QUESS

Quess share price & financials

Price
₹249.87
Market cap
₹5.2k Cr
Sector
Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 30 Jul 2026

Quess Corp Q1 FY27

Consolidated Revenue ₹4,182 cr +15%Consolidated EBITDA ₹85 cr +21%Consolidated EBITDA Margin 2.02% Consolidated PAT ₹82 cr +61%

What went well

  • Consolidated revenue of ₹4,182 crores, reflecting a 15% YoY growth and 7% QoQ growth.
  • EBITDA grew 21% YoY to ₹85 crores, with a margin of 2.02%, expanding 11 bps YoY.
  • PAT increased 61% YoY and 28% QoQ to ₹82 crores, with EPS of ₹5.5, up 61% YoY.

What to watch

  • A one-time revenue impact of ₹176 crores due to the implementation of the new Labor Code.
  • Sequential moderation of 20 bps in EBITDA margin (QoQ) largely due to annual merit cycles and variable pay reset.
Read the full call →

What Quess Corp does

Quess Corp, founded in Bengaluru in 2007, is India's largest staffing and workforce solutions provider. It earns fees by sourcing, deploying and managing associates on client payrolls across three staffing arms - General Staffing (BFSI, retail/telecom, manufacturing, construction), Professional Staffing (digital & tech skills, Global Capability Centre services, recruitment, international mobility) and Overseas Staffing (APAC and Middle East) - supported by digital HR-tech platforms (Hamara HR, Hamara Jobs, TaskMo) that run the hire-to-retire cycle for clients and associates. Following a three-way corporate demerger completed in 2025 that spun off the BPM/insurtech/HRO business (Digitide Solutions) and the facility-management/food/security business (Bluspring Enterprises) into separate listed entities, Quess Corp now operates as a pure-play staffing organisation.

Segments

  • General Staffing
  • Professional Staffing
  • Overseas Business
  • Investments - Digital Platforms
Total associate/workforce headcount
483,503
Active clients
~2,200 (30%+ with 5+ year tenure)
Countries of operation
8
Offices across India
30+
Districts covered for talent sourcing
700+
Recruiters employed
700+
Founded 2007Headquarters Bengaluru, Karnataka, IndiaEmployees 4,83,503 (December 31, 2025 (Q3 FY) Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 6 delivered 4 missed 12 open
  • EBITDA Margin delivered said Q4 FY25 Promised: By exit of this year, we should be somewhere over 2%. Q1 FY27: Margin was 2.02%, maintaining the level above the original target. Promise remains achieved.
  • Revenue Growth missed said Q3 FY25 Promised: double digit Q1 FY27: Consolidated revenue grew 15% YoY, meeting the double-digit criteria for this quarter. However, the promise was definitively missed for FY26.
  • Overseas Business EBITDA Margin revised up said Q4 FY26 Promised: +6% ongoing Q1 FY27: Q1 margin was 6.2%, meeting the target. Management also guided for an improvement to 6.5-7% 'as things mature', effectively revising the target upwards.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 14.5%, net profit up 60.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue3,705 4,019 3,656 3,651 3,832 +3%3,930 −2%3,892 +6%4,182 +15%
EBITDA69 62 67 70 77 +12%80 +29%86 +28%85 +21%
Net profit51 42 -95 51 52 +2%55 +31%64 +167%82 +61%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +31.4% 1Y

₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹264.85 on 10 Sept 2025 → ₹348. High ₹381.75 (31 Aug 2026), low ₹169.72 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.7%
30 Jul
Q4 FY26
+5.6%
5 May
Q3 FY26
+1.4%
29 Jan
Q2 FY26
−2.1%
30 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 3.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 2.0%.

