Just Dial Limited (JUSTDIAL)

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Just Dial Limited (JUSTDIAL) · mywealthgrid

About

Just Dial operates internet and catalogue retail in India's consumer discretionary sector, generating quarterly revenues ₹300-327 Cr with operating margins 28-31%. Zero debt, market cap ₹5,788.5 Cr, PE 15.95.

Face value: ₹10

Market cap

₹5,552 Cr

P/E

15.3×

P/B

1.4×

Dividend yield

ROE

9.4%

ROCE

11.8%

Debt / equity

OPM

20.8%

EPS (TTM)

₹42.7

Book value

₹473.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin stability masks significant net profit volatility — quarterly net profit ranges ₹100-166 Cr despite consistent ₹300-327 Cr revenues, raising questions about earnings quality
ROE 9.44% despite zero debt and 28-31% margins indicates capital inefficiency
Stock underperformance -18.48% over one year despite stable operations — verify if market reflects valuation reset, growth ceiling, or structural concerns
No dividend since 2015 despite consistent profitability and zero leverage — verify capital retention rationale

Generated analysis · source review pending

Growth drivers

Revenue expanded ₹15 Cr per quarter from ₹284.83 Cr (Sep 2024) to ₹327.47 Cr (Jun 2026) — verify trajectory continues and what segments drive growth
Operating margins at 28-31% as revenue grows suggest cost structure may scale — verify whether incremental margins improve or decline with volume
Latest quarter net profit ₹166.22 Cr (OPM 26.69%) represents recent strength — verify if seasonality or one-time factors explain prior volatility
Zero debt balance sheet with consistent profitability enables capital deployment — verify cash use plan given 11-year dividend hiatus

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹653.2-0.5%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.8%
+Profit CAGR of 19.2% over the last 3 years
+Revenue CAGR of 15.6% over the last 3 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 51.3×
+High promoter holding of 74.1% with no pledge

Cons

−Low return on equity of 5.7% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality: 59
Growth: 74

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	953	675	647	845	1,043
	680	520	649	759	826
	273	155	-2	86	217
OPM %	28.6%	22.9%	-0.3%	10.2%	20.8%
Depreciation	52	42	30	32	46
Interest	9	7	7	8	9
	140	150	122	142	305
Profit before tax	352	255	83	188	467
Tax	79	40	12	25	104
Tax %	22.6%	15.9%	15%	13.4%	22.2%
	272	214	71	163	363
PAT margin %	28.6%	31.7%	11%	19.3%	34.8%
EPS (₹)	42	33.9	9.5	19.3	42.7
EPS adjusted (₹)	42	34.6	8.5	19.3	42.7
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity capital	70	67	65	65	62	84	84	85
Reserves	836	912	934	1,223	1,202	3,403	3,583	3,938
	—	4	4	—	0	0	0	0
	360	427	546	544	522	547	670	837
Total equity & liabilities	1,265	1,410	1,549	1,832	1,786	4,033	4,337	4,861
	156	149	126	64	138	134	152	147
CWIP	—	6	—	—	—	—	0	0
Investments	964	1,143	1,291	1,552	1,511	3,798	4,051	4,608
	145	113	132	216	137	102	133	107
Total assets	1,265	1,410	1,549	1,832	1,786	4,033	4,337	4,861

