When India’s hiring pulse slows, everyone looks at Naukri to check if it’s a nap or a coma. Q1 FY26 saw revenue climb 15% YoY to ₹736 crore, with operating profit up 10% — but recruitment billings growth moderated to 9% from the teens of previous quarters. Management blames a mid-quarter cocktail of geopolitics, tariff worries, and client “wait-and-watch” syndrome. The good news? Jeevansathi broke even, 99acres kept gaining market share, and AI is working overtime in search, recommendations, and even ad copy. The less-good news? BFSI, infra, IT services, and consultants tapped the brakes. July looked better, but no one’s betting the house yet.
Why it matters? Because Info Edge is the barometer for white-collar hiring — and right now, the needle is twitching.
Stick around—things get spicier two scrolls down.
AT A GLANCE• Revenue up 15% – recruitment still the cash cow at 53% margin• Recruitment billings growth slowed to 9% – macro jitters, contract deferrals blamed• Jeevansathi broke even – Hindi belt focus paying dowry• 99acres billings up 17% – still the plot leader in property classifieds
MANAGEMENT’S KEY COMMENTARY
Hitesh Oberoi (MD):“Billings growth moderated due to macro events and sectoral slowdown.”Translation:Clients ghosted us at quarter-end like bad Tinder dates.
“July collections were solid — 19% growth.”Translation:But don’t start the champagne; it might be a one-night stand.
“Niche businesses like IIMJobs and Hirist grew 41% and 18%.”Translation:Our side hustles are fitter than the main act.
“AI is improving recruiter
productivity and job seeker recommendations.”Translation:Our bots now hustle harder than your HR team.
“In 99acres, broker and resale listings up 29%.”Translation:More people selling flats than IPL tickets.
NUMBERS DECODED
| Metric | The Hero | The Sidekick | The Drama Queen |
|---|---|---|---|
| Revenue (₹ cr) | 736 | +15% YoY | Billings up 11% |
| EBITDA margin | 34% | Stable | IPL ads couldn’t sink it |
| Recruitment billings (₹ cr) | 470 | +9% YoY | Margins still 53% |
Recruitment remains 70%+ of revenue; BFSI, infra, IT services slowed, while GCCs, retail, healthcare grew double digits.
ANALYST QUESTIONS
Q: “Is AI hurting demand?”A: Too early to tell; macro & geopolitics muddied the water.Translation:AI might take jobs later; right now, it’s tariffs and uncertainty.
Q: “Ad spend strategy?”A: Naukri can cut branding if growth slows; 99acres & Jeevansathi get free rein.Translation:We’ll still splurge where we smell market share.
Q: “Pricing power?”A: Possible to charge more for premium CVs.Translation:Pay extra to peek at the
