Just Dial reported a 6.2% increase in operating revenue, reaching ₹307.2 crore in Q4 FY26
Net profit dropped 36.6% due to a sharp decline in treasury income and higher bond yields
Active listings grew 12.1% to 54.7 million, while paid campaigns rose slightly to 631,530
Just Dial Q4 Results: Operating Revenue Hits ₹307 Cr, Profit Dips on Treasury Drag
Core business grows steadily with healthy margins and strong cash pile, even as weaker treasury income and higher bond yields weigh on bottom line
Summary
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Local search engine platform Just Dial ended Q4 FY26 with steady core growth and a strong balance sheet, even as reported profits were impacted by weaker other income.
The company’s operating revenue rose 6.2% year-on-year to ₹307.2 crore, while operating EBITDA increased 3.2% to ₹88.8 crore, keeping margins healthy at 28.9%. For the full year, operating revenue grew 6.3% to ₹1,213.9 crore, operating EBITDA rose 6.6% to ₹357.5 crore, and operating profit before tax (PBT) increased 9.3% to ₹303.4 crore, indicating that the underlying business continued to expand.
Profitability Slump
Just Dial’s reported profitability was weaker than operating performance due to a sharp decline in other income.
In the March quarter, PBT fell 30.5% year-on-year to ₹124.7 crore, while net profit dropped 36.6% as other income declined 55.2%, affected by higher bond yields and lower treasury mark-to-market gains. The tax rate also normalised to 19.8%, adding further pressure on net earnings. For FY26 as a whole, PBT declined 7.2% to ₹616.2 crore and net profit fell 14.9% to ₹497 crore, largely because other income decreased 13.6%.
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The company also recorded a one-time exceptional item of ₹210.8 million related to the new labour code and gratuity accounting adjustments.
Improved Investments
Despite the drag on profits, the company’s financial position remains strong. Cash and investments stood at ₹5,852.2 crore as of March 31, 2026, up 10.9% year-on-year, while deferred revenue remained broadly stable at ₹555.4 crore.
This provides the company with ample flexibility to continue investing in product upgrades, platform improvements, and new growth initiatives without putting pressure on its balance sheet.
The company’s ecosystem also continued to expand. Active listings rose 12.1% year-on-year to 54.7 million, with 1.88 million net new listings added during the quarter. Geocoded listings increased 25.4% to 41 million, total images in listings grew 12.8% to 256.3 million, ratings and reviews reached 157.1 million, and paid campaigns rose 3% to 631,530. App downloads reached 43.3 million, while employee headcount and sales staff increased modestly.
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Drop in User Traffic
User traffic, however, remained a weak spot. Quarterly unique visitors declined 4.7% year-on-year to 182.4 million and fell 1.2% sequentially, suggesting that the company still needs to convert platform enhancements into stronger user engagement.
Management is now focusing on AI and automation, with Chief Growth Officer Shwetank Dixit noting that FY26 was a year of building an intelligence-driven platform, and that agentic AI tools will expand further in FY27.