Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
₹1,905.00 last close on 16 Oct 2026 +2.75%
Research updated
Info Edge India Ltd.
NSE: NAUKRICommunication ServicesInternet Content & Information
- Last close
- ₹1,265.10
- Day change
- +₹29.90 (+2.42%)vs
- Market cap
- ₹77,981 crIndian rupees
- Research updated
- 2 reports
About Info Edge India
Info Edge India Ltd. is a prominent player in the internet services industry in India, prominently known for its online job portal, Naukri.com. The company's primary function is to facilitate job recruitment and enhance the online job search experience for both employers and job seekers. Beyond recruitment, Info Edge India Ltd. also diversifies its services through platforms such as 99acres.com for real estate, Jeevansathi.com for matchmaking, and Shiksha.com for educational guidance. Info Edge has established itself as a key influencer in these sectors by offering valuable digital solutions that connect individuals with resources and opportunities. With a strategic focus on capitalizing on India’s burgeoning online market, the company plays a significant role in bridging gaps between job market demand and supply, and contributes extensively to the digital evolution of business and consumer interactions in India. As a publicly listed company, Info Edge's ventures significantly contribute to the digital economy, providing a robust portfolio of online platforms that cater to various consumer needs.
- Sector
- Communication Services
- Industry
- Internet Content & Information
- Listing
- NSE: NAUKRI
- Chief executive
- Mr. Hitesh Oberoi
- Employees
- 5,961
- Headquarters
- Noida, India
- ISIN
- INE663F01032
- Website
- infoedge.in
Public research · Report of
Business model & financial foundation
Info Edge (NSE: NAUKRI), Online classifieds and venture investments: revenue of ₹3,285 crore in FY26 (+15.3% on FY25), an EBITDA margin of 35.7%, net profit of ₹1,450 crore and net cash of ₹4,919 crore.
- Revenue, FY26 (₹ crore)
- 3,285
- consolidated
- Revenue growth, FY26
- +15.3%
- on FY25
- EBITDA margin, FY26
- 35.7%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,450
- to owners
- Return on equity, FY26
- 4.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,919
- Net debt including leases excluding strategic stakes
- Market capitalisation (₹ crore)
- 77,981
- at the close of 13 Oct 2026
Company profile
Info Edge monetises recruitment, property, matrimony and education marketplaces through subscriptions and related services. Naukri drives operating cash generation while subscription advances create deferred revenue. A second economic layer is its listed and unlisted investment portfolio; reported consolidated PAT includes investment marks and outside fund investors, so it is not interchangeable with core operating earnings.
| Item | Value |
|---|---|
| Legal name | Info Edge (India) Limited |
| Exchange and ticker | NSE: NAUKRI; BSE: 532777 |
| ISIN | INE663F01032 |
| CIN | L74899DL1995PLC068021 |
| Sector | Consumer internet |
| Industry | Online classifieds and venture investments |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2022) |
| Market capitalisation | ₹77,981 crore (13 Oct 2026) |
| Shares outstanding | 64.77 crore shares (FY26) |
| Price | ₹1,204 (close, 13 Oct 2026) |
| 52-week range | ₹908.3 - ₹1,420 (to 13 Oct 2026) |
| Website | https://www.infoedge.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Zwayam Digital | 100% | Recruitment workflow SaaS |
| Axilly Labs / DoSelect | 100% | Technical assessments |
| Jeevansathi Internet Services | 100% | Matchmaking holding entity; owns Aisle |
| Aisle Network | 100% | Dating and matchmaking apps |
| Sunrise Mentors / Coding Ninjas | 100% | Education platform; wholly owned July 2026 |
| Smartweb | 100% | Investment fund manager and sponsor |
Controlled AIFs consolidate despite outside LP ownership. Eternal and PB Fintech are financial stakes, not controlled operating businesses. Coding Ninjas FY26 ownership was 54.64%, changed July 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 37.59% | 37.59% | 37.50% | 37.47% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 30.33% | 29.66% | 27.97% | 23.72% |
| Domestic institutions | 21.67% | 22.49% | 24.08% | 27.82% |
| of which mutual funds | 13.85% | 14.55% | 15.58% | 19.21% |
| Retail | 3.21% | 3.11% | 3.82% | |
| Other | 7.20% | 7.16% | 7.17% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Source:, annual report published 2026-07-31; presentation-rounded, not consolidated EBITDA. These core standalone histories exclude specified acquired businesses. Consolidated FY26A revenue is INR3284.732 crore, derived operating EBITDA INR1172.215 crore and owners PAT INR1449.814 crore. The model bridges core standalone revenue to consolidated revenue explicitly rather than multiplying India B2B customer realisation by all recruitment customers. Zwayam/DoSelect, Aisle and Coding Ninjas belong in the operating perimeter, not a duplicate investment NAV leg.
