Just Dial Q1 FY27: revenue +9.9% YoY but PAT up just 4.1% as operating margins compress
PAT +4.11% YoY · revenue +9.94% · margins compressing
₹327.47 Cr
+9.94% YoY
₹166.22 Cr
+4.11% YoY
36.22%
-1.3pp YoY
₹19.54
Just Dial reported standalone Q1 FY27 (quarter ended June 30, 2026) net revenue from operations of ₹327.47 Cr, up 9.9% YoY (₹297.86 Cr) and 6.6% sequentially — management flagged the QoQ pace as its fastest sequential growth in a decade outside the post-COVID rebound. But net profit rose only 4.1% YoY to ₹166.22 Cr (₹159.65 Cr), a clear gap between topline and bottom line that sits entirely on operating margins: EBITDA was ₹87.4 Cr at a 26.7% margin, down from 29.0% a year ago. Employee-benefit expense climbed ~11% YoY to ₹199.9 Cr and other expenses jumped ~28% to ₹40.16 Cr, both outpacing the 9.9% revenue growth and squeezing the core-business profitability.
Q1 FY-2027 vs prior quarters
Reported PAT was cushioned by non-operating income: other income of ₹131.46 Cr (up 3.3% YoY, +170% QoQ off a low base) is dominated by ₹117.78 Cr of mark-to-market gains on the treasury portfolio, so total income rose 7.9% to ₹458.93 Cr. Net margin on total income eased to 36.2% from 37.6% a year ago. The eye-catching +66% QoQ PAT jump (vs ₹100 Cr in Q4 FY26) is a low-base artifact — Q4 profit was depressed — and is not the story; the YoY read of profit growth trailing revenue growth on a compressing operating margin is. Operational metrics were mixed: total active listings reached 56.1 million (+13% YoY), while quarterly unique visitors were roughly flat at 192.9 million (−0.2% YoY). Cash and investments stood at ₹6,022 Cr, up from ₹5,430 Cr a year earlier.
The stock went into the print at ₹564.05, up 5.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
EPS (basic, not annualised) ₹19.54 vs ₹18.77 a year ago — no exceptional item this quarter
The quarter also brought a leadership transition the market will weigh alongside the numbers: founder V.S.S. Mani completes his term as MD & CEO on July 31, 2026, with ex-Flipkart Wholesale leader Dinkar Ayilavarapu joining as CEO-designate (effective Aug 1), and Dinesh Taluja moving from the board to CFO. Just Dial gives no formal financial guidance and no brokerage consensus estimate is on record for this quarter, so the print can't be scored against street or company targets; management framed the result as a strong start to FY27 driven by core-business execution and AI-led lead qualification — a claim the revenue acceleration supports but the margin contraction tempers.
What to watch
W1
Operating margin trajectory: EBITDA margin fell to 26.7% (from 29.0% YoY) — watch whether the employee/opex build reverses or persists into Q2 FY27
W2
CEO transition execution: Dinkar Ayilavarapu takes over Aug 1, 2026 — first full quarter under new leadership is Q2 FY27
W3
Quality of profit: reliance on ₹117.78 Cr treasury MTM gains means volatile other income could swing future PAT if markets turn
Source in ₹ million (÷10 to ₹ Cr); clean digital PDF. No exceptional item in Q1FY27 or year-ago Q1FY26 (FY26 full-year had a ₹21.08 Cr one-time labour-code past-service cost, not in the YoY compare). No consolidated statement — no subsidiary (note 6). Revenue from ops is net of GST (₹58.94 Cr) on gross services value ₹386.41 Cr. Other income ₹131.46 Cr is largely MTM fair-value gains (₹117.78 Cr).