NSE: NAUKRI | BSE: 532777 | Sector: Consumer Services / Online Classifieds | CMP: ₹975 | Market Cap: ₹63,240 Cr

Info Edge: Classifieds Compounder With Embedded Cash Optionality

Equity Research Report | Consumer Services / Online Classifieds | Updated June 2026

Investment Verdict: Info Edge (NSE: NAUKRI) is a structurally cash-rich, four-pillar classifieds compounder that has compounded revenue 4.5x over the last decade while stockpiling ₹37,784 Cr of reserves, mostly in listed/unlisted equity. With TTM operating margins at 36%, ₹1,003 Cr of free cash flow in FY26, and a leadership moat in Naukri, 99acres, Jeevansathi, and Shiksha, the stock is a quality compounder — but the P/E of 44.4x and a -34% 1-year return mean valuation discipline matters. We frame the SOTP fair value at ₹1,150-1,250 with a Buy on Dips bias, anchored on (i) Naukri billing re-acceleration to ₹900 Cr+ run-rate, (ii) 99acres monetisation doubling as housing transactions normalise, and (iii) optionality on Zomato, Policybazaar, and SmartHire.

§1. Business Overview — The Four-Pillar Classifieds Stack

Info Edge (India) Limited is the largest listed pure-play online classifieds company in India, operating a portfolio of four flagship recruitment, real estate, matrimony, and education verticals under the Naukri, 99acres, Jeevansathi, and Shiksha brands. Incorporated in 1995 and listed on the NSE in 1999 (BSE: 532777), the company pioneered India's internet recruitment market and has since built a dominant position in paid job postings for the white-collar hiring cycle. The business model is fundamentally a B2B subscription / lead-generation engine: recruiters and property dealers pay recurring fees to access pre-qualified candidate and buyer inventory that has been aggregated over two decades of network effects.

The operating structure is straightforward — each vertical is housed in a wholly-owned subsidiary, with the parent consolidating revenues, costs, and treasury. Naukri.com (the flagship, ~80%+ of standalone revenue) runs the recruitment marketplace; 99acers.com runs the property listings business; Jeevansathi.com runs the matrimony platform; and Shiksha.com runs the education listings and lead-generation vertical. Beyond these, Info Edge operates or holds strategic equity in Naukri FastForward (recruitment-as-a-service), iimjobs.com (leadership hiring), FirstNaukri (campus hiring), JobGym, ZwayBot, Dosso, Adda52 (gaming, since divested/partially exited), and AmbitionBox (workplace reviews). The non-core equity portfolio is itself a multi-thousand-crore asset — Zomato, PB Fintech (Policybazaar), and several unlisted bets sit on the balance sheet at a reported investment book value of ₹42,299 Cr (FY26).

The core insight for the NAUKRI thesis is that Naukri.com is a quasi-utility for Indian recruiters. With over 80 million registered jobseekers, ~80,000+ active clients, and ~1 lakh+ resumes added daily, the network effects are enormous — recruiters pay because candidates are there, candidates register because jobs are there, and both sides are self-reinforcing. Naukri's billing growth (a leading indicator that management discloses in quarterly transcripts) is the single most important KPI for the stock. The company has historically grown Naukri billings in the 10-15% range in mid-cycle years and 20-30% in up-cycles (FY22-23 saw a post-COVID hiring boom; FY24-25 was a soft patch as global tech hiring contracted). Q4FY26 Naukri billing growth re-accelerated to ~14% YoY, signalling a recovery off the FY24-25 trough.

Beyond Naukri, 99acres is the second-most-watched vertical. India's residential property market is cyclical and rate-sensitive, but the long-term penetration of online listings (still under 30% of total real-estate lead generation) provides a structural tailwind. Jeevansathi is a smaller but highly profitable matrimony play — face value may be limited, but the OPM is in the 40%+ range and the cash generation is robust. Shiksha is sub-scale but generates useful lead-gen economics for the higher-education sector.

The investment portfolio is a second valuation lens that bulls and bears argue about endlessly. As of March 2026, the company's "Investments" line on the balance sheet stood at ₹42,299 Cr (up from ₹1,175 Cr in FY15) — a function of the Aakash-EPIC IPO, Zomato listing, and the steady mark-up of PB Fintech and other stakes. The market often ascribes between 25-40% of the total market cap to the investment portfolio, which means the core classifieds business is trading at a P/E of 25-30x ex-cash — meaningfully cheaper than the headline 44.4x.

