NAUKRI Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹819 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 delivered steady Q3 FY2026 results with standalone revenue of INR 765 crore (+14% YoY) and operating profit of INR 297 crore (+13% YoY), with operating margins at 39%. The recruitment segment (59% standalone operating margin) continues to drive cash generation at INR 373 crore for the quarter. Management highlighted an uncertain hiring environment per their Job Speak index, with tech/GCC segments outperforming while BFSI, retail, and infrastructure remain soft. The B2C recruitment services business has shown remarkable turnaround, growing revenue 20% CAGR while improving margins from 30% to 59%. Jeevansathi plus Aisle combined billings grew 31% YoY with operating losses down 60%, approaching breakeven. The board approved increasing dividend payout to 65% of PAT versus 39% prior, signaling confidence. Key risks include AI disruption to Shiksha's domestic business causing sharp traffic decline, non-IT sector weakness persisting, and the need for continued investment in JobHai (losing ~INR 50 crore annually) for long-term platform positioning.
Colored figures show movement against the previous available record.
Guidance to track
- Board approved increased dividend payout ratio to up to 65% of PAT, up from 39% last year, continuing progressive improvement in shareholder distributions.
- Having achieved leadership position in NCR, JobHai will take its playbook to Mumbai and Bangalore next, targeting 10-15% of Naukri India revenue in 3-5 years.
- YTD margins in Naukri are 56-57%, with Q3 at 59% due to timing of incentives. Management expects sustainable margins around this level if billing growth remains in mid-teens.
- Management acknowledged mid-segment (INR 5-30 lakh CTC) volume growth has moderated from 7-8% a few years ago to approximately 4% currently, while premium and value segments remain robust.
Risks flagged
- AI-related impact is now very visible in the Shiksha domestic business and has led to a sharp drop in traffic. This will impact billing growth over time as the business pivots toward counseling and marketing services.
- Non-IT segments (BFSI, retail, infrastructure, consultants) have witnessed continued softness since May. Management suspects this is cyclical but cannot predict recovery timing.
- With 100+ clients and 20,000 mandates completed, Resdex remains in experimentation phase. Management acknowledged they need to figure out pricing and monetization, with short-term focus on adoption over revenue.
- SaaS acquisitions (Zwayam, DoSelect) showing slower growth than core business as management experiments with go-to-market and bundling strategies. Management expects stabilization in 1-2 quarters.
Key quotes
- India is different... In India, job seekers are not selective. You get inundated, overwhelmed with applications... If these AI agents lead to more spam, more job seeker spam, I think the value of databases like Naukri may actually go up over time.
- We've emerged as a leader in the Hindi market with a 45% profile share. Our focus remains on building a more dominant position in these markets, which should help drive higher monetization over time.
- If more premium hiring starts to happen through our platform then even for the same volume, we'll be able to get higher value.
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