The financial-investment layer includes Eternal, PB Fintech and venture holdings. Controlled AIFs can consolidate gross assets despite outside-LP economic claims; legal subsidiary status and IndAS equity-method classification can also differ. Gross consolidated investment assets are therefore not automatically parent-attributable NAV.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Recruitment Solutions | 2,343 | 71.3% | 1,283 | 115.5% |
| 99acres for real estate | 488.1 | 14.9% | -59.2 | -5.3% |
| Others; consolidated segment as reported | 453.5 | 13.8% | -112.7 | -10.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Matrimony.com (MATRIMONY) | Direct matrimony vertical comparison |
| Just Dial (JUSTDIAL) | Paid classifieds and cash-rich model |
| IndiaMART InterMESH (INDIAMART) | B2B subscription and deferred-revenue economics |
| PB Fintech (POLICYBZR) | |
| Eternal (ETERNAL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,589 | 2,346 | 2,536 | 2,850 | 3,285 |
| Cost of revenue (vendor classification) * | 34.0 | 63.4 | 74.7 | 78.3 | 1,347 |
| Other operating costs (vendor classification) * | 378.7 | 586.8 | 484.2 | 531.0 | 653.3 |
| EBITDA (vendor classification) * | 3,075 | 511.8 | 934.9 | 1,086 | 1,451 |
| Operating EBIT excluding other income | 14,205 | 147.9 | 728.1 | 871.6 | 1,050 |
| Finance costs | 4.65 | 7.30 | 22.3 | 24.2 | 27.4 |
| Profit before tax | 14,200 | 140.6 | 878.0 | 1,945 | 2,121 |
| Total tax expense | 1,318 | 211.1 | 283.5 | 634.7 | 358.6 |
| Total group profit after tax | 12,882 | -70.5 | 594.6 | 1,310 | 1,763 |
| Diluted EPS split adjusted (INR per share) | 985.58 | -8.34 | 8.88 | 14.83 | 22.36 |
| Employee benefits expense | 1,128 | 1,235 | 1,342 | ||
| Advertising and promotion | 342.5 | 373.1 | 453.0 | ||
| Administration and other expenses | 161.7 | 178.1 | 225.3 | ||
| Network internet and other direct charges | 74.7 | 78.3 | 92.7 | ||
| Materials merchandise and inventory-change costs | 0.00 | 0.00 | 0.00 | ||
| Advertising administration and network costs | 578.9 | 629.5 | 771.0 | ||
| Operating EBITDA excluding other income | 829.2 | 984.7 | 1,172 | ||
| Other income | 413.7 | 1,073 | 1,059 | ||
| Depreciation and amortisation | 101.1 | 113.1 | 122.6 | ||
| Share of equity-accounted JV profit or loss signed | -131.0 | -123.0 | 1.82 | ||
| Exceptional gain or loss signed | -110.6 | 147.0 | 38.8 | ||
| Current tax | 289.6 | 286.9 | 368.4 | ||
| Deferred tax charge or credit signed | -6.16 | 27.3 | -9.84 | ||
| Prior unrealised gain tax-rate adjustment | 0.00 | 320.6 | 0.00 | ||
| PAT attributable to non-controlling interests | 19.3 | 347.8 | 313.0 | ||
| PAT attributable to equity holders of parent | 575.2 | 962.1 | 1,450 | ||
| Basic EPS split adjusted (INR per share) | 8.92 | 14.88 | 22.39 | ||
| Total income | 2,950 | 3,923 | 4,343 | ||
| Total expenses including D&A and finance | 1,830 | 2,002 | 2,263 | ||
| Employee share-based payment expense | 51.3 | 37.7 | 47.5 | ||
| PBT before exception and equity-accounted JV share | 1,120 | 1,921 | 2,081 | ||
| PBT before exceptional items including JV share | 988.6 | 1,798 | 2,083 | ||
| Other comprehensive income net tax | 16,390 | 3,915 | 2,053 | ||
| Total group comprehensive income | 16,985 | 5,225 | 3,816 | ||
| Comprehensive income attributable to parent owners | 16,965 | 4,877 | 3,503 | ||
| Investment FVTPL gain included in other income | 177.0 | 800.6 | 779.8 | ||
| Bank FD interest included in other income | 226.9 | 267.5 | 255.0 | ||
| Diluted EPS before exceptional items net of tax (₹) | 17.82 | 21.63 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of parent | 18,051 | 14,426 | 30,262 | 34,903 | 37,913 |
| Financial borrowings plus lease liabilities | 64.1 | 107.7 | 246.4 | 267.3 | 258.5 |
