Info Edge: Billings accelerate, likely from premiumisation; sustainability key

Research evidence excerpt

Info Edge: Billings accelerate, likely from premiumisation; sustainability key

J P M O R G A N Asia Pacific Equity Research

07 July 2026

Info Edge Overweight

INED.NS, INFOE IN

Billings accelerate, likely from premiumisation; Price (07 Jul 26):Rs1,159.45

sustainability key Price Target (Mar-27):Rs1,350.00

INFOE reported its 1QFY27 billings update with overall billings growing 14% YY Head of APAC Telecoms and India

led by strong growth in Naukri billings of 18% YY (JPMe 11%). Naukri billings TMT Research

saw significant acceleration in growth from 10-11% over the last three quarters to Ankur Rudra, CFA AC

18%. Surprisingly, this strength is not visible in Naukri Jobspeak data (Fig 3/4) (65) 6801-3237

suggesting it is premiumisation-led. We believe the growth acceleration has likely ankur.rudra@jpmorgan.com

been boosted by accelerating growth across IT Services (had slowed down in 4Q), J.P. Morgan Securities Singapore Private Limited

GCC (had declined in 4Q) and Naukri Gulf in addition to better realization as Info Bhavik Mehta, CFA

Edge has been trying to monetise premium services. While we will watch for (91-22) 6157-3871

bhavik.mehta@jpmchase.com

sustainability of the Naukri billings growth around mid-teens levels given our J.P. Morgan India Private Limited, J.P. Morgan

weak growth outlook, we are encouraged by the likely success in premiumisation Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

that could be sustainable in addition to potential support across Non-IT, Gulf and

Harshit Sharma

GCC over the rest of FY27. With core still trading at 17x E/EBITDA 2yr fwd which

(91-22) 6157-5879

offers great value in our view, we reiterate OW. harshit.sharma@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan