1. At a Glance – 53 P/E for 3% ROCE? Welcome to Internet Valuations, Boss.
Market Cap: ₹72,740 Cr
Current Price: ₹1,122
Stock P/E: 53.8
ROCE: 3.0%
ROE: 1.16%
3-Month Return: -17.3%
1-Year Return: -25.3%
Quarterly Sales: ₹819 Cr (+13.4%)
Quarterly PAT: ₹306 Cr (+12.4%)
TTM Sales: ₹3,165 Cr
TTM PAT: ₹1,685 Cr
EPS (TTM): ₹20.79
Let me say this slowly.
A ₹72,000+ Cr company.
With 3% ROCE.
Trading at 53x earnings.
If this was a normal manufacturing company, Twitter (sorry, X) would have declared it overvalued by breakfast.
But this is Info Edge — the OG Indian internet landlord. It owns Naukri (jobs), 99acres (houses), Jeevansathi (marriage), Shiksha (education), and a buffet of startup investments.
This is not just a company. It’s a digital milestone collector.
Now the real question:
Are you buying a recruitment cash machine… or paying startup VC multiples for an internet holding company?
Let’s audit.
2. Introduction – The Shaadi, Naukri, Ghar, College Monopoly
Think about your life journey.
You graduate → Shiksha
You find a job → Naukri
You buy a house → 99acres
You get married → Jeevansathi
Info Edge monetizes life events.
Brilliant, right?
But here’s the twist.
Despite dominant platforms and strong quarterly growth, return ratios look… sleepy.
ROE last 3 years: 0.89%
ROCE last year: 3%
Why?
Because this balance sheet is stuffed with investments. Massive investments.
And that changes how you judge this business.
This isn’t just a recruitment company anymore.
It’s an operating business + venture portfolio hybrid.
So you must analyse two engines:
- Core classifieds profitability
- Investment volatility and upside
Let’s decode.
3. Business Model – WTF Do They Even Do?
1️ Recruitment – Naukri (The ATM Machine)
Largest contributor (~74% revenue).
Companies pay for:
- Resume database access
- Job listings
- Premium enterprise tools
Traffic share ~80%.
82 million resumes.
72,100 unique clients.
This business is high margin,
