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QUESS - Quess Corp

📊 NSE: QUESS 🏢 Diversified - Large 📅 Last Updated: 12/14/2025 11:25

📢 Recent Corporate Announcements

Quess Corp to Host Q4 FY26 Earnings Conference Call on May 05, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Apr 2026, 06:52 PM

Quess Corp Limited has scheduled an analyst and investor conference call for Tuesday, May 05, 2026, at 11:00 AM IST. The call is intended to discuss the company's financial performance for the fourth quarter (Q4 FY26) and the full fiscal year 2026. Senior management, including the CEO and CFO, will be present to provide commentary and conduct a Q&A session. This is a routine but essential event for investors to understand the company's recent operational performance and future outlook.

Earnings conference call scheduled for May 05, 2026, at 11:00 AM IST.
The call will cover financial results for both Q4 FY26 and the full year FY26.
Key management participants include ED Guruprasad Srinivasan, CEO Lohit Bhatia, and CFO Neeraj Jain.
Interactive Q&A session to follow the management's presentation of earnings performance.
Universal access numbers for the call are +91 22 6280 1259 and +91 22 7115 8160.

💡 Investors should review the Q4 and FY26 financial results once released and listen to the management commentary for updates on business growth and margin improvements.

Quess Corp Receives Income Tax Refund of ₹155.11 Crore Including Interest

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 27 Apr 2026, 03:10 PM

Quess Corp Limited has received a substantial income tax refund of ₹155.11 Crore for the Financial Year 2024-25. The total amount comprises a base tax refund of ₹145.65 Crore and an interest component of ₹9.46 Crore. This receipt follows an assessment order under Section 143(1) from the Income Tax Department's Centralized Processing Centre. The significant cash inflow is expected to enhance the company's liquidity position and cash reserves.

Total refund amount received is ₹155.11 Crore as of April 27, 2026
Refund breakdown includes ₹145.65 Crore in tax and ₹9.46 Crore in interest
The refund pertains to the assessment for Financial Year 2024-25
Order issued by the Centralized Processing Centre (CPC), Income Tax Department, Bengaluru

💡 Investors should view this as a positive liquidity event that strengthens the balance sheet. The additional cash could potentially be used for debt reduction, working capital, or growth initiatives.

Quess Corp Promoters Declare No New Share Encumbrances for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Apr 2026, 02:31 PM

Fairbridge Capital (Mauritius) Limited and HWIC Asia Fund, the promoters of Quess Corp, have submitted their annual declaration for the financial year ended March 31, 2026. The filing confirms that the promoters and Persons Acting in Concert (PAC), including Thomas Cook (India) Limited, have not created any new direct or indirect encumbrances on their shareholding during the year. This disclosure is a mandatory regulatory requirement under SEBI Takeover Regulations to ensure transparency in promoter shareholding. It provides assurance that no undisclosed pledges were made against the company's equity by the controlling group.

Annual disclosure submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoters Fairbridge Capital and HWIC Asia Fund confirmed no new encumbrances were made during FY 2025-26.
Thomas Cook (India) Limited is officially identified as the Person Acting in Concert (PAC) for the promoter group.
The declaration covers the entire financial year ending March 31, 2026.

💡 No action is required as this is a routine annual compliance filing confirming the status of promoter share pledges. Investors should continue to monitor the company's quarterly financial performance for fundamental shifts.

Quess Corp Reminds Shareholders to Claim Unclaimed Dividends and Update KYC

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Apr 2026, 04:22 PM

Quess Corp Limited has issued a formal reminder to shareholders regarding unclaimed dividends dating back to the 2020-21 financial year. The company has notified eligible shareholders that any dividends remaining unclaimed for seven consecutive years will be transferred to the Investor Education and Protection Fund (IEPF). Furthermore, investors are required to update their KYC information, including PAN and bank details, to comply with SEBI mandates. This administrative action is aimed at ensuring the direct credit of funds and the dematerialization of physical shares.

Reminder sent on April 16, 2026, for unclaimed dividends starting from FY 2020-21 through FY 2025-26.
Unclaimed dividends for 7 consecutive years are liable for transfer to the Investor Education and Protection Fund (IEPF).
Mandatory KYC updates required as per SEBI Master Circular dated February 06, 2026, for physical security holders.
Shareholders are urged to convert physical shares into dematerialized form as per regulatory guidelines.

