Company or through its wholly-owned subsidiaries in
early-stage startups for long-term value creation; and (ii)
investments through AIFs.

The standalone financial results reflect the performance
of the Company’s operating businesses. These include
the primary brands: Naukri, 99acres, Jeevansathi
and Shiksha. As these businesses evolve, strategic
investments have been made into entities that supports
and expand the opportunity size for these primary brands
in their respective domains.

In the operating business, recruitments, the standalone
financial performance remained resilient, with billings
growing at 10.04%. For the non-recruitment portfolio
comprising of 99acres, Jeevansathi and Shiksha, billings
continued to grow by 10.94%, while losses in terms of
operating Profit before tax ('PBT') reduced by 15.80%.
The businesses have maintained cash profitability for two
consecutive years. Non recruitment portfolio generated
a cash inflow of ?312.78 Million in FY26. Across these
businesses, despite a highly competitive environment,
the Company continued to execute on key drivers of
long-term growth in FY26, strengthening its potential for
sustained value creation.

The revenue from operations for FY26 was up by 15.01%
to ?30,520.29 Million from ?26,536.13 Million for FY25.

The total income of the Company stood at ?33,874.19
Million up by 14.15% for FY26 from ?29,673.88 Million

for FY25. The other income of the Company contributed
?3,353.90 Million to the total income for FY26.

The total expenses for the year stood at ?19,143.14 Million
up by 13.93% for FY26 from ?16,802.84 Million for FY25.

Operating PBT, for the year, was up by 16.89% over
previous year and stood at ?11,377.15 Million in FY26 in
comparison with ?9,733.29 Million in FY25. PBT from
ordinary activities (before exceptional items) was up by
14.45% and stood at ?14,731.05 Million in FY26 as against
?12,871.04 Million in FY25.

DIVIDEND

Your Company has maintained a consistent & impressive
track record of dividend payments over the years, in line
with its approved Dividend Distribution Policy. During
the year, the Company revised the Dividend Distribution
Policy to align it with the amended Securities and
Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('Listing
Regulations'). The revised policy expanded the factors
and circumstances considered for declaration of
dividend, provided additional avenues for utilisation of
retained earnings and revised the target dividend payout
framework. The revised Policy is available on the website
of the Company at www.infoedge.in/pdfs/Dividend-
Policy.pdf.

The details of Dividends declared during the year under
review are given below:

1. FINANCIAL REVIEW

STANDALONE FINANCIAL STATEMENTS

The Audited Standalone Financial Statements for the
financial year ended March 31, 2026 have been prepared
in accordance with the Companies (Indian Accounting
Standards) Rules, 2015 ('Ind-AS') prescribed under
Section 133 of the Companies Act, 2013 (the 'Act') and
other recognized accounting practices and policies to the
extent applicable.

The Company derives its revenue from recruitment, real
estate, matchmaking and education businesses & related
services and other income.

The Company has aligned its business with the objective
of creating a long-term value for its stakeholders. From a
strategic perspective, it operates through two portfolios
- the operating businesses and the financial investments.

The operating business encompasses recruitment,
real estate, matchmaking, and education verticals, with
varying levels of maturity stages and established market
leadership. As digitisation and advanced technology
reshape the landscape, the competition continues to
intensify, necessitating continual strategic evolution
and significant investments. Current initiatives focus
on service expansion and new revenue generation while
preserving market leadership. The operating businesses
are supported by strategic investments that bolster
existing business platforms, allowing targeted business
development and enhanced service capabilities.

The Company has adopted a hybrid investment approach,
combining direct investments from its balance sheet and
wholly-owned subsidiaries with structured investments
through dedicated Alternative Investment Funds ('AIFs').
These investments are broadly classified into two
categories: (i) direct investments, made either by the

Further, the Board of Directors at its meeting held on
May 22, 2026, also recommended payment of Final
Dividend at the rate of ?3.60/- per equity share of ?2/-
each for FY26. However, the payment of Final Dividend is
subject to the approval of the shareholders at the ensuing
Annual General Meeting ('AGM') of the Company to be
held on Tuesday, August 25, 2026. The record date for
the purpose of the payment of Final Dividend is Friday,
July 24, 2026 and the same will be paid on or after
Wednesday, September 2, 2026.

The Company pays dividend after deducting tax in
compliance with the Income Tax Act, 1961, as amended
from time to time.

TRANSFER TO RESERVES

The Company does not propose to transfer any amount
to the reserves.

SHARE CAPITAL

During the year under review, based on approval and
recommendation of the Board of Directors of the
Company, the Members, vide resolution passed by way of
postal ballot on April 11, 2025, inter-alia, approved the sub-
division/split of equity shares of the Company, such that
1 (one) equity share having face value of ?10/- (Rupees
Ten only) each, fully paid-up, was sub-divided into 5 (five)
equity shares having face value of ?2/- (Rupees Two only)
each, fully paid-up.

After the requisite approvals of the Stock Exchanges i.e.
BSE Ltd. ('BSE') and the National Stock Exchange of India
Ltd. ('NSE') and the depositories i.e. National Securities
Depository Ltd. ('NSDL') and Central Depository Services
(India) Ltd. ('CDSL'), new ISIN (INE663F01032) was
allotted to the equity shares of the Company. The effect
of change in face value of the shares was reflected on the
share price at the Stock Exchanges, where the Company

is listed (BSE and NSE), effective from May 7, 2025
i.e. record date for the purpose of sub-division/split of
equity shares of the Company. As a result of the sub-
division/split of the Company’s equity shares, the shares
have become more affordable, encouraging broader
investor participation.

Further, during the year, the Company issued and allotted
500,000 equity shares on September 12, 2025, at an issue
price of ?2/- each to Info Edge Employees Stock Option

The Company has not issued any shares with differential
voting rights or sweat equity shares during FY26.

LISTING OF SHARES

The Company’s shares are listed on BSE & NSE with effect
from November 21, 2006, since its initial public offering
('IPO’). The annual listing fees for the FY27 to BSE and
NSE has been paid.

DEPOSITS

During the year under review, the Company has not invited
or accepted any Deposits from the public/Members
pursuant to the provisions of Sections 73 and 76 of the
Act read together with the Companies (Acceptance of
Deposits) Rules, 2014.

