, with mobile devices generating 168.9 million visitors.
Total active listings stood at 57.4 million, with 1.31 million net additions during the quarter, and geocoded listings reaching 43.0 million.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates in a single reporting segment, 'Search and search related services', under Ind AS 108.
Geography and market mix
Services are delivered across domestic urban and semi-urban markets via digital channels and a pan-India telephone number 88888-88888.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The company recorded encouraging early adoption of its AI-powered CRM and lead management tools designed for Indian merchants.
Initiatives continued in building business management solutions allowing SMEs to run online storefronts and manage digital presences.
08 · Reported developments
What changed operationally
Combined cash and investments reached ₹6,113.90 crores as of September 30, 2026, supporting strategic flexibility.
Total ratings and reviews accumulated on the platform increased by 6.0% year-on-year to 164.0 million.
09 · Pressure points & risks
What is not going smoothly
Other income contracted 25.6% year-on-year to ₹54.60 crores due to bond yield fluctuations affecting mark-to-market gains.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flows from operating activities for the half year ended September 30, 2026, stood at ₹1,152.10 crores, compared to ₹1,150.20 crores in the corresponding previous half year.
Capital allocation & funding
The company maintained a debt-free financial structure with substantial treasury investments and cash equivalents.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Entity Status
Just Dial Limited does not have any subsidiary or associate companies and consequently prepares standalone financial results.
12 · Previous-quarter changes
What changed since the previous quarter
Operating revenue grew 4.7% sequentially from ₹327.47 crores in Q1 FY27 to ₹342.82 crores in Q2 FY27.
13 · Key Q&A
The quarter, answered directly
What does Just Dial do?
Just Dial Limited operates India's prominent local search engine, connecting consumers with local businesses across multiple communication channels including desktop and mobile websites, mobile applications, and telephone voice services.
What is the clearest takeaway from Q2 FY27?
Just Dial reported operating revenue of ₹342.82 crores for Q2 FY27, representing a 13.1% year-on-year increase compared to ₹303.07 crores in Q2 FY26 and a 4.7% sequential growth over ₹327.47 crores in Q1 FY27.
What drove revenue or demand?
Active paid campaigns advanced 5.2% year-on-year and 2.7% sequentially to 656,520 campaigns, driving core operating revenue expansion.
What mattered most for margins or profitability?
Employee expenses increased to ₹208.67 crores from ₹183.72 crores in Q2 FY26, reflecting ongoing talent and operational investments.
What changed operationally beyond the headline numbers?
The company recorded encouraging early adoption of its AI-powered CRM and lead management tools designed for Indian merchants.
What are the main pressure points disclosed for the quarter?
Other income contracted 25.6% year-on-year to ₹54.60 crores due to bond yield fluctuations affecting mark-to-market gains.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Paid Campaign Growth Rate: Monitor the pace of active paid campaign additions and SME conversion rates across B2B and search platforms.
- 02
AI Tool Adoption: Track customer adoption metrics for newly introduced AI-powered CRM and merchant business management solutions.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.