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	—	—	—	—	—
EBITDA margin %	28.6%	22.9%	-0.3%	10.2%	20.8%
EBIT margin %	23.2%	16.7%	-5%	6.3%	16.3%
PAT margin %	28.6%	31.7%	11%	19.3%	34.8%
Working capital
Receivable days	—	0	0	0	0
Inventory days	—	0	0	0	0
Payable days	13	10	8	7	6
NWC days	—	-10	-8	-7	-6
Leverage
Current ratio	0.25	0.29	8.36	7.75	7.68
Debt to EBITDA	—	0	—	0	0
Debt to equity	—	0	0	0	0
Interest coverage	40.5	35.4	13.2	25.5	51.3
Asset turnover	0.52	0.38	0.16	0.19	0.21
Return ratios
Return on assets %	14.9%	12%	1.8%	3.8%	7.5%
Return on capital employed %	25.7%	18.8%	3.6%	5.3%	11.8%
Return on equity %	21.1%	16.9%	2%	4.4%	9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.3%	74.3%	74.3%	74.18%	74.15%	74.15%	74.15%	74.15%	74.15%	74.15%	74.15%	74.14%
	4.88%	4.87%	5.31%	6.96%	7.82%	7.33%	6.57%	6.5%	5.93%	5.96%	4.83%	3.21%
	9.36%	8.89%	8.17%	8.86%	8.38%	8.32%	8.92%	8.79%	9.04%	8.96%	9.31%	9.87%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	11.46%	11.94%	12.22%	10%	9.65%	10.2%	10.36%	10.56%	10.88%	10.93%	11.71%	12.78%
No. of shareholders	—	—	—	—	—	—	—	—	84,460	83,604	82,557	82,236

Promoter holding down 0.16 percentage points since Sep 2023.

103 deals · 29 Sept 2021 – 16 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	8,48,422	₹783.19	₹66.45 Cr
16 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	8,47,439	₹782.84	₹66.34 Cr
16 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Sell	4,63,176	₹782.38	₹36.24 Cr
16 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Buy	4,52,932	₹777.47	₹35.21 Cr
16 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	4,27,624	₹786.65	₹33.64 Cr
16 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	4,27,489	₹783.84	₹33.51 Cr
15 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	14,61,895	₹818.27	₹119.62 Cr
15 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	14,59,043	₹818.64	₹119.44 Cr
15 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Buy	8,02,990	₹817.65	₹65.66 Cr
15 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Sell	7,98,737	₹819.35	₹65.44 Cr

1–10 of 103

1 / 11

Mr. Krishnan SudarshanNon-Executive - Independent Director-Chairperson
Mr. Venkatachalam Sthanu SubramaniExecutive Director-CEO-MD
Mr. Ranjit Vasant PanditNon-Executive - Independent Director
Ms. Bhama KrishnamurthyNon-Executive - Independent Director
Mr. Jain Dipak ChandNon-Executive - Independent Director
Mr. Venkatachalam SubramaniamNon-Executive - Non Independent Director
Mr. Ashwin Ahamendra KhasgiwalaNon-Executive - Non Independent Director
Ms. Geeta Kalyandas FulwadayaNon-Executive - Non Independent Director
Mr. Anshuman ThakurNon-Executive - Non Independent Director
Mr. Dinesh TalujaNon-Executive - Non Independent Director
Mr. Dinkar Ayilavarapu

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

4.11%

of the company's equity

All mutual funds

8.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 5 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	16.9 L	120.05	0.15%	1.989%	-0
Small Cap Fund	DSP Mutual Fund	15.44 L	109.63	0.51%	1.816%	-0
Templeton India Value Fund	Franklin Templeton Mutual Fund	2 L	14.2	0.74%	0.235%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	57,330	4.07	0.16%	0.067%	-1,255
IB41-Groww Nifty India Internet ETF	Groww Mutual Fund	1,757	0.12	0.29%	0.002%	+103
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	392	0.03	0.01%	0%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	66	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend10 Sept 2015 · ex-date₹2
Dividend dividend11 Sept 2014 · ex-date₹2

1

Board meeting to consider results10 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