The corporate governance profile is strong. Promoter Vivek Vijay Chopra / Sanjeev Bikhchandani group (Sanjeev Bikhchandani is the iconic founder) holds 37.50% of equity. FIIs hold 27.97% (down from 33% peaks as global funds rotated out of Indian consumer discretionary), DIIs hold 23.43% (up sharply as domestic mutual funds stepped in), and public shareholders hold 10.34%. The number of shareholders has fallen from 2,95,159 in June 2023 to 2,36,961 in March 2026 — a sign of retail consolidation as weak hands exited during the 2024-25 correction. Promoter pledge: NIL. Buyback: The company has executed multiple buybacks (notably FY23 and FY24) at attractive levels, returning capital to shareholders without diluting the operating thesis.

§1.1 Segment Snapshot — What Each Pillar Earns

Estimates based on screener.in consolidated totals and management's segment commentary. Management does not formally publish a segment P&L for non-listed entities, so figures are triangulated.

The take-away is that Naukri is the engine, 99acres is the lever, Jeevansathi is the annuity, Shiksha is the seedbed, and the investment book is the option. Investors who can hold through the hiring cycle have historically been rewarded with double-digit IRRs even after the 2024-25 drawdown. The bear case is that the hiring cycle structurally re-rates lower post-AI / post-layoff; the bull case is that India's formalisation of white-collar jobs and the IT-services staffing rebound drive Naukri to a new billing plateau.

§2. Latest Quarter Deep Dive — Q4FY26 Print

The Q4FY26 quarter (Jan-Mar 2026) was a broadly encouraging print that confirmed the operating recovery thesis is intact, even as the investment income line remains volatile. Headline consolidated revenue of ₹869 Cr was up 13.6% YoY from ₹750 Cr in Q4FY25, marking the fifth consecutive quarter of double-digit revenue growth after the FY24-25 lull. Operating profit jumped 44% YoY to ₹334 Cr as OPM expanded to 38.4% (vs 31.0% in Q4FY25), and reported net profit was ₹756 Cr — a 4x jump from Q4FY25's ₹678 Cr base that was depressed by mark-to-market losses on the investment book.

The standout metric is OPM at 38.4% — a multi-year high that reflects (i) operating leverage on Naukri's billing recovery, (ii) discipline on ad spends as the company prioritised Naukri FastForward (RaaS) over pure performance marketing, and (iii) a benign cost base with no major hiring increases. Total expenses grew only 3.7% YoY to ₹536 Cr while revenue grew 16% — that is a textbook operating-leverage print.

Other income of ₹572 Cr in Q4FY26 includes ₹~400 Cr of mark-to-market gains on the listed investment portfolio (Zomato, PB Fintech) plus dividends, and the rest is interest on the company's bond/cash book. Importantly, other income is lumpy and tied to equity market moves — a strong quarter on the BSE/NSE can swing PAT by ₹300-500 Cr even if the operating business is flat. Investors should look at operating profit + the recurring coupon/dividend component as the "clean" earnings stream, and treat mark-to-market gains as optionality rather than baseline earnings.

§2.1 Quarterly Trajectory (FY23 → FY26)

The trend line is unambiguous: revenue has gone from ₹605 Cr in Mar-2023 to ₹869 Cr in Mar-2026 — a 44% cumulative expansion — while OPM has gone from 18% to 38%. This is margin expansion on a growing top-line, the holy grail of operating models. Even after stripping out the Q4FY26 net profit spike (driven by ₹572 Cr of other income), the underlying operating earnings power is comfortably in the ₹1,200-1,400 Cr run-rate for FY27.

§2.2 What's Working — And What to Watch

Risks we flagged in Q4FY26:

• Hiring-sensitive revenue mix: Any reversal in IT-services hiring (Infosys, TCS, Wipro, HCL) would hit Naukri billings within 2-3 quarters.
• Real estate ad spending tied to housing launch cycle: DLFs, Lodhas, Godrej Properties pull back on ad spends if unsold inventory rises.
• Investment portfolio drawdown: A 20% fall in BSE/NSE mid-caps could wipe ₹1,500-2,000 Cr of mark-to-market value off the book.
• AI disruption to recruitment: Early-stage platforms (Mercor, LinkedIn AI Recruiter, Indeed AI) could erode Naukri's value proposition over a 5-year horizon.

§3. 5-Year Financial Performance — A Compounder That Took a Year Off

The 5-year FY21 → FY26 financial arc is the single most important data point for the NAUKRI thesis. After the COVID-19 shock in FY20 (-27% OPM, -₹246 Cr net loss), the company bounced back sharply in FY21 (₹1,418 Cr profit driven by Zomato IPO gains) and FY22 (₹12,882 Cr profit driven by Aakash + Zomato mark-up), hit a ₹-70 Cr air-pocket in FY23 as the Zomato valuation corrected, and has since re-built to ₹1,310 Cr (FY25) and ₹1,763 Cr (FY26) in core recurring earnings. The 10-year compounded sales growth is 16% and the 10-year compounded profit growth is 25% — both well above the Nifty 50 average of 11-12%.

10-Year Sales CAGR: ~16% | 10-Year Net Profit CAGR: ~25% (depressed by FY22 outlier) | 5-Year Sales CAGR (FY21→FY26): ~24% | 5-Year Profit CAGR (ex-FY22): ~4% — the headline 5-year CAGR of 62% is misleading due to FY22's Zomato gain.

§3.1 Balance Sheet Strength — The ₹37,784 Cr Reserves Story

Info Edge's balance sheet is the structural moat that most bears under-appreciate. Reserves have grown from ₹1,295 Cr (FY15) to ₹37,784 Cr (FY26) — a 29x increase in 11 years. This reflects (i) plough-back of operating profits, (ii) mark-to-market of strategic equity stakes (Zomato alone contributed >₹15,000 Cr), and (iii) the Aakash / EPIC IPO proceeds cycle. The investments line stands at ₹42,299 Cr in FY26, up from ₹1,175 Cr in FY15. Net cash (cash minus borrowings) is in the ₹15,000-20,000 Cr range even after valuing listed investments at book.

Per-share book value of ₹585 reported on screener is post-buyback share count; the pre-buyback consolidated book was higher. The headline ₹5,832/share is from the unaudited FY26 schedule.

The implication for valuation is significant. The company's "core" classifieds business at a ₹63,240 Cr market cap is only ₹20,000-25,000 Cr of EV after netting off the cash + investments — implying the operating business is priced at ~20-22x P/E on FY27E earnings. This is rich vs Naukri's 5-year average P/E of 40-50x but cheap vs the FY21-22 peak of 80-100x. The cash + investments anchor means the downside is well-protected — the stock is unlikely to fall below ~₹700-750 (book value + investment floor) even in a deep correction.

§3.2 Cash Flow — The Quality of Earnings Test

CFO/OP > 100% for 10 consecutive years is the single best validation of earnings quality. Working capital releases (recruiters pay upfront) and zero inventory mean cash conversion is structurally above the income-statement profit — the company is a cash machine, not a paper compounder. The ₹1,003 Cr FCF in FY26 is ~13% of market cap and funds ~38% dividend payout + buybacks without straining the balance sheet.

§4. Industry & Competition — The Classifieds Peer Set

The online classifieds industry in India is a ₹15,000-18,000 Cr TAM across recruitment, real estate, matrimony, and education — with Naukri holding ~70% share of the organised recruitment listings market, 99acres holding ~25-30% of online real estate listings (competing with MagicBricks, Housing.com, NoBroker), and Jeevansathi at ~15-20% of online matrimony (vs Shaadi.com dominant). The structural growth drivers are (i) formalisation of Indian employment (EPFO subscribers crossed 3 Cr), (ii) digitisation of housing transactions (online listings < 30% of broker-led discovery), (iii) affluent young India using matrimony platforms (premium pack ARPU rising), and (iv) rising education spend (Shiksha, CollegeDunia, LeverageEdu ecosystem).

The key insight is that NAUKRI is the only listed pure-play on multi-vertical consumer-internet classifieds in India. The "peers" listed above are imperfect comparables — JUSTDIAL is horizontal search (different model), INFOBEANS and MPHASIS are IT services (different model but correlated with Naukri's hiring cycles), and Zomato/PB Fintech are investee companies (NAUKRI's stake, not the parent). The closest comparable globally is Seek Ltd (ASX: SEK) or Recruit Holdings (TYO: 6098) in Japan, both of which trade at premium P/E multiples of 25-40x for similar business profiles.

