JPMorgan has upgraded Info Edge to Overweight with a target price of ₹1,500, citing an attractive valuation after a sharp correction in the core classifieds business.
The brokerage noted that the core EV/EBITDA multiple has de-rated to 21x/18x one-year/two-year forward, compared with 30x/25x just two months ago. It highlighted that the core classifieds business, excluding investments such as Eternal and PB Fintech, has corrected 26% over the past two months, compared with an 8% decline in the Nifty IT index.
JPMorgan expects Naukri’s billing momentum to gradually improve in FY27, forecasting 13% growth versus 11% in FY26E, along with some margin expansion. While the IT sector remains soft, it now contributes only 28% of Naukri’s billings, with global capability centres (GCCs) and non-IT segments growing at a faster pace.
The brokerage also pointed to the Naukri Jobspeak index, which has shown acceleration on a rolling three-month basis in January 2026, signalling potential improvement in hiring trends.
Disclaimer: The views expressed above are those of JPMorgan and do not represent the views of Business Upturn. This article is for informational purposes only and does not constitute investment advice.
