Just Dial Limited Receives Rs 8.74 Crore GST Penalty Order for Excess Input Tax Credit

Just Dial Limited has received a significant penalty order from tax authorities regarding alleged excess availment of input tax credit during the financial year 2019-20. The company disclosed this development under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GST Penalty Details

The Assistant Commissioner of State Tax, Mazgaon, Mumbai, issued an order dated March 24, 2026, imposing a penalty of Rs 8.74 crore on Just Dial Limited under Section 74 of both the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017.

Parameter:	Details
Penalty Amount:	Rs 8.74 crore
Additional Tax and Interest:	Rs 18.89 crore
Total Financial Impact:	Rs 27.63 crore
Period Under Review:	FY 2019-20
Allegation:	Excess availment of input tax credit on common services

Company's Response and Impact

Just Dial Limited has indicated its intention to file an appeal against the penalty order. The company has clarified that the financial impact is limited to the extent of the amount involved in the order. Importantly, the company has stated that there is no impact on its operations or other business activities due to this order.

Timeline and Communication

The company received intimation of the order on March 24, 2026, via email at 4:28 p.m. (IST). This disclosure follows the company's previous communication dated December 5, 2024, suggesting this matter has been under consideration for several months.

Regulatory Compliance

The disclosure was made in compliance with stock exchange listing requirements, with the company informing BSE Limited, National Stock Exchange of India Limited, and Metropolitan Stock Exchange of India Limited about this development. The company maintains its commitment to transparency and regulatory compliance while pursuing legal remedies against the penalty order.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.32%	+0.70%	-11.76%	-37.38%	-41.31%	-42.44%

ICICI Securities has released its earnings estimates for Just Dial 's third quarter performance (October-December FY27), projecting positive growth across key financial metrics for the internet services company.

Financial Performance Projections

The brokerage house expects Just Dial to deliver strong profitability growth in the upcoming quarter. The following table summarizes the key financial projections:

Metric:	Q3 FY27 Estimate	YoY Growth	QoQ Growth
Net Profit:	₹153.60 cr	+17.0%	+28.6%
Net Sales:	₹308.90 cr	+7.5%	+1.9%
EBITDA:	₹91.00 cr	+5.0%	+4.5%

Revenue and Operational Metrics

ICICI Securities projects net sales to reach ₹308.90 crores, representing a 7.5% increase year-on-year and a 1.9% growth quarter-on-quarter. This revenue growth indicates steady business momentum for the company's internet services operations.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to rise by 5% year-on-year to ₹91.00 crores, with a 4.5% quarter-on-quarter improvement, suggesting maintained operational efficiency.

Profitability Outlook

The most significant growth is anticipated in net profit, with ICICI Securities forecasting ₹153.60 crores for Q3 FY27. This represents a substantial 17% year-on-year increase and an even stronger 28.6% quarter-on-quarter growth, indicating improving profitability margins and operational performance.

These estimates reflect ICICI Securities' assessment of Just Dial's business trajectory in the internet sector, based on the brokerage's analysis of market conditions and company fundamentals for the October-December quarter.