Just Dial Q2 FY26: Growth Stabilizes, Monetization Strengthens, and Tier-2 Expansion Deepens
Just Dial’s Q2 FY26 marks a shift toward steady, efficiency-led growth - with stable revenues, rising realizations, and deeper Tier-2 market momentum.
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DMart’s Per-Store Revenue Plateaus as Growth Normalizes
DMart’s per-store revenue held steady at ₹1,516 million in Q2 FY26, with YoY growth slipping to just 1%. As consumer demand normalizes, the retailer’s focus is shifting from expansion to same-store efficiency, category mix, and margin improvement to sustain profitability.
Just Dial’s Monetization Stabilizes, But Growth Momentum Still Weak
Just Dial’s monetization per advertiser has stabilized around ₹19,000 after a prolonged decline - signaling pricing equilibrium but also highlighting limited headroom for yield-led growth.
60% of Listings, 42% of Revenue: The Monetization Gap in Just Dial’s Tier-2/3 Expansion
While 60% of Just Dial’s listings now come from Tier-2/3 cities, these smaller markets contribute only 42% of revenue - a clear sign that monetization is yet to catch up with reach. The platform’s growth engine lies beyond metros, but its earnings still lean urban.
51 Million Listings, But Fewer Paying: Just Dial’s Monetization Challenge Deepens
Just Dial’s listings surged past 51 million in Q2 FY26 - its highest ever - but the monetization rate continues to soften, with paid listings now only 1.2% of total. The platform’s reach is widening, but revenue growth increasingly hinges on better conversion rather than scale alone.