45 announcementsExport CSV

30 Sept 2026, 2:48 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	—	—	—	—	—
EBITDA margin %	28.6%	22.9%	-0.3%	10.2%	20.8%
EBIT margin %	23.2%	16.7%	-5%	6.3%	16.3%
PAT margin %	28.6%	31.7%	11%	19.3%	34.8%
Working capital
Receivable days	—	0	0	0	0
Inventory days	—	0	0	0	0
Payable days	13	10	8	7	6
NWC days	—	-10	-8	-7	-6
Leverage
Current ratio	0.25	0.29	8.36	7.75	7.68
Debt to EBITDA	—	0	—	0	0
Debt to equity	—	0	0	0	0
Interest coverage	40.5	35.4	13.2	25.5	51.3
Asset turnover	0.52	0.38	0.16	0.19	0.21
Return ratios
Return on assets %	14.9%	12%	1.8%	3.8%	7.5%
Return on capital employed %	25.7%	18.8%	3.6%	5.3%	11.8%
Return on equity %	21.1%	16.9%	2%	4.4%	9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Info Edge (India) LimitedNAUKRINAUKRI	₹77,808 Cr	₹77,808 Cr	₹3,375 Cr	₹1,249 Cr	35.7%	₹1,600 Cr	53.7%	4.9%	4%	-19
Indiamart Intermesh LimitedINDIAMARTINDIAMART	₹9,738 Cr	₹9,738 Cr	₹1,611 Cr	₹543 Cr	33.8%	₹493 Cr	30.3%	22.9%	20.7%	-10
Just Dial LimitedJUSTDIALJUSTDIAL	₹5,552 Cr	₹5,552 Cr	₹1,043 Cr	₹217 Cr	20.8%	₹363 Cr	34.8%	11.8%	9.4%	-6
Crizac LimitedCRIZACCRIZAC	₹2,921 Cr	₹2,921 Cr	₹1,034 Cr	₹286 Cr	27.4%	₹220 Cr	21%	47.7%	37.5%	-38
Matrimony.com LimitedMATRIMONYMATRIMONY	₹1,029 Cr	₹1,029 Cr	₹475 Cr	₹65 Cr	11.2%	₹45 Cr	7.4%	18.5%	15.3%	-55
Tcc Concept LimitedTCCTCC	₹225 Cr	₹241 Cr	₹179 Cr	₹97 Cr	54.3%	₹63 Cr	36.1%	5.7%	5.3%	-533
Jupiter Infomedia LtdJUPITERINJUPITERIN	₹37 Cr	₹37 Cr	₹2 Cr	₹-3 Cr	-113.9%	₹0 Cr	40.8%	1.5%	0.2%	0
Olympia Industries LtdOLYMPTXOLYMPTX	₹14 Cr	₹56 Cr	₹139 Cr	₹2 Cr	2.3%	₹0 Cr	0.6%	12.4%	3.3%	131
JLA Infraville Shoppers LtdJSHLJSHL	₹1 Cr	₹1 Cr	₹0 Cr	₹-1 Cr	—	₹-0 Cr	—	-1.4%	-2%	—

Date	Category	Subject	Filing
30 Sept 2026, 2:48 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
31 Aug 2026, 11:44 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
31 Aug 2026, 11:43 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
31 Aug 2026, 11:36 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
31 Aug 2026, 10:14 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Aug 2026, 11:11 am	Insider Trading / SAST Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Reg. 2011	Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Regulations, 2011	PDF
9 Aug 2026, 3:47 pm	AGM/EGM AGM	Newspaper Clippings - 'Thirty-Second Annual General Meeting' And 'Information On E-Voting' And Other Related Information	PDF
8 Aug 2026, 11:55 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	BRSR	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	136	226	276	139	39	179	259
	-118	-137	-77	174	-2,187	-163	-230
	1	-84	-217	-291	2,109	-23	-27
Net cash flow	19	5	-17	22	-38	-8	2
Free cash flow	105	206	260	135	27	161	248
CFO / Operating profit %	—	—	—	89.9%	—	208.5%	119.6%

Just Dial Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

2

1

Announcements

2

1

Not in the F&O segment

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Just Dial Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Dividends2

Board meetings1

Announcements

Dividends2

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

1

2

1