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Just Dial’s total active listings continued to expand steadily, reaching 51.2 million by Q2 FY26, up from 49.7 million in the previous quarter and 40.2 million a year ago. This consistent growth underscores the platform’s deepening reach across small businesses and service providers nationwide.
However, the share of paid listings - which drive the company’s revenue - has gradually declined from 1.4% in FY24 to 1.2% in Q2 FY26. This suggests that while Just Dial is attracting more free users and listings, conversion to paid campaigns is lagging, reflecting slower monetization efficiency in a highly competitive digital ecosystem.
What It Means:
- Just Dial continues to strengthen its network effects, adding scale and reach.
- However, the decline in paid listing ratio highlights the challenge of converting free business users into paying advertisers.
- The slower monetization could be linked to market saturation in metros and increased competition from Google Maps, IndiaMART, and niche discovery apps.
- Sustained topline growth will depend on new feature rollouts, tier-2/3 penetration, and cross-selling higher-value ad formats to existing users.
