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Just Dial Ltd.
(JUSTDIAL)
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Rating:79Outperform
Price Target:
₹811.00
▲(23.79% Upside)
Action:Reiterated
Date:10/24/26
The score is driven primarily by strong financial health—especially the very low-leverage balance sheet and solid recent profitability—supported by improving revenue. Technicals add a positive tailwind with price above key moving averages and positive MACD. Valuation is also supportive with a relatively low P/E, while the main risk tempering the score is inconsistent cash conversion and volatility in cash flow outcomes.
Positive Factors
Very Low Leverage
Debt-to-equity near 0.02, falling to approximately 0.017 in FY2026, gives Just Dial substantial financial flexibility. A conservatively funded balance sheet can support platform investment and help absorb operating variability without significant leverage pressure.
Negative Factors
Weak Operating Cash Conversion
Operating cash flow covered less than half of net income in recent years, showing that reported earnings are not converting to operating cash at the same rate. Persistent conversion weakness could constrain internally funded investment and make earnings quality less dependable.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Debt-to-equity near 0.02, falling to approximately 0.017 in FY2026, gives Just Dial substantial financial flexibility. A conservatively funded balance sheet can support platform investment and help absorb operating variability without significant leverage pressure.
Read all positive factors
Just Dial Ltd. (JUSTDIAL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹58.13B
Dividend Yield0.25%
Average Volume (3M)77.22K
Price to Earnings (P/E)11.3
Beta (1Y)1.43
Revenue Growth8.98%
EPS Growth-13.39%
CountryIN
Employees13,070
SectorGeneral
Sector StrengthN/A
IndustryInternet Content & Information
Share Statistics
EPS (TTM)60.33
Shares Outstanding85,049,034
10 Day Avg. Volume219,428
30 Day Avg. Volume77,218
Financial Highlights & Ratios
PEG Ratio-0.56
Price to Book (P/B)0.82
Price to Sales (P/S)3.44
P/FCF Ratio13.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹850.00Price Target Upside29.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)62.9
Revenue Forecast (FY)₹13.43B
Just Dial Ltd. Business Overview & Revenue Model
Company Description
Just Dial Limited operates its proprietary search engine, Justdial, catering to users both within India and across international markets. The company provides a comprehensive range of services, including local search, search-related solutions, and...
How the Company Makes Money
Just Dial primarily makes money by selling paid visibility and marketing solutions to businesses listed on its platform. Key revenue streams typically include: (1) Paid listings and visibility upgrades, where merchants pay subscription/contract fe...
Just Dial Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.83B | 12.14B | 11.42B | 10.43B | 8.45B | 6.47B |
| Gross Profit | 3.21B | 4.30B | 3.87B | 2.41B | 1.29B | 752.30M |
| EBITDA | 4.74B | 3.63B | 3.35B | 5.22B | 2.28B | 1.20B |
| Net Income | 4.92B | 4.97B | 5.84B | 3.63B | 1.63B | 708.30M |
Balance Sheet | ||||||
| Total Assets | 63.17B | 60.44B | 55.21B | 48.61B | 43.37B | 40.33B |
| Cash, Cash Equivalents and Short-Term Investments | 61.14B | 58.52B | 52.79B | 46.25B | 40.78B | 34.88B |
| Total Debt | 790.10M | 845.10M | 998.40M | 853.10M | 683.80M | 553.30M |
| Total Liabilities | 9.41B | 9.38B | 9.14B | 8.37B | 6.70B | 5.47B |
| Stockholders Equity | 53.76B | 51.06B | 46.06B | 40.23B | 36.67B | 34.86B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.10B | 3.06B | 2.48B | 12.88B | 243.80M |
| Operating Cash Flow | 0.00 | 3.14B | 3.11B | 2.59B | 1.79B | 389.60M |
| Investing Cash Flow | 0.00 | -2.88B | -2.90B | -2.30B | -1.63B | -21.87B |
| Financing Cash Flow | 0.00 | -297.70M | -288.40M | -272.10M | -230.80M | 21.09B |
Just Dial Ltd. Technical Analysis
Neutral
655.15
Price Trends
679.56
Positive
654.15
Positive
619.37
Positive
Market Momentum
11.84
Negative
49.65
Neutral
29.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JUSTDIAL, the sentiment is Neutral. The current price of 655.15 is below the 20-day moving average (MA) of 682.13, below the 50-day MA of 679.56, and above the 200-day MA of 619.37, indicating a bullish trend. The MACD of 11.84 indicates Negative momentum. The RSI at 49.65 is Neutral, neither overbought nor oversold. The STOCH value of 29.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:JUSTDIAL.
Just Dial Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹58.13B | 11.32 | ― | 0.25% | 8.98% | -13.39% | |
75 Outperform | ₹94.73B | 19.14 | ― | 1.85% | 11.99% | -6.88% | |
64 Neutral | ₹781.35B | 48.18 | ― | 0.77% | 13.19% | 33.52% | |
63 Neutral | ₹10.87B | 24.69 | ― | 0.95% | 5.46% | 17.23% | |
60 Neutral | ₹3.15T | 603.70 | ― | ― | 143.65% | 159.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ₹37.32B | -110.36 | ― | ― | -48.53% | 97.63% |
* General Sector Average
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Just Dial Ltd. Corporate Events
Just Dial Formalizes Key Executives for Market Disclosure Compliance
Oct 19, 2026
Just Dial Limited has designated its Chief Executive Officer, Chief Financial Officer, and Company Secretary Compliance Officer as the key managerial personnel responsible for determining the materiality of events and information. These executive...
Just Dial Shareholders Clear All AGM Resolutions, Confirm Board Appointments
Aug 31, 2026
Just Dial Limited has reported the outcomes of its Annual General Meeting held on August 31, 2026, where shareholders considered and adopted the audited financial statements for the year ended March 31, 2026. The meeting also reviewed the reports ...
Just Dial Shareholders Approve FY26 Accounts and Board Reappointments
Aug 31, 2026
Just Dial Limited has reported that its shareholders approved a series of resolutions at the latest meeting, including the adoption of audited financial statements for the year ended March 31, 2026. The voting was conducted through remote e-voting...
Just Dial Publishes AGM and E-Voting Notice in Financial Dailies
Aug 9, 2026
Just Dial Ltd. has notified stock exchanges that it has published newspaper advertisements regarding its thirty-second annual general meeting and the related e-voting information in the English daily Financial Express and the Marathi daily Loksatt...
Just Dial Sets Virtual AGM for August 31, 2026 and Publishes FY 2025-26 Annual Report
Aug 8, 2026
Just Dial Limited has scheduled its 32nd Annual General Meeting for August 31, 2026 at 5:30 p.m. IST, which will be conducted via video conferencing and other audio-visual means in line with regulatory guidance from corporate and securities author...
Just Dial releases Business Responsibility and Sustainability Report for FY 2025-26
Aug 8, 2026
Just Dial Limited has notified the stock exchanges that it has completed and released its Business Responsibility and Sustainability Report for the financial year 2025-26. The report, now available on the company’s website, outlines its disc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.