💡 Shareholders should verify their bank records for any missing dividend payments from 2020 onwards and ensure their KYC details are updated with the RTA, MUFG Intime India. No action is needed for investors who have already received all dividends and have updated demat accounts.

Quess Corp Submits Quarterly SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 12:50 PM

Quess Corp Limited has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests were processed and securities were listed on the stock exchanges. It also verifies that physical certificates were mutilated and cancelled after due verification within the prescribed timelines. This is a standard administrative filing that ensures the company's shareholding records are maintained accurately.

Compliance certificate issued for the quarter ended March 31, 2026.
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Securities received for dematerialization were processed and listed on stock exchanges where earlier securities were listed.
Physical security certificates were mutilated and cancelled after verification as per SEBI guidelines.

💡 No action is required from investors as this is a routine regulatory filing confirming administrative compliance regarding share dematerialization.

Quess Corp Receives Income Tax Refund Orders Totaling ₹63.81 Crore

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 08 Apr 2026, 10:02 PM

Quess Corp Limited has received two favorable orders from the Income Tax Department under Section 154 of the Income Tax Act, 1961. These orders grant the company a total refund of ₹63.81 Crore for the assessment periods of FY 2021-22 and FY 2022-23. The refund consists of ₹39.58 Crore and ₹24.23 Crore respectively for the two financial years. This represents a significant cash inflow that will improve the company's liquidity and cash position.

Total income tax refund granted amounts to ₹63.81 Crore across two financial years.
Refund of ₹39.58 Crore pertains specifically to the Financial Year 2021-22.
Refund of ₹24.23 Crore pertains specifically to the Financial Year 2022-23.
Orders were passed by the Joint Commissioner of Income Tax (OSD), Central Circle -2(1), Bengaluru.

💡 Investors should note this as a positive development for the company's balance sheet and cash flow. While it is a non-operational gain, the additional liquidity supports the company's financial health.

Quess Corp Assigned Voluntary ESG Rating of 74 by NSE Sustainability

🟢 POSITIVE ⭐ 4/10

OTHER 📅 02 Apr 2026, 08:26 PM

Quess Corp Limited has been assigned an ESG rating of '74' by NSE Sustainability Ratings & Analytics Ltd, a SEBI-registered ESG Rating Provider. This rating was assigned voluntarily based on publicly available information and was not commissioned by the company. The disclosure indicates the company's standing in Environmental, Social, and Governance metrics as evaluated by an independent third party. Such ratings are becoming increasingly significant for institutional investors and ESG-focused funds.

NSE Sustainability Ratings & Analytics Ltd assigned a voluntary ESG rating of '74' to Quess Corp.
The rating was determined using publicly available information without formal engagement from the company.
NSE Sustainability is a SEBI-registered ESG Rating Provider (ERP).
The rating communication was received by the company on April 02, 2026.

💡 Investors should note this as a positive qualitative indicator of the company's ESG profile, which may enhance its appeal to institutional investors. No immediate portfolio changes are necessary based on this informational update.

Quess Corp Receives GST Order with Penalty of ₹39.36 Lakhs

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 31 Mar 2026, 02:56 PM

Quess Corp Limited has received an order from the Office of Assistant Commissioner of CGST & C.Ex., Mumbai East, imposing a penalty of ₹39.36 lakhs. The order alleges a short payment of tax amounting to ₹2.68 lakhs and an excess Input Tax Credit (ITC) claim of ₹36.67 lakhs. The company has stated that this order has no material impact on its financial or operational activities. Quess Corp is currently preparing to file an appeal against this order with the relevant Appellate Authority.

Total penalty imposed by GST authorities amounts to ₹39.36 lakhs
Alleged short payment of tax identified as ₹2.68 lakhs in GSTR-3B vs GSTR-1
Alleged excess Input Tax Credit (ITC) of ₹36.67 lakhs claimed in GSTR-3B vs GSTR-2A
Company confirms no material impact on operations or financials
Quess Corp intends to contest the order via an appeal to the Appellate Authority

💡 No immediate action is required as the penalty amount is immaterial compared to the company's overall revenue and scale. Investors should view this as a routine tax-related regulatory disclosure.

