Just Dial - ‘Stealth’ Mode On; Compelling Risk-Reward Skew: ICICI Securities Re-initiates Coverage

We believe concerns around the growth prospects and fears of delisting have been overpriced into the stock.

A JustDial office space in Chennai. (Source: Company website)

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ICICI Securities Report

Just Dial Ltd. now has ~26% revenue exposure to the business-to-business e-commerce segment. We think this is likely to be the primary growth driver for the company going forward and grow to ~36% of overall revenue in FY25E buoyed by penetration-led growth in the overall B2B e-commerce market.

The stock has corrected ~40% in the past year due, in our view, to concerns regarding growth prospects and fears that the parent may de-list the entity.

Click on the attachment to read the full report:

ICICI Securities Just Dial Reinitiating.pdf
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