Info Edge Financial Breakdown: Revenue, Profit, Ratios
Info Edge (India) Ltd, the parent of Naukri.com, 99acres, Jeevansathi and Shiksha, reported its September-quarter (Q2 FY27) results on 28 October 2026. Consolidated revenue from operations rose 12.2% year-on-year to ₹903.9 crore, while reported consolidated net profit jumped 87% to ₹649.8 crore — a headline flattered by a sharp rise in other income. This breakdown looks past the headline to the operating trend, the segment split, the balance sheet and the risks.
At a glance (Q2 FY27, quarter ended 30 September 2026): consolidated revenue ₹903.9 crore (+12.2% YoY, vs ₹805.5 crore in Q2 FY26); EBITDA ₹354 crore (+26.9%), margin 39.2% vs 34.7% a year ago; other income ₹428.4 crore (vs ₹161.8 crore); total income ₹1,332.3 crore; consolidated net profit ₹649.8 crore (vs ₹347.5 crore). Standalone revenue was ₹841.7 crore (+12.8%) and standalone billings ₹822.3 crore (+12.8%).
Business Overview
Info Edge, founded in 1995 and listed on NSE (NAUKRI) and BSE (532777), runs India's largest recruitment platform, Naukri.com, alongside property portal 99acres, matchmaking platform Jeevansathi (plus dating app Aisle) and education platform Shiksha. It also holds a large portfolio of strategic investments in internet companies, which is why other income and exceptional items regularly distort its reported bottom line. The company is almost debt-free, and its core operating businesses are subscription-led: customers pay upfront, so billings — the value invoiced in a period — lead reported revenue by a few quarters and are the cleaner demand signal.
A leadership change was announced alongside the results: founder Sanjeev Bikhchandani will take over as executive vice chairman, managing director and group CEO from 3 December 2026, succeeding Hitesh Oberoi, who resigned citing personal interests in education, entrepreneurship, investing and philanthropy.
Q2 FY27 Results: What Drove the Quarter
- Operating growth was solid, not spectacular: consolidated revenue +12.2% to ₹903.9 crore; standalone revenue +12.8% to ₹841.7 crore.
- Margins expanded: EBITDA rose 26.9% to ₹354 crore and margin widened 450 basis points to 39.2%, as total expenses grew only about 4–5% to roughly ₹588 crore.
- Profit growth is overstated by other income: other income surged 164.8% to ₹428.4 crore, so most of the 87% jump in reported net profit to ₹649.8 crore came from investments, not operations. Judge the quarter on revenue and EBITDA, not PAT.
- Standalone operating profit before tax rose 29.8% to ₹347.3 crore, a cleaner read on the core business than consolidated PAT.
- Dividend: the board declared a ₹3 per share interim dividend for FY27, with a record date of 6 November 2026 and payment on or after 23 November 2026.
- AI is now material: AI and data products for recruiters and job seekers contribute a high single-digit share of recruitment revenue, at an annualised run rate of about ₹240 crore based on Q2.
Revenue Trend: FY22–FY26
Consolidated operating revenue has roughly doubled in four years, with growth moderating from the post-pandemic hiring boom to a steadier mid-teens pace.
| Year | Consolidated revenue from operations (₹ crore) | YoY growth |
|---|---|---|
| FY22 | 1,589 | — |
| FY23 | 2,346 | +47.6% |
| FY24 | 2,536 | +8.1% |
| FY25 | 2,850 | +12.4% |
| FY26 | 3,285 | +15.3% |
Source: Moneycontrol consolidated profit & loss. Standalone sales (the core platforms, excluding subsidiaries) show the same shape: ₹1,562 crore in FY22, ₹2,159 crore in FY23, ₹2,381 crore in FY24, ₹2,654 crore in FY25 and ₹3,052 crore in FY26.