Quess Corp to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 04:39 PM

Quess Corp Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and full year ending March 31, 2026. The window will remain closed until 48 hours after the board meeting where the results are officially declared. The specific date for the board meeting will be communicated by the company in due course.

Trading window closure begins on Wednesday, April 1, 2026.
Closure pertains to the financial results for the quarter and year ending March 31, 2026.
Window will reopen 48 hours after the declaration of financial results.
Board meeting date for result approval to be announced at a later date.

💡 No action is required as this is a routine regulatory compliance filing. Investors should watch for the upcoming board meeting announcement to analyze the company's year-end performance.

Quess Corp Allots 1,13,847 Equity Shares Under Stock Ownership Plan 2020

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 04:26 PM

Quess Corp Limited has approved the allotment of 1,13,847 equity shares of Rs. 10 each following the exercise of Restricted Stock Units (RSUs) under the Quess Stock Ownership Plan 2020. This allotment increases the company's total paid-up equity share capital from 14,92,17,607 to 14,93,31,454 shares. The new shares will rank pari-passu with existing equity shares. This is a standard procedure for fulfilling employee stock-based compensation obligations.

Allotment of 1,13,847 equity shares of face value Rs. 10 each.
Total paid-up share capital increased to Rs. 1,49,33,14,540.
The allotment resulted in a marginal equity dilution of approximately 0.076%.
Shares issued under the Quess Stock Ownership Plan 2020 (QSOP 2020).

💡 No action is required as this is a routine administrative allotment for employee compensation with negligible impact on share value.

Quess Corp Appoints Lohit Bhatia as Group CEO; Approves New 52.5 Lakh RSU Stock Plan

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 16 Mar 2026, 08:01 PM

Quess Corp has announced a leadership transition with Mr. Lohit Bhatia appointed as the Group CEO and Executive Director effective June 01, 2026, succeeding Mr. Guruprasad Srinivasan. The Board also approved the Quess Stock Ownership Plan 2026 (QSOP 2026), which involves the grant of 52.5 lakh performance-oriented Restricted Stock Units (RSUs). This new plan represents 3.52% of the company's share capital, though the fresh dilution is limited to 2.3% as 18.23 lakh units are being redeployed from the older 2020 plan. Vesting of these units is strictly tied to performance metrics including Revenue, EBITDA, and Operating Cash Flow.

Mr. Lohit Bhatia appointed as Group CEO for a 3-year term starting June 01, 2026.
Introduction of QSOP 2026 covering 52,50,000 RSUs, equivalent to 3.52% of paid-up capital.
Net additional equity dilution capped at 2.3% after redeploying 1.22% from the 2020 plan.
RSU vesting is linked to specific financial targets: Revenue, EBITDA, and Operating Cash Flow.
Outgoing Director Guruprasad Srinivasan to transition into a strategic advisory role post-May 2026.

💡 Investors should view the internal promotion of a long-term veteran like Lohit Bhatia as a sign of stability in succession planning. While the new stock plan involves some dilution, its strict performance-linked vesting criteria aligns management interests with shareholder value.

Quess Corp Appoints Lohit Bhatia as Group CEO; Approves New 5.25 Million RSU Stock Plan

🟢 POSITIVE ⭐ 8/10

MANAGEMENT 📅 16 Mar 2026, 07:55 PM

Quess Corp has announced a structured leadership transition with Lohit Bhatia appointed as Group CEO effective June 1, 2026, succeeding Guruprasad Srinivasan. To drive performance, the board approved the Quess Stock Ownership Plan 2026 (QSOP 2026) covering 52.50 lakh RSUs, which represents 3.52% of the company's share capital. This new plan involves a net additional dilution of 2.3% as it incorporates 18.23 lakh unused units from the previous 2020 plan. Vesting of these units is strictly tied to achieving specific Revenue, EBITDA, and Operating Cash Flow targets.

