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Hitesh Oberoi to step down as Info Edge CEO after nearly 27 years; Sanjeev Bikhchandani returns as Group CEO
The Naukri parent announced the handover alongside Q2 FY27 results in which AI and data products reached an annualised revenue run rate of about Rs 240 Cr.
Info Edge, the company behind Naukri.com, 99acres, Jeevansathi and Shiksha, said on October 28 that managing director and CEO Hitesh Oberoi will step down from his full-time role at the close of business on December 2, 2026. Oberoi has been with the company for nearly 27 years, more than 16 of them as MD and CEO, according to the company's stock exchange filing, which Moneycontrol and CNBC TV18 also reported.
Founder and vice chairman Sanjeev Bikhchandani will take over as executive vice chairman, managing director and group CEO from December 3, subject to shareholder approval, with a term running until April 26, 2031 in line with his existing appointment, Entrackr and CNBC TV18 reported. Oberoi will stay on the board as a non-executive, non-independent director, also subject to shareholder approval. In his resignation letter he said he wanted more time for higher education, entrepreneurship, investing, philanthropy and his family. The company's release said its market capitalisation grew from about Rs 2,500 crore to about Rs 80,000 crore during his 16 years as CEO.
The change was announced with the September quarter numbers. Consolidated revenue from operations rose 12.2% year on year to Rs 904 crore, and standalone revenue grew about 13% to Rs 842 crore, according to Entrackr and Business Upturn. In recruitment, the largest business, billings grew 12.6% and revenue 13.3%, with an operating profit before tax margin of 59.1%, CNBC TV18 reported. The company said quarterly billings growth was affected by the timing of customer renewals. 99acres billings grew 21.2% and the property portal generated Rs 22.1 crore of cash from operations in the quarter, NDTV Profit reported. The board declared an interim dividend of Rs 3 per share.
The AI angle is starting to show up in revenue. Oberoi said on the earnings call that AI and data products for recruiters and job seekers made up a high single-digit share of recruitment revenue, with an annualised run rate of around Rs 240 crore based on the second quarter, CNBC TV18 reported. Business Upturn reported that this figure is based on about Rs 60 crore of AI-first revenue in the quarter, and that about 2,000 of the company's 40,000 large enterprise clients are testing its AI RX recruitment platform.
On succession, Bikhchandani said the company does not plan an immediate restructuring of the executive team and will rely on the second-line leaders of its main businesses, giving priority to internal succession for vacant senior roles, according to Business Upturn's account of the call. Business Upturn also reported that Oberoi said he owns well over 5% of the equity, has no plans to sell and will stay on the board.