Year endingFY23FY24FY25FY26
Revenue₹17.2k Cr₹17.7k Cr₹15.0k Cr₹15.3k Cr
Operating profit₹585 Cr₹564 Cr₹261 Cr₹313 Cr
Operating margin3.4%3.2%1.7%2.0%
Interest₹106 Cr₹103 Cr₹39 Cr₹50 Cr
Depreciation₹275 Cr₹226 Cr₹41 Cr₹42 Cr
Net profit₹223 Cr₹281 Cr₹47 Cr₹222 Cr
Net margin1.3%1.6%0.3%1.5%
ROCE9.0%5.0%12.0%24.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹148 Cr₹148 Cr₹148 Cr₹149 Cr₹149 Cr₹149 Cr
Reserves₹2.2k Cr₹2.3k Cr₹2.4k Cr₹2.6k Cr₹966 Cr₹1.0k Cr
Borrowings₹791 Cr₹915 Cr₹1.0k Cr₹838 Cr₹118 Cr₹124 Cr
Other liabilities₹1.6k Cr₹2.0k Cr₹2.5k Cr₹2.6k Cr₹1.8k Cr₹1.7k Cr
Total liabilities₹4.7k Cr₹5.4k Cr₹6.1k Cr₹6.3k Cr₹3.1k Cr₹3.0k Cr
Fixed assets₹1.5k Cr₹1.7k Cr₹1.8k Cr₹1.7k Cr₹366 Cr₹387 Cr
Capital work in progress₹31 Cr₹15 Cr₹18 Cr₹33 Cr₹0 Cr₹2 Cr
Investments₹54 Cr₹102 Cr₹50 Cr₹93 Cr₹0 Cr₹51 Cr
Other assets₹3.1k Cr₹3.6k Cr₹4.3k Cr₹4.4k Cr₹2.7k Cr₹2.6k Cr
Total assets₹4.7k Cr₹5.4k Cr₹6.1k Cr₹6.3k Cr₹3.1k Cr₹3.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −6.00 pp while DIIs added +3.12 pp. The shareholder count shrank 15% to 1,07,345.

Promoters
56.8%
FIIs
8.6%
DIIs
11.9%
Public
21.7%
Others
1.0%

Since Jun 2025

  • FIIs −6.00 pp
  • DIIs +3.12 pp
  • Public +2.03 pp

How it drifted, 12 quarters

Over this window FIIs fell from 16.9% to 8.6% — −8.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.7%, FIIs 16.9%, DIIs 10.2%, Public 16.2%.Dec '23: Promoters 56.6%, FIIs 16.3%, DIIs 10.7%, Public 16.4%.Mar '24: Promoters 56.6%, FIIs 15.3%, DIIs 10.8%, Public 17.3%.Jun '24: Promoters 56.6%, FIIs 15.9%, DIIs 10.9%, Public 16.5%.Sep '24: Promoters 56.6%, FIIs 15.8%, DIIs 11.0%, Public 16.6%.Dec '24: Promoters 56.6%, FIIs 15.2%, DIIs 10.4%, Public 17.7%.Mar '25: Promoters 57.0%, FIIs 14.8%, DIIs 9.8%, Public 18.4%.Jun '25: Promoters 57.0%, FIIs 14.6%, DIIs 8.7%, Public 19.7%.Sep '25: Promoters 56.9%, FIIs 14.1%, DIIs 9.8%, Public 19.2%.Dec '25: Promoters 56.9%, FIIs 9.2%, DIIs 12.4%, Public 21.5%.Mar '26: Promoters 56.8%, FIIs 8.3%, DIIs 12.4%, Public 22.4%.Jun '26: Promoters 56.8%, FIIs 8.6%, DIIs 11.9%, Public 21.7%, Others 1.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Quess Corp above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Fairbridge Capital Mauritius Limited 34.05%unchanged
Ajit Isaac 11.98%unchanged
Isaac Enterprises LLP 10.29%unchanged
Tata Mutual Fund- Tata Small Cap Fund Mutual fund7.76%unchanged
Ashish Dhawan 4.90%+0.05 pp
Ellipsis Partners Llc FPI fund3.91%unchanged
Bandhan Small Cap Fund Mutual fund1.55%newly disclosed
Guardian Capital Partners Fund - Opportunities Scheme Mutual fund1.17%unchanged
Hwic Asia Fund Class A Shares FPI fund0.50%unchanged
Net Resources Investments Private Limited 0.00%unchanged
Thomas Cook (India) Limited 0.00%unchanged
ICICI Prudential Life Insurance Company Limited Insurer—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in QUESS

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹13 Cr
1 schemes
Biggest holder
HDFC Dividend Yield Fund
₹13 Cr · 0.2% of that fund
SchemeHoldingLast month
HDFC Dividend Yield Fund HDFC Mutual Fund₹13 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-39%
vs est. average cost
Held by funds
₹13 Cr
1 schemes · ≈ 0.19% of the company

Shares held by these funds −11%

Aug '23 4.00 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹348, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹253 — downside of 27%.

Growth the price implies
14.6% a year
for 7 years, fading to 4%
It has actually compounded at
10.0% a year
net profit, FY23–FY26 · EPS 8.6%
The gap
0.1 pp
-27% downside if it only repeats history
Price today ₹348 Value at the reference growth ₹253.04

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Quess Corp

Guides on how to read this kind of business and the numbers that matter.