TEAMLEASE

Teamlease Services share price & financials

India's largest staffing firm — temp workforce, degree apprenticeships, HR-tech, compliance & upskilling.

Price: ₹1,428.6
Market cap: ₹2.1k Cr
Sector: Services
Calls analysed: 7

Latest concall · Q1 FY27 · call held 29 Jul 2026

Teamlease Services Limited Q1 FY27

Consolidated Revenue ₹3,056 cr +6%EBITDA — +3%PAT ₹34 cr +38%PBT ₹36 cr +38%

What went well

Consolidated revenue reached INR3,056 crores, marking a 6% year-on-year and 4% sequential growth.
Profit Before Tax (PBT) and Profit After Tax (PAT) both demonstrated robust growth of 38% year-on-year, reaching INR36 crores and INR34 crores respectively.
EBITDA for operating businesses (before corporate costs) increased by 18% year-on-year, indicating strong underlying performance.

What to watch

Consolidated EBITDA (including corporate costs) experienced a significant sequential decline of 31%.
A sequential dip in PBT of INR16.2 crores was primarily attributed to EdTech seasonality (INR11.6 crores) and the annual appraisal cycle impact (INR4.2 crores).

Read the full call →

What Teamlease Services Limited does

TeamLease is a people-supply-chain company that recruits, employs and deploys contract/temp associates at over 4,000 employer clients across sectors (general and specialised staffing), earning fees for the workforce it puts on client rolls. It also runs India's Degree Apprenticeship (DA) programme under the Apprentices Act, and an 'Other HR Services' arm covering HR-tech/payroll SaaS, regulatory-compliance services (RegTech) and ed-tech/skilling (TL Skill University, TL EdTech) that trains students for employability. Beyond India, it has extended into IT/specialised staffing and consulting through subsidiaries in Singapore and the UAE (Dubai).

Segments

General Staffing and Allied Services
Specialised Staffing Services
Other HR Services

Associates & trainees deployed with clients: ~3.4 lakh (340,600)
Employer clients served: 4,000+
Locations: 7,500+ across 28 states
Cumulative professionals placed since inception: 25 lakh+ (2.5 million+)
Students across TL Skill University & TL EdTech: 7.5 lakh+
Market position: One of India's largest staffing companies, ~6% market share

Founded 2000Headquarters Infinix Square, B-4, B-5, B-6, HAL Industrial Estate, HAL GB Quarters, Vibhutipura, Bengaluru, Karnataka – 560037Employees 2,504 (Q4 FY26 (Mar 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 3 delivered 5 missed 8 open

Inorganic EBITDA Contribution delivered, diluted said Q3 FY25 Promised: INR1.1 crores for Q4 FY25 Q1 FY27: Promise concluded in FY25. No new information.
EdTech EBITDA Margin went quiet said Q3 FY25 Promised: 6% to 7% for FY25 Q1 FY27: Promise concluded in FY25. No new information.
YoY EBITDA Growth at risk said Q4 FY26 Promised: over 20% for FY27 Q1 FY27: Q1 YoY consolidated EBITDA growth was only 3%. Management cited H1 investments and declined to reiterate or quantify the full-year guidance, placing the 'over 20%' target at significant risk.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 5.0%, net profit up 36.0% against the same quarter last year.

₹ Cr · quarterly

Line item	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 +8%	2,990 +2%	2,925 +2%	3,035 +5%
Expenses	2,763	2,886	2,810	2,861	2,994	2,948	2,879	3,003
EBITDA	33	35	47	31	38 +15%	42 +20%	46 −2%	31 +0%
Margin	1%	1%	2%	1%	1%	1%	2%	1%
Other income	11	10	10	13	9	18	24	22
Interest	4	3	4	4	4	3	3	4
Depreciation	14	13	13	14	14	14	15	13
Profit before tax	26	29	40	26	29 +12%	43 +48%	52 +30%	36 +38%
Tax rate	4%	1%	5%	5%	4%	2%	11%	5%
Net profit	25	28	38	25	28 +12%	42 +50%	46 +21%	34 +36%
EPS	14.66	16.95	20.85	15.83	16.41	24.88	26.19	20.79

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 −33.2% 1Y

1Y: ₹1,859 on 10 Sept 2025 → ₹1,241.4. High ₹1,934 (16 Sept 2025), low ₹1,091.5 (13 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −0.1%; 29 Jul
Q4 FY26: +0.7%; 22 May
Q3 FY26: −1.5%; 9 Feb
Q2 FY26: +0.3%; 5 Nov

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 grew 14.6% a year over 3 years, FY23 to FY26. Operating margin held at 1.3%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹7.9k Cr	₹9.3k Cr	₹11.2k Cr	₹11.8k Cr
Operating profit	₹123 Cr	₹131 Cr	₹137 Cr	₹157 Cr
Operating margin	1.6%	1.4%	1.2%	1.3%
Interest	₹6 Cr	₹10 Cr	₹14 Cr	₹14 Cr
Depreciation	₹43 Cr	₹53 Cr	₹53 Cr	₹57 Cr
Net profit	₹112 Cr	₹113 Cr	₹110 Cr	₹141 Cr
Net margin	1.4%	1.2%	1.0%	1.2%
Cash from operations	₹126 Cr	₹118 Cr	₹104 Cr	₹302 Cr
Free cash flow	₹107 Cr	₹97 Cr	₹74 Cr	₹272 Cr
ROCE	14.0%	13.0%	13.0%	15.0%

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 ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹17 Cr	₹17 Cr	₹17 Cr	₹17 Cr	₹17 Cr	₹17 Cr
Reserves	₹635 Cr	₹676 Cr	₹791 Cr	₹781 Cr	₹943 Cr	₹1.0k Cr
Borrowings	₹23 Cr	₹60 Cr	₹100 Cr	₹105 Cr	₹128 Cr	₹116 Cr
Other liabilities	₹636 Cr	₹785 Cr	₹856 Cr	₹1.0k Cr	₹1.2k Cr	₹1.6k Cr
Total liabilities	₹1.3k Cr	₹1.5k Cr	₹1.8k Cr	₹1.9k Cr	₹2.3k Cr	₹2.8k Cr
Fixed assets	₹255 Cr	₹262 Cr	₹303 Cr	₹293 Cr	₹336 Cr	₹339 Cr
Capital work in progress	₹15 Cr	₹18 Cr	₹17 Cr	₹11 Cr	₹0 Cr	₹14 Cr
Investments	₹70 Cr	₹53 Cr	₹194 Cr	₹3 Cr	₹88 Cr	₹203 Cr
Other assets	₹971 Cr	₹1.2k Cr	₹1.3k Cr	₹1.6k Cr	₹1.9k Cr	₹2.2k Cr
Total assets	₹1.3k Cr	₹1.5k Cr	₹1.8k Cr	₹1.9k Cr	₹2.3k Cr	₹2.8k 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.

Mutual funds in TEAMLEASE

Filings to Aug 2026

0 new, 0 added, 3 trimmed, 0 sold out — net −1.70 L shares (−8.4%).

Held by funds: ₹236 Cr; 5 schemes
Biggest holder: Nippon India Multi Cap Fund; ₹123 Cr · 0.2% of that fund

Scheme	Holding	Last month	Held since
Nippon India Multi Cap Fund Nippon India Mutual Fund	₹123 Cr	held	Dec '21
HDFC ELSS Tax saver HDFC Mutual Fund	₹50 Cr	−0.43 L	Nov '23
Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund	₹27 Cr	held	Nov '25
SBI Innovative Opportunities Fund SBI Mutual Fund	₹24 Cr	−1.25 L	Feb '25
Nippon India Value Fund Nippon India Mutual Fund	₹11 Cr	−0.01 L	Mar '20

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 Aug 2026

0 added, 3 trimmed — net −1.70 L shares (−8.4%)

Funds are sitting on: -35%; vs est. average cost
Held by funds: ₹236 Cr; 5 schemes · ≈ 13% of the company
Biggest holder: Nippon India Multi Cap Fund; ₹123 Cr · 0.2% of that fund
Longest holder: Nippon India Value Fund; 6y 6m · since Mar '20

Shares held by these funds +331%

Aug '23 19.79 L shares Jul '26

What the price assumes

Fair

To justify its price of ₹1241, this stock must grow earnings at 11% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹1111 — downside of 11%.

Growth the price implies: 10.6% a year; for 7 years, fading to 4%
It has actually compounded at: 8.0% a year; net profit, FY23–FY26 · EPS 8.6%
The gap: 0.0 pp; -11% downside if it only repeats history

Price today ₹1,241.4 Value at the reference growth ₹1,110.54

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Teamlease Services Limited

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