NSE: QUESS · BSE: 539978
QUESS CORP LIMITED
Provides staffing and workforce solutions, placing associates on the payrolls of client companies in India and overseas. General Staffing — entry-level and blue-collar associates for Indian businesses — is the dominant segment at 86.1% of FY26 segment revenue, or INR 13,176 crore. Professional Staffing places higher-experience contract hires, primarily for Global Capability Centres (GCCs), and generated INR 930 crore at an EBIT margin well above the group average; GCCs account for 71% of headcount in this segment. The Overseas business spans the Middle East, Malaysia, the Philippines and Singapore and brought in INR 1,197 crore at a higher EBIT margin than the group, with the Middle East alone at 11% EBITDA. Digital Platforms is an early-stage venture with INR 2 crore of revenue and an operating loss. Total associate headcount stood at 4,78,594 at FY26-end, with 281 new General Staffing contracts, 61 new Professional Staffing clients and 125 new Overseas logos added during the year. Employee cost is the overwhelming expense at 94.7% of revenue, leaving blended EBITDA margin at 2.1%. The business carries zero gross debt and held net cash of INR 271 crore at FY26-end. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. General Staffing (86%), Overseas business (8%), Professional Staffing (6%), Digital Platforms (0%). Asset-light, high-volume, low-margin staffing services; revenue scales with associate headcount and billing rates
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,692 | 17,158 | 19,100 | 14,967 | 15,305 |
| EBITDA (ex other income) | 631 | 639 | 666 | 98 | 304 |
| margin % | 4.6 | 3.7 | 3.5 | 0.7 | 2.0 |
| Owners' profit | 241 | 224 | 278 | 46 | 222 |
| EPS, as reported (₹) | 16.32 | 15.16 | 18.72 | 3.08 | 14.87 |
| ROE % · ROCE % | 9.8 · 14.3 | 8.2 · 11.7 | 9.5 · 11.4 | 4.2 · 5.7 | 19.0 · 17.5 |
| Debt / equity (x) | 0.23 | 0.19 | 0.12 | 0.01 | 0.00 |
| Cash from operations | 554 | 466 | 529 | 380 | 230 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,179 | 5,519 | 3,656 | 3,651 | 3,832 | 3,930 | 3,892 | 4,182 |
| Profit before tax | 102 | 89 | (99) | 52 | 57 | 51 | 69 | 86 |
| Net profit | 94 | 85 | (95) | 51 | 52 | 55 | 64 | 82 |
| EPS (₹) | 6.15 | 5.42 | (6.42) | 3.42 | 3.46 | 3.69 | 4.30 | 5.50 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) General Staffing | 3,328 | 21.7 |
| b) Professional staffing | 232 | 1.5 |
| c) Overseas business | 332 | 2.2 |
| d) Digital Platforms | 1 | 0.0 |
| General Staffing | 9,848 | 64.3 |
| Professional staffing | 698 | 4.6 |
| Overseas business | 865 | 5.7 |
| Digital Platforms | 2 | 0.0 |
| Total, before eliminations | 15,305 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED ◆ | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.1 | 13.0 | 49 of 79 | 39% |
| P/B | 4.1 | 1.3 | 77 of 95 | 19% |
| ROCE | 14.4 | 3.4 | 20 of 103 | 81% |
| ROE | 19.0 | 2.9 | 12 of 113 | 90% |
| Debt / Equity | 0.0 | 0.1 | 1 of 91 | 77% |
| EBITDA margin | 2.6 | 25.4 | 72 of 92 | 22% |
| Revenue growth | 14.5 | 16.2 | 47 of 91 | 49% |
| Profit growth | 61.1 | 5.2 | 38 of 110 | 66% |
| Market cap | 4838 | 47 | 6 of 108 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Quess schedules Q2 FY27 analyst and investor meeting | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting set for Q2 FY27 results and interim dividend | results | low | — | — |
| 8 Oct 2026 · Quarterly compliance certificate from registrar under SEBI Reg 74(5) | compliance | minimal | — | — |
| 7 Oct 2026 · Newspaper ad: Reminder to claim unclaimed proceeds from Quess-Thomas Cook demerger | compliance | minimal | — | — |
| 5 Oct 2026 · Reminder to claim unclaimed fractional share sale proceeds by Dec 20, 2026 | general | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 16 Sept 2026 · Quess Corp ESG rating improves to 64.8 from 63.3 | business updates | medium | — | — |
| 12 Sept 2026 · Crisil upgrades Quess Corp ESG rating to 66 Strong from 59 | business updates | medium | — | — |
| 8 Sept 2026 · Quess Corp pays Final Dividend of Rs 3 per share for FY26 | corporate actions | high | — | — |
| 3 Sept 2026 · Quess allots 26,069 shares under employee stock plan | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.