Just Dial Limited (JUSTDIAL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+159.5%

₹1,737.92

vs ₹669.75 price

Levered DCF

₹2,384.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.11

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.4×	11.8×	19.58×	30.81×	74.96×	25.44×	6.99×	19.45×
P/B	0.82×	1.5×	1.77×	1.37×	1.52×	4.31×	1.48×	4.03×
P/S	3.44×	6.04×	6.81×	5.94×	8.2×	8.07×	2×	4.51×
EV / EBITDA	11.72×	19.93×	13.74×	22.26×	44.5×	17.9×	4.7×	12.4×
Gross margin	35.4%	33.9%	23.1%	15.2%	11.6%	23.7%	43.0%	35.6%
Operating margin	26.2%	25.5%	16.7%	6.8%	-3.9%	18.0%	23.2%	22.4%
Net margin	40.9%	51.2%	34.8%	19.3%	10.9%	31.7%	28.6%	23.2%
Current ratio	8.87×	8.18×	7.68×	7.75×	8.36×	0.28×	0.25×	0.25×
Debt / equity	0.02×	0.02×	0.02×	0.02×	0.02×	0.05×	0.06×	0.01×
Interest coverage	35.07×	27.76×	18.8×	7.51×	-3.72×	16.43×	24.79×	1,534.38×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.7%	12.7%	9.0%	4.4%	2.0%	16.9%	21.1%	20.7%
Return on invested capital	4.7%	5.2%	3.2%	1.3%	-0.6%	7.3%	12.0%	13.6%
Return on assets	8.2%	10.6%	7.5%	3.8%	1.8%	12.0%	14.9%	13.4%
Free cash flow yield	7.4%	4.4%	3.5%	25.7%	0.5%	2.5%	7.9%	6.5%
Earnings yield	11.9%	8.5%	5.1%	3.2%	1.3%	3.9%	14.3%	5.1%
Enterprise value	₹42.5B	₹66.8B	₹71.7B	₹50.7B	₹53.4B	₹54.5B	₹19.4B	₹39.9B
Net debt / EBITDA	0.21×	-0.63×	0.13×	0.23×	0.27×	0×	0.09×	-0.1×
Cash conversion cycle (days)	-8	-7	-0	-8	-4	1	-20	-22