1. At a Glance
Info Edge isn’t just the owner of Naukri.com. It’s a cocktail of online classifieds, equity investments, emotional burn from Zomato’s volatility, and surprise “other income” that shows up like uninvited baraatis. With ₹1,220 Cr “extra” income in FY25 and Q4 net profit of ₹678 Cr, this company is India’s OG startup daddy.
2. Introduction with Hook
Imagine a company that earns revenue from job ads, loses money in matrimony, and sometimes finds a goldmine in its investment portfolio. That’s Info Edge. It’s like your cousin who runs 4 startups, and 1 just became a unicorn.
- FY25 Net Profit: ₹1,310 Cr
- FY25 “Other Income”: ₹1,220 Cr (Coincidence? Not at all.)
- TTM P/E: 102x – because dreams don’t come cheap in this market
This isn’t just about Naukri. This is venture capital disguised as a SaaS-lite classifieds business.
3. Business Model (WTF Do They Even Do?)
Info Edge’s segments:
- Recruitment (74% of Rev) – Naukri.com, Resdex, Talent Pulse
- Real Estate – 99acres.com
- Matrimony – Jeevansathi (still waiting to find “the one”)
- Education – Shiksha.com
- Investments – Stakes in Zomato, PolicyBazaar, and 50+ start-ups via its subsidiary SIHL
It earns money like a tech platform and burns it like a venture fund.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹2,346 Cr | ₹2,536 Cr | ₹2,850 Cr |
| Net Profit | ₹-70 Cr | ₹595 Cr | ₹1,310 Cr |
| Other Income | ₹-116 Cr | ₹303 Cr | ₹1,220 Cr |
| ROE | 2.2% | 3.0% | 2.7% |
| Dividend Payout % | -228% | 49% | 40% |
Info Edge has had a better year than its past two put together. The “Other Income Fairy” came through big time.
5. Valuation
| Metric | Value |
|---|---|
| Market Cap | ₹90,984 Cr |
| EPS (FY25) | ₹14.85 |
| P/E Ratio | 102.3x |
| Book Value | ₹539 |
| P/B Ratio | 2.6x |
Fair Value Estimate (based on sum-of-parts & optionality):
- Conservative: ₹900 (base earnings only)
- Moderate: ₹1,400 (with other income and value of Zomato stake)
- Optimistic VC dream: ₹1,800+
FV Range: ₹900 – ₹1,800+
Currently trading at ₹1,403 – squarely in the zone of hope.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Billings Up: ₹644 Cr vs ₹579 Cr YoY
- ₹25 Cr infused into SIHL for VC investments
- Executive VP Legal resigned in July 2025
- Jeevansathi continues to bleed—no fairytale ending in sight
- Zomato stake remains volatile, like your ex’s mood swings
7. Balance Sheet
| Item | FY24 | FY25 |
|---|---|---|
| Equity Capital | ₹129 Cr | ₹129 Cr |
| Reserves | ₹30,133 Cr | ₹34,774 Cr |
| Borrowings | ₹246 Cr | ₹267 Cr |
| Investments | ₹31,203 Cr | ₹37,661 Cr |
| Total Assets | ₹36,089 Cr | ₹42,771 Cr |
Solid reserve base and nearly all of it from past unicorn exits and holding gains.
8. Cash Flow – Sab Number Game Hai
| Item | FY24 | FY25 |
|---|---|---|
| Operating Cash Flow | ₹702 Cr | ₹876 Cr |
| Investing Cash Flow | ₹-852 Cr | ₹-818 Cr |
| Financing Cash Flow | ₹120 Cr | ₹-127 Cr |
| Net Cash Flow | ₹-29 Cr | ₹-69 Cr |
Still burning cash on investments. But hey, burn is love in the VC world.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 5.28% |
| ROE | 2.73% |
| OPM | 30% |
| Cash Conv. Cycle | 2 days |
| Working Capital | 318 days |
Operationally efficient but financially driven by unicorn luck. ROE remains low despite strong profit due to inflated equity base.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | Net Profit | EPS | OPM % |
|---|---|---|---|---|
| FY22 | ₹1,589 Cr | ₹12,882 Cr | ₹198.16 | 28% |
| FY23 | ₹2,346 Cr | ₹-70 Cr | ₹-1.66 | 15% |
| FY24 | ₹2,536 Cr | ₹595 Cr | ₹8.89 | 28% |
| FY25 | ₹2,850 Cr | ₹1,310 Cr | ₹14.85 | 30% |
Lumpy income = lumpy results. But core revenue is growing consistently.
11. Peer Comparison
| Company | P/E | ROCE | OPM | Market Cap |
|---|---|---|---|---|
| Info Edge | 102x | 5.3% | 30% | ₹90,984 Cr |
| IndiaMART | 30.8x | 34.2% | 34% | ₹16,269 Cr |
| Just Dial | 13.7x | 15.3% | 29% | ₹8,006 Cr |
| Matrimony.com | 26.3x | 19.4% | 12.7% | ₹1,192 Cr |
IndiaMART looks like the better business, but Info Edge still wears the portfolio investor crown.
12. Miscellaneous – Shareholding, Promoters
| Shareholder Type | Mar ’25 |
|---|---|
| Promoters | 37.63% |
| FIIs | 33.25% |
| DIIs | 18.18% |
| Public | 10.17% |
FIIs are bullish, and promoters have held firm. Institutions clearly believe in long-term optionality.
13. EduInvesting Verdict™
Info Edge is the Netflix of Indian tech investing: recurring revenues, lumpy outcomes, and an overvalued PE justified only by “what if this next thing explodes?”
Core biz (Naukri) is solid. Real estate and matrimony are meh. But the investment pipeline is where the fire is.
Verdict: Buy the classifieds, hold the unicorns, but please… don’t value this like a regular stock. This one is VC-core in listed form.
Metadata
– Written by EduInvesting Research | 15 July 2025
– Tags: Info Edge, Naukri.com, Zomato, SIHL, Internet Stocks, Startup Investments, PE Mania, Online Classifieds
