Just Dial profit jumps 61% in FY25—Is this the next big B2B tech breakout after IndiaMart?

How strong were Just Dial’s FY25 results and what drove the profit surge?

Just Dial Limited posted a strong financial performance for the fiscal year ended March 31, 2025, as the company continued to expand its digital footprint and strengthen its B2B marketplace positioning. The company’s net profit rose sharply by 61% year-on-year to ₹584.2 crore in FY25, up from ₹362.8 crore in FY24. Revenue for the year reached ₹1,141.9 crore, reflecting a steady 9.5% increase year-on-year.

Fourth-quarter performance mirrored the full-year trend, with Q4 FY25 revenue standing at ₹289.2 crore, up 7% from Q4 FY24. The company’s operating EBITDA rose to ₹86.1 crore in Q4, up 21.9% year-on-year, with EBITDA margins improving by 363 basis points to 29.8%. Net profit for the quarter stood at ₹157.6 crore, up 36.3% from the previous year, aided by cost discipline and a lower effective tax rate of 12.2%.

Other income also contributed significantly to the bottom line, increasing 26.5% year-on-year for the full fiscal and 19% in Q4, driven by improved treasury performance and lower bond yields.

How is mobile-first user engagement driving Just Dial’s digital growth?

Just Dial’s digital transformation has been anchored in growing mobile-first traffic and app engagement. In Q4 FY25, the company reported 191.3 million unique visitors—an 11.8% year-on-year increase. A significant 86.9% of this traffic came from mobile platforms, indicating how deeply embedded mobile access is in the company’s user engagement strategy.

The mobile app ecosystem also continued to expand, with total app downloads reaching 39.9 million by the end of Q4 FY25, up 9.4% year-on-year. Android devices accounted for the majority of installs at 35.2 million, while iOS downloads grew 9.8% to 3.8 million. Just Dial’s app features such as live TV, map-enabled search, and stock updates are designed to enhance stickiness and utility.

This growth in mobile traffic and app usage aligns with the broader trend of increased smartphone penetration across India‘s Tier II and Tier III cities, supporting Just Dial’s ambitions to expand its platform-based service delivery and remain central to business news today India.

What do the latest numbers reveal about Just Dial’s listings ecosystem?

The company closed FY25 with 48.8 million active business listings, reflecting an 11.9% year-on-year rise. In Q4 alone, over 1.23 million net listings were added. Among these, 32.7 million listings were geocoded—marking a 15% jump compared to the same quarter last year.

To improve visual presentation and listing discoverability, Just Dial also boosted the total number of images in its listings database to 227.3 million, up 20.6% year-on-year. Ratings and reviews grew to 152.6 million, up 3.1%, indicating steady engagement across businesses on the platform.

The growth of this listings ecosystem remains central to Just Dial’s long-term marketplace strategy, especially as it expands into sectors such as professional services, healthcare, real estate, and local retail.

How is JD Mart changing Just Dial’s B2B revenue profile?

Just Dial has been transitioning from a local search engine to a transaction-enabling digital marketplace, with JD Mart emerging as a strategic pillar of this transformation. JD Mart serves as a dedicated B2B commerce platform connecting manufacturers, wholesalers, and retailers with buyers. It aims to digitise India’s fragmented MSME ecosystem by offering tools like online catalogues, search visibility, and inquiry-based product matching.

While JD Mart-specific revenue data was not separately disclosed, Just Dial reported 613,290 paid campaigns at the end of Q4 FY25—a 5.1% increase year-on-year. This suggests rising monetisation from its business-facing services. JD Mart is also aligned with government-backed efforts to digitise MSMEs and expand market access for traditional businesses.

These developments place Just Dial prominently in investment news and updates across the Indian digital commerce sector.

What role does cost efficiency play in Just Dial’s expanding margins?

Cost management played a key role in driving margin expansion in FY25. Operating expenses rose just 1.7% year-on-year in Q4, while revenue grew 7%, resulting in margin expansion. Full-year EBITDA margin stood at 29.4%, up from 20.8% in FY24—an increase of 861 basis points. The company maintained its advertising spend at a moderate ₹7.2 crore in Q4, demonstrating a disciplined approach to growth investment.

Just Dial’s net margin for FY25 reached 38.2%, compared to 26.9% in FY24, due in part to a lower effective tax rate. The reclassification of treasury investments from short-term to long-term helped reduce tax obligations, further strengthening bottom-line performance and contributing to in-depth stock market trends seen in mid-cap tech.

What is the sentiment on Just Dial stock and how is it performing?

Despite strong financials, Just Dial’s stock (NSE: JUSTDIAL) has underperformed in 2025 so far. As of April 17, the share price stood at ₹921.90, down 8.63% year-to-date. The stock’s 52-week high of ₹1,395 and low of ₹751.80 illustrate the volatility investors have faced, particularly in tech and platform economy stocks.

This data is part of the stock market performance today, showing how investor sentiment may not always reflect financial fundamentals.

Valuation metrics suggest potential upside. Just Dial trades at a price-to-earnings (P/E) ratio of 15.58, which is substantially below the industry average of 146.49. This disconnect implies the stock may be undervalued relative to peers, making it relevant to both stock exchange updates today and daily stock trading news watchers.

What are institutional flows and FII/DII activity suggesting?

As of the end of December 2024, mutual funds held 8.25% in Just Dial, with FIIs owning 7.32% and DIIs at 8.32%. However, FIIs reduced their stake by 0.5% in the most recent quarter, indicating some caution among foreign investors.

This trend reflects broader stock exchange news in April 2025, where FIIs have been net sellers with ₹19,971.65 crore in outflows, while DIIs remained net buyers with ₹21,117.66 crore in inflows. This pattern has implications for real-time stock exchange news watchers and reflects broader confidence from domestic investors.

What are analysts saying and what’s the investment outlook?

Analysts covering Just Dial are cautiously optimistic. Out of seven covering firms, three rate the stock a ‘Strong Buy’, two as ‘Buy’, one as ‘Hold’, and one as ‘Sell’. The consensus 12-month target is ₹1,201.12, indicating a 30% upside from current levels.

Given its strong balance sheet and growth in the B2B space, Just Dial remains a stock to watch in top stock market trends today. However, execution risks, especially in JD Mart adoption and competition from players like IndiaMART and Google Business, remain.

Investment Recommendation: Hold

Considering its financial strength, potential undervaluation, and cautious institutional flows, a ‘Hold’ rating is appropriate at this stage. Investors with exposure to Just Dial should monitor Q1 FY26 performance and institutional interest before adjusting positions.