Quess Corp Limited (QUESS)
Micro CapServices stocks · Micro cap · NSE
Established in Bengaluru in 2007, Quess Corp Limited is India’s largest and a global leader in staffing and workforce solutions. It leverages deep domain expertise and AI-driven digital platforms, offering technology-enabled staffing and managed outsourcing services across BFSI, Retail, Telecom, Manufacturing, IT, and GCCs. Operates across 8 countries, serving over 2,200 clients with ~4,78,524 employees.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +15% YoY · PAT +61% YoY · +7% QoQ · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 Revenue at ₹3,892 Cr (6% YoY) and EBITDA at ₹86 Cr (28% YoY) with 2.2% margin. FY26 Revenue at ₹15,305 Cr (2% YoY) and Adjusted PAT at ₹230 Cr (10% YoY). Headcount reached 4,78,594.
Q4 FY26 showed strong EBITDA growth (28% YoY) and margin expansion (37bps YoY), despite modest revenue growth (6% YoY). FY26 adjusted PAT grew 10% YoY. The company maintains a healthy balance sheet with net cash and a strategic focus on high-margin segments. Headcount growth is steady, indicating stable demand for staffing services.
FY26 Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Professional Staffing
High-margin portfolio contributing 30% of total profitability on 6% revenue, with 43% YoY operational EBITDA growth in FY26.
Overseas Business
Delivered 16% YoY revenue growth and 18% YoY EBITDA growth in Q4 FY26, contributing 20% of total profitability.
Digital & Technology Skills / GCC Services
Professional Staffing's GCC segment contributed 71% of headcount and 67% of revenue in Q4 FY26.
Formalization of Workforce
India's staffing market is projected to grow at 13% CAGR to $49 Bn by 2030, driven by formalization and shift to flexi-staffing.
New Contracts/Logos
General Staffing added 281 new contracts in FY26; Professional Staffing added 61 new sales logos in FY26; Overseas Business added 125 new contracts in FY26.
Malaysia Headcount Growth
Malaysia delivered 83% growth, crossing 900 headcount with improving margins to 4.3%.
Singapore GS Business Scaling
Singapore scaled GS business with 68 new contracts and added 491 headcount during FY26, total 1026 HC.
Formalization of Workforce
India Staffing & Recruitment Services market projected to grow at 13% CAGR to $49 Bn by 2030.
Shift to Flexi Staffing
Flexi workforce growing at 12.6% CAGR; projected to reach 9.16 Mn by FY27.
Non-Farm Job Growth
India expected to add 7.85 Mn non-farm jobs annually through 2030.
Discontinued Project Impact
Discontinued project resulted in loss of 7,000 headcount during FY26.
Telecom Sector Decline
General Staffing's telecom sector witnessed decline during FY26.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing overall business growth and margin trends, especially for a services company with potential seasonality. QoQ is important for tracking sequential momentum in headcount, operational efficiency, and segment-specific performance.
Total Headcount
4,78,594 associates (4% YoY growth for FY26, 1% QoQ decline for Q4 FY26).
EBITDA Margin
Q4 FY26 EBITDA margin at 2.2% (up 37bps YoY, 19bps QoQ). FY26 EBITDA margin at 2.0% (up 29bps YoY).
EBITDA to OCF Conversion
FY26 EBITDA to OCF conversion at 80%.
General Staffing New Contracts
59 new contracts added in Q4 FY26 and 281 new contracts for FY26.
Shareholder Returns Policy
Company expects to return approximately 75% of free cash flow to shareholders over a block of three years cumulatively.
Dividend Payout
Board approved a final dividend of ₹3/share and a special interim dividend of ₹3/share for FY26.
Building Future-Ready Workforce
Focus on building a future-ready workforce ecosystem through General Staffing, Professional Staffing, and Overseas Business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 2.2% (Q4 FY26) | Sustained expansion beyond 2% across segments. |
| Headcount Growth | 4,78,594 (4% YoY FY26, -1% QoQ Q4 FY26) | Consistent sequential growth in overall headcount. |
| New Contracts/Logos | 281 GS, 61 PS, 125 Overseas in FY26 | Continued client acquisition momentum across segments. |
| Cash Conversion | 80% EBITDA to OCF (FY26) | Maintenance or improvement in cash flow conversion efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +14.5% / mo · MACD − · near 52W high
Technical chart
QUESSdaily · 1Y · AUTO+85.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~12.6% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 113% 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 & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.1%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 20.1%.
Main drags
- Valuation is weaker at 4/30; 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 56.8%. Key concern: Profit margin is 2.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 99th pctile, median 66 · Micro: 95th pctile, median 73
114 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 20.50
- P/B
- 4.55
- EV/EBITDA
- 14.74
- Market Cap
- 5299.00Cr
Profitability
- ROE
- 21.30%
- ROCE
- 24.00%
- ROA
- 8.33%
- Dividend Y
- 2.26%
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
- 5.66
- Book Value
- 78.10
Cash Flow
- FCF Yield
- 3.13%
- FCF Positive Y
- 8/5
- OCF
- 230.00 Cr
- EPS TTM
- 16.92
Shareholding
- Promoter Hold
- 56.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.