What’s new

• Naukri launched AI products AI-Rex, Talent Pulse, and PremiumX for recruiters and jobseekers.
• AI-Rex is live with 4,000+ enterprise clients; 10% converted to paid.
• Info Edge spent ₹70 cr on AI in FY26, plans to increase to ₹150 cr in FY27.

Why it matters

Info Edge is betting AI will create new revenue streams beyond listings, but at ₹70 cr spend against a ~₹67,000 cr market cap, the financial impact is minimal. The 10% paid conversion is promising but unquantified. For a firm with an 8.4x return on its startup portfolio, this is a side bet.

What we’re watching

• Whether AI-Rex paid conversion accelerates in FY27 as the AI budget doubles.
• If the ₹150 cr AI investment translates into disclosed revenue from new streams.
• How the startup portfolio continues to drive value given its outsized returns.

The full read

Naukri has put AI into the hands of 4,000+ clients, with 10% already paying. That's a start. But the ₹70 crore AI spend last year is a sliver of the company's ₹67,000 crore market cap and ₹869 crore quarterly revenue. The planned ₹150 crore for FY27 is still small change. The bigger story at Info Edge has always been the startup portfolio, valued at ₹41,300 crore with an 8.4x return on deployed capital. AI may one day matter, but today it's a sideshow.

Primary source: BSE · NSE

What’s new

• Total deployed ₹4,900 cr now valued at ₹41,300 cr (8.4x multiple).
• Consumer tech returned 13.5x on ₹2,755 cr investment in Zomato and PB Fintech.
• 26 of 54 AI/deeptech companies raised follow-on rounds from marquee investors.

Why it matters

The portfolio's value is 65% of Info Edge's market cap, yet prior valuations likely underestimated it. These granular disclosures close the gap and suggest significant upside if monetisation events materialise.

What we’re watching

• Monetisation events (Zomato/PB Fintech exits or distributions).
• AI and deeptech portfolio maturation and external funding traction.
• Whether management provides update on outstanding commitments or new investments.

The full read

Info Edge's annual letter delivers a granular look at its startup portfolio, revealing that investments of ₹4,900 crore are now worth ₹41,300 crore — an 8.4x multiple that accounts for ~65% of the company's market cap. The consumer tech segment led by Zomato and PB Fintech has been the standout, returning 13.5x, while the AI portfolio (28 companies) delivered a 2.1x multiple and 31% IRR. Twenty-six of 54 AI and deeptech companies have attracted external follow-on rounds, including two deeptech startups that received India's first RDI scheme allocations. This level of detail is new and material; it challenges the market's prior implicit discount on the investment book. For a company with a trailing P/E of 44 and low ROE (2.8%), the portfolio represents a substantial hidden asset. The open question is whether Info Edge will crystallise gains or continue to hold through to larger exits.

Primary source: BSE · NSE

What’s new

• Recruitment billings growth slowed to 10% for the year as hiring demand remained soft.
• 99acres billings growth slumped to 2% after a sales team reorganisation.
• Jeevansathi narrowed its operating loss to ₹4 cr.

Why it matters

The company's core engines are stalling. While 99acres dominates web traffic, the sales pivot has clearly disrupted near-term billings. Whether management's three-year goal to double 99acres is ambitious or simply optimistic depends on how quickly the sales team recovers its rhythm.

What we’re watching

• A rebound in 99acres billings during the current quarter.
• Client retention rates for the 1,000 users of the new AI-Rex hiring platform.
• Jeevansathi's path toward actual profitability.

The full read

Info Edge recorded a 17% rise in fourth-quarter revenue to ₹805 crore, but the underlying metrics reveal a cooling environment. Recruitment billings growth softened to 10% for the full year, hampered by a sluggish hiring market. The real estate segment, 99acres, tells a more jarring story. Despite capturing a 52% share of web traffic in April, quarterly billings growth hit a wall at 2% following a recent reorganisation of the sales force. Management projects a recovery in the current quarter and holds a three-year target to double the real estate business at 25-30% EBITDA margins. New product lines provide a partial offset, with 1,000 clients already signed onto the AI-Rex hiring platform. Meanwhile, Jeevansathi is showing progress, narrowing its quarterly operating loss to ₹4 crore. The business is shifting its focus toward higher-margin, AI-driven models like Naukri 360, but for now, the topline is feeling the friction of a weaker hiring cycle and internal sales changes.

