Just Dial Q1 FY27 Results: Kotak Neo Research Retains 'Buy' On Just Dial As Revenue Growth Accelerates

Just Dial reported a healthy set of earnings for the quarter ended June 30, 2026, with higher revenue and profit supported by steady growth in paid campaigns and improved customer realisations. The company also announced changes to its top leadership, with founder and Managing Director VSS Mani set to step down from his executive role later this month.

The strong quarterly performance lifted investor sentiment, sending Just Dial shares sharply higher in Monday's trade. The stock surged over 17% intraday to ₹662.50 on the NSE after opening at ₹592 against its previous close of ₹564.

Just Dial’s Q1 FY27

Just Dial reported revenue from operations of ₹327.5 crore for the first quarter of FY27, up 9.9% year-on-year and 6.6% sequentially. The company said this was the first time in eight quarters that annual revenue growth had approached double digits.

Profit after tax (PAT) stood at ₹166.3 crore, compared with ₹159.7 crore in the corresponding quarter last year and ₹100 crore in the March quarter, reflecting strong sequential growth.

At the operating level, EBITDA margin moderated to 26.7% from 28.9% a year ago and declined by 220 basis points sequentially, primarily due to higher employee expenses and other operating costs.

The company recorded 192.9 million unique visitors during the quarter. Mobile continued to account for the largest share of traffic at 86.5%, followed by desktop at 10.6% and voice at 2.9%.

As of June 30, 2026, active listings increased 13% year-on-year to 56.1 million, while geocoded listings grew 19.7% to 41.7 million. Listing images rose 14.1% from a year ago to 262.9 million, while ratings and reviews increased to 160.5 million.

The number of active paid campaigns also grew 3.5% year-on-year to 639,200.

CEO, CFO Appointments Announced

Alongside the quarterly results, Just Dial announced a leadership transition.

Founder, Managing Director and Chief Executive Officer VSS Mani will step down from his executive responsibilities after 33 years, effective July 31, 2026.

Dinkar Ayilavarapu has been appointed CEO-designate with effect from July 10 and will assume the role of Chief Executive Officer from August 1, 2026. Before joining Just Dial, Ayilavarapu headed Flipkart Wholesale, Flipkart's omnichannel B2B business.

The company also appointed Dinesh Taluja as its Chief Financial Officer with effect from July 11, 2026.

Kotak Neo Research Retains 'Buy' On Just Dial As Revenue Growth Accelerates

We see the June-quarter performance as a step in the right direction, with revenue growth picking up even as margins came under pressure. Implied collections growth accelerated to 13.7% year-on-year, a sharp improvement over the previous run rate. The company also continues to hold a cash balance of around ₹6,000 crore, which provides downside support.

Revenue growth of 9.9% year-on-year was supported by 6.2% growth in realisations and a 3.5% increase in paid campaigns. However, EBITDA margin at 26.7% was below our estimate and contracted 221 basis points sequentially. EBITDA of ₹87.4 crore was also 5.4% lower than our estimate. We believe further margin expansion could be limited if revenue growth stays in the low-to-mid single digits.

The quarter also marks a leadership change. VSS Mani will step down as CEO and Managing Director on July 31, with Dinkar Ayilavarapu taking charge from August 1. Ayilavarapu previously led Flipkart Wholesale, Flipkart's omnichannel B2B business.

We have raised our FY27-FY29 revenue estimates by 2-3%, while trimming earnings per share estimates by around 1-2% to reflect lower margin assumptions. We continue to maintain our 'Buy' rating on Just Dial with a fair value of ₹1,100, based on an 11x June 2028 estimated core P/E, to which we add the value of the company's cash balance.

Just Dial Share Price

Following Monday's rally, investors are likely to watch whether the company can sustain its improving revenue trajectory while stabilising margins over the coming quarters. The transition to a new leadership team, growth in paid campaigns and collections, and continued expansion of the platform's listings and user engagement are expected to remain key factors influencing Just Dial's performance.

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