Quess Corp Limited (QUESS)
₹332.95 -0.48% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Quess' revenue was ₹4,182 Cr (+14.5% year on year, +7.4% on the previous quarter), and net profit ₹82.1 Cr (+61.0% year on year); the operating margin was 2.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,182 | +14.5% | +7.4% |
| Operating profit | ₹84.5 | +20.8% | -1.7% |
| Net profit | ₹82.1 | +61.0% | +28.3% |
| EPS (₹) | 5.50 | +60.8% | +27.9% |
| Operating margin | 2.0% | — | — |
QUESS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 42.81% of the QUESS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.53%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 45.1% · 39.4% · 42.8% · 55.7% · 42.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Quess Corp Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 07, 2026. It confirms that securities received for dematerialisation were processed, confirmed or rejected, and mutilated according to SEBI guidelines within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 07, 2026
- Filing made to BSE and NSE on October 08, 2026
Quess Corp Limited has issued a reminder notice to eligible shareholders regarding unclaimed sale proceeds from fractional entitlements arising from its 2019 demerger scheme with Thomas Cook (India) Limited. Eligible shareholders must submit their claim applications to the registrar on or before December 20, 2026. Any proceeds remaining unclaimed after the completion of seven years will be transferred to the Investor Education and Protection Fund (IEPF). This is a purely statutory and administrative compliance update with no financial or operational impact on the company.
- Reminder sent to claim unpaid sale proceeds of fractional entitlements arising from the 2019 Composite Scheme of Arrangement with Thomas Cook (India) Limited.
- The 2019 scheme entailed allotment of 7,14,56,240 equity shares of Quess Corp to TCIL shareholders in the ratio of 1,889:10,000.
- Deadline for eligible shareholders to submit claims to the RTA is December 20, 2026.
- Unclaimed amounts after the 7-year statutory period will be transferred to the Investor Education and Protection Fund (IEPF).
Quess Corp informed the exchanges that SEBI-registered provider SES ESG Research Private Limited has voluntarily assigned an ESG rating of 64.8 to the company for 2026. This reflects a marginal improvement from 63.3 reported in 2025 based on publicly available data. The company clarified that it did not engage SES directly for this rating, having received the communication via BSE Limited on September 15, 2026.
- SES ESG Research assigned an ESG rating of 64.8 for 2026
- ESG rating improved from 63.3 in 2025
- Unsolicited/voluntary rating based entirely on publicly available information
- Communication received via BSE Limited email dated September 15, 2026
Crisil ESG Ratings & Analytics has voluntarily assigned an upgraded ESG rating score of '66' (classified as 'Strong') to Quess Corp Limited for the financial year ended March 31, 2026. This reflects an improvement from the previous score of '59' ('Adequate') recorded for FY25. The rating was determined independently based on publicly available data without direct engagement by the company.
- CRISIL ESG rating upgraded to '66' (Strong) for FY26
- Previous rating stood at '59' (Adequate) for FY25
- Assigned voluntarily by Crisil ESG Ratings based on public information
- Communication received by the company via email dated September 11, 2026
Quess Corp has issued a shareholder communication regarding the remittance of its final dividend of ₹3 per equity share (30% on face value of ₹10) for FY26. The dividend was previously approved by shareholders at the AGM on August 25, 2026, with the record date set on August 7, 2026. The payout is executed after applicable TDS deductions. This filing serves as an operational update confirming the dispatch and bank remittance of the dividend.
- Final dividend of ₹3 per equity share paid for FY26
- Dividend rate stands at 30% on a face value of ₹10 per share
- Shareholder approval received at the 19th AGM held on August 25, 2026
- Record date for dividend entitlement was August 07, 2026
Quess Corp Limited announced that its Nomination and Remuneration Committee approved the allotment of 26,069 equity shares of ₹10 each following the exercise of Restricted Stock Units (RSUs) under the Quess Stock Ownership Plan 2020. Following this allotment, the company's total paid-up equity share capital increased from ₹1,49,35,98,490 (14,93,59,849 shares) to ₹1,49,38,59,180 (14,93,85,918 shares). The dilution represents approximately 0.017% of total shares outstanding, which has a negligible impact on existing equity holders.
- Allotted 26,069 equity shares of face value ₹10 each under QSOP 2020
- Paid-up share capital expanded from 14,93,59,849 equity shares to 14,93,85,918 equity shares
- Total paid-up share capital increased by ₹2,60,690 to ₹1,49,38,59,180
- Newly allotted shares rank pari-passu with existing equity shares
Quess Corp has submitted the transcript of its 19th Annual General Meeting held on August 25, 2026. During the meeting, shareholders considered ordinary business including a total dividend of ₹11 per share for FY26 (₹5 interim, ₹3 special interim, and ₹3 final dividend). Management highlighted that professional staffing contributed nearly 30% of profits in FY26 (with 70% driven by GCCs) and outlined aspirations to expand high-margin professional and international profit contribution from 50% to 65%. Post-demerger, the company remains positioned as a pure-play workforce management player.
- AGM approved/confirmed FY26 total dividend of ₹11 per share (₹5 interim, ₹3 special interim, and ₹3 final dividend)
- Professional services accounted for ~30% of FY26 profit contribution, with ~70% driven by GCC engagements
- Management targets expanding profit pool contribution from professional services and overseas from 50% to 65%
- Layering AI across 32 internal operational tools to enhance onboarding efficiency and recruiter productivity
Quess Corp Limited has responded to a surveillance query from the National Stock Exchange dated August 26, 2026, regarding a significant increase in trading volume. The company confirmed that it is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, and has promptly disclosed all material and price-sensitive events. It affirmed that there is no undisclosed material information impacting operations or performance.
- Response submitted on August 26, 2026, addressing NSE surveillance inquiry Ref. No.: NSE/CM/Surveillance/17418
- Company confirmed compliance under Regulation 30 read with Schedule III of SEBI LODR Regulations, 2015
- Confirmed all price-sensitive information has been disclosed promptly to stock exchanges
Quess Corp released its Chairman's Address delivered at the 19th AGM, recapping FY26 consolidated performance with revenue of ₹15,305 crore (up 2% YoY) and EBITDA of ₹312 crore (up 19% YoY). The company highlighted a robust balance sheet with zero gross debt and ₹271 crore in net cash, alongside a total FY26 dividend payout of ₹11 per share (₹165 crore). Strategically, management aims to lift the operating profit share of high-margin Professional Staffing and Overseas businesses from 50% to 65% over the next 3-4 years. For Q1 FY27, revenue reached ₹4,182 crore (up 15% YoY) with PAT rising 61% YoY to ₹82 crore on an active headcount of 482,214 associates.
- FY26 consolidated revenue stood at ₹15,305 crore with EBITDA growing 19% YoY to ₹312 crore (2.0% margin).
- Company became debt-free with net cash of ₹271 crore and distributed ₹165 crore (₹11/share) as dividend in FY26.
- Higher-margin Professional Staffing and Overseas divisions contributed 50% of FY26 operating profit, targeting 65% over 3-4 years.
- Q1 FY27 performance showed revenue growth of 15% YoY to ₹4,182 crore and PAT growth of 61% YoY to ₹82 crore with 4.82 lakh associates.
Quess Corp Limited announced that shareholders approved board appointments at its 19th Annual General Meeting held on August 25, 2026. Founder Mr. Ajit Isaac was re-appointed as a Director liable to retire by rotation. Additionally, Mr. Anish Thurthi, Director at Fairbridge Capital (Fairfax group), was confirmed as a Non-Executive, Non-Independent Director with effect from June 01, 2026.
- Shareholders approved director appointments at the 19th AGM held on August 25, 2026
- Founder Mr. Ajit Isaac re-appointed as Director liable to retire by rotation
- Mr. Anish Thurthi confirmed as Non-Executive Director effective June 01, 2026
- Anish Thurthi brings 20+ years of experience across M&A and investment advisory at Fairbridge Capital and KPMG
Quess Corp Limited has submitted the voting results and Scrutinizer's Report for its 19th Annual General Meeting held on August 25, 2026. Shareholders approved all ordinary resolutions with substantial majorities, including the adoption of FY26 financial statements and the appointment of directors. Crucially, shareholders confirmed the total dividend payout for FY26, comprising an interim dividend of ₹5/share, a special interim dividend of ₹3/share, and a final dividend of ₹3/share. Overall voting participation stood at 78.33% of outstanding voting shares.
- Resolution 4 approved FY26 dividend payout including ₹5 interim, ₹3 special interim, and ₹3 final dividend per share with 99.85% votes in favour
- Adoption of Standalone and Consolidated FY26 Financial Statements approved with 92.88% majority
- Re-appointment of Mr. Ajit Isaac as Director approved with 99.44% votes in favour
- Appointment of Mr. Anish Thurthi as Non-Executive Director passed with 99.66% votes in favour
- Total voting turnout reached 78.33% across 100,190 registered shareholders as of cut-off date August 18, 2026
Quess Corp Limited conducted its 19th Annual General Meeting on August 25, 2026, with 56 members present via video conferencing. Shareholders voted on key resolutions including the adoption of FY26 audited standalone and consolidated financial statements. The meeting tabled confirmation of dividends totaling ₹11 per equity share for FY26 (₹5 interim, ₹3 special interim, and ₹3 final dividend). Resolutions also covered the re-appointment of Director Ajit Isaac and the appointment of Anish Thurthi as Non-Executive Director.
- 19th Annual General Meeting concluded on August 25, 2026, with 56 members attending via VC
- Approval sought for total FY26 dividend of ₹11 per share (₹5 interim, ₹3 special interim, ₹3 final)
- Appointment of Mr. Anish Thurthi as Non-Executive Director placed before shareholders
- Remote e-voting conducted from August 21 to August 24, 2026, based on August 18, 2026 cut-off date
Quess Corp has scheduled an in-person group meeting with institutional investors at the Emkay Confluence 2026 conference on August 12, 2026. This interaction comes as the company manages a massive workforce of 483,115 associates and maintains a TTM revenue of ₹15,304 Cr. While the company operates on thin margins (2.0% OPM), management is focusing on high-margin segments like Global Capability Centres (GCCs). No unpublished price-sensitive information is expected to be disclosed during this routine investor engagement.
- Scheduled meeting date: August 12, 2026, at 10:00 AM IST
- Participation in 'Emkay Confluence 2026 – India: Full Throttle Ahead' conference
- Company manages a total headcount of 483,115 associates as of Q2 FY26
- TTM revenue stands at ₹15,304 Cr with a thin operating margin of 2.0%
- Net associate addition of 21,283 in Q2 FY26, the highest in 6 quarters
Quess Corp has scheduled an in-person group meeting with analysts and institutional investors for August 12, 2026. The company will be participating in the 'Emkay Confluence 2026 – India: Full Throttle Ahead' conference. This is a standard investor relations activity, and the company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be disclosed. Investors should note the company's current scale with TTM revenue of ₹15,304 cr and a thin operating margin of 2.0%.
- Meeting scheduled for Wednesday, August 12, 2026, at 10:00 AM IST.
- Participation in the Emkay Confluence 2026 investor conference.
- Mode of interaction is confirmed as a Group (In-person) meeting.
- Company manages a massive workforce of 483,115 associates as of Q2 FY26.
- TTM Revenue stands at ₹15,304 cr with a market capitalization of ₹4,704 cr.
Quess Corp reported a strong Q1 FY27 with consolidated revenue growing 15% YoY to Rs 4,182 Cr. Net profit (PAT) surged 61% YoY to Rs 82 Cr, significantly bolstered by a Rs 261 Cr income tax refund including interest. The company remains debt-free with a healthy net cash position and has recommended a final dividend of Rs 3 per share. Management is actively pivoting towards 'Quess 2.0', targeting 20-25% of revenue from high-margin segments like GCCs and international talent corridors over the next 3-4 years.
- Consolidated revenue reached Rs 4,182 Cr, reflecting 15% YoY and 7% QoQ growth
- PAT grew 61% YoY to Rs 82 Cr, aided by a substantial Rs 261 Cr income tax refund
- Professional Staffing EBITDA margins stood at 11%, with GCCs contributing 71% of segment headcount
- General Staffing added 3,800+ associates and 86 new contracts despite a challenging market
- Final dividend of Rs 3 per share recommended for approval at the AGM on August 25, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 reached INR 3,832 Cr, growing 3% YoY. Segmental growth: General Staffing grew 3% YoY to INR 3,317 Cr; Professional Staffing grew 11% YoY to INR 224 Cr; Overseas Business grew 3% YoY to INR 290 Cr; and Digital Platforms surged 115% YoY to INR 0.5 Cr.
Geographic Revenue Split
The Overseas business contributed INR 290 Cr (approx. 7.6% of Q2 FY26 revenue), with growth driven by APAC and the Middle East. Singapore operations faced headwinds due to visa regulation changes, while domestic India operations account for the remaining ~92% of revenue.
Profitability Margins
Operating profit margins (OPM) remained range-bound at 1.8% in FY25 compared to 1.7% in FY24. Reported PAT for Q2 FY26 was INR 52 Cr (1.35% margin), while Adjusted PAT for FY25 stood at INR 210.2 Cr (1.4% margin), up 54% YoY from INR 136.4 Cr.
EBITDA Margin
EBITDA margin for Q2 FY26 crossed the 2% mark (2.00%), up 13 bps YoY. Absolute EBITDA reached a record INR 77 Cr, up 11% YoY. Professional Staffing achieved a high EBITDA margin of 12.2%, while General Staffing margins were thinner at 1.4% due to the impact of an NBFC client ramp-down.
Capital Expenditure
While specific future Capex figures are not disclosed, the company invested INR 90 Cr in dividends and maintained a net cash balance of INR 273 Cr in Q2 FY26. Investments are primarily directed toward digital transformation, AI-led productivity, and leadership bandwidth for the demerger.
Credit Rating & Borrowing
ICRA maintains a comfortable credit profile with Net Debt/OPBDITA at 0.2x as of March 31, 2024. The company has an average working capital buffer of INR 717.1 Cr. Interest expenses decreased 32% YoY to INR 38.6 Cr in FY25 due to lower debt levels.
Operational Drivers
Raw Materials
As a service-oriented staffing firm, 'Human Capital' is the primary cost, with employee expenses accounting for 93.9% of total revenue in FY25, up from 91.4% in FY24.
Import Sources
Not applicable for a workforce solutions provider; sourcing is primarily domestic across India, Singapore, and the Middle East.
Key Suppliers
Not applicable; the company relies on its internal sourcing engine which added 55,000 associates in Q2 FY26 compared to 30,000 in Q1 FY26.
Capacity Expansion
Current capacity is measured by associate headcount, which stood at 483,115 as of Q2 FY26 (up 5% YoY). The company added 21,283 net associates in Q2 FY26, the highest in 6 quarters.
Raw Material Costs
Employee expenses rose to 93.9% of revenue in FY25. The company is rationalizing low-margin contracts, such as the sunsetting of a large MSP program, to improve the mix of high-margin business.
Manufacturing Efficiency
Efficiency is tracked via the Associate to Core FTE ratio, which improved to 286 in Q2 FY26 from 357 in Q2 FY25, indicating higher productivity per internal employee.
Logistics & Distribution
Not applicable; distribution is handled through a digital sales engine and a network of regional offices for staffing delivery.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
The company aims for double-digit revenue growth by focusing on high-margin segments like GCCs (Professional Staffing) and Overseas business, which currently contribute 50% of total contribution. Strategy includes rationalizing low-margin MSP contracts and leveraging a 27,000-strong open mandate pipeline.
Products & Services
General staffing, IT staffing, facility management, domestic BPO, customer lifecycle management (CLM), and digital talent platforms.
Brand Portfolio
Quess, Conneqt, Allsec, foundit, Origint (GCC offering).
New Products/Services
Expansion of GCC (Global Capability Centre) offerings and AI-led productivity tools; GCCs are expected to be a primary driver for the 12.2% margin Professional Staffing segment.
Market Expansion
Targeting growth in APAC and Middle East regions for the Overseas business and deepening penetration in Indian manufacturing and BFSI sectors.
Market Share & Ranking
Quess is India's largest domestic staffing player with 483,115 associates and is ranked 36th among India's Best Employers 2025 by TIME/Statista.
Strategic Alliances
The company is undergoing a demerger to create three demerged entities to simplify the corporate structure and unlock value.
External Factors
Industry Trends
The industry is shifting toward tech-led hiring and gig work. Quess is positioning itself as a technology-enabled workforce solutions leader to capture the growing SME demand for digitized HRMS.
Competitive Landscape
Faces intense competition from large domestic and international players in staffing, and fragmented unorganized players in facility management.
Competitive Moat
Moat is built on scale (483k associates) and a mature sourcing engine (55k onboarded in Q2). Sustainability is driven by the 'Collect & Pay' model which ensures cash flow stability despite thin margins.
Macro Economic Sensitivity
Highly sensitive to festive season hiring (manufacturing/retail) and GST reforms which provide tailwinds for formal staffing.
Consumer Behavior
Moderation in private consumption and high inflation have negatively impacted consumer business spending, affecting the CRT (Consumer, Retail, Telecom) segment.
Geopolitical Risks
Visa regulation changes in Singapore act as a trade barrier, impacting the ability to deploy Indian talent overseas.
Regulatory & Governance
Industry Regulations
Impacted by changes in labor laws, GST reforms, and specific sector regulations like NBFC staffing norms and international visa laws (Singapore).
Environmental Compliance
Not disclosed as a significant cost driver for this service-based business.
Taxation Policy Impact
Effective tax rate is a key monitorable post-demerger; FY25 tax was a credit of INR 4.1 Cr on a consolidated basis due to exceptional items.
Legal Contingencies
Exceptional items of INR 164.3 Cr in FY25 included expected credit losses (ECL) for discontinued projects and demerger-related expenses.
Risk Analysis
Key Uncertainties
The margin trajectory in FY26 is a key uncertainty due to the exit from low-margin contracts and the impact of the NBFC sector slowdown (potential 5-10% impact on headcount growth).
Geographic Concentration Risk
High concentration in India (~92% revenue); Singapore visa issues highlight the risk of geographic regulatory shifts.
Third Party Dependencies
Dependency on subcontractor charges in the Professional Staffing segment, though this is being reduced through contract rationalization.
Technology Obsolescence Risk
Risk of being disrupted by AI in recruitment; mitigated by investments in AI-led productivity and the 'foundit' digital platform.
Credit & Counterparty Risk
Receivables quality is stable with a DSO of 25 days and a 76% Collect & Pay ratio, minimizing bad debt risk.
