Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Oct
Source: Bse
Quess Corp Limited (QUESS)
Micro CapServices stocks · Micro cap · NSE
Quess Corp is India's largest tech-powered talent infrastructure company, providing staffing and workforce solutions across 8 countries to 2,200+ clients. It focuses on enhancing productivity and formalizing employment through General Staffing, Professional Staffing, and Overseas Business segments.
₹321.85
-11.10 · -3.33%
Market cap ₹4,973 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result30 Jul, 02:09 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
46NeutralSMA20 -4.6% / mo · MACD −
Stock trend: 46
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
QUESSD candles · FIT view+69.3%Latest close ₹321.85 on 2026-10-19
Bar
-2.8%
RSI
41
MACD hist
-1.00
52W pos
70%
2026-10-19O ₹331.00H ₹331.00L ₹316.35C ₹321.85Vol 6.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
QUESSNifty 500
- QUESS
- +9.1%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +14.7 pp
Chart stats
19 Oct 2026- From 52W high
- -17.2%
- 52W range position
- 70%
- ATR (14)
- 4.6%
- Volume vs 20D
- 1.59x
- Avg traded value
- ₹13.8 Cr
- 20D price channel
- ₹316.3 - ₹372.3
₹388.8
₹166.3 - ₹388.8
₹14.8
Latest completed session
20-session average
36.4% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +14.5% · PAT +60.8% YoY
Technical
Neutral46
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +15% YoY · PAT +61% YoY · +7% QoQ · operating leverage · margin compression
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,182 Cr | +14.5% | +7.5% |
| EBITDA | ₹85 Cr | +21.4% | -1.2% |
| Operating margin | 2.0% | +10 bps | -20 bps |
| PAT | ₹82 Cr | +60.8% | +28.1% |
| PAT margin | 2.0% | +56 bps | +32 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.20
- P/B
- 4.26
- EV/EBITDA
- 13.85
- Market Cap
- 4973.00Cr
Profitability
- ROE
- 21.30%
- ROCE
- 24.00%
- ROA
- 8.33%
- Dividend Y
- 2.40%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 6.06×
- Altman Z
- 5.55
- Book Value
- 78.10
Cash Flow
- FCF Yield
- 3.34%
- FCF Positive Y
- 8/5
- OCF
- 230.00 Cr
- EPS TTM
- 16.92
Shareholding
- Promoter Hold
- 56.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 15.3k+2.3% vs prev
Net Profit
₹ CrLatest: 222+382.6% vs prev
Return on Equity
%Latest: 19.0+349.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 94% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth13/25
Quality17/20
Balance Sheet9/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 28.4%.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
19.2
PB
4.3
EV/EBITDA
13.8
ROE
21.3%
ROCE
24.0%
FCF Yield
3.3%
Debt/Equity
0.1
MoS
+28.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+28.4%
Previous: +28.4%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
59
59
59
59
58
59
56
58
58
58
58
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹172.43
-86.7% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹449.23
+28.4% MoS
PEG
0.71
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KAPSTON
Small
Kapston Services Limited
HR & Manpower
match 146
44
51.8
27.4%
-95%
WATCHLIST
SPECTSTM
SME
Spectrum Talent Management Ltd.
HR & Manpower
match 144
58
11.1
7.4%
+60%
FAIR VALUE
HRHNEXT
SME
HRH Next Services Ltd.
HR & Manpower
match 144
61
6.4
12.5%
+75%
UNDERVALUED
IPSL
SME
Integrated Personnel Services Ltd.
HR & Manpower
match 144
52
18.6
17.8%
+41%
FAIR VALUE
WEWIN
Small
WE WIN LIMITED
HR & Manpower
match 144
63
12.2
15.2%
+55%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T07:13:46.632Z
Management commentary snapshot
Q1 FY27 revenue grew 15% YoY to ₹4,182 Cr, with EBITDA up 21% YoY to ₹85 Cr (2.02% margin). PAT surged 61% YoY to ₹82 Cr, significantly boosted by ₹261 Cr income tax refunds. Headcount reached 482,214, up 4.5% YoY. Revenue included a one-time ₹176 Cr increase from new Labor Code.
Quess Corp delivered strong YoY growth in revenue and PAT, though PAT was significantly aided by one-time tax refunds. The company continues to expand its headcount and client base, reinforcing its market leadership. The 'Quess 2.0' strategy to pivot towards higher-margin, dollar-linked growth through global talent corridors is a positive strategic shift, but execution and its impact on the revenue mix need close monitoring.
