Just Dial Q2 Results October 19, 2026: Profit Falls 9.7% to ₹107.8 Crore as Other Income Shrinks

Just Dial Q2 results look like two different companies stapled together. The local search business grew, with operating revenue up 13.1% year-on-year to ₹342.8 crore for the July-September quarter. Net profit still fell 9.7% to ₹107.8 crore, from ₹119.4 crore a year ago, according to the company’s Q2 FY27 earnings release filed with the exchanges on October 19, 2026. The gap between the two is almost entirely about bonds, not business listings.

Just Dial Q2 results: the numbers that matter

• Operating revenue: ₹342.8 crore, up 13.1% from ₹303.1 crore in Q2 FY26 and up 4.7% from the June quarter.
• Operating EBITDA: ₹90.7 crore, up 4.1% from ₹87.1 crore a year ago. The EBITDA margin was 26.4%, down from 28.7%.
• Other income: ₹54.6 crore, down 25.6% year-on-year and down 58.5% from the June quarter.
• Profit before tax: ₹134.6 crore, down 8.5% year-on-year and 34.9% quarter-on-quarter.
• Net profit: ₹107.8 crore, down 9.7% year-on-year and 35.1% from ₹166.2 crore in the June quarter.
• Cash and investments: ₹6,113.9 crore on September 30, 2026, against ₹5,569.7 crore a year earlier.

Small differences show up across reports. CNBC-TV18 rounds revenue to ₹343 crore and EBITDA to ₹91 crore, and puts EBITDA growth at 4.5%. We’ve used the company’s own table, which works out to 4.1%.

Why profit fell when the business grew

Just Dial sits on a large pile of cash and investments, and the income from it gets booked as other income. When bond yields fall, the value of those holdings goes up and the company books mark-to-market gains. When yields rise, the opposite happens.

The release says yields rose about 57 basis points over the quarter, after falling about 44 basis points in Q1. That flipped the treasury line. Other income dropped from ₹131.5 crore in the June quarter to ₹54.6 crore. That one line explains most of the sequential fall in profit.

Strip it out and the picture is calmer. Operating profit before tax, which leaves out other income, rose 8.6% year-on-year to ₹80 crore. The core business made more money. It just didn’t make enough to cover a weaker quarter for its bond book. If you want the longer version of why this line can flatter or hurt reported profit, our explainer on other income in quarterly results walks through it.

Margins slipped as spending went into AI and B2B

The weaker spot inside the operating numbers is margin. EBITDA grew about 4% while revenue grew 13%, so costs ran ahead. Just Dial says AI-led capabilities, automation and its B2B push took up about one-third of the extra spending in the quarter. Advertising spend was about ₹11.6 crore.

The operating metrics were steady, not exciting:

• Active paid campaigns rose 5.2% year-on-year to 656,520.
• Unique visitors were 198.4 million, up just 0.4% from a year ago.
• Total active listings rose 12.2% to 57.4 million.
• Collections, including monthly ECS payments, were ₹328.8 crore, up 11.7%.

Traffic barely grew year-on-year, which is worth watching. Most of the revenue growth is coming from getting more out of merchants, not from more users showing up.

What the stock did, and what comes next

The shares settled 2.82% higher at ₹732.55 on the BSE on Monday, as reported by PTI via Business Standard. The numbers came out in the evening, after the market had closed, so that move came before the results. Tuesday’s trade is the first real reaction.

Our read: the 9.7% profit drop sounds worse than it is, because the treasury swing is outside the company’s control. The real question is whether the spending on AI tools and B2B starts paying back in margins over the next few quarters.

For the rest of Monday’s reporting line-up, see Q2 results today, October 19. Our guide on how to analyse quarterly results covers how to separate operating profit from one-off and treasury items.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Figures are from Just Dial’s Q2 FY27 earnings release and the CNBC-TV18 and Business Standard (PTI) reports, all linked above. Please consult a SEBI-registered investment adviser before making any investment decision.