WatchTalking point
Sharp margin drop
EBITDA margin dropped 4.3 percentage points in a single year, from 72.2% to 67.9% — worth investigating.
Importance 66 / 95 · anomaly
Info Edge(India) · Research view
Info Edge(India) Ltd.
NSE: NAUKRIBSE: 532777ISIN INE663F01032Face value ₹2standalone
₹1,197
−1.76% · 2026-10-01 · 52-wk ₹926–₹1,396
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit outpacing revenue
Profit grew 34.6% while revenue grew 15.3%, so the company kept more of each rupee of revenue as profit.
Importance 65 / 95 · growth
WatchTalking point
Growing, but light on cash
Revenue grew 15.3% but only 0.61× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
WatchTalking point
Volatile earnings
Profit has swung sharply over 5 years (from ₹-246 to ₹1,763) — one year is a weak guide to the earnings power.
Importance 60 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Services › Retailing › Internet & Catalogue Retail.
- Market cap
- ₹77,590 cr
- FY2026 revenue
- ₹3,052 cr
- FY2026 net profit
- ₹5,536 cr
- Net worth
- ₹34,747 cr
- Total debt
- ₹0 cr
- EPS (basic)
- ₹85.49
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 9 retailing.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 15.3% but EBITDA margin fell 4.3 percentage points to 67.9%, so the company kept less of each rupee of revenue as operating profit.
Rule REVENUE_UP_MARGIN_DOWN
- Revenue growth per year
- +15.7%over 7 years
- Revenue growth
- +15.0%vs last year
- Net profit growth
- −7.2%vs last year
- Change in net profit since FY19
- +1865%
Profit grew 34.6% while revenue grew 15.3%, so the company kept more of each rupee of revenue as profit.
Profit has swung sharply over 5 years (from ₹-246 to ₹1,763) — one year is a weak guide to the earnings power.
Revenue compounded at 16.2% a year over 7 years (₹1,151 → ₹3,285) — though FY2023 saw a one-off step-change of 48% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 34.6% year on year (FY2025 → FY2026).
Revenue grew 15.3% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹490 cr, up 42.9% from ₹343 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 42.9% while revenue grew 11.4% vs the same quarter last year — a gap of 31.6 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 revenue was ₹881 cr, up 11.4% from ₹791 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 701 | — | 85 | — | 12.1% |
| Q3 FY25 | 722 | +15.2% | 288 | +141.5% | 39.9% |
| Q4 FY25 | 750 | +14.0% | 678 | +670.7% | 90.4% |
| Q1 FY26 | 791 | +16.9% | 343 | +32.4% | 43.4% |
| Q2 FY26 | 805 | +14.9% | 347 | +310.1% | 43.1% |
| Q3 FY26 | 819 | +13.4% | 317 | +9.8% | 38.7% |
| Q4 FY26 | 869 | +15.9% | 756 | +11.5% | 87.0% |
| Q1 FY27 | 881 | +11.4% | 490 | +42.9% | 55.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹3,375 crTTM
- EBITDA
- ₹2,286 crTTM
- EBIT
- ₹2,160 crTTM
- PBT
- ₹2,312 crTTM
- Net profit
- ₹1,910 crTTM
C. Corporate actions
24 Jul 2026DividendFinal Dividend - Rs. - 3.6000 — ₹3.60/share
20 Feb 2026DividendInterim Dividend - Rs. - 2.4000 — ₹2.40/share
21 Nov 2025DividendInterim Dividend - Rs. - 2.4000 — ₹2.40/share
25 Jul 2025DividendFinal Dividend - Rs. - 3.6000 — ₹3.60/share
7 May 2025Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
19 Nov 2024DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
29 Jul 2024DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
17 Nov 2023DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
28 Jul 2023DividendFinal Dividend - Rs. - 9.0000 — ₹9.00/share
18 Nov 2022DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
18 Aug 2022DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
17 Jan 2022DividendInterim Dividend - Rs. - 8.0000 — ₹8.00/share
21 Jun 2021DividendInterim Dividend - Rs. - 8.0000 — ₹8.00/share
18 Feb 2020DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
21 Nov 2019DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
5 Aug 2019DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
7 Feb 2019DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
9 Nov 2018DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
16 Jul 2018DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
9 Feb 2018DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
8 Nov 2017DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
13 Jul 2017DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
3 Mar 2017DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
4 Nov 2016DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
18 Mar 2016DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Context
EBITDA margin has ranged from 36.4% to 72.2% over 7 years and sits at 67.9% now.
Rule MARGIN_RANGE_MULTIYEAR
- EBITDA margin now
- 51.9%
- 8-year range
- 36.1–52.2%
- ROE FY2026
- 17.7%
- ROCE FY2026
- 4.8%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Revenue grew 15.3% but only 0.61× of reported profit came through as operating cash.
