Info Edge (INED.BO): Billings Growth at 13% YoY; Underlying at 14-15%

Info Edge reported 12.6% YoY growth in recruitment billings in 2QFY27 (vs. 17.5% in 1Q and 9.5% in 4QFY26). Reported recruitment billings growth can be volatile on a quarterly basis due to the timing of customer renewals, with some customers renewing ahead of schedule while others deferring renewals to subsequent quarters. Adjusting for these timing-related effects, mgmt. noted underlying recruitment billings growth at ~14-15% YoY in 2QFY27 vs reported growth of 12.6%. We expect 13.6% YoY growth in recruitment revenues in 2QFY27 (13.0% overall, including other classifieds). Expect 80bps QoQ improvement in overall EBITDA margins to 44.8% in 2QFY27 with EBITDA growth at 28% YoY to Rs3.8bn (improvement in recruitment vertical, 99 Acres and Jeevansathi offset by higher losses in Shiksha). Company also noted that adoption of AI products has continued to increase supported by growth in new customer sign-ups and revenue contribution. Retain Buy.