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:

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.

Just Dial reported mixed financial results for the third quarter of fiscal year 2026, with consolidated net profit declining 10.2% year-on-year despite revenue growth and improved operational efficiency. The company's performance was impacted by regulatory changes and higher tax obligations, though underlying business metrics showed positive momentum.

Financial Performance Overview

The company's financial results for Q3 FY26 reflected both challenges and strengths across different metrics:

The decline in net profit was primarily attributed to an increased effective tax rate of 19% for Q3 FY26, compared to 12% in the corresponding quarter of the previous year. Additionally, the company incurred exceptional expenses of ₹21.10 crore arising from employee cost adjustments under the implementation of new labour codes.

Operational Metrics and Business Performance

Despite financial headwinds, Just Dial's core business operations demonstrated resilience with improved user engagement and platform expansion:

The platform's mobile-first approach continued to drive user engagement, with 86.2% of total traffic originating from mobile platforms. Desktop and PC platforms accounted for 11.0% of traffic, while voice platforms contributed 2.8%.

Financial Position and Cash Management

Just Dial maintained a robust financial position with strong cash reserves and improved treasury management. The company's cash and investments stood at ₹5,703.00 crore as of December 31, 2025, representing an increase from ₹5,062.70 crore in the previous year. Other income grew 9.3% year-on-year and 15.5% sequentially, supported by higher treasury balances.

Deferred revenue increased 2.9% year-on-year to ₹521.90 crore, indicating sustained customer engagement and advance bookings. Advertising expenditure during the quarter was approximately ₹9.50 crore, reflecting the company's continued investment in market presence.

Market Response and Outlook

The company's shares closed nearly 2% higher at ₹735.40 on the BSE on Tuesday, January 13, suggesting investor confidence in the underlying business fundamentals despite the quarterly profit decline. Total ratings and reviews reached 155.70 million at the end of the quarter, reflecting a 2.9% year-on-year increase and continued user engagement with the platform.