2. OPERATIONS REVIEW

The Company is primarily engaged in the business of
operating multiple internet based services through its
various web portals and mobile applications. It currently
operates in four service verticals - in recruitment
solutions through its brands Naukri, iimjobs, Hirist, Job
Hai, NaukriGulf, Naukri Campus, Naukri 360, Naukri
Fast Forward and AmbitionBox, along with wholly-
owned subsidiaries-Zwayam and DoSelect; in real estate
services through its brand 99acres; in matchmaking
services through its brand Jeevansathi, along with
wholly-owned subsidiary, Aisle; and in education services
through its brand Shiksha and Study Abroad. The Board
of Directors of the Company examines the Company’s
performance both from a business & geographical
perspective and has accordingly identified its business
segments as the primary segments to monitor their
respective performance on regular basis and therefore
the same have been considered as reportable segments
under Ind-AS 108 on Segment Reporting. The reportable
segments identified are 'Recruitment Solutions’,
'99acres for real estate’ and the 'Others’ segment. The
'Others’ segment comprises Jeevansathi and Shiksha
service verticals since they individually do not meet the
qualifying criteria for reportable segment as per the said
Accounting Standard.

Plan Trust. The fresh shares allotted as aforesaid have
been duly listed on the Stock Exchanges and shall rank
pari-passu with the existing equity shares of the Company,
in all respects.

Accordingly, pursuant to the sub-division/split of equity
shares and after giving effect to the allotment of equity
shares to the Info Edge Employees Stock Option Plan
Trust, as aforesaid, the capital structure of the Company
as on March 31, 2026, was as follows:

RECRUITMENT SOLUTIONS

Naukri remained resilient throughout FY26, strengthening
its market leadership as a comprehensive talent partner
spanning sourcing, assessment, employer branding,
talent engagement, end-to-end recruitment productivity
improvement and upskilling. Anchored by Naukri, India’s
leading job marketplace, and supported specialised
platforms such as iimjobs, Hirist, Job Hai, NaukriGulf,
Naukri Campus, Naukri 360, Naukri Fast Forward,
AmbitionBox, DoSelect and Zwayam, the Company is well-
positioned to address the evolving talent requirements of
modern enterprises. As of March 31, 2026, the platform
had over 146,000 corporate clients and hosted over 115
Million resumes, with approximately 23,000 new resumes
added and more than 713,000 updated daily.

The recruitment businesses are organised into four
categories-Recruitment B2B, Candidate & Jobseeker
Services (B2C), NaukriGulf, and Job Hai catering to the
blue and gray collar segments.

Recruitment B2B: It spans across the Premium segment
(above ?30 Lakh CTC), Mid-Segment (?5-30 Lakh CTC)
and Value segment (less than ?5 Lakh CTC)—supported
by a portfolio of specialized platforms and enterprise
tools as detailed below:

Naukri along with specialized platforms, iimjobs and
Hirist serve the fast-growing premium segment. iimjobs
primarily caters to senior management and leadership
hiring, while Hirist is an exclusive platform for premium
technology talent. PremiumX, launched in FY26, further
extends the Company’s premium offerings. Naukri
TopTier, offered as part of the Naukri platform, provides
a differentiated, invite-only experience for premium
job seekers.

Naukri Campus supports fresher hiring for the digital-
first generation. AmbitionBox offers company reviews
and salary insights, helping candidates make informed
decisions. Zwayam is an AI-powered enterprise
recruitment automation platform that digitises the
end-to-end hiring process. DoSelect is an assessment
platform used by clients to evaluate and hire tech talent.

AI-Rex is Naukri’s agentic AI platform, enabling end-to
end talent sourcing automation from mandate intake
to candidate shortlisting, to reduce time-to-hire. Talent
Pulse and Executive Intelligence turn proprietary data
into AI-powered talent insights on salaries, branding,
movement and workforce planning.

Candidate & Jobseeker Services (B2C): The business
continued to enhance its value proposition through AI
driven solutions, delivering smarter job matching, faster
resume discovery and improved candidate engagement.
Jobseeker services were strengthened through Naukri
360, a career platform offering resume preparation,
interview training and mock sessions, complemented
in FY26 by the launch of Jobseeker Agent - Neo for AI-
powered job discovery and auto job apply.

NaukriGulf: Beyond India, the Company operates
NaukriGulf, a Middle East-focused hiring platform
replicating Naukri’s Indian model across the six GCC
countries, with the UAE being its key market. The business
witnessed strong activity through most of FY26, with
some moderation towards the year-end owing to regional
conflict in West Asia.

Job Hai: Job Hai caters to the fragmented, underserved
blue and gray collar market in the value segment. The
platform now spans 640 cities and over 45 job categories
nationwide, with over 18 Million jobseekers, monetised
through job postings, database access, job boost,
assisted hiring and WhatsApp-based outreach. Having
established market leadership in Delhi NCR, Job Hai is
preparing to extend its model to Mumbai, Bengaluru and
other major markets.

During the year under review, revenue from recruitment
solutions segment was up by 13.79% from ?19,826.18
Million in FY25 to ?22,559.44 Million in FY26. Operating
Profit before tax in recruitment solutions in FY26 was
?12,771.84 Million as compared to ?11,164.01 Million
in FY25.

99ACRES

The 99acres platform primarily operates across two
strategic business areas: the Primary Business, focused
on new projects and new homes, and the Secondary
Business, focused on resale properties in the residential
and commercial segment. In addition, the platform
offers a wide range of rental listings in the residential
and commercial segment, including family rental homes,
co-living spaces, paying guest accommodations, small to
mid-sized shops and office spaces, warehouses, factory/
industrial land, to serve the evolving needs of urban users
and clients.

The business has continued to focus on improving the
user interface and providing high-quality content. This
has been at the core of the business’s push to gain user
traffic. Among online real estate players, 99acres now

leads the market in web traffic time share at 51% as of
March 31, 2026, up from around 32%, seven quarters
earlier. Leadership has also broadened geographically,
with 99acres now the traffic leader across nearly every
major city in terms of traffic, supply and number of
customers. On mobile, the platform commands 56% of
overall app traffic time share and 70% of iOS app traffic
time share.

