1QFY27 update — Naukri billings beat estimates Quick Note

Research evidence excerpt

1QFY27 update — Naukri billings beat estimates Quick Note

Global Markets Research

Info Edge INED.NS INFOE IN 7 July 2026

EQUITY: MEDIA & INTERNET

Rating1QFY27 update — Naukri billings beat estimates Remains Buy

Target price INR 1,320 RemainsQuick Note

Closing priceInfo Edge announced its 1QFY27 billing update on 7-Jul-2026. Key highlights are as follows: 6 July 2026 INR 1,025

• Recruitment (Naukri) billings grew 17.5% y-y vs our expectation of 10%. This came following

10.8%, 11% and 9.5% y-y growth in billings in 2QFY26, 3QFY26 and 4QFY26, respectively. Research Analysts

• Real estate (99acres) billings grew 16.6% y-y vs our expectation of 14% y-y growth. India Internet

• Other verticals’ (Education and Matrimony) billings were down 6.7% y-y vs our expectation of Abhishek Bhandari, CFA - NFASL

5% y-y growth. abhishek.bhandari@nomura.com

+91 22 403 74120

• Overall billings were up by 14.4% y-y vs our expectation of 10% growth.

Karan Nain - NFASL

Naukri billing growth beats estimates karan.nain@nomura.com

+91 22 676 26540

• Naukri billing growth (y-y) in 1QFY27 improved its trend seen in FY26 and specifically 4Q

FY26. We think premium hiring (jobs in niche skills with higher pays especially in tech) with

higher ARPUs and a renewed focus on consumer business (new AI-led offerings including

resume maker, mock interviews and jobseeker agents) may have led to this strong growth

despite a possible weakness in the Middle East market due to the ongoing conflict.

• Real estate also had strong billing growth. 4Q FY26 billings were impacted by internal

changes including sales organization changes and tighter invoicing/process controls;

management called it as “a one-time transitional impact on 4Q billings” and expected growth

to recover in 1Q FY27.