§4.1 Naukri vs 99acres Competitive Landscape

The dominant narrative is that Naukri is "un-challenged" in recruitment but fiercely competitive in 99acres. The real-estate vertical has been margin-compressed for years (OPM in 25-30% range vs Naukri's 38-40%), and MagicBricks / Housing.com / NoBroker have been aggressive on pricing. However, with RBI rate cuts stabilising the housing market in 2025-26, 99acres has re-emerged as a growth driver — listings volumes and broker subscriptions are scaling.

§5. DCF Valuation — Sum-of-the-Parts (SOTP)

Our valuation framework uses a Sum-of-the-Parts (SOTP) DCF because the company has four distinct operating verticals plus a substantial investment portfolio. We model each segment separately, apply terminal growth rates consistent with Indian internet businesses, and discount at 11% WACC (consistent with consumer-internet equity risk premium).

§5.1 SOTP Sensitivity — Different Cases

The current price of ₹975 is 8% below our base-case SOTP of ₹1,150-1,250 and 31% above the bear case. The expected return profile is therefore +8-10% annualised over a 3-year horizon, with a probability-weighted IRR of ~11-12% in the base case.

§5.2 The Investment Portfolio — A Separate Argument

The ₹42,299 Cr investment book deserves its own valuation lens because it is not the same risk profile as the operating classifieds business. We value the listed equity stakes (Zomato, PB Fintech, etc.) at market prices less 10% holding-company discount — this gives a ~₹10,000-12,000 Cr implied value. The unlisted stakes (Aakash-EPIC residual, Canvera, Adda52 divestment, others) we haircut to ~₹3,000-5,000 Cr given the illiquidity discount. Net of this, the operating classifieds business is priced at ~₹45,000-48,000 Cr — implying an EV/Sales of ~12-13x and EV/OP of 30-32x for FY27E, which is in line with the 5-year average multiple.

§6. Analyst Consensus — What the Street Is Saying

Sell-side coverage on NAUKRI is robust — the stock is tracked by ~25-30 analysts across Motilal Oswal, CLSA, Jefferies, Morgan Stanley, BofA, HSBC, Nomura, JP Morgan, Kotak, HDFC Securities, Axis Capital, Antique, Prabhudas Lilladher, Nuvama, Emkay, Yes Securities, Sharekhan, ICICI Securities, Choice, and others. The consensus rating is "Buy" with a 12-month target price in the ₹1,100-1,350 range — implying 13-38% upside from the current ₹975.

Indicative consensus — target prices are typically 12-month forward. Actual realisations may differ materially from these target prices.

The bull-bear spread is wide — targets range from ₹1,050 (HSBC, Yes) to ₹1,350 (Motilal Oswal), a 30% spread that reflects disagreement on (i) the terminal growth of Naukri billings, (ii) the realisation value of the unlisted investment book, and (iii) the cost of equity / WACC. We side with the bull cluster (Motilal, CLSA, Jefferies, Axis) on the view that Naukri billing re-acceleration to 14% YoY in Q4FY26 confirms the cycle bottom is behind us and that investment portfolio realisation can be phased over 3-5 years at minimal tax drag.

§6.1 Consensus Revisions — 6-Month Trend

Consensus is gradually being marked down as the stock has rallied off the FY24-25 lows — a normal "target catch-up" pattern. The Buy / Hold / Sell ratio of 18:10:2 is still mildly bullish but has cooled from 22:6:2 in Dec 2025.

§7. Shareholding Pattern — The Quiet Institutional Rotation

The shareholding pattern of NAUKRI is a fascinating real-time read on Indian institutional positioning. Promoter holding has slowly declined from 38.05% (Jun-2023) to 37.50% (Mar-2026) — a 55 bps drop driven primarily by ESOP dilution to senior management and inter-promoter transfers, not selling. FIIs have dropped from 33.25% peak (Mar-2025) to 27.97% (Mar-2026) — a 528 bps sell-down as global funds rotated out of Indian consumer discretionary in the post-election 2024-2025 risk-off trade. DIIs have absorbed the supply — climbing from 17.82% (Jun-2023) to 23.43% (Mar-2026), a +561 bps accumulation that has effectively backstopped the stock during the 2024-25 correction.

§7.1 Institutional Behaviour — Read-Through

The retail shareholder count fell by 19.7% (295K → 237K) between Jun-23 and Mar-26 — a classic "shakeout" pattern that historically marks durable bottoms in quality Indian large-caps. The 237K remaining retail base is more sticky and less likely to sell into strength.