Profitability: Read Operating Profit, Not Headline PAT
Info Edge's reported PAT is not comparable across years: exceptional items — largely linked to its investment portfolio — swing it violently. Operating profit is the honest trend.
| Year | Standalone operating profit (₹ crore) | Standalone operating margin |
|---|---|---|
| FY22 | 464 | 29.7% |
| FY23 | 784 | 36.3% |
| FY24 | 955 | 40.1% |
| FY25 | 1,073 | 40.4% |
| FY26 | 1,248 | 40.9% |
Source: Rediff Money annual results (standalone). The margin story is the real one: operating margin expanded from under 30% in FY22 to nearly 41% in FY26, and Q2 FY27 consolidated EBITDA margin of 39.2% shows that discipline holding. Return on equity looks low (about 4.9% in FY26 on a consolidated basis) — but that is an artefact of a very large net worth built up from investment gains, not a sign of weak operations.
Balance Sheet Strength and Cash Flow
- Almost debt-free: total debt-to-equity is 0.00x on consolidated data — the company carries negligible borrowings against a large investment book.
- Cash generation is improving where it matters: 99acres generated ₹22.1 crore in cash from operations in Q2 FY27, against just ₹2.3 crore a year earlier, as its near-breakeven turn took hold.
- Subscription model = cash upfront: billings of ₹822.3 crore in Q2 FY27 and ₹1,559.3 crore in H1 FY27 (+13.5%) point to revenue visibility for coming quarters, since billing is recognised as revenue over contract periods.
- Market value: market capitalisation was about ₹76,812 crore as of 29 October 2026, with a trailing P/E of about 48.9x on portal data — a premium multiple that leaves little room for disappointment.
Segment Split: Recruitment Pays, 99acres Turns, Shiksha Struggles
Standalone billings (Q2 FY27 vs Q2 FY26) show where demand is heading:
| Segment | Q2 FY27 billings (₹ crore) | YoY change | What happened |
|---|---|---|---|
| Recruitment Solutions (Naukri) | 613.8 | +12.6% | Revenue ₹632.3 crore (+13.3%); segment PBT ₹373.7 crore (+19.9%). Management says renewal timing depressed reported growth; underlying growth is about 14–15%. |
| 99acres (real estate) | 148.3 | +21.2% | Revenue ₹134.3 crore (+16.7%); segment loss narrowed to ₹1.6 crore from ₹23.4 crore. Broker resale/rental listings +14%, new project listings +15%, owner listings +23%. |
| Jeevansathi (matchmaking) | 39.7 | +18.4% | Revenue ₹39.5 crore (+16.5%); segment PBT ₹1.8 crore. With Aisle (+40% billings), matchmaking billings grew 23.1%. |
| Shiksha (education) | 20.5 | −27.2% | Revenue ₹35.5 crore (−8.5%); segment loss ₹0.8 crore vs ₹1.9 crore profit a year ago. AI search answering queries directly is cutting referral traffic. |
| Standalone total | 822.3 | +12.8% | H1 FY27 billings ₹1,559.3 crore (+13.5%). |
On a consolidated revenue basis, recruitment contributed ₹653 crore in Q2 FY27 (vs ₹582 crore a year ago), 99acres ₹134 crore, and other businesses including Jeevansathi and Shiksha ₹116 crore combined (vs ₹109 crore).
Shareholding Pattern (September 2026)
| Holder | Share (%) |
|---|---|
| Promoters | 37.19% |
| Foreign institutional investors (FII) | 25.46% |
| Domestic institutional investors (DII) | 26.81% |
| Public | 10.54% |
Promoter holding has drifted gently down from 37.59% in September 2025 to 37.19% in September 2026, with zero promoter pledge. Institutional holding is about 52%. LIC trimmed its stake to 2.99% in October 2026 after selling 1.29 crore shares. Founder Sanjeev Bikhchandani remains the largest individual shareholder at about 23.90%.
Dividend History
| Dividend | Per share | Record date |
|---|---|---|
| Interim FY27 (announced 28 Oct 2026) | ₹3.00 | 6 November 2026 |
| Final FY26 | ₹3.60 | 24 July 2026 (paid 2 September 2026) |
| Interim FY26 (Feb 2026) | ₹2.40 | 20 February 2026 |
| Interim FY26 (Nov 2025) | ₹2.40 | 21 November 2025 |
Dividend yield was about 0.71% as of 29 October 2026 — Info Edge is a growth stock, not an income stock.