| Cash and cash equivalents | 205.2 | 361.3 | 331.9 | 263.0 | 365.4 |
| Net trade receivables | 30.0 | 12.6 | 10.6 | 13.2 | 11.0 |
| Total trade payables MSME and other | 120.8 | 94.6 | 88.9 | 75.4 | 116.7 |
| Net PPE investment property and intangibles ex ROU goodwill | 104.9 | 176.5 | 184.6 | 196.6 | 181.5 |
| Capital work in progress | 0.00 | 5.45 | 0.00 | 2.63 | 17.5 |
| Total assets | 20,483 | 16,660 | 36,091 | 42,771 | 47,559 |
| Total equity including NCI | 31,628 | 36,816 | 40,369 | ||
| Non-controlling interests equity | 1,366 | 1,913 | 2,456 | ||
| Vehicle bank borrowings excluding leases | 2.58 | 1.27 | 0.43 | ||
| Lease liabilities current and noncurrent | 243.8 | 266.1 | 258.1 | ||
| Debt money-market and liquid mutual funds | 726.7 | 1,148 | 1,260 | ||
| Treasury bank term deposits net restricted margin | 3,304 | 3,546 | 3,553 | ||
| Debt funds plus unrestricted treasury bank deposits | 4,031 | 4,695 | 4,812 | ||
| Cash debt mutual funds and treasury bank deposits | 4,363 | 4,958 | 5,178 | ||
| Net debt including leases excluding strategic stakes | -4,117 | -4,690 | -4,919 | ||
| Net debt excluding leases and strategic stakes | -4,360 | -4,956 | -5,177 | ||
| Inventories not applicable service business | n.a. | n.a. | n.a. | ||
| Right-of-use assets | 255.0 | 265.7 | 246.2 | ||
| Goodwill | 370.0 | 322.5 | 322.5 | ||
| Net property plant equipment | 60.6 | 97.3 | 110.1 | ||
| Net investment property | 34.4 | 35.6 | 34.7 | ||
| Net finite-life intangible assets | 89.6 | 63.7 | 36.7 | ||
| Customer advances and deferred subscription revenue | 1,140 | 1,389 | 1,534 | ||
| Noncurrent financial investments excluded from liquidity | 27,310 | 32,281 | 40,871 | ||
| Associate and JV carrying investments excluded from liquidity | 3,166 | 4,231 | 168.9 | ||
| Strategic investments held for sale excluded from liquidity | 23.3 | 0.00 | 86.6 | ||
| Restricted bank margin money excluded from net-debt liquidity | 0.45 | 0.57 | 0.65 | ||
| Noncurrent treasury bank deposits before margin exclusion | 213.2 | 709.5 | 589.9 | ||
| Current bank deposits original maturity over12months | 2,231 | 2,833 | 2,960 | ||
| Bank deposits original maturity3to12months | 860.9 | 4.00 | 3.50 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 3,245 | 785.6 | 702.3 | 875.8 | 1,076 |
| Free cash flow (vendor definition) * | 686.0 | 454.0 | 672.6 | 792.8 | 1,001 |
| Cash dividends paid to parent shareholders positive | -205.8 | -193.2 | 245.2 | 310.2 | 543.9 |
| Gross cash capex PPE intangibles and WIP positive | -20.4 | -58.0 | 29.7 | 83.1 | 75.0 |
| CFO less gross capex | 672.6 | 792.8 | 1,001 | ||
| Strategic investment and NCI cash deployment | 497.7 | 414.9 | 772.1 | ||
| Cash repayment of bank borrowings | 29.1 | 1.31 | 0.84 | ||
| Lease principal cash repayment | 30.3 | 29.9 | 32.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end shares excluding ESOP trust split adjusted | 12.87 | 12.89 | 64.56 | 64.72 | 64.77 |
| Weighted average basic shares split adjusted | 64.51 | 64.67 | 64.75 | ||
| Weighted average diluted shares split adjusted | 64.74 | 64.89 | 64.84 | ||
| Legal issued shares including ESOP trust split adjusted | 64.69 | 64.79 | 64.84 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 700.8 | 722.4 | 749.6 | 790.9 | 805.5 | 819.4 | 869.0 | 880.7 |
| Operating EBIT excluding other income, JVs and exceptionals | 214.7 | 241.7 | 217.5 | 233.6 | 248.9 | 263.9 | 303.3 | 306.6 |
| Finance costs including lease interest | 5.99 | 6.14 | 6.47 | 6.59 | 6.98 | 6.78 | 7.08 | 6.26 |
| Profit before tax including exceptional items and JVs | 500.0 | 371.1 | 741.6 | 431.1 | 428.8 | 392.9 | 868.7 | 631.7 |
| Total current and deferred tax expense | 415.3 | 82.7 | 63.7 | 88.2 | 81.3 | 76.1 | 112.9 | 141.7 |