Online activity continues to be more prominent in the
secondary market, where vertical platforms like 99acres
play a larger role due to its wider reach and strong
discovery capabilities. 99acres continues to strengthen
its leadership in the segment through tech innovation,
deeper market penetration, and a customer-centric
approach. AI continues to be a key enabler in content
generation, lead conversion, and customer service,
supported by an on-ground telesales team. While the
key large metros remain the core contributors, a wider
geographic footprint is expected to support mid to long¬
term business expansion. With continued investment in
technology, content and reach, 99acres is well-positioned
to capture emerging opportunities in India’s evolving real
estate market.

During the year under review, revenue from real estate
business was up by 18.81% from ?4,107.93 Million in FY25
to ?4,880.58 Million in FY26. Operating loss before tax in
real estate business in FY26 was increased to ?591.59
Million as compared to ?475.25 Million in FY25.

OTHERS

The Company also provides matchmaking and education-
based classifieds and related services through its portals
Jeevansathi and Shiksha, respectively.

From an all-India perspective, the online matrimonial
site Jeevansathi remains one of the top players. Given
the nature of the market and high levels of customer
fragmentation, Jeevansathi focuses on catering to
specific regions and communities, with a relatively
stronger positioning in North India and a good presence
in Western India. During FY26, Jeevansathi continued to
strengthen its freemium-led operating model, introduced
in April 2022, remaining focused on improving sales
conversions and average revenue per user. The platform
maintained its concentration on the Hindi-speaking
markets, where it holds a 45% profile share and is the
market leader in terms of users logged in every day. Key
metrics such as profile acceptances and two-way chats
continue to show healthy growth.

Info Edge has supplemented its online matrimonial
offering with a presence in the high-intent, app-based
dating market through Aisle, a wholly-owned subsidiary
of the Company. Aisle serves users seeking committed
relationships and operates a portfolio of regional dating
apps, including Arike for Malayali users, Anbe for Tamil
users, Neetho for Telugu users and Neene for Kannada
users. Arike has established clear leadership in the

Malayalam dating segment and continues to grow at over
40% year-on-year.

AI is now embedded across both platforms, with
recommendations, matching and pricing fully AI-driven,
and both Jeevansathi and Aisle are now operating
near breakeven, reflecting improving monetisation and
disciplined investment.

In the education space, Shiksha is India’s leading higher
education guidance platform, supporting students
across both domestic and Study Abroad segments.
Adopting a student-first approach, the platform provides
comprehensive insights into careers, exams, colleges and
courses, and collaborates with educational institutions
to facilitate student discovery and promote relevant
academic courses, steadily transforming itself from
an online classifieds-based information provider into
a solutions provider for the Indian student community
moving from school to college and higher education.
During the year, the Study Abroad business remained
impacted by tighter visa norms in key destination
markets, prompting a diversification towards alternative
destinations such as the United Kingdom, the UAE
and continental Europe, while the domestic business
strengthened its counselling capabilities and pivoted
its operating model to address AI-led changes in search
behaviour following a decline in organic traffic.

During the year under review, revenue from the
matchmaking business grew by 25.94% from ?1,098.17
Million in FY25 to ?1,382.73 Million in FY26, and revenue
from the education business grew by 12.88% from
?1,503.86 Million in FY25 to ?1,697.54 Million in FY26.

Detailed analysis of the performance of the Company and
its respective business segments has been presented in
the section on Management Discussion and Analysis
Report forming part of this Annual Report.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been
prepared in accordance with the Ind-AS prescribed under
Section 133 of the Act and other recognized accounting
practices and policies to the extent applicable.

The Consolidated Financial Statements have been
prepared on the basis of the Audited Financial Statements
of the Company, its subsidiaries, controlled trusts
and jointly controlled companies, as approved by their
respective Board of Directors/Trustees, as applicable,
except for the companies in respect of which investment
has been fully impaired. However, for the purpose of
consolidation of financial statements of the Company as
regards the investment in LQ Global Services Pvt. Ltd.,
Shop Kirana E Trading Pvt. Ltd., NoPaperForms Solutions
Ltd., Agstack Technologies Pvt. Ltd., Akshamaala
Solutions Pvt. Ltd., Makesense Technologies Ltd. and
Printo Document Services Pvt. Ltd., unaudited financial
statements have been considered.

The Company, on a consolidated basis, achieved net
revenue of ?32,847.32 Million during the year under review
as against ?28,495.51 Million during the previous financial
year, up by 15.27% year on year. The total consolidated
income for the year is ?43,432.86 Million as compared to
?39,227.98 Million in FY25.

Operating PBT, on a consolidated basis, for the year,
stood at ?10,240.32 Million in comparison with ?7,243.95
Million in FY25. Total Comprehensive Income, in FY26, is
reported to be ?35,033.50 Million in comparison to Total
Comprehensive Income of ?48,773.89 Million in FY25.

DETAILS OF SUBSIDIARIES/JOINT VENTURE
(ASSOCIATE) COMPANIES

As on March 31, 2026, the Company had 15 subsidiaries.
During the year under review and the period between
the end of the financial year and the date of this report,
following changes have taken place in status of subsidiary/
joint venture (associate) companies of the Company:

•    Makesense Technologies Ltd. ('MTL’), ceased to be a
subsidiary of the Company pursuant to amalgamation
with PB Fintech Ltd. ('PB Fintech’): During the year under
review, the Hon’ble National Company Law Tribunal,
Chandigarh Bench on August 29, 2025 sanctioned
the Scheme of Amalgamation of MTL, subsidiary
of the Company, ('Transferor Company’) with PB
Fintech ('Transferee Company’) and their respective
shareholders under Sections 230 to 232 and other
applicable provisions of the Act. Accordingly, MTL
was amalgamated with PB Fintech and, consequently,
ceased to be a subsidiary of the Company.

•    Aisle Network Pvt. Ltd. ('Aisle’) became a step-
down wholly-owned subsidiary of the Company: The
Company, through Jeevansathi Internet Services
Pvt. Ltd. ('JISPL’), a wholly-owned subsidiary of the
Company, held approximately 96.35% of the paid
up share capital of Aisle. During the year, JISPL
acquired the remaining stake of 3.65% in Aisle for an
aggregate consideration of ?55 Million as consolidated
consideration for purchase of remaining shares, by way
of secondary acquisition, and termination of existing
arrangements with the shareholder from whom the
remaining shares were acquired. Consequently,
pursuant to the aforesaid acquisition, Aisle became a
step-down wholly-owned subsidiary of the Company,
on the basis of its paid-up share capital.