Peer Comparison
There is no exact listed peer for Naukri in India, so the comparison below contrasts Info Edge with Eternal (Zomato/Blinkit) — the other large listed Indian consumer-internet company — on Q2 FY27. The models differ sharply: Info Edge is a high-margin, debt-free subscription business; Eternal is a high-growth, low-margin marketplace still scaling quick commerce.
| Company (Q2 FY27) | Revenue from operations | YoY revenue growth | Profit | Margin character |
|---|---|---|---|---|
| Info Edge | ₹904 crore | +12.2% | Net profit ₹650 crore (flattered by ₹428 crore other income); EBITDA ₹354 crore | EBITDA margin 39.2%; debt-free |
| Eternal (Zomato/Blinkit) | ₹24,138 crore | +77.6% | Net profit ₹125 crore | Adjusted EBITDA ₹666 crore; scale-first, thin margins |
Read it as growth-vs-margin, not better-vs-worse: Eternal grows roughly six times faster off a much larger revenue base, but earns a fraction of Info Edge's margin. Info Edge's premium P/E (~49x) prices in durable high-margin growth; Eternal's valuation prices in scale.
Key Risks
- Recruitment cyclicality: hiring demand tracks the economy and IT sentiment; a hiring freeze hits Naukri billings first.
- Shiksha's AI problem: AI search directly answering education queries is structurally cutting referral traffic — billings fell 27.2% and the fix (less search dependence) will take time.
- Other-income dependence: reported PAT is hostage to investment returns; a weak quarter for the portfolio can halve headline profit without operations changing.
- Leadership transition: the founder's return as MD and group CEO from December 2026 brings continuity, but any CEO change is execution risk.
- Valuation: at roughly 49x trailing earnings, the stock needs the 14–15% underlying recruitment growth to sustain — a miss would hurt more than at a cheaper multiple.
FAQs
What is Info Edge's Q2 FY27 revenue? Consolidated revenue from operations was ₹903.9 crore in Q2 FY27, up 12.2% from ₹805.5 crore in Q2 FY26. Standalone revenue was ₹841.7 crore, up 12.8%.
Why did Info Edge's profit jump 87% in Q2 FY27? Reported consolidated net profit rose to ₹649.8 crore from ₹347.5 crore, but other income surged to ₹428.4 crore from ₹161.8 crore. Operating profit (EBITDA) grew a more modest 26.9% to ₹354 crore.
Which Info Edge segment grows fastest? In Q2 FY27 billings, 99acres grew fastest at 21.2%, followed by matchmaking (Jeevansathi + Aisle) at 23.1% combined, while recruitment — the largest segment — grew 12.6% on reported billings (about 14–15% underlying).
Is Info Edge debt-free? Effectively yes — consolidated debt-to-equity is 0.00x, and the company carries negligible borrowings.
What dividend did Info Edge declare in Q2 FY27? A ₹3 per share interim dividend for FY27, with a record date of 6 November 2026 and payment on or after 23 November 2026.
Who owns Info Edge? As of September 2026, promoters held 37.19%, FIIs 25.46%, DIIs 26.81% and the public 10.54%, with zero promoter pledge.
Conclusion
Info Edge's Q2 FY27 is a steady operating quarter dressed up by investment income: recruitment growing at a mid-teens underlying pace, 99acres approaching breakeven, matchmaking accelerating, and Shiksha shrinking under AI-search pressure. The FY22–FY26 record — revenue doubling, operating margin rising from under 30% to nearly 41%, and a debt-free balance sheet — is the real investment case. The watch items are whether recruitment sustains 14–15% underlying growth, whether Shiksha stabilises, and how smoothly the December 2026 leadership transition lands.
Disclaimer: This article is for educational purposes only and is not investment advice. Figures are drawn from the company's exchange filings and financial-data portals as cited; reported PAT is affected by other income and exceptional items and should not be read as operating performance. Please consult a registered financial adviser before making investment decisions.
Related reading: TCS Financial Breakdown, HCLTech Financial Breakdown, Wipro Financial Breakdown, Zero to IPO: The Zomato (Eternal) Story.
Sources: Info Edge Q2 FY27 exchange filing coverage (Inc42, MediaNama, ET Now, HDFC Sky); Moneycontrol consolidated profit & loss; Rediff Money standalone annual results; NSE shareholding pattern via Pocketful/Equitymaster; Financial Express dividend history; Eternal Q2 FY27 results (Business Standard, Entrackr).