| Net profit including non-controlling interests | 84.7 | 288.4 | 677.9 | 342.9 | 347.5 | 316.7 | 755.7 | 490.1 |
| Diluted EPS after exceptional items; post-split INR per share | 0.36 | 3.73 | 7.14 | 4.56 | 4.88 | 4.19 | 8.72 | 6.87 |
| Employee benefits expense | 305.8 | 305.6 | 331.3 | 327.1 | 340.4 | 342.4 | 331.7 | 341.2 |
| Network, internet and other direct charges | 19.1 | 19.8 | 20.8 | 22.0 | 22.2 | 22.5 | 26.0 | 26.3 |
| Advertising and promotion cost (component; not additive twice) | 91.0 | 81.9 | 100.0 | 127.1 | 108.3 | 99.4 | 118.2 | 118.9 |
| Other expenses as reported (component; not additive twice) | 43.3 | 43.5 | 49.5 | 50.2 | 54.7 | 60.8 | 59.7 | 53.5 |
| Advertising and promotion plus other expenses | 134.3 | 125.4 | 149.4 | 177.3 | 163.0 | 160.1 | 177.9 | 172.4 |
| Operating EBITDA excluding other income, JVs and exceptionals | 241.6 | 271.6 | 248.0 | 264.5 | 279.9 | 294.4 | 333.5 | 340.9 |
| Other income including treasury and FVTPL income | 214.1 | 187.1 | 520.8 | 213.2 | 161.8 | 187.5 | 496.0 | 192.3 |
| Depreciation and amortisation expense | 26.9 | 29.9 | 30.6 | 30.9 | 31.0 | 30.5 | 30.2 | 34.3 |
| Exceptional gain/(loss), signed | 164.8 | -45.8 | 25.5 | -4.63 | 25.1 | -51.9 | 70.2 | 135.6 |
| Share of net profit/(loss) of equity-accounted joint ventures, signed | -87.5 | -5.80 | -15.7 | -4.52 | -0.02 | 0.13 | 6.24 | 3.49 |
| Net profit attributable to non-controlling interests | 61.5 | 45.8 | 214.5 | 46.9 | 31.1 | 45.0 | 190.0 | 44.3 |
| Net profit attributable to equity holders of parent | 23.3 | 242.6 | 463.4 | 295.9 | 316.4 | 271.7 | 565.8 | 445.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 40.9% | 47.6% | 8.1% | 12.3% | 15.3% |
| EBITDA margin | 32.7% | 34.6% | 35.7% | ||
| Net margin | 22.7% | 33.8% | 44.1% | ||
| Return on equity | 2.6% | 3.0% | 4.0% | ||
| Return on capital employed | 120.1% | 0.9% | 3.2% | 2.7% | 2.9% |
| Return on assets | 2.2% | 2.4% | 3.2% | ||
| Net debt (₹ crore) | -4,117 | -4,690 | -4,919 | ||
| Net debt / EBITDA | -4.96x | -4.76x | -4.20x | ||
| Interest cover | 3,054.8x | 20.3x | 32.7x | 36.0x | 38.3x |
| Asset turnover | 0.12x | 0.13x | 0.10x | 0.07x | 0.07x |
| Receivable days | 7 | 2 | 2 | 2 | 1 |
| Payable days (on revenue) | 28 | 15 | 13 | 10 | 13 |
| Cash conversion | 1.22x | 0.91x | 0.74x | ||
| Capex intensity | 1.3% | 2.5% | 1.2% | 2.9% | 2.3% |
| Free cash flow (₹ crore) | 3,224 | 727.6 | 672.6 | 792.8 | 1,001 |
| Dividend payout | 42.6% | 32.2% | 37.5% | ||
| EPS, diluted (₹) | 985.6 | -8.34 | 8.88 | 14.83 | 22.36 |
| Book value per share (₹) | 1,402 | 1,120 | 468.7 | 539.3 | 585.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases excluding strategic stakes; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS split adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Info Edge India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Info Edge India
- Research reportLatest
- Research report
Same sector
More research in Communication Services
Vodafone Idea Ltd.
NSE: IDEA
Communication Services · Telecom Services
₹12.59 last close on 16 Oct 2026 +0.56%Research updated
Indus Towers Ltd.
NSE: INDUSTOWER
Communication Services · Telecom Services
₹383.30 last close on 16 Oct 2026 +0.45%Research updated
Bharti Hexacom Ltd.
NSE: BHARTIHEXA
Communication Services · Telecom Services
₹1,621.90 last close on 16 Oct 2026 −1.73%Research updated
Tata Communications Ltd.
NSE: TATACOMM
Communication Services · Telecom Services
₹1,742.80 last close on 16 Oct 2026 −1.19%Research updated
Sun TV Network Ltd.
NSE: SUNTV
Communication Services · Broadcasting
₹638.00 last close on 16 Oct 2026 +1.41%Research updated
Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 17 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.