QUESS
Micro CapQuess Corp Limited
Services
Quess Corp is India's largest staffing platform, offering general, professional, and overseas workforce solutions. The company focuses on technology-led workforce management, including AI-driven recruitment and blue-collar marketplaces, serving over 2,300 corporate clients.
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.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is weak.
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 31 Mar 2026
Bad · 2/100margin compression · Rev +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,892 Cr | +6.5% | -1.0% |
| EBITDA | ₹86 Cr | +28.4% | +7.5% |
| Operating margin | 2.0% | +0 bps | +0 bps |
| PAT | ₹64 Cr | NDF | +16.4% |
| PAT margin | 1.6% | +424 bps | +24 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 sees strong margin expansion with EBITDA up 28% YoY to INR 86 crores, driven by a shift to higher-margin businesses. Full-year revenue grew 2% YoY to INR 15,305 crores, with EBITDA up 19% YoY to INR 312 crores.
Management's strategic pivot towards higher-margin Professional Staffing and Overseas segments is yielding results, with strong EBITDA growth and margin expansion. While overall revenue growth is moderate, the improved quality of earnings and robust cash conversion support the thesis. Risks from labor code and geopolitical events are being monitored.
Professional Staffing
Focus on high-margin digital and technology roles, strong demand from GCCs, and rationalization of low-yield engagements.
Overseas Business
Diversified growth across geographies like Middle East, Malaysia, and Philippines, with improving margins.
Technology & AI Platforms
Sharpened focus towards AI-led solutions, building a blue-collar marketplace and AI-driven recruitment/workforce solutions.
General Staffing Verticalization
Investments in verticalization and new lines of business like manufacturing and infrastructure-led construction demand.
General Staffing Sourcing Capacity
Installed capacity of sourcing up to 50,000 people per quarter; currently delivering 37,000-38,000, indicating upside potential.
Recruitment Team Investment
Significant investments made in hiring recruiters to make the business future proof and future ready.
Structural Demand for Professional Staffing
Double-digit margins in Professional Staffing are sustainable, supported by structural demand from GCCs.
Diversification in Overseas Markets
International portfolio is now better balanced and structurally more profitable due to diversification across geographies.
Demand-Supply Gap in Emerging Tech
Huge demand-supply gap in AI, data, cloud, and cyber security space, where staffing companies play a big role.
Global Factors & Talent Shrinkage
Headcount growth in General Staffing remained measured owing to global factors and supply-side talent shrinkage.
Near-term Softness in Verticals
Certain verticals such as BFSI and CRT saw near-term softness in General Staffing.
Geopolitical Instability
Ongoing geopolitical situation in the Middle East, though business has shown resilience.
Labor Code Implementation
Rules are yet to be notified, and client confirmations on revised terms/rates are expected in Q1 and Q2 FY27.
Geopolitical Situation in Middle East
Management remains concerned and is watching the situation extremely carefully, despite record Q4 revenue and collection.
80JJAA Litigation
Industry-wide litigation regarding 80JJAA exemption, matter is sub-judice with concrete progress expected this year.
GST Litigation
Early stage GST litigation involving multiple insurance companies, expected to progress slowly.
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 growth and margin trends, especially given potential seasonality in staffing. QoQ provides insight into sequential momentum, project execution, and the impact of new client additions in Professional and Overseas Staffing segments.
Total Headcount
Ended FY26 with approximately 4,78,594 associates, reinforcing position as India's largest staffing platform.
General Staffing Net Additions (FY26)
Added approximately 26,000 net-add in headcount, but discontinued projects resulted in a 7,000 loss, making net 19,000.
Professional Staffing Headcount (GCCs)
GCCs account for 71% of total headcount deployment in Professional Staffing business.
New Contracts (General Staffing)
Added 59 new contracts in Q4, taking FY26 total additions to 281.
Strategic Shift & FY27 Focus
FY26 reflects a clear shift towards higher margin, more sustainable segments. For FY27, focus is on scaling Professional Staffing and Overseas, driving margin expansion, leveraging technology/AI, and disciplined capital allocation.
Growth Outlook for Professional Staffing
Anticipates 10% to 11% headcount growth and 12% to 13% revenue growth in Professional Staffing for FY27.
Confidence in Sustainable Growth
Remains confident in ability to deliver sustainable, profitable growth with improving return ratios.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Professional Staffing Headcount Growth | Roughly 7% net addition in FY26. | Achieving double-digit headcount growth (10-12%) from new and existing GCCs in FY27. |
| Consolidated EBITDA Margin | 2.2% in Q4 FY26, 2.0% for FY26. | Sustaining a (+2%) margin in the immediate term, progressing towards 2.4% in the medium term (3 years). |
| Labor Code Client Confirmations | Rules yet to be notified, client discussions ongoing. | Full confirmation from clients on revised terms/rates by end of Q2 FY27. |
| Middle East Business Performance | Record revenue and collection in Q4 FY26 despite geopolitical situation. | Continued stability and resilience, with portfolio diversification mitigating risks. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +4.4% / mo
Technical chart
QUESSdaily · 6M+13.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 72. Wait for confirmation.
- SMA20 rising (~3.2% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 5% off 52W high · 43% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.5%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 55.8%.
Main drags
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; 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: +0 points.
Factor attribution
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 93rd percentile of the scored universe and 97th percentile within Services. Main check: results consistency is weak at 49/100.
High Trust Lite: Promoter holding is 56.8%. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 97th pctile, median 66 · Micro: 89th pctile, median 71
0 documents indexed, 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 5.2%.
- ▸8 years of positive FCF.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸Profit margin is 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.40
- P/B
- 3.02
- EV/EBITDA
- 10.31
- Market Cap
- 3524.00Cr
Profitability
- ROE
- 20.40%
- ROCE
- 23.00%
- ROA
- 7.31%
- Dividend Y
- 4.24%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 38.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 6.37×
- Altman Z
- 5.07
- Book Value
- 78.10
Cash Flow
- FCF Yield
- 4.46%
- FCF Positive Y
- 8/5
- OCF
- 230.00 Cr
- EPS TTM
- 14.84
Shareholding
- Promoter Hold
- 56.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.