Nomura has maintained its buy rating on Info Edge with a target price of ₹1,585 per share, even as Q3FY26 billings came in slightly below expectations across multiple verticals. The brokerage noted that while growth moderated, the company continues to deliver double-digit expansion.
Nomura highlighted that Naukri billings in Q3 were marginally below expectations, reflecting a softer hiring environment. In the real estate vertical, 99acres billings grew 14.4% year-on-year, compared with Nomura’s expectation of 17% growth, while education and matrimony verticals reported billings growth of 13.7% YoY, below the estimated 20% growth.
Overall, total billings rose 11.8% YoY, trailing Nomura’s expectation of 13.6% growth, indicating some broad-based moderation across segments. Despite this, the brokerage remains constructive on Info Edge’s medium-term prospects, supported by its leadership positions, diversified digital portfolio and strong cash generation.
Nomura believes the near-term slowdown does not materially alter the long-term investment thesis, and continues to view Info Edge as a high-quality digital franchise with sustained growth potential.
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