1. At a Glance
Once your friendly neighborhood phone-a-friend for restaurant numbers, Just Dial now sits on a ₹5,400 Cr cash pile with rising profits, Google-level margins, and a new Tata Digital makeover. But can it finally make local search sexy again?
2. Introduction with Hook
Remember calling 88888 88888 for plumber numbers? That was Just Dial 1.0.
Now imagine that company posting ₹603 Cr net profit, ₹160 Cr PAT in Q1 FY26 alone, and zero debt — all while holding more cash than revenue.
- FY25 PAT: ₹584 Cr
- Q1 FY26 EPS: ₹18.77
- Market Cap: ₹8,000 Cr
- Cash & Investments: ₹5,430 Cr
It’s the Phoenix of Indian dotcoms. The only question is: Will it monetize, or remain a glorified digital Yellow Pages with a Tata stamp?
3. Business Model (WTF Do They Even Do?)
Just Dial is a local search and business discovery platform, available via app, web, voice, and SMS. It’s evolved into:
- Search+Listing: India’s top hyperlocal business directory
- JD Pay: Payment gateway for listed vendors
- JD Mart: B2B e-commerce (tough luck vs IndiaMART)
- JD Omni: Software for business backend
- Content & Lead Monetization: Sponsored listings, premium packages
Customers: MSMEs, freelancers, and even large vendors
Reach: Over 250 cities, 11,000+ pincodes
Tata Digital’s 74% stake = potential synergies with BigBasket, Tata 1mg, Croma, etc.
4. Financials Overview
| Metric | FY25 |
|---|---|
| Revenue | ₹1,142 Cr |
| EBITDA | ₹335 Cr |
| EBITDA Margin | 29.3% |
| Net Profit | ₹584 Cr |
| EPS | ₹68.7 |
| ROCE | 15.3% |
| ROE | 13.5% |
3-Year PAT CAGR: 216%
But warning: Other Income = ₹427 Cr. Core ops still playing catch-up with treasury gains.
5. Valuation
- CMP: ₹941
- P/E: 13.3x
- P/B: 1.7x
- Market Cap: ₹8,004 Cr
- Cash & Investments: ₹5,430 Cr
- Enterprise Value = ~₹2,500 Cr (!)
Fair Value Range
- Pure operating business, ex-cash: 12–18x FY26 EPS (~₹540–₹810)
- Including cash: ₹1,000–₹1,250 is fair
This is one of the cheapest net cash tech plays in India. But you must ignore the ghosts of its telephony past.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Results: Revenue up 6%, PAT up 13%
- EPS now ₹18.77 per quarter
- Tata Digital continues operational integration
- JD Mart traction weak vs competitors
- Board quiet on dividends despite ₹5,400 Cr cash hoard
- Massive working capital bloat (WCD: 1,413 days!)
Triggers:
- Platform modernization + Tata cross-selling
- Reviving JD Mart B2B ecom
- AI + hyperlocal automation
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹85 Cr |
| Reserves | ₹4,521 Cr |
| Borrowings | ₹0 Cr |
| Total Liabilities | ₹5,521 Cr |
| Investments (Cash) | ₹4,968 Cr |
| Fixed Assets | ₹143 Cr |
Highlights:
- Debt-free
- ₹5,430 Cr war chest
- Net cash per share: ₹640+
Literally trading below cash-adjusted value. Buffet would be tempted if this was in Nebraska.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | ₹179 Cr | -₹163 Cr | -₹23 Cr | -₹7 Cr |
| FY24 | ₹259 Cr | -₹230 Cr | -₹27 Cr | ₹2 Cr |
| FY25 | ₹311 Cr | -₹290 Cr | -₹29 Cr | -₹7 Cr |
Cash flow stable, barring investment churn. No major cash burn, despite scaling.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 15.3% |
| ROE | 13.5% |
| OPM | 29.3% |
| EPS | ₹68.7 |
| D/E | 0 |
| Working Cap Days | 1,413 (!!) |
WCD figure is wild. Likely distorted due to massive cash holdings and non-trading assets. Still, core ops now margin-positive and lean.
10. P&L Breakdown – Show Me the Money
| Metric | FY25 |
|---|---|
| Sales | ₹1,142 Cr |
| Operating Profit | ₹335 Cr |
| Other Income | ₹427 Cr |
| Interest | ₹12 Cr |
| Depreciation | ₹47 Cr |
| Net Profit | ₹584 Cr |
| EPS | ₹68.7 |
Biggest red flag: 73% of PAT = Other income. Operations improving, but not the core driver yet.
11. Peer Comparison
| Company | P/E | ROE | OPM | MCap (Cr) |
|---|---|---|---|---|
| Just Dial | 13.3 | 13.5 | 29.3% | ₹8,004 |
| IndiaMART | 30.8 | 26.9 | 34.1% | ₹16,270 |
| Info Edge (Naukri) | 102 | 2.7 | 30.2% | ₹90,984 |
| Matrimony.com | 26.3 | 17.0 | 12.8% | ₹1,192 |
JD is cheapest on P/E and P/B. But the others are growthy. JD still fighting for SaaS legitimacy.
12. Miscellaneous – Shareholding, Promoters
| Shareholder Type | Mar 2025 |
|---|---|
| Promoters (Tata) | 74.15% |
| FIIs | 6.57% |
| DIIs | 8.92% |
| Public | 10.36% |
| Retail Holders | 79,939 |
Strong institutional confidence. Promoters stable. But no dividends = investor frustration.
13. EduInvesting Verdict™
Just Dial 3.0 is not the rusty voicebot relic of your Nokia days. It’s a lean, cash-rich, operating-margin-positive machine — stuck in a branding purgatory.
- Core Ops: finally profitable
- Cash: 2x net profits
- Valuation: CHEAP
- Risk: JD Mart scaleup, brand perception, tech moat
Can Tata Digital revive it as a Local SaaS Kingpin?
If yes: multibagger.
If no: glorified digital FD.
The stock is a paradox: cheap, rich, and oddly ignored. But maybe, just maybe, this is the turnaround story India forgot to search for.
Metadata
– Written by Eduinvesting Team | 15 July 2025
– Tags: Just Dial, Tata Digital, Local Search India, Hyperlocal SaaS, JD Mart, Tech Stocks