•    Transfer of entire stake held in Agstack Technologies
Pvt. Ltd. ('Gramophone’) to Akshamaala Solutions
Pvt. Ltd. ('Unnati’) and investment in Unnati: During
the year under review, the Company through Startup
Investments (Holding) Ltd. ('SIHL’), a wholly-owned
subsidiary of the Company, transferred its entire
shareholding in Gramophone aggregating to 50.94% to
Unnati in consideration for preference shares of Unnati
representing 15.75% on a fully diluted basis. Prior to
such transfer, SIHL’s shareholding in Gramophone

increased from 39.58% to 50.94% on an 'as if converted
basis’ on account of the valuation at which the exit
event was undertaken by Gramophone, resulting
in Gramophone technically becoming a subsidiary
of SIHL for a limited period. Further, SIHL invested
approximately ?350 Million by way of primary infusion
in preference shares of Unnati, pursuant to which SIHL’s
aggregate shareholding in Unnati increased to 20.25%
on a fully diluted basis. Consequently, Gramophone
ceased to be a subsidiary and Unnati became an
associate of the Company.

• Proposed transfer of entire stake held in Shopkirana
E Trading Pvt. Ltd. ('Shopkirana’) to Trustroot Internet
Pvt. Ltd. ('TIPL’): During the year under review, the
Company agreed to transfer its entire shareholding
held in Shopkirana, through SIHL, aggregating to
26.14% on a fully converted and diluted basis, to TIPL in
consideration of preference shares of TIPL aggregating
to 2.021%, on a fully converted and diluted basis.
Pursuant to the execution of the definitive agreements
for the above transaction and from the date of closing
of the transaction, Shopkirana will cease to be an

associate company of the Company. As on the date
of this report, the closing of the above transaction is
subject to completion of various conditions precedent
and will be undertaken in accordance with the terms of
definitive agreements and subject to clearance from
the authorized dealer bank.

During the year under review, the Board of Directors of
the Company reviewed the affairs of the subsidiaries. A
statement containing the salient features of the financial
statements of the subsidiaries/joint ventures (associate)
companies in the prescribed form AOC-I is given as
Annexure I to this report. The statement also provides
the details of performance and financial position of each
of the subsidiaries/joint ventures (associate) companies
and their contribution to the overall performance of
the Company.

The developments in the operations/performance of each
of the subsidiaries/joint ventures (associate) companies
included in the Consolidated Financial Statements are
presented as under:

Scheme(s) of Amalgamation

1.    Scheme of Amalgamation between Makesense
Technologies Ltd. ('MTU) and PB Fintech Ltd. ('PB Fintech'):

During the year under review, the Hon’ble National Company
Law Tribunal, Chandigarh Bench ('Hon'ble NCLT') on August
29, 2025 sanctioned the Scheme of Amalgamation of MTL,
subsidiary of the Company, ('Transferor Company') with
PB Fintech ('Transferee Company') and their respective
shareholders under Sections 230 to 232 and other
applicable provisions of the Act. Accordingly, MTL was
amalgamated with PB Fintech and, consequently, ceased
to be a subsidiary of the Company.

2.    Scheme of Amalgamation of wholly-owned subsidiaries
of the Company, namely Axilly Labs Pvt. Ltd., Diphda
Internet Services Ltd., Zwayam Digital Pvt. Ltd.,
Allcheckdeals India Pvt. Ltd. with the Company: The

respective Board of Directors of the Company ('Transferee
Company') and its wholly-owned subsidiaries, namely
Axilly Labs Pvt. Ltd., Diphda Internet Services Ltd. and
Zwayam Digital Pvt. Ltd. ('Transferor Companies'), at their
meetings held on August 9, 2024, approved a Scheme
of Amalgamation amongst the Transferor Companies
and the Transferee Companies, and their respective
shareholders and creditors ('Scheme'). The Scheme
was subsequently amended on February 5, 2025, to
include Allcheckdeals India Pvt. Ltd., a wholly-owned
subsidiary of the Transferee Company, as an additional
Transferor Company.

The Scheme filed with NSE and BSE, is subject to requisite
approvals from the Hon’ble National Company Law
Tribunal, New Delhi Bench ('Hon'ble NCLT'), and other
competent authorities. Pursuant to a joint application
filed under Sections 230 to 232 of the Act, the Hon'ble
NCLT, vide its Order dated April 7, 2026, dispensed with the
requirement of convening meetings of the shareholders
and creditors of the Transferor Companies, while directing
such meetings to be held for the Transferee Company. The
Company has filed an appeal before the Hon'ble National
Company Law Appellate Tribunal against this Order,
seeking similar dispensation for the Transferee Company.

INVESTEE COMPANIES

The Company has the following continuing external
financial and strategic investments.

All holding percentages in the investee companies given
below are computed on fully converted and diluted basis.
The percentage holdings are held directly or through its
subsidiaries. It may be noted that the actual economic
interest in these investee companies may or may not
result into equivalent percentage shareholding on
account of the terms of the agreements with them and
ESOP Pool (if any).

A. SUBSIDIARIES (INVESTEE COMPANIES)

The Company’s investment made through Allcheckdeals India Private Limited ('ACD’), its wholly-owned subsidiary, in 4B
Networks Private Limited ('Broker Network’), was fully impaired in FY23. The matter continues to be the subject of arbitration,
insolvency, investigative, and other legal proceedings, including related proceedings before the Hon’ble Delhi High Court and
the National Company Law Tribunal, Mumbai.

B. UNLISTED INVESTEE COMPANIES

C: LISTED INVESTEE COMPANIES

As on March 31, 2026, the Company holds investments in
the following listed entities:

1.    Eternal Ltd. (formerly known as Zomato Ltd.): As on

March 31, 2026, the Company holds an aggregate
stake of 12.43% in Eternal Ltd., comprising 12.38%
held directly and 0.05% held through NISL.

2.    PB Fintech Ltd.: As on March 31,2026, the Company
holds an aggregate stake of 12.12% in PB Fintech,
comprising 6.31% held directly, 1.83% through SIHL
and 3.98% through DISL.

