Info Edge (India) Limited runs India's leading online recruitment platform Naukri.com alongside 99acres, Jeevansathi/Aisle and Shiksha, plus a large portfolio of technology investments. The Q2 print will speak to whether the margin expansion story (operating PBT margin up from 35.9% to 40.5% over four quarters) can hold as hiring momentum faded in September and AI spend doubles, and how deep the AI-driven traffic hit to Shiksha runs.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 824.5 Cr (Q1 FY27, standalone, +12.0% YoY) |
| Previous quarter operating PBT | Rs. 333.9 Cr (+33.4% YoY) |
| Previous quarter EBITDA margin | 40.5% (Operating PBT margin, standalone, Q1 FY27) |
| Market cap | Rs. 77,061.7 Cr |
| CMP | Rs. 1186.5 |
The board meets on October 28, 2026 to approve the unaudited standalone and consolidated financial results for Q2/H1 ended September 30, 2026. The same meeting will also consider an FY27 interim dividend.
The board will consider an FY27 interim dividend on October 28, 2026, with a record date of November 6, 2026. The dividend payout policy was raised to up to 65% of standalone PAT (from 39% previously), reiterated at the August 25, 2026 AGM.
The quarter tests whether Info Edge's margin expansion can survive a hiring market that faded within the quarter — the Naukri JobSpeak Index printed 3,028 in August 2026 (+14% YoY) before decelerating to +2% YoY in September, with IT/Software hiring down 4% YoY. Management estimated underlying Q2 billings growth of ~14-15% versus the reported 12.6% (standalone billings Rs. 822.3 Cr, +12.8% YoY), and has explicitly tied recruitment-margin sustainability to billings holding double-digit or teens growth. Three counter-forces press on the 40.5% Operating PBT margin from Q1 FY27: AI spend ramping to ~Rs. 150 Cr in FY27 from ~Rs. 70 Cr in FY26, the deepening Shiksha billings decline (-22.8% in Q1 FY27 and -27.2% in the Q2 update on AI-driven search reducing referrals), and the September hiring fade. On the positive side, 99acres billings grew 21.2% in the Q2 update against management's aim of over 20% growth, with the underlying loss narrowing to Rs. 2 Cr in Q1 FY27 from Rs. 17 Cr in Q4 FY26. The upcoming call — new CFO Himanshu Agarwal's first results since taking charge on September 17, 2026 — will also cover the reported-versus-underlying billings gap, AI-Rex/Talent Pulse monetization, and any fresh labour-code exceptional after the EPF wage ceiling was raised to Rs. 25,000, notified September 17, 2026.
Performance vs previously stated guidance: Management has multiple open-ended and dated commitments to update on this call.
Shiksha AI-traffic hit and pivot progress: The education vertical is the clearest structural pressure point this quarter.
AI-Rex and Talent Pulse monetization: New offerings contributed about a third of Naukri's Q1 revenue growth.
Renewal timing and hiring macro: Reported billings growth is being shaped by renewal timing and a soft hiring backdrop.
New CFO's first results and portfolio churn: October brought a leadership change and fresh subsidiary capital moves.
Management explained that the JobSpeak index primarily measures volume growth and does not account for premiumization, pricing increases, or new product rollouts like AI-Rex and Talent Pulse. Management also confirmed no change in average contract period over the past 12 months.
AI-Rex will initially use per-mandate pricing to drive adoption, while Talent Pulse uses consumption-based pricing with base, premium and enterprise versions. Management has said monetization is at an early stage, with focus on adoption first.
99acres billings grew 21.2% in the Q2 FY27 update, tracking at or above management's stated aim of over 20% growth. The business is near break-even with an underlying loss of Rs. 2 Cr in Q1 FY27, against medium-term guidance of 25-30% EBITDA margins.
Management has attributed the decline to AI-driven search reducing referrals and said mitigation could take a few quarters. Shiksha billings fell 22.8% in Q1 FY27 and 27.2% in the Q2 FY27 update, with pressure expected in the interim.