Lohit Bhatia appointed as Executive Director and Group CEO for a 3-year term starting June 1, 2026
New QSOP 2026 plan approved for 52,50,000 performance-oriented RSUs, representing 3.52% of share capital
Maximum additional equity dilution for shareholders capped at 2.3% under the new incentive scheme
Vesting criteria linked to three key financial metrics: Revenue, EBITDA, and Operating Cash Flow
Outgoing CEO Guruprasad Srinivasan to transition into a strategic consultancy and advisory role

💡 The planned succession and performance-linked incentive structure are positive signs of corporate governance and alignment with shareholder interests. Investors should view the internal promotion of a veteran leader as a move for stability and continued growth in the staffing business.

Quess Corp Allots 14,918 Equity Shares Under Stock Ownership Plan-2020

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Feb 2026, 06:06 PM

Quess Corp Limited has approved the allotment of 14,918 equity shares of Rs. 10 each to employees who exercised their Restricted Stock Units (RSUs) under the Quess Stock Ownership Plan-2020. This allotment results in a marginal increase in the company's total paid-up share capital from 14,92,02,689 to 14,92,17,607 equity shares. The new shares will rank pari-passu with existing equity shares in all respects. The total paid-up capital value now stands at approximately Rs. 149.22 crore.

Allotment of 14,918 equity shares of face value Rs. 10 each under QSOP 2020
Total paid-up share capital increased to 14,92,17,607 equity shares
Aggregate paid-up capital value rose from Rs. 1,49,20,26,890 to Rs. 1,49,21,76,070
New shares carry the same rights (pari-passu) as existing shares

💡 No action is required as this is a routine administrative allotment for employee compensation. The equity dilution is negligible and will not impact the stock's valuation or performance.

Quess Corp Q3 FY26: Record EBITDA of ₹80 Cr; Interim Dividend of ₹5/share Declared

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 08:39 PM

Quess Corp reported a steady Q3 FY26 with revenue growing 3% QoQ to ₹3,930 crores and a record EBITDA of ₹80 crores, up 28% YoY. The company achieved significant margin expansion in its Professional Staffing segment to an all-time high of 12.5%, while General Staffing remained stable despite seasonal churn. A ₹5 per share interim dividend was announced, supported by strong operating cash flow conversion of 92% of EBITDA. Management transitions are now complete with Lohit Bhatia elevated to CEO and Neeraj Jain joining as CFO.

Consolidated EBITDA reached a quarterly milestone of ₹80 crores, up 28% YoY with margins expanding to 2.03%.
Adjusted PAT rose 29% YoY to ₹62 crores, excluding a ₹7 crore exceptional item related to Labour Code implementation.
Professional Staffing segment achieved record EBITDA margins of 12.5%, with GCCs now accounting for 72% of headcount.
Board approved an interim dividend of ₹5 per share, reflecting strong cash flow and balance sheet strength.
Operating cash flow conversion remained robust at 92% of EBITDA, with average DSO improving to 24 days.

💡 Investors should take note of the structural margin improvement in the Professional Staffing segment and the healthy dividend payout. The stock remains a key play on India's formalization, though monitoring the long-term impact of the new Labour Code on headcount is advised.

Quess Corp Receives Income Tax Demand Order of Rs 159.92 Crore for AY 2022-23

🔴 NEGATIVE ⭐ 7/10

LEGAL 📅 01 Feb 2026, 03:39 PM

Quess Corp Limited has received a final assessment order from the Income Tax Department for Assessment Year 2022-23, resulting in a demand of Rs 159.92 crore. The demand primarily arises from disallowances related to Section 80JJAA deductions and certain expense claims. The company noted that these adjustments are consistent with those made for FY 2016-17 to FY 2020-21, which are currently being contested before the Income Tax Tribunal. Quess Corp intends to vigorously appeal the order, maintaining that its tax positions are legally defensible.

Income Tax Department issued a demand of Rs 159.92 crore for Assessment Year 2022-23.
Major disallowances involve deductions under Section 80JJAA and specific business expenses.
The order follows a pattern of adjustments previously made for the period FY 2016-17 to FY 2020-21.
Company is already contesting similar historical demands at the Income Tax Tribunal level.
Management plans to file a fresh appeal and believes the position is supported by judicial precedents.

💡 Investors should monitor the outcome of the ongoing Income Tax Tribunal cases for previous years, as they will likely determine the final liability for this new demand. While the amount is significant, the company's decision to contest suggests no immediate cash outflow until the appeal process concludes.

View All QUESS Announcements on Live Market Tracking →

💰 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).