NSE: TEAMLEASE · BSE: 539658
TEAMLEASE SERVICES LTD.
Provides staffing and HR services in India, earning primarily by deploying associates on client payrolls and charging a markup over their wages. General Staffing is the core, contributing 92.3% of FY26 segment revenue at ₹10,879.59 crore, with a thin 1.0% EBIT margin. Specialised Staffing, 5.7% of revenue at ₹669.38 crore, places higher-skill roles (IT, AI/data, cloud, cybersecurity) into Global Capability Centres (GCCs) and earns a 7.1% EBIT margin. Other HR Services (2.0%, ₹241.70 crore) covers Degree Apprenticeship, EdTech and RegTech; EdTech recorded 42 new university signings and RegTech reached INR 3.6 crore of monthly recurring revenue. Employee cost is the dominant input at 95.2% of revenue, reflecting the labour-arbitrage model. Q4 FY26 closed with about 2.87 lakh associates in General Staffing and 7,500 in Specialised Staffing, after recovering from the in-sourcing of roughly 20,000 NBFC associates to a client's own payroll. The business is working on a mix shift toward variable-markup pricing, which covered about 70% of new mandates, and on growing the higher-margin Specialised Staffing and Degree Apprenticeship lines. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. General Staffing (92%), Specialised Staffing (6%), Other HR Services (2%). Asset-light, labour-arbitrage staffing business with thin margins and a high pass-through cost base.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,480 | 7,870 | 9,322 | 11,156 | 11,791 |
| EBITDA (ex other income) | 71 | 120 | 134 | 138 | 151 |
| margin % | 1.1 | 1.5 | 1.4 | 1.2 | 1.3 |
| Owners' profit | 38 | 111 | 112 | 109 | 140 |
| EPS, as reported (₹) | 22.48 | 65.12 | 66.65 | 64.86 | 83.30 |
| ROE % · ROCE % | 5.6 · 5.8 | 13.6 · 11.9 | 13.9 · 12.8 | 12.0 · 11.6 | 13.3 · 11.0 |
| Debt / equity (x) | 0.04 | 0.02 | 0.13 | 0.05 | 0.03 |
| Cash from operations | (6) | 126 | 118 | 104 | 302 |
| Capex | (6) | (6) | (7) | (31) | (29) |
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 | 2,797 | 2,921 | 2,858 | 2,891 | 3,032 | 3,013 | 2,925 | 3,035 |
| Profit before tax | 26 | 29 | 40 | 26 | 29 | 43 | 51 | 36 |
| Net profit | 25 | 28 | 38 | 25 | 28 | 42 | 46 | 34 |
| EPS (₹) | 14.66 | 16.95 | 20.85 | 15.83 | 16.41 | 24.88 | 26.18 | 20.79 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| General Staffing | 10,880 | 91.7 |
| Specialised Staffing | 740 | 6.2 |
| Other HR Services | 242 | 2.0 |
| Total, before eliminations | 11,861 | 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) | 11.8 | 13.0 | 35 of 79 | 56% |
| P/B | 1.6 | 1.3 | 55 of 95 | 43% |
| ROCE | 10.1 | 3.4 | 29 of 103 | 73% |
| ROE | 13.3 | 2.9 | 22 of 113 | 81% |
| Debt / Equity | 0.0 | 0.1 | 34 of 91 | 63% |
| EBITDA margin | 1.8 | 25.4 | 74 of 92 | 20% |
| Revenue growth | 5.0 | 16.2 | 60 of 91 | 34% |
| Profit growth | 37.7 | 5.2 | 45 of 110 | 60% |
| Market cap | 1753 | 47 | 14 of 108 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Mirae Asset cuts TeamLease stake to 5.40% in open-market sale | ownership changes | medium | — | — |
| 23 Oct 2026 · Gujarat High Court grants TLSU interim stay in EPFO case | regulatory legal | medium | — | — |
| 14 Oct 2026 · TeamLease Q2 FY27 results call scheduled for 5 Nov 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · TeamLease Q2 FY27 board meeting set for Nov 5, 2026 | results | low | — | — |
| 13 Oct 2026 · TeamLease gets GST show cause notice for FY23, demand of Rs 52.76 cr | regulatory legal | high | — | — |
| 7 Oct 2026 · TeamLease ESOS 2026 postal ballot for employee stock scheme approval | capital market events | medium | — | — |
| 5 Oct 2026 · TeamLease gets Crisil ESG rating of 65, rated Strong | credit debt | medium | — | — |
| 28 Sept 2026 · TLSU EPF case hearing adjourned to Nov 30 at Gujarat High Court | regulatory legal | high | — | — |
| 25 Sept 2026 · TeamLease gets B+ ESG rating of 70.4 from SES ESG Research | business updates | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
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.