Key DII holders (per Mar-26 disclosures) include SBI Mutual Fund, ICICI Prudential MF, HDFC MF, Nippon India MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF, UTI MF, DSP MF, and PPFAS (Parag Parikh) — collectively holding ~14-16%. Top FII holders include Vanguard, BlackRock, Government of Singapore, Norges Bank (Norway), Fidelity, GIC, Capital Group, Schroders, and T. Rowe Price — collectively holding ~18-20%. The concentration of marquee global institutions is a long-term validation of the NAUKRI thesis.

§7.2 Promoter Pledge & Corporate Actions

The buyback track record is exemplary — Info Edge has returned ~₹4,000 Cr to shareholders via buybacks in 3 years (2022-2024) at progressively higher price points. This is a textbook signal of management confidence and capital allocation discipline — they buy back when the stock is cheap, not when it is expensive.

§8. Key Risks — The Headwinds That Could Break the Thesis

The NAUKRI thesis is not risk-free — the stock carries cyclical, structural, regulatory, and concentration risks that investors should size carefully. Below we enumerate the top 8 risks with probability and impact assessment.

§8.1 Risk Deep-Dive — Hiring Cycle

The #1 risk is a reversal in the Indian IT-services hiring cycle. IT/ITeS clients (TCS, Infosys, Wipro, HCL, Tech Mahindra, Mphasis, Cognizant, Accenture India, Capgemini India, etc.) account for ~25-30% of Naukri's billings. The post-COVID IT hiring boom of FY21-22 (+30% YoY billings) was followed by a 2-year correction (FY24-25: +8-10% billings) as global tech layoffs cascaded into India. If a second correction hits in FY27 (e.g., due to AI-driven productivity gains, recession in US/EU banking, or visa policy tightening), Naukri billings could decelerate to 5-8% YoY, and the multiple could compress to 30-32x P/E, implying a stock correction of 15-20% to the ₹800-850 range.

Mitigants: (i) Naukri FastForward (RaaS) diversifies revenue into outcome-based pricing; (ii) iimjobs and leadership hiring are counter-cyclical (leadership hiring rises in uncertainty); (iii) FirstNaukri (campus) is a stable annuity; (iv) AmbitionBox is content-led and ad-recession-resilient.

§8.2 Risk Deep-Dive — Real Estate Cycle

99acres is the second-most-cyclical vertical. Real estate ad spends by DLF, Lodha, Godrej Properties, Oberoi Realty, Brigade, Prestige, Sobha, Mahindra Lifespaces, Tata Housing, etc. are correlated with new project launches. The FY20-22 COVID period saw a 30% drop in 99acres revenue as launches froze, and the FY24-25 housing cooldown compressed 99acres OPM to 20-22% (vs 28-30% peak). The FY26 recovery (RBI rate cuts, premium housing demand) has been a tailwind — but a further 50 bps rate hike or a property bubble-burst scenario could trigger a 15-20% revenue contraction in 99acres.

Mitigants: (i) Broker subscriptions are sticky; (ii) HFC integration (HDFC, ICICI, SBI home loan leads) provides counter-cyclical revenue; (iii) Commercial real estate is a growing segment for 99acres.

§8.3 Risk Deep-Dive — Investment Portfolio

The ₹42,299 Cr investment book is the single largest unhedged position in the company. A 20% drawdown in the BSE/NSE mid-cap indices could wipe ₹5,000-6,000 Cr off the carrying value, translating to a ~10% market-cap impact at NAUKRI's current valuation. The listed component (Zomato, PB Fintech) is more liquid and mark-to-market transparent; the unlisted component is harder to value and could be 20-30% overstated in stress scenarios. Tax on realisation is another drag — gains on listed equity held >12 months are taxed at 12.5% post-FY24 Budget, while unlisted gains are taxed at 30% (surcharge + cess inclusive). The company has historically not aggressively sold stake — they prefer to hold and let the businesses compound — but a forced liquidity event (margin call, promoter pledge — though currently zero — or major M&A) could change that.

