Ambani Stock Rallies 52% in Just 4 Days; ICICI Direct Sees Another 58% Upside Ahead

Synopsis: This Reliance Group stock has rallied around 54 percent in the last four trading sessions, driven by strong Q1 FY27 results, bullish brokerage views, key management appointments, a block deal, and increased investor interest.

The article outlines the factors that could have played a role in the rally of this company’s share, which is India’s leading local search engine, connecting users with local businesses, services, and stores.

With a market capitalization of RS 7,003 crore, Just Dial Ltd’s share made a day high of Rs 838 per share, up by 6 percent from its previous close price of Rs 790.35 per share, and has rallied around 52.4 percent over the last 4 trading sessions. The share of the company gave a negative return of 12.5 percent in the last year. Factors that might be fueling the rally in the share

Block Deal

One of the key factors behind the recent rally was a block deal on July 15. Irage Broking Services LLP sold 2,87,355 shares of Just Dial through a block deal at an average price of Rs 765.25 per share. Such transactions are closely tracked by investors as they often indicate increased institutional activity and can improve trading liquidity in the stock.

Brokerage Optimism

ICICI Direct & ICICI Securities: ICICI Direct has the highest target price on the Street at Rs 1,250, implying a 58.2 percent upside from the previous close. Meanwhile, ICICI Securities retained its Buy rating but cut its target price to Rs 825 from Rs 968, citing uncertainty around cash deployment, while expecting better cash distribution visibility and stronger paid campaign growth to support the stock.

Citi: Citi maintained its Buy rating with a target price of Rs 930, implying a potential upside of around 18 percent. The brokerage raised its FY27 and FY28 revenue estimates, supported by strong Q1 FY27 performance and faster growth driven by salesforce expansion. However, it expects higher investments in the near term, which may keep margins under pressure, and said sustained traffic growth remains a key factor to watch.

Kotak Institutional Equities: Kotak reiterated its Buy rating and set the highest target price of Rs 1,110, indicating a potential upside of about 40.5 percent. The brokerage raised its revenue estimates for FY27-FY29 on the back of stronger billings growth while increasing cost assumptions for employee and advertising expenses. It also believes any decision to return excess cash to shareholders could become a major trigger for the stock.

Leadership Changes

The company also announced key leadership changes. Just Dial’s board appointed Dinkar Ayilavarapu as the designated CEO and Key Managerial Personnel, effective July 10, 2026, and he will officially take over as CEO from August 1, 2026. Meanwhile, current CEO and Managing Director V.S.S. Mani will complete his term on July 31, 2026. The board also approved the appointment of Dinesh Taluja as Chief Financial Officer and Key Managerial Personnel, effective July 11, 2026.

Strong Financial Performance

Just Dial reported a strong start to FY27, with revenue rising 9.9 percent YoY to Rs 327.5 crore in Q1 FY27, while EBITDA stood at Rs 87.4 crore, up 1.1 percent YoY, with a healthy EBITDA margin of 26.7 percent. Operating profit before tax increased 4.9 percent YoY to Rs 75.1 crore, reflecting steady growth in the company’s core business.

The company’s net profit increased 4.1 percent YoY to Rs 166.2 crore, supported by a sharp rise in other income, which grew 170.3 percent QoQ due to higher mark-to-market gains on its treasury portfolio. Just Dial’s cash and investments also strengthened to Rs 6,022.1 crore as of June 30, 2026, compared to Rs 5,852.2 crore at the end of March 2026.

Business Performance

During the quarter, Just Dial’s total active listings rose 13 percent YoY to 56.1 million, while active paid campaigns increased 3.5 percent YoY to 639,200. Quarterly unique visitors totaled 192.9 million, up 5.8 percent QoQ, with 86.5 percent of traffic coming through mobile platforms, highlighting continued user engagement and the company’s strong digital presence.

About the Company

Justdial is India’s leading local search engine, connecting users with local businesses, services, and stores. Founded in 1996 by V.S.S. Mani, it lets users find providers via phone calls, websites, or mobile apps. Reliance Retail acquired a majority stake in 2021, making it a powerful force in India’s digital marketplace.

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