The aforesaid Investee Company(ies), including the
companies that became part of the portfolio during the
year (except Lumiq, Unbox Robotics, BrainSight, String
Bio, Attentive AI, Skylark, Ray IoT, Psila, Vyuti, Ubifly,
Attentive OS, SkyServe, Nexstem, VLCC, Aina, Bharat
Semi, Genoscope and other listed investee companies),
achieved an aggregate revenue of ?5,828.53 Million as
against ?11,837.53 Million during the previous financial
year. The aggregate operating PBT level loss was
?1,336.71 Million as compared to ?3,168.58 Million during
the previous financial year.

The above companies are treated as 'Associate Company/
Joint Ventures', except where mentioned specifically,
in our Consolidated Financial Statements as per the
Accounting Standards issued by the Institute of Chartered
Accountants of India and notified by the Ministry of
Corporate Affairs.

Contributions made to Alternative Investment
Funds

As part of its financial investment strategy, the Company
established Info Edge Venture Fund (IEVF) in FY20, a
trust registered with the Securities and Exchange Board
of India (SEBI) as a Category II Alternative Investment
Fund under the SEBI (Alternative Investment Funds)
Regulations, 2012 (AIF Regulations), with IE Venture Fund
I (IEVF I) as its maiden scheme, focused on investments
in technology and technology-enabled entities.

IEVF I was launched with a corpus of ?7,575 Million,
with the Company and its wholly-owned subsidiaries
committing approximately ?3,800 Million and MacRitchie
Investments Pte. Limited [an indirect wholly-owned
subsidiary of Temasek Holdings (Private) Limited]
committing ?3,750 Million.

In FY23, a second scheme, IE Venture Fund Follow-on
I (IEVF Follow-on Fund), was added to IEVF to provide

follow-on capital to portfolio companies of IEVF I.
Concurrently, the Company established two additional
AIF trusts — Info Edge Capital (IEC) and Capital 2B (C2B)
— each as a Category II AIF under the AIF Regulations.
IEC launched IE Venture Investment Fund II (IEVI Fund
II) with a corpus of ?12,716.3 Million, which continues
to invest in technology and technology-enabled entities,
and C2B launched Capital 2B Fund I (C2B Fund) with a
corpus of ?6,378.1 Million, with a focus on deep-tech
companies, as their respective schemes. The Company,
along with its wholly-owned subsidiaries, committed
?5,675 Million and ?2,862.5 Million to IEVI Fund II and C2B
Fund respectively. MacRitchie Investments Pte. Limited,
admitted as a contributor in FY23, has committed ?5,625
Million and ?2,812.5 Million to IEVI Fund II and C2B Fund,
respectively. Subsequently in FY24, DFOSG Pte. Ltd.
(DFOSG) was added as a contributor and committed
?1,406.3 Million and ?703.1 Million to IEVI Fund II and
C2B Fund, respectively.

In FY25, the Company established Karkardooma Trust
(KT) as a Category II AIF under the AIF Regulations,
under which IE Venture Investment Fund III, a scheme
of Karkardooma Trust (Fund III) was launched with
a target corpus of ?15,000 Million, and a greenshoe
option of ?10,000 Million, to invest in technology and
technology-enabled entities, with a particular focus on
Artificial Intelligence and AI-enabled platforms. During
FY26, shareholders' approval was obtained to commit up
to ?10,000 Million to Fund III. During FY 26 and until the
date of this report, the wholly-owned subsidiaries of the
Company committed ?10,000 Million, and Greenland INR
Holdings LLC committed ?1,290 Million to Fund III.

During FY26, two further AIF trusts were established,
namely B8 Trust (B8) and A88 Trust (A88), each registered
as a Category II AIF under the AIF Regulations. During the
year, B8 launched a scheme, B8 Fund I, with an objective
to invest in growth-stage, tech-enabled companies in
India, and A88 launched a scheme, A88 Fund I with an
objective to invest in early-stage deep tech companies in
India. The corpus of each of B8 Fund I and A88 Fund I is
?2,500 Million.

Smartweb, a wholly-owned subsidiary of the Company,
serves as the Investment Manager and Sponsor to each
of the AIFs and the respective schemes launched by such
AIFs described in this section.

A summary of the commitments made by the Company
and its wholly-owned subsidiaries and drawdowns across
the AIF trusts and schemes as on March 31, 2026 and up
to the date of this Report is provided below:

Pursuant to the provisions of Section 136 of the Act, the
Financial Statements of the Company, the Consolidated
Financial Statements along with all relevant documents
and the Auditors’ Report thereon form part of this Annual
Report. Further, the audited financial statements of each
of the subsidiaries along with relevant Directors’ Report
and Auditors’ Report thereon are available on our website
www.infoedge.inThese documents will also be available
for inspection during business hours at the registered
office and the corporate office of the Company.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

During FY26, the Company invested (including
outstanding inter-corporate loans), directly or indirectly,
about ?1,602.67 Million into the aforesaid investee
companies. This excludes investments made in AIFs
directly or indirectly.

Further, particulars of all investments, loans and
guaranties, if any, are provided in notes to the financial
statements forming part of this Annual Report.

PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES

As per the provisions of the Act and the Listing Regulations,
the Company has formulated a Policy on Related Party
Transactions, which is available on Company’s website at
www.infoedge.in/pdfs/Related-Party-Transaction-Policy.
pdf.

The Policy intends to ensure that proper reporting,
approval and disclosure processes are in place for all
related party transactions. This policy also specifically
deals with the review and approval of material related
party transactions keeping in mind the potential or actual
conflicts of interest that may arise because of entering
into these transactions. During the year, the Policy was
reviewed and amended by the Board to align it with the
amendments to the Listing Regulations and the applicable
Industry Standards on Related Party Transactions.

All related party transactions are periodically placed
before the Audit Committee for review and approval.
Prior omnibus approval is also obtained for related party
transactions on an annual basis for transactions which

are of repetitive nature and/or entered in the ordinary
course of business and at arm’s length basis and such
transactions are reviewed by the Audit Committee on
quarterly basis.

During the year under review, pursuant to Regulation 23
of the Listing Regulations and in line with the approvals
obtained from the Members of the Company through
postal ballot process(es) conducted in April 2022 and
May 2025, the Company has entered into material related
party transactions, directly and/or through its wholly-
owned subsidiaries, with IEVF, IEC, C2B and KT, trusts
registered as Category II AIFs under the AIF Regulations,
and their respective schemes, as defined hereinabove,
and related parties of the Company within the meaning of
Regulation 2(1)(zb) of the Listing Regulations, in relation
to subscription to and/or purchase of units thereof.

The particulars of contracts or arrangements with related
parties referred to in sub-section (1) of Section 188 of the
Act in the prescribed Form AOC-2 are given in Annexure II.

MATERIAL CHANGES AND COMMITMENT

There have been no material changes affecting the
financial position of the Company which have occurred
between the end of the financial year to which the
financial statements of the Company relates and the date
of the Report.

As required under Section 134(3) of the Act, the Board of
Directors informs the members that during the financial
year, there have been no material changes, except as
disclosed elsewhere in report:

•    In the nature of Company's business;

•    In the Company’s subsidiaries or in the nature of
business carried out by them; and

•    In the classes of business in which the Company has
an interest.

FUTURE OUTLOOK

The Company remains confident in its growth opportunities
across its businesses, supported by increasing digital
adoption, evolving consumer preferences, growing
internet penetration and the continued formalisation of
the Indian economy. The Company’s portfolio of market¬
leading internet platforms, strong brands, technology
capabilities and prudent capital allocation approach
position it well to capitalize on these opportunities.

In the recruitment business, the Company will continue to
strengthen its leadership position through investments
in technology, AI, product innovation and customer
engagement. The continued expansion of Global
Capability Centres (GCCs), increasing demand for
specialised talent, deeper penetration into Tier II and
Tier III markets and the growing adoption of digital hiring
platforms are expected to support long-term growth.
The Company remains focused on expanding across the
Premium, Mid-Segment and value hiring markets through
platforms such as Naukri, iimjobs, Hirist, and Job Hai,
while evolving Naukri from a recruitment marketplace into
a comprehensive talent solutions platform through talent
sourcing automation, talent intelligence and candidate-
engagement capabilities. The Company also intends to
develop new monetisation streams, including its agentic
AI recruitment offering (AI-Rex) and data products (Talent
Pulse and Executive Intelligence), while deepening
jobseeker engagement through its B2C offerings and
strengthening its geographic presence in the Gulf markets
by growing NaukriGulf.

In the real estate business, the Company expects to benefit
from the long-term growth of India’s real estate sector,
supported by urbanisation, infrastructure development,
increasing home ownership aspirations and growing
adoption of digital platforms for property discovery and
lead generation. With key operating indicators moving in
the right direction, gains in supply, traffic and enquiries
provide the foundation for accelerated revenue growth,
which — given the platform’s inherent operating leverage
— is expected to support margin improvement as the
business scales and as AI improves operational efficiency.
The Company remains focused on strengthening user
engagement, enhancing product offerings and improving
monetisation across 99acres, with expanding its market
share in the new projects segment.

In the matchmaking business, the Company’s focus is
anchored on three priorities: improving user experience
through advanced AI-led matching, strengthening spam-
prevention measures, and improving monetisation across
both platforms. Jeevansathi aims to solidify its dominant
position in Hindi-speaking markets while optimising
marketing efficiency, and Aisle remains focused
on product-led improvements and deeper regional
matchmaking Together, the two serve a broad spectrum
of users, from serious dating to formal matrimony. The
strategic focus is to sustain high revenue growth while
maintaining a disciplined investment approach that keeps
the portfolio at or near breakeven and contribute to long¬
term cash flow generation.

Shiksha’s strategic priorities for the coming year focus
on completing its pivot from education related content
discovery to a comprehensive counselling and marketing
services proposition, capitalising on the sustained

expansion of private universities and colleges in India,
and diversifying the study abroad business towards
emerging destinations that better align with changing
student preferences. Through these initiatives, the
business aims to position itself for substantial future
growth while maintaining a focus on capital efficiency
and improved cash generation.

The Company will also continue to support innovation
through its investments in technology-led businesses
and alternative investment funds, while maintaining a
disciplined approach towards capital allocation and
risk management. Backed by a strong balance sheet,
market leadership across key businesses and a culture of
innovation and entrepreneurship, the Company remains
well positioned to deliver sustainable growth and create
long-term value for all stakeholders.

3. CORPORATE GOVERNANCE

The Company consistently prioritizes managing its
affairs with diligence, transparency, responsibility and
accountability, thereby upholding the principle that
an organization’s corporate governance philosophy is
intrinsically linked to high performance. The Company
understands and respects its fiduciary responsibilities
towards its stakeholders and society at large and strives
to serve their interests, thereby creating sustainable value
for all stakeholders.

I n terms of Regulation 34 of the Listing Regulations,
a separate section on 'Corporate Governance' with a
detailed compliance report on corporate governance
and a certificate from M/s. Chandrasekaran Associates,
Company Secretaries, Secretarial Auditors of the
Company, regarding compliance of the conditions of
Corporate Governance, forms part of this Annual Report.
The report on Corporate Governance also contains
certain disclosures required under the Act.

MANAGEMENT DISCUSSION & ANALYSIS

The Management Discussion & Analysis Report for the
year under review as stipulated under Regulation 34 of
the Listing Regulations is presented in a separate section
forming part of this Annual Report.

NUMBER OF MEETINGS OF THE BOARD
OF DIRECTORS

The Board of Directors of the Company met 19 (nineteen)
times during the year under review. The meetings of the
Board were held on April 14, 2025, April 18, 2025, May
27, 2025, July 8, 2025, July 18, 2025, August 8, 2025,
August 19, 2025, September 13, 2025, September 19,
2025, October 1, 2025, November 3, 2025, November 6,

2025,    November 12, 2025, December 12, 2025, January 3,

2026,    January 27, 2026, February 13, 2026, February 26,
2026 and March 27, 2026. The details of the meetings of
the Board, its Committees and Independent Directors are
provided in the Report on Corporate Governance forming
part of this Annual Report.

BOARD COMMITTEES

The Company has constituted various Committees of the
Board to facilitate effective governance, focused oversight
and compliance with applicable laws and regulations.

As on March 31, 2026, the Board has 7 (seven)
Committees, namely, Audit Committee, Stakeholders’
Relationship Committee, Corporate Social Responsibility
Committee, Risk Management Committee, Nomination
& Remuneration Committee, Committee of Executive
Directors and Business Responsibility & Sustainability
Reporting Committee.