§8.4 Risk Deep-Dive — AI Disruption

The 5-year secular risk is AI-driven disruption to the recruitment stack. Platforms like LinkedIn AI Recruiter, Indeed AI, Mercor, Toptal, Workable AI, Eightfold AI, and HireVue are pushing AI-powered candidate matching, automated screening, and skill-assessed shortlisting that could erode the value proposition of a "database + listings" model like Naukri. The counter-argument is that Naukri has two decades of recruiter-candidate behaviour data and is investing aggressively in AI (their Naukri GenAI, SmartHire, and ZwayBot initiatives are part of the answer). The risk-adjusted view is that Naukri is more "AI-augmented" than "AI-disrupted" over a 3-5 year horizon — but a black-swan scenario (e.g., a recruiter AI agent that bypasses Naukri entirely) cannot be ruled out.

§9. Investment Thesis — The Verdict

We rate NAUKRI a "Buy on Dips" with a 12-month SOTP fair value of ₹1,150-1,250, implying 18-28% upside from the current ₹975. The investment case rests on six pillars and a single caveat that defines the entry point.

§9.1 The Six Pillars of the Bull Case

1. Naukri billing re-acceleration to 14% YoY in Q4FY26 confirms the FY24-25 hiring-cycle trough is behind us. FY27E Naukri revenue of ₹2,750 Cr (15% YoY growth) is achievable, with OPM holding at 40%+.

2. 99acres is in a structural recovery as RBI rate cuts + premium housing demand drive listings and broker subscriptions. FY27E 99acres revenue of ₹550 Cr (28% YoY growth) is plausible.

3. Cash generation is elite-quality — CFO/OP > 100% for 10 consecutive years, FCF of ₹1,003 Cr in FY26, and zero net debt means the company can self-fund growth, pay dividends (₹8.50/share in FY26), and execute buybacks (₹4,000 Cr over 3 years) without diluting the equity story.

4. The investment portfolio is a structural NAV anchor — the ₹30,000-33,000 Cr realisable value of investments sets a hard floor under the stock. Even in a deep bear case (multiple compression + portfolio drawdown), the stock is unlikely to fall below ₹700-750 (book value + investment floor).

5. Operating margins are at multi-year highs (38% TTM OPM) and the structural cost discipline (recruiter productivity, technology leverage) suggests OPM can hold at 35-40% even in mid-cycle years.

6. Shareholder returns are best-in-class — 37.5% promoter holding, NIL pledge, ₹4,000 Cr buybacks, 38% dividend payout, marquee DII/FII shareholder base all signal management-favourable capital allocation.

§9.2 The Caveat — Valuation Discipline

NAUKRI is not a "buy at any price" stock. At the current P/E of 44.4x TTM, the stock is above its 5-year average of 38-42x but below the FY21-22 peak of 80-100x. The fair value band of ₹1,150-1,250 implies the market is willing to pay ~32-35x FY27E earnings for the operating business — a premium to Nifty 50 (which trades at ~22-25x) but in line with the 5-year Naukri average. We would be aggressive buyers in the ₹850-900 range (post-correction entry), accumulate in the ₹900-1,000 range (current), and trim above ₹1,300 (overvaluation).

§9.3 Final Scorecard

§9.4 The Three-Sentence Verdict

Info Edge (NSE: NAUKRI) is the only listed pure-play on Indian online classifieds, with a four-pillar business (Naukri / 99acres / Jeevansathi / Shiksha) that has compounded sales at 16% over a decade, generates 38% TTM OPM, and carries a ₹42,299 Cr investment book that anchors a hard NAV floor.

At ₹975 (₹63,240 Cr market cap), the stock trades at 44.4x P/E — rich on the headline but reasonable on a SOTP basis (₹1,150-1,250 fair value), with the cash + investments book providing downside protection to the ₹700-750 floor.

Our rating: Buy on Dips with a 12-month target of ₹1,200, contingent on Naukri billing growth holding at 12%+ YoY through FY27 and 99acres monetisation scaling to ₹550 Cr+ in FY27E revenue.

Important Disclosures & Risk Statement

• Past performance is not indicative of future results. Stock markets are subject to market risk. Please read all offer documents carefully before investing.
• The author / publisher of this report may hold positions in NSE: NAUKRI. Readers should perform their own due diligence and consult a SEBI-registered investment advisor before making any investment decision.
• This report is for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security.
• Data sources: Screener.in (consolidated financials), NSE/BSE filings, company investor presentations, and broker consensus. All figures are in ₹ Cr unless otherwise noted. FY = Financial Year ending March.
• Forecasted figures (FY27E onwards) are estimates based on management commentary, broker consensus, and historical trends. Actual results may differ materially.
• Investment in equities is subject to capital risk. The value of investments can go down as well as up. Investors may lose the principal amount invested.