Just Dial Q2: standalone PAT falls 9.7% YoY to ₹108 Cr as investment gains cool, revenue up 13%

Just Dial's standalone net profit for Q2 FY27 (quarter ended September 30, 2026) came in at ₹107.8 Cr, down 9.7% year-on-year from ₹119.4 Cr and down 35.1% sequentially from ₹166.2 Cr, even as net revenue from operations grew a healthy 13.1% YoY (4.7% QoQ) to ₹342.8 Cr. EPS was ₹12.68 against ₹14.04 a year ago. The company has no subsidiaries or associates, so this standalone statement is the complete and only result set — there is no consolidated number to reconcile against. The YoY profit decline sits on two layers. First, core operating performance softened: EBITDA-equivalent operating margin (revenue less employee and other expenses) was 26.4%, down from 28.7% a year ago, as other expenses grew 34.7% YoY — well ahead of the 13.1% revenue growth — while employee costs grew roughly in line with revenue (+13.6%). Versus Q1 FY27, OPM was broadly flat (26.7%). Second, and the bigger swing, was non-operating: other income fell to ₹54.6 Cr from ₹73.3 Cr YoY and from ₹131.5 Cr in Q1 FY27. Within that, fair-value gains on the company's investment book collapsed to ₹9.1 Cr from ₹60.6 Cr a year ago, partly cushioned by a jump in realised gains on investment sales to ₹31.0 Cr from ₹1.4 Cr. Net profit margin was 31.4%, roughly flat against 31.7% YoY but down sharply from 36.2% in Q1 FY27, confirming the prior quarter's print was flattered by an unusually large other-income contribution rather than marking a new steady state. Neither our records nor a web search turned up a specific pre-result Street consensus or management guidance for this quarter — Just Dial does not appear to issue formal forward guidance, and no analyst estimate could be confirmed for this specific print, so vsStreet and vsGuidance are both unknown rather than assumed. Management's own filing offers no additional commentary beyond the regulatory notes; there was no separate press release in the context. The quarter's other disclosed developments — board approval of the results, closure of the insider-trading window ahead of results, and promoter V S S Mani's share gift/encumbrance disclosures — are governance and shareholding items with no direct read-through to the P&L. Going into Q3 FY27, the print leaves two threads to track: whether the 13.1% YoY revenue growth pace (versus 9.9% in Q1 FY27) holds or decelerates, and whether operating costs — particularly the 34.7% YoY jump in other expenses — continue to outpace revenue and keep compressing core margins, independent of how the volatile investment-income line behaves next quarter.