Just Dial Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Just Dial Ltd trades at ₹666, in a confirmed uptrend and 3 weeks into that stage. That is +1.0% against its own 200-day average. It sits at 50% of a 52-week range of ₹500 to ₹832. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks.

Today the stock is in a confirmed uptrend — week 3 of stage 2, confirmed. At ₹666 it trades +1.0% versus its 200-day average and sits at 50% of its 52-week range (₹500–₹832).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved −1% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 10 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Just Dial Ltd trades at 10.9× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 23.6×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.9× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 23.6× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −14.9% against a −22.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −7.7%/yr price move, ~+27.5%/yr came from earnings growth and ~−35.2 pp from the multiple (compressing); over 10y, of the +3.2%/yr price move, ~+11.4%/yr came from earnings growth and ~−8.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Just Dial Ltd was paying for profit growth of about 6.3% a year. Profit itself has compounded 13.3% a year over the past 10 years. Today the market pays 10.9× P/E, the 12th percentile of its own 11-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Just Dial Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −16.6% latest against +597.8% at its 12-quarter best), ROCE holding at 12.4%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

4-Factor Sector Score

33.9/100 — rank 11 of 13 in E-Commerce - Platform - Utility · 87% evidence confidence

Just Dial Ltd scores 33.9 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 11. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 6.6 + 10.5 + 11.1 + 5.7 = 33.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Just Dial Ltd reported ₹327 Cr of revenue in the Jun 26 quarter, +9.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.2% a year. The last full year, FY26, came in at ₹1,214 Cr. The last four reported quarters add to ₹1,243 Cr.

FY26 revenue came in at ₹1,214 Cr (+6.3% on the year), capping 10 years at 6.2% compound. The latest quarter (Jun 26) printed ₹327 Cr, +9.7% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +7.2% growth against the decade's 6.2% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.2% over the last 4 quarters against +7.4%/yr over the last 8 — stabilising; TTM profit −16.6% vs +9.3%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Just Dial Ltd's operating margin is 27.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged −0.3% to 31.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 27.0%, −2.0 pp against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged −0.3%–31.0%.

🚨 Why the margin moved: operating margin went −2.3 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Just Dial Ltd earned ₹166 Cr of net profit in the Jun 26 quarter, +3.8% year on year. Full-year FY26 profit was ₹497 Cr. The 10-year compound rate is 13.3%. That is 50.8% of the quarter's revenue. The same quarter a year earlier earned ₹160 Cr.

Jun 26 profit was ₹166 Cr, +3.8% year on year. On the full year, FY26 printed ₹497 Cr (−14.9%), and the 10-year compound rate is 13.3%.

Why profit moved: revenue contributed +9.7% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −16.4% vs revenue +7.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 58% of Just Dial Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹269 Cr of operating cash against ₹497 Cr of profit. After ₹11.0 Cr of capital spending, ₹258 Cr was left as free cash.

FY26: operating cash of ₹269 Cr against reported profit of ₹497 Cr, leaving free cash of ₹258 Cr after ₹11.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 58% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 58%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Just Dial Ltd's cash conversion cycle runs 0 days in FY26, down from 0 days in FY21. Capital spending ran ₹65.0 Cr over the last 3 years. At FY26 sales of ₹1,214 Cr each day of that cycle holds about ₹3.3 Cr, so roughly ₹0.0 Cr sits inside the business at any moment.

FY26: debtors at 0 days (an asset-light business — no inventory to speak of) — for a full cycle of 0 days, tighter than FY21's 0.

In money terms: at FY26 sales of ₹1,214 Cr, each day of the cycle holds about ₹3.3 Cr — so the 0-day loop keeps roughly ₹0.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹65.0 Cr over the last 3 fiscal years against ₹138 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Just Dial Ltd earns a ROCE of 7% in FY26. That is up from a trough of 0% in FY22. Return on invested capital clears the cost of that capital by −8.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 40.9% net margin on 0.20× asset turns.

FY26 ROCE is 7%, recovered from a FY22 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 40.9% net margin × 0.20× asset turns × 1.18× balance-sheet leverage ≈ 9.7% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 4.0% − 12.0% = a −8.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Just Dial Ltd carries total debt of ₹85.0 Cr against shareholder equity of ₹5,106 Cr as of Jun 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹85.0 Cr against shareholder equity of ₹5,106 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 3.7 points of Just Dial Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 3.2% of the company. Domestic institutions moved +1.0 points over the same window, to 9.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −3.7 points over 8 quarters to 3.2%; Domestic institutions: +1.0 points over 8 quarters to 9.9%; Promoters: +0.0 points over 8 quarters to 74.1%.

🚨 Why the register moved: foreign institutions drove it (−3.7 points), absorbed on the other side by domestic institutions (+1.0 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Just Dial Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions