1. At a Glance
If Karma had a domain name, it would probably end with.com, and if the Bhagavad Gita had a chapter on diversification, it would read like Info Edge’s portfolio. FromNaukrito99acres,JeevansathitoShiksha, andZomatotoPolicybazaar, this company’s spiritual motto is:“Invest in everything the Indian middle class googles at 2 a.m.”
At ₹1,360 per share and amarket cap of ₹88,166 crore, the company sits at a P/E of67x, justifying it by saying “we’re not a stock, we’re an ecosystem.” Info Edge is almost debt-free (Debt: ₹276 crore; D/E: 0.01) and has moreother incomethan some midcaps’ total revenue. Its Q2FY26 numbers showedSales ₹805 crore (+14.9% YoY),PAT ₹348 crore (+1814% YoY), and anexceptional gain of ₹5,200 crorefrom its PB Fintech (Policybazaar) stake.
Return ratios? Let’s say they’ve gone on a spiritual journey.ROE 1.16%,ROCE 3.0%— the company calls it “patient capital”; we call it “Zen investing.”
2. Introduction – The Classified King Who Classified Everything
Info Edge is what happens when your college placement portal grows up and starts investing in unicorns. Born from Naukri.com’s 1997 revolution, the company has since become the grand old parent of India’s online classified empire — part philosopher, part venture capitalist, and part serial investor with mild insomnia.
Each of its verticals targets one of India’s eternal anxieties: jobs (Naukri), houses (99acres), marriage (Jeevansathi), and education (Shiksha). And when Indians aren’t looking for any of these, Info Edge quietly invests in what they’ll need next — food (Zomato) and insurance (Policybazaar).
But while the company’s investments keep giving it blockbuster gains, its core business runs on steadier, albeit slower, ground. The revenue engine still hums nicely at ₹3,068 crore (FY25), driven by the recruitment business that contributes nearly three-fourths of total revenue.
With an asset base of nearly ₹59,397 crore (mostly investments), it’s less of an “IT company” now and more of a financial powerhouse disguised as a job portal.
3. Business Model – WTF Do They Even Do?
Info Edge’s core business is running platforms that solve life’s top four crises: “I need a job,” “I need a house,” “I need a spouse,” and “I need a college.” If you think about it, they’re monetizing every parental WhatsApp worry in India.
Here’s the breakdown:
- Naukri.com (Recruitment – 74% of revenue):Think of it as LinkedIn for India — but with 82 million resumes and HRs still searching “5 years exp. fresher preferred.” It has ~72,000 unique clients and 70,000 premium job seekers.
- 99acres.com (Real Estate – 14% of revenue):With over1.77 lakh projectsand9.28 lakh listings, this is India’s property bazaar where 55% of users are brokers, 39% builders, and 6% hopeless homeowners.
- Jeevansathi.com & Shiksha.com (Others – 16% of revenue):Jeevansathicaters mostly to North & West India, 90% on mobile, with a focus on community-based matchmaking.Shiksha.comhelps 71,000 colleges list 4.15 lakh courses — making it India’s largest “what should I do with my life?” search engine.
And just when you think that’s enough, Info Edge also acts as aventure capital fund. Through its subsidiaries —Startup Investments Holding LtdandInfo Edge Venture Fund (IEVF)— it’s seeded India’s digital
elite: Zomato, Policybazaar, Happily Unmarried (Ustraa), and Printo, among others.
In short, they sell hope, dreams, and discounted IPO gains.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 805 | 701 | 791 | 14.9% | 1.8% |
| EBITDA (₹ Cr) | 280 | 154 | 260 | 81.8% | 7.7% |
| PAT (₹ Cr) | 348 | 18 | 343 | 1814% | 1.5% |
| EPS (₹) | 4.88 | 0.25 | 4.57 | 1852% | 6.7% |
Annualised EPS = ₹19.52 → P/E ≈ 69.7x.
🧾Commentary:That PAT jump isn’t divine intervention — it’s called “PB Fintech exceptional gain.” Strip that out, and the underlying profit looks normal. Revenue growth of 15% YoY is solid, and OPM at 35% shows operational muscle. But at 67x P/E, the market’s valuing them like they’ve found the next ChatGPT for recruitment.
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s crunch calmly, not greedily.
Method 1: P/E Based
- EPS (annualized): ₹20.3
- Industry Average P/E: ~28x
- Info Edge P/E: 67x→ Fair Value Range = ₹20.3 × (28–40) =₹568–₹812(purely fundamental, ignoring startup magic).
Method 2: EV/EBITDA Based
- EV = ₹88,146 Cr
- EBITDA (TTM) = ₹2,118 Cr
- EV/EBITDA = 41.6x (vs industry ~15x)→ Fair EV-based valuation range = ₹30,000–₹45,000 Cr.
Method 3: DCF (Conservative Growth 10%, WACC 9%)
Implied fair value ≈ ₹70,000–₹80,000 Cr.
📜Disclaimer:This fair value range is foreducational purposes only. It’s not a recommendation or investment advice.
6. What’s Cooking – News, Triggers, Drama
Q2FY26 came with more drama than a saas-bahu serial.
- PB Fintech Gain:Info Edge booked anexceptional profit of ₹5,200 crorefrom its stake sale in PB Fintech. The CFO called it “non-recurring,” the investors called it “non-forgettable.”
- Jeevansathi’s Aisle Acquisition:It acquired3.65% stake (₹5.5 crore)in Aisle, the dating app behindIvy, Arike,andNeeno, now a fully-owned subsidiary. “From arranged marriages to dating apps — what’s next, divorce counselling?”
- CFO Drama:Chintan Thakkar resigned (effective Nov 19, 2025). VeteranAmbarish Raghuvanshireturns as interim CFO. Probably walked in with a mug saying,“I told you not to count ‘Other Income’ as recurring.”
- Management Rejig:New
