NAUKRI Q2 FY26 earnings call.
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Revenue
₹805 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Info Edge's Q2 FY26 standalone revenue grew 14% YoY to INR 746 crore, with operating profit up 7% to INR 268 crore and margins at 36%, down 200bps YoY. The recruitment business delivered 13% revenue growth with 56% operating margins (or 58%+ excluding Job Hai investments), while 99acres gained substantial traffic share (47-50% vs 36-37% a year ago) though monetization lagged with mid-teen billing growth. Jeevansathi grew 29% YoY and reached break-even. An exceptional gain of INR 5,200 crore was recorded from restructuring Info Edge's PB Fintech holding via MakeSense Technologies amalgamation. The hiring environment remains lukewarm with IT and recruitment consultant segments under pressure, though GCCs (+18%), Naukrigulf (+22%), and new platforms show resilience. Management is cautiously optimistic, focusing on AI product development, market share gains in 99acres, and monetization of newer platforms. Shiksha faces traffic headwinds from AI search changes. The key risk is the uncertain hiring market and potential for further moderation in core Naukri growth if macro conditions deteriorate.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects hiring market uncertainty to persist, with growth contingent on GDP improvement and global economic conditions stabilizing. Renewals, upgrades, and new customer acquisition require significant effort in the current environment.
- Traffic share gains at 99acres should translate into revenue growth with a lag of 2-4 quarters. Management targets moving from mid-teen to 20-25% revenue growth sustained over several years for operating leverage to kick in.
- Job Hai, currently burning ~INR 40 crore annually, is expected to generate INR 15-17 crore revenue in FY26 (vs INR 5 crore in FY25) as monetization efforts scale up, with blue-collar market seen as multi-year opportunity.
- New AI products including database offerings, AI Rex copilot for recruitment, and GenAI-enabled job posting tools are in commercial beta with select customers. Revenue model still being refined based on customer feedback.
Risks flagged
- Google's AI overviews and shift from traditional search to AI chatbots have reduced top-of-funnel traffic to Shiksha.com over the past few quarters. This is a behavioral change impacting content-led platforms globally, not just Info Edge.
- IT services companies and recruitment consultants (who are most sensitive to market conditions) remain cautious. Q1 saw a sudden dip attributed to tariff wars, geopolitical tensions, and AI-related uncertainty, with Q2 only modestly recovering.
- Expanding deeper into Tier 2/3 cities requires lower RPU customers. New customers start small, and while investments in ground salesforce and offices have been made, realization pressure is a structural trade-off as the company diversifies its customer base.
- Analysts questioned whether recent US H1B visa policy changes could accelerate GCC hiring in India. Management acknowledged the opportunity but noted it is difficult to predict impact, with existing GCCs already at mature headcount ratios (30% of global workforce in some cases) unlikely to add aggressively. New GCC formation may not accelerate materially.
Key quotes
- Clearly, it's not a market where it's not a hot market, and it's not a market where companies are hiring like they used to hire maybe three years ago or two years ago. Our sense of the situation on the ground right now is that we have to fight for all our renewals. We have to fight for upgrades. We have to fight for sales.
- The real challenge right now is that a lot of our big customers are not hiring as much as they were hiring till some time back, whether it's IT services companies, which is, or whether it's the recruitment firms who hire through us, their business is not as they're not hiring as many people as they were hiring earlier.
- A lot will depend on, of course, how much we want to keep investing to gain share... We need to get to the 20%-25% level [revenue growth], and we need to stay there for several years. If we are able to do that, then we have high operating leverage in these platform businesses.
- We are open to consolidation in both matrimony and real estate. We've said that for a while. If the right opportunity arises at the right price for the right kind of company, we'd be more than happy to acquire.
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