During the year under review, all recommendations of
Audit Committee were accepted by the Board.

The details of the composition, powers, functions,
meetings of the Committees of the Board held during the
year are provided in the Report on Corporate Governance
forming part of this Annual Report.

ESTABLISHMENT OF THE VIGIL MECHANISM

The Company has formulated an effective Whistle
Blower Mechanism and adopted a Whistle Blower policy
that lays down the process for raising concerns about
unethical behavior, actual or suspected fraud, actual or
potential violation of applicable laws, Company policies
or the Company’s Code of Ethics & Conduct or ethics
policy, including actual or suspected leak of unpublished
price sensitive information. The Company has appointed
M/s. Thought Arbitrage Consulting, as an Independent
External Ombudsman. Further, the details of the Whistle
Blower Mechanism are provided in the Report on
Corporate Governance forming part of this Report, and
the Whistle Blower Policy is available on the Company’s
website at www.infoedge.in/InvestorRelations/
CorporateGovernance WBP

The Company hereby affirms that no Director or
Employee was denied access to the Chairperson of the
Audit Committee. During the year, 2 (two) whistle blower
complaints were received through the said mechanism
which were duly investigated and resolved during the year
under review.

RISK MANAGEMENT

The Company has adopted a Risk Management Policy in
compliance with the Listing Regulations and applicable
provisions of the Act, which, inter alia, lays down procedures
for risk assessment and risk mitigation. The Company has
an effective risk management framework, overseen by the
Board of Directors, for identifying, assessing, mitigating,
monitoring, reporting and reviewing key risks that may
impact the achievement of the Company’s objectives or
threaten its business operations.

The Board is responsible for reviewing and approving
the risk management framework, processes and
guidelines established and maintained by the Company.
To further strengthen and streamline risk assessment
and mitigation processes, the Board has constituted a
Board-level Risk Management Committee ('RMC’). The
RMC is responsible for monitoring and reviewing the risk
management framework and ensuring its effectiveness.

The Risk Management Policy and the Charter of the RMC
are reviewed and updated by the Board from time to time,
as considered necessary, based on the recommendations
of the RMC. The detailed terms of reference of the RMC
are provided in the Report on Corporate Governance
forming part of this Annual Report.

As per the Company’s Risk Management Policy, the
Company’s Risk Management Process encompasses
the identification, categorization and assessment of risks,
implementation and monitoring of mitigation measures,
risk reporting and disclosures and the integration of risk
management considerations into the Company’s strategy
and business plans. The key risks identified across the
Company’s businesses and functions are systematically
assessed and addressed through appropriate mitigation
measures on an ongoing basis.

INTERNAL FINANCIAL CONTROLS

The Company has put in place adequate internal financial
controls with reference to the financial statements.
During the year, such controls were tested and no
reportable material weakness in the design or operation
was observed.

The Company has also put in place adequate systems of
Internal Control to ensure compliance with policies and
procedures which is commensurate with size, scale and
complexity of its operations. The Company has appointed
an external professional firm as Internal Auditor. The
Internal Audit of the Company is regularly carried out to
review the internal control systems and processes. The
Internal Audit Reports along with implementation and
recommendations contained therein are periodically
reviewed by Audit Committee of the Board.

M/s. S.R. Batliboi & Associates LLP, Chartered
Accountants, the Statutory Auditors of the Company, has
audited the financial statements included in this Annual
Report, and as part of their audit, has issued their report
on the Company’s internal financial controls (as defined
in Section 143 of the Act), on the effectiveness of our
internal financial controls with reference to Standalone
and Consolidated Financial Statement of the Company as
at March 31, 2026. The Auditors have confirmed that the
Company has, in all material respects, adequate internal
financial controls with reference to the Standalone
and Consolidated Financial Statements and that such
controls were operating effectively as at March 31,2026.

DETAILS OF SIGNIFICANT AND MATERIAL
ORDERS PASSED BY THE REGULATORS/
COURTS/TRIBUNALS

During the year under review, no significant and material
orders have been passed by the regulators or courts

or tribunals impacting the going concern status and
Company’s operations in the future.

INSOLVENCY AND BANKRUPTCY CODE, 2016

No application or any proceeding has been initiated or
pending against the Company under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) ('IBC Code’) during
the FY26.

DETAILS OF DIFFERENCE BETWEEN AMOUNT
OF THE VALUATION DONE AT THE TIME OF
ONE TIME SETTLEMENT AND THE VALUATION
DONE WHILE TAKING LOAN FROM THE
BANKS OR FINANCIAL INSTITUTIONS ALONG
WITH THE REASONS THEREOF

The Company has not made any one-time settlement,
therefore, the above disclosure is not applicable.

ANNUAL RETURN

As required by Section 92(3) read with Section 134(3)
(a) of the Act, and the rules made thereunder, the Annual
Return of the Company for the financial year ended March
31, 2026, is available on the website of the Company at
www.infoedge.in/InvestorRelations/IR Annual Return.

DIRECTORS AND KEY MANAGERIAL
PERSONNEL

The Company believes that a strong and effective
Board is essential for fostering a culture of leadership,
providing long-term vision, and strengthening the quality
of governance.

During the year under review, the Members of the
Company in the AGM held on August 25, 2025, on the
recommendation of the Nomination and Remuneration
Committee and Board of Directors approved the
re-appointment of Mr. Sanjeev Bikhchandani (DIN:
00065640) as the Executive Vice Chairman & Whole-time
Director, not liable to retire by rotation, for another period
of 5 (five) consecutive years, with effect from April 27,
2026 to April 26, 2031 (both days inclusive).

Further, at the aforesaid AGM, the Members have also
approved the re-appointment of Mr. Hitesh Oberoi (DIN:
01189953) as the Managing Director & Chief Executive
Officer, liable to retire by rotation, for another period of 5
(five) consecutive years, with effect from April 27, 2026
to April 26, 2031 (both days inclusive).

During the year, Ms. Aruna Sundararajan (DIN: 03523267)
tendered her resignation and consequently, ceased to be
the Non-Executive Independent Director of the Company
with effect from October 12, 2025.

Further, Mr. Chintan Thakkar (DIN: 00678173) tendered
his resignation and ceased to be the Whole-Time Director
& Chief Financial Officer and Key Managerial Personnel
of the Company with effect from the close of business
hours on November 19, 2025. Further, Mr. Ambarish

Raghuvanshi was appointed as Interim Chief Financial
Officer and Key Managerial Personnel of the Company
w.e.f. November 20, 2025.

