Key Quantitative Figures - Standalone Performance (Q4 FY26)
- Billings: ₹1,057 crores, a YoY growth of 7%.
- Revenue: ₹805 crores, a YoY growth of 17%.
- Operating Profit: ₹323 crores, a YoY growth of 39%.
- Operating Margin: 40%.
- Cash from Operations (before taxes): ₹621 crores, a YoY growth of 16%.
- Cash from Recruitment Business: ₹619 crores.
- Cash from Non-Recruitment Businesses: ₹37 crores.
Key Quantitative Figures - Standalone Performance (Full Year FY26)
- Billings: ₹3,178 crores, a YoY growth of 10%.
- Revenue: ₹3,052 crores, a YoY growth of 15%.
- Operating Profit: ₹1,138 crores, a YoY growth of 17%.
- Operating Margin: 37%.
- Cash from Operations (before taxes): ₹1,469 crores, a YoY growth of 12%.
- Cash Balance (including wholly-owned subsidiaries) as of March 31, 2026: ₹4,963 crores.
- Dividend: The board approved a final dividend of ₹3.6 per share. The total dividend for FY26 is ₹8.4 per share, a 40% increase over the previous year.
Segmental Performance & Business Highlights
1. Recruitment Business (Naukri)
Q4 FY26 (Standalone):
- Billings: ₹811 crores (+10% YoY)
- Revenue: ₹581 crores (+14% YoY)
- Operating Profit: ₹340 crores (+22% YoY)
- Operating Margin: 58%
- Cash Generated: ₹619 crores (+16% YoY)
Q4 FY26 (Including Zwayam & DoSelect):
- Billings: ₹838 crores (+9% YoY)
- Revenue: ₹608 crores (+12% YoY)
Full Year FY26 (Standalone):
- Billings: ₹2,374 crores (+10% YoY)
- Revenue: ₹2,256 crores (+14% YoY)
Full Year FY26 (Including Zwayam & DoSelect):
- Billings: ₹2,461 crores (+9% YoY)
- Revenue: ₹2,343 crores (+13% YoY)
- Operating Profit: ₹1,277 crores (+14% YoY)
- Operating Margin: 57%
- Cash Generated: ₹1,513 crores (+13% YoY)
Operational Context: FY26 was a year of moderate growth, with billing growth in the 9-11% range each quarter, impacted by geopolitical headwinds and cautious corporate hiring. The JobSpeak Index grew 7-8% YoY for the full year.
- Segment Growth (Full Year FY26): Tech/IT/BPM combined +8% YoY, GCCs +10% YoY, Recruitment Consultants +6% YoY, Other Sectors +8% YoY.
- Naukri Jobseeker Services: Q4 billings ₹53 crores (+33% YoY) with a 60% operating margin. FY26 billings ₹176 crores (+19% YoY).
- NaukriGulf: Q4 billings ₹41 crores (+9% YoY). FY26 billings ₹126 crores (+16% YoY).
- JobHai: Operates on a freemium model and is in an investment phase.
- Platform Metrics: The Naukri platform hosts ~115 million resumes, adding ~21,000 resumes per day in Q4.
2. Real Estate Business (99acres)
Q4 FY26:
- Billings: ₹163 crores (+2% YoY)
- Revenue: ₹144 crores (+36% YoY)
- One-Time Adjustment: A ₹20.5 crore provision related to warranty assumptions on lead-based products was reversed, increasing revenue for the quarter and year. This is a one-time event.
- Operating Profit: ₹3 crores
- Cash Generated: ₹22 crores
Full Year FY26:
- Billings: ₹497 crores (+10% YoY)
- Revenue: ₹488 crores (+19% YoY)
- Operating Loss: ₹59 crores
- Cash Loss: ₹5 crores
Operational Context: Q4 billings were impacted by organizational changes and tightened processes. The business holds a 52% traffic timeshare (as of April 2026). Live resale/rental listings from brokers grew 35% YoY; new project listings grew 28% YoY. The business is expected to turn cash-generative in FY27.
3. Matchmaking Business
Jeevansathi (Q4 FY26):
- Billings: ₹39 crores (+21% YoY)
- Revenue: ₹36 crores (+19% YoY)
- Operating Loss: ₹3 crores
- Cash Generated: ₹4 crores
Jeevansathi (Full Year FY26):
- Billings: ₹142 crores (+28% YoY)
- Revenue: ₹138 crores (+26% YoY)
- Operating Loss: ₹4 crores
- Cash Generated: ₹15 crores
Portfolio (Jeevansathi + Aisle) (Full Year FY26):
- Billings: ₹182 crores (+29% YoY)
- Operating Loss: ₹15 crores (reduced by 50% YoY)
4. Education Business (Shiksha)
Q4 FY26:
- Billings: ₹45 crores (-13% YoY)
- Revenue: ₹44 crores (+11% YoY)
- Operating Profit: ₹6 crores
- Cash Generated: ₹11 crores
Full Year FY26:
- Billings: ₹164 crores (+1% YoY)
- Revenue: ₹170 crores (+13% YoY)
- Operating Profit: ₹13 crores
- Cash Generated: ₹22 crores
Operational Context: The business faces headwinds from AI-driven changes in search behavior affecting traffic. It is pivoting towards counselling services and diversifying into study abroad markets like the UK and UAE.
Management Commentary & Strategy for FY27
- Recruitment: Strategy focused on hiring volume, market share, and revenue per hire. Key initiatives include AI-Rex (agentic AI for recruiters, with 1,000 clients and 30,000 job mandates), Talent Pulse (data products), and scaling JobHai.
- Real Estate (99acres): Focus on converting traffic share gains (52%) into monetization. The rollout of "99Shorts" (video-based project discovery) is planned for more cities. Aiming for the business to become cash-generative.
- AI Investment: AI is seen as an enhancer, not a disrupter. The company is investing in AI across its platforms to improve matching, productivity, and unlock new revenue streams. Generative AI features are already live (e.g., AI mock interviews used by 1.5M users monthly).
- Overall Goal: Convert AI and product progress into meaningful adoption and revenue acceleration in FY27.
Q&A Highlights from Analysts
- Hiring Sentiment: Described as "lukewarm" or "subdued," not a hot market. Impacted by global uncertainty and a focus on productivity, especially in GCCs and IT.
- 99acres Competition: Management attributes market share gains to strong execution. Notes that competitor Housing.com has a high annual burn rate (~₹250 crores).
- JobHai: Monetizing in Delhi-NCR; template will be expanded to Mumbai and Bangalore. Model is similar to competitors like Apna and WorkIndia.
- Margins: Aim to maintain margins if topline grows in double digits. Continued investment in JobHai and AI is a priority.
- M&A: Open to acquisitions in the real estate space "at the right price for the right asset."