Current business mix
Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
General Staffing86.0%
Professional Staffing6.0%
Overseas Business8.0%
Growth engines
Global Talent Corridors
Building partner-led, capital-light two-way corridors to connect India's talent with global shortages, with Japan signed and Europe advancing.
Digital Platforms
Leveraging platforms like Hamara HR (150K+ DAU) and Hamara Jobs (12.6Mn+ job seekers) for blue/grey-collar workforce and gig discovery.
Skill-based Value Pivot
New initiatives pivot to skill-based, margin-accretive work, including construction moving to specialized trades and GCC corridor with Japanese companies.
Formalization of Workforce
India's flexi workforce is projected to reach 9.16 Mn by FY27, growing at 12.6% CAGR, driving demand for organized staffing.
Capacity and execution
Sourcing Hubs & Offices
70+ sourcing hubs for onboarding, including a centralized Center of Experience in Jaipur, and 24+ offices across India.
Tailwinds
Flexi Workforce Growth
Flexi workforce growing at 12.6% CAGR; projected to reach 9.16 Mn by FY27.
Formalization of Workforce
15+ Mn net adds to EPFO in FY25, highest since formal job tracking began, indicating a shift to formal employment.
Shift to Non-Farm Jobs
India expected to add 7.85 Mn non-farm jobs annually through 2030.
Headwinds
Challenging Market Environment
General Staffing added 3.8k+ headcount in a challenging market environment.
Risk radar
Competition
Forward-looking statements acknowledge risks and uncertainties regarding competition.
Government Policies & Regulations
Forward-looking statements acknowledge risks and uncertainties regarding government policies and regulations.
International Operations Management
Forward-looking statements acknowledge risks and uncertainties regarding the ability to manage international operations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY reflects underlying business growth and market penetration in a seasonal business, while QoQ highlights sequential momentum, operational efficiency, and the immediate impact of strategic initiatives or one-time events like the new Labor Code revenue adjustment.
Sector KPIs management disclosed
Total Headcount
Headcount of 4,82,214, a growth of 4.5% YoY and 0.8% QoQ.
General Staffing Headcount
Headcount at 469k with addition of 3.8k+ in challenging market environment.
Professional Staffing Headcount
Headcount at quarter exit stood at 7,129, growth of 7% YoY.
General Staffing New Contracts
86 new contracts added in the quarter.
Management forward view
Global Staffing Aspiration
Targeting to be the world’s largest workforce company with 1Mn associates by 2030.
Dollar-Linked Revenue Mix
Aspiration to achieve ~20–25% of revenue dollar-linked within 3–4 years.
Technology & Operations Reorganization
Technology and Ops re-organized as 'Centre of Excellence' model for a leaner and agile organization.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Headcount Growth | 482,214 (4.5% YoY) | Sustained growth towards 1Mn associates by 2030, especially in Professional Staffing. |
| EBITDA Margin | 2.02% | Improvement in margins driven by the pivot to higher-margin, skill-based work and AI-led productivity. |
| Dollar-Linked Revenue Mix | Not explicitly disclosed as a percentage of total revenue. | Progress towards the 20-25% dollar-linked revenue aspiration within 3-4 years, indicating successful global corridor execution. |
| Global Talent Corridor Execution | Japan corridor signed, Europe advancing, Israel in discussion, North America early exploration. | Successful execution and revenue generation from new global talent corridors. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 98th percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
114 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Services: 98th pctile, median 66 · Micro: 95th pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
90
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 56.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸Profit margin is 2.1%.
- ▸3 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Quess Corp Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Sep - Allotment of equity shares under the Quess Stock Ownership Plan 2020
Source: Bse
Concall transcript
Transcript Of The 19Th AGM Of Quess Corp Limited 1 Sep - Quess Corp AGM discussed FY26 results, ₹11 dividend, FY27 outlook, and auditor qualification on tax deductions.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug - Quess Corp to attend Equirus Annual India Conference on August 13, 2026 at 10:00 AM IST.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug - Quess Corp will attend Emkay Confluence 2026 investor conference on August 12, 2026, in person.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24h - Quess Corp schedules Q1 FY27 analyst and investor meeting on July 30, 2026 at 11:00 A.M. IST.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Jun - Quess subsidiary partners with IGS and IPA to build Indo-Japan GCC corridor.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jun - Allotment of equity shares under the Quess Stock Ownership Plan 2020.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.