Thereafter, Mr. Arindam Kumar Bhattacharya (DIN:
01570746) tendered his resignation and consequently,
ceased to be the Non-Executive Independent Director of
the Company with effect from the close of business hours
on January 15, 2026.

Further, during the year, Mr. Pawan Goyal, Whole-time
Director & CBO-Naukri (DIN: 07614990), tendered his
resignation on March 31, 2026, and consequently, shall
cease to be the Director and Key Managerial Personnel
of the Company with effect from the close of business
hours on May 31, 2026.

The Board of Directors of the Company placed on record
its appreciation for the valuable contribution and guidance
provided by the aforementioned directors during their
association with the Company.

KEY MANAGERIAL PERSONNEL

As on March 31, 2026, the following persons have been
designated as Key Managerial Personnel of the Company
pursuant to Section 2(51) of the Act, read with the Rules
framed thereunder:

1.    Mr. Sanjeev Bikhchandani, Founder & Executive
Vice Chairman;

2.    Mr. Hitesh Oberoi, Managing Director & Chief
Executive Officer;

3.    Mr. Pawan Goyal, Whole-time Director & Chief
Business Officer-Naukri;

4.    Mr. Ambarish Raghuvanshi, Interim Chief Financial
Officer; and

5.    Ms. Jaya Bhatia, Company Secretary &
Compliance Officer.

DIRECTORS LIABLE TO RETIRE BY ROTATION

In accordance with the provisions of the Act read with
Article 48 of the Articles of Association of the Company,
Mr. Kapil Kapoor, Non-Executive Director & Chairman,
(DIN: 00178966) is liable to retire by rotation at the
ensuing AGM and, being eligible, has offered himself for
re-appointment.

DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors hold office for their respective
term and are not liable to retire by rotation. The Company
has received declarations from all the Independent
Directors of the Company confirming that they meet
the criteria of independence as prescribed both under
the Act and under the Listing Regulations and that they
are not aware of any circumstance or situation, which
exists or may be reasonably anticipated, that could
impair or impact their ability to discharge their duties
with an objective independent judgment and without any
external influence as required under Regulation 25 of the

Listing Regulations. Further, in pursuance of Rule 6 of the
Companies (Appointment and Qualifications of Directors)
Rules, 2014, all Independent Directors of the Company
have duly confirmed their respective registration with the
Indian Institute of Corporate Affairs ('MCA') database.

Further, in the opinion of the Board, the Independent
Directors of the Company possess the requisite
qualifications, expertise and experience (including the
proficiency) and are persons of high integrity and repute.
Matrix of key skills, expertise and core competencies of
the Board, including the Independent Directors, forms
a part of the Corporate Governance Report part of this
Annual Report.

FAMILIARIZATION PROGRAMME FOR THE
INDEPENDENT DIRECTORS

In compliance with the requirements of the Listing
Regulations, the Company has put in place a familiarization
programme for the Independent Directors to familiarize
them with their roles, rights and responsibilities as
Directors, the working of the Company, Code of Conduct,
nature of the industry in which the Company operates,
business model, etc. They are given full opportunity to
interact with senior management personnel and are
provided with all the documents required and/or sought
by them to have a good understanding of the Company, its
business model and various operations and the industry
of which it is a part.

The details of the familiarization programme are
explained in the Corporate Governance which forms part
of this Annual Report. The same is also available on the
website of the Company and can be accessed by web link
www.infoedge.in/pdfs/Board-Familiarisation.pdf.

PERFORMANCE EVALUATION OF THE BOARD
OF DIRECTORS

Listing Regulations laying down the key functions of the
Board, mandates that the Board shall monitor and review
the Board Evaluation Process and also stipulates that the
Nomination & Remuneration Committee of the Company
shall lay down the evaluation criteria for performance
evaluation of Independent Directors, Board of Directors,
Committee and Individual Directors. Section 134 of the
Act states that a formal evaluation needs to be made
by the Board of its own performance and that of its
committees and individual directors. Further, Schedule
IV to the Act states that performance evaluation of
Independent Directors shall be done by the entire Board
of Directors, excluding the director being evaluated. In
accordance with the aforesaid provisions, the Board has
carried out the annual performance evaluation of its
own performance, the Directors individually as well as
the evaluation of the working of its Committees through
structured questionnaires covering various aspects of the
functioning of Board and its Committees.

Further, in terms of Regulation 25(4) of the Listing
Regulations and Schedule IV of the Act, Independent

Directors also evaluated the performance of Non¬
Independent Directors, Chairperson and Board as a whole
at separate meeting(s) of Independent Directors.

Some of the performance indicators based on which the
evaluation takes place are - attendance in the meetings,
quality of preparation/participation, ability to provide
leadership and work as team player. In addition, few
criteria for independent Directors include commitment
to protecting/enhancing interests of all shareholders
and contribution in implementation of best governance
practices. Performance criteria for Whole-time Directors
includes contribution to the growth of the Company,
new ideas/planning and compliances with all policies of
the Company.

The Board of Directors had expressed their satisfaction
to the overall evaluation process.

SEPARATE MEETING OF INDEPENDENT
DIRECTORS

Pursuant to Schedule IV to the Act and the Listing
Regulations, 2 (two) meetings of Independent Directors
were held during the year i.e. on May 27, 2025 and
November 3, 2025, without the attendance of Executive
Directors and Members of Management.

In addition, the Company encourages periodic separate
meetings of the Independent Directors and facilitates
interactions with the Management to keep them informed
of key business developments, strategic initiatives and
other significant matters. During such interactions,
the Executive Directors and senior members of the
Management make presentations on relevant business,
operational and governance matters.

4. AUDITORS AND AUDITOR'S REPORT

STATUTORY AUDITORS

In terms of the provisions of Section 139 of the
Act, M/s. S.R. Batliboi & Associates LLP, Chartered
Accountants (FRN: 101049W/E300004), pursuant to the
approval of the Members, were re-appointed as Statutory
Auditors of the Company, to hold office for the second
term of 5 (five) consecutive years from the conclusion of
the 27^th AGM, held on August 26, 2022, till the conclusion
of the 32^nd AGM of the Company.