Primary source: BSE · NSE

What’s new

• Standalone Q4 revenue grew 17.2% YoY to ₹805.1 crore.
• Operating profit rose 39.4% to ₹322.7 crore, outpacing the top line.
• Board kept the final dividend flat at ₹3.60 per share.

Why it matters

The operating-profit growth nearly doubled the revenue growth, a clear sign of tighter cost control or a more profitable revenue mix. For a company with a market cap north of ₹60,000 crore, the results signal steady execution, not a strategic shift.

What we’re watching

• Consolidated results for any drag from the Zomato stake.
• Management commentary on Naukri's hiring-cycle trends.
• Whether the cost discipline holds through FY27.

The full read

Info Edge's standalone operating profit rose 39.4% to ₹322.7 crore, outpacing a 17.2% gain in revenue to ₹805.1 crore. The spread between the two numbers is the story: the company either pulled back on expenses or its mix tilted toward higher-margin work. The board kept the final dividend at ₹3.60 a share, matching last year's payout. No new guidance, no strategic surprises. For a company valued at more than ₹60,000 crore, this was a quarter of steady execution. The consolidated results, and what they reveal about the Zomato holding, will be the next test.

Primary source: BSE · NSE

What’s new

• Q4 standalone revenue grew 17.2% YoY to ₹805.1 crore.
• Operating profit jumped 39.4% to ₹322.7 crore, pushing margins to 40.1%.
• Board recommended a final dividend of ₹3.60 per share, same as last year.

Why it matters

The result was fully telegraphed in last week's business update. The unchanged dividend and lack of new guidance or strategic announcements mean the market has little to digest here. For a company with a ₹60,000 crore-plus market cap, the recruitment engine is running on the same rails.

What we’re watching

• Whether the recruitment cycle sustains this pace in FY27 after a strong year.
• Any strategic commentary on Naukri.com's pricing or product roadmap.
• Trends in the company's portfolio of investments.

The full read

Info Edge posted a solid quarter. Standalone revenue reached ₹805.1 crore, up 17.2% year-on-year, but the real story is the profit. Operating profit jumped 39.4% to ₹322.7 crore, pushing margins up 639 bps to 40.1%. That's the kind of profit growth a mature platform delivers when costs don't scale linearly with sales. Yet this was already known. The company's April 9 business update signaled the strong performance, and the final numbers offer no new guidance or strategic shifts. The board kept the final dividend at ₹3.60 per share. For a ₹60,000 crore-plus company, this was a routine confirmation of a good year, not a catalyst.

Primary source: BSE · NSE

What’s new

• Standalone Q4 revenue rose 17% to ₹805 cr.
• Operating profit jumped 39% to ₹323 cr on 639 bps of improved efficiency.
• Full-year dividend payout hit ₹8.40 per share.

Why it matters

The company pulls 40% operating margins from its core business, which proves the durability of its recruitment moat. 99acres is gaining share, but the earnings strength comes from the flagship segment.

What we’re watching

• Whether efficiency holds as non-recruitment verticals scale.
• Cash flow deployment from the ₹1,469 cr annual generation.
• Any shift in the recruitment cycle during the coming fiscal year.

The full read

Info Edge finished FY26 with a steady 17% top-line gain and a 39% surge in standalone operating profit. The company booked ₹805.1 crore in quarterly revenue, while operating profits hit ₹323 crore on the back of 639 basis points in efficiency gains.

It is a cash machine.

With ₹1,469 crore in pre-tax operating cash flow for the year, the firm generates more liquidity than it currently spends. 99acres is capturing more market share, yet the recruitment business dictates the company's financial rhythm. The board set the final dividend at ₹3.60 per share, which brings total annual returns to ₹8.40. This is a characteristic performance for the firm—predictable, profitable, and devoid of surprises. The scale of the company’s capital generation sets a high bar for its smaller, cash-hungry verticals to clear. Performance like this leaves little room for excuses.

Primary source: BSE · NSE