09 Apr , 2026 By : Debdeep Gupta
Info Edge (Naukri) shares fell in early trade on Thursday after the company’s Q4 business update showed weaker-than-expected billings growth. Mixed brokerage views further weighed on sentiment. The stock was trading at Rs 1,012, down 2 percent from the previous close of Rs 1,033.
The decline comes after Info Edge reported standalone billings growth of 7.45 percent year-on-year at Rs 1,057.1 crore for the March quarter, falling short of Street expectations of around 11 percent growth.
The company’s core recruitment solutions business (Naukri) grew 9.5 percent on-year to Rs 810.7 crore, slightly below estimates, while real estate platform 99acres posted muted growth of 1.9 percent at Rs 162.8 crore, also missing expectations. Other verticals remained largely flat on a year-on-year basis.
Brokerages divided on Naukri stock outlook following Q4 update
Nomura maintained a ‘buy’ rating on Info Edge shares with a target price of Rs 1,500, noting that recruitment billings growth, while slightly below expectations, remained within the 9–11 percent range seen in previous quarters. However, it flagged weaker-than-expected performance in 99acres and overall billings.
HSBC also retained a ‘buy’ rating with a target price of Rs 1,525, stating that recruitment growth was decent despite a high base, though weakness in the Gulf business and the transition in 99acres weighed on overall performance. It added that the matchmaking and Shiksha segments met expectations, and valuations remain attractive.
In contrast, Citi maintained a ‘sell’ rating with a target price of Rs 1,120, highlighting a sequential slowdown in recruitment billings growth -- from 11 percent in Q3 and 10.8 percent in Q2 to 9.5 percent in Q4. It said that revenue growth typically lags billings by one to two quarters and expects around 12.1 percent year-on-year revenue growth.
Citi also cautioned that EBITDA margins may decline 50 basis points sequentially to 42 percent, although EBITDA is seen rising 25 percent year-on-year to around Rs 320 crore, aided by lower advertising spends. It added that geopolitical issues impacted hiring trends in both the Gulf and India.
Info Edge stock has declined about 19 percent over the past year, underperforming the Nifty 50, which has gained around 7 percent during the same period.
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