Rule GROWTH_WITH_WEAK_CASH
Operating cash flowNet profit
- Total debt
- ₹0 cr
- Operating cash flow ÷ net profit
- 0.21×FY2026
- Free cash flow
- ₹1,098 cr
- Current ratio
- 2.32×
Net worth compounded at 48.5% a year over 7 years (₹2,529 → ₹40,369) — though FY2022 saw a one-off step-change of 226% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Operating cash flow was only 0.61× reported profit (FY2026).
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 9 retailing (FY2026, consolidated).
Revenue growth
NAUKRI · 7th of 7 · set median 20.4%
EBITDA margin
NAUKRI · 1st of 9 · set median 7.8%
Return on equity
NAUKRI · 6th of 9 · set median 5.7%
P/E ratio
NAUKRI · 1st of 7 · set median 81.2×
Context
P/E of 40.62× is below the retailing median (81.24×) — but ROE of 4.6% is also below that peer set (5.7%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 40.6×TTM to Jun 26
- P / B
- 1.9×latest book
- P / S
- 23.0×TTM sales
- Earnings yield
- 2.5%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 44.0× · P/S 17.9× · ROE 4.6%. TTM and full-year revenue differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 24.4% a year while the stock fell 1.4% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
- 1-year return
- −10.6%
- 3-year return
- +43.6%
- 5-year return
- −6.9%
- From 52-wk high
- −14.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,285
- vs 200-day avg
- Above₹1,149
- RSI (14)
- 36.6neutral
- MACD histogram
- -8.5
- From 52-wk high
- −14.3%
- From 52-wk low
- +29.2%
- 30-day volatility
- 29.9%ann.
- 6-month return
- +23.7%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchSharp margin dropEBITDA margin dropped 4.3 percentage points in a single year, from 72.2% to 67.9% — worth investigating.MARGIN_SHARP_DROP · conviction 66
- WatchGrowing, but less profitablyRevenue grew 15.3% but EBITDA margin fell 4.3 percentage points to 67.9%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 66
- WatchGrowing, but light on cashRevenue grew 15.3% but only 0.61× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- WatchVolatile earningsProfit has swung sharply over 5 years (from ₹-246 to ₹1,763) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 60
- ConcernWeak cash conversionOperating cash flow was only 0.61× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 51
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,098 | 1,273 | 1,099 | 1,562 | 2,159 | 2,381 | 2,654 | 3,052 |
| Total income | 1,209 | 1,360 | 1,217 | 1,733 | 2,334 | 2,640 | 2,967 | 3,387 |
| EBITDA | 452 | 490 | 396 | 634 | 959 | 1,214 | 1,386 | 1,583 |
| Profit before tax | 399 | 319 | 344 | 10,101 | 616 | 1,113 | 1,344 | 6,641 |
| Net profit | 282 | 206 | 271 | 8,923 | 411 | 833 | 773 | 5,536 |
| EPS (₹) | 23.1 | 16.9 | 21.5 | 693.3 | 31.9 | 64.6 | 59.7 | 85.5 |
| Net worth | 2,324 | 2,432 | 4,564 | 13,972 | 10,926 | 25,476 | 27,701 | 34,747 |
| Total debt | 0 | 0 | 0 | 0 | 2 | 3 | 1 | 0 |
| Operating cash flow | — | — | 285 | 725 | 788 | 832 | 984 | 1,169 |
| Free cash flow | — | — | 276 | 701 | 730 | 807 | 905 | 1,098 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 15.9 | -13.7 | 42.2 | 38.2 | 10.3 | 11.5 | 15.0 |
| Profit growth YoY | — | -27.0 | 31.7 | — | — | 102.6 | -7.2 | — |
| Profitability | ||||||||
| EBITDA margin % | 41.2 | 38.5 | 36.1 | 40.6 | 44.4 | 51.0 | 52.2 | 51.9 |
| Net margin % | 23.3 | 15.1 | 22.3 | 515.0 | 17.6 | 31.6 | 26.1 | 163.4 |
| Return on equity % | 12.1 | 8.6 | 7.7 | 96.3 | 3.3 | 4.6 | 2.9 | 17.7 |
| Return on capital % | 18.6 | 18.9 | 10.1 | 6.4 | 7.3 | 6.3 | 4.9 | 4.8 |
| Leverage & cash | ||||||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | — | 1.05 | 0.08 | 1.92 | 1.00 | 1.27 | 0.21 |
| Current ratio | 2.54 | 2.10 | 4.30 | 2.86 | 2.45 | 2.73 | 2.43 | 2.32 |