Info Edge Naukri remains soft; cheap stock valuation should inspire a buyback

Research evidence excerpt

Info Edge Naukri remains soft; cheap stock valuation should inspire a buyback

Ankur Rudra, CFA AC Asia Pacific Equity Research

(65) 6801-3237 23 May 2026 J P M O R G A N

ankur.rudra@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Info Edge is India’s leading online classifieds platform, with

four verticals that have various levels of dominance. It has also

achieved significant success in venture investing, with two of

India's earliest scale consumer internet platforms, Eternal and

Policybazaar. Its dominant presence in recruitment drives its

primary flywheel, which has strong cash flow and helps to

support its leading position in real estate (99acres) and

aggressively invest in verticals with less dominant positions

(matrimony and education). 99acres has the potential to become

YTD 1m 3m 12m the next Naukri, in our view, but faces competitive pressures in

Abs -28.3% -8.7% -10.6% -34.2% the near term. Jeevansathi (matrimony) and Shiksha (education)

Rel -19.0% -6.0% -3.4% -30.6%

are small, but we believe they have the potential to scale up. In

Company Data addition to its stakes in leading Indian food tech Eternal and

Shares O/S (mn) 649 insure tech Policybazaar, Info Edge also has stakes in several

52-week range (Rs) 1,550.00-914.60 promising early-stage startups.

Market cap ($ mn) 6,482

Exchange rate 96.20 Valuation

Free float (%) 56.6%

3M ADV (mn) 2.12 Our Mar-27 price target of Rs1,350 is based on an SOTP

3M ADV ($ mn) 21.8 valuation. We value the recruitment services at a 20x EV/

Volatility (90 Day) 30 EBITDA multiple (implied from our DCF where we assume

Index NIFTY

BBG ANR (Buy | Hold | Sell) 16|3|3 higher MT growth and lower risk free rate), the 99acres business

and Jeevansathi at 8x EV/Sales and Shiksha at 5x EV/Sales.