Quess Corp Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Quess Corp Ltd filed with BSE on 01 Sept 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Quess Corp reported FY26 revenue of ₹15,305 crore with EBITDA of ₹312 crore, up 19% year-on-year, and EBITDA margin improving 20 basis points to 2.0%. Adjusted PAT rose 10% to ₹230 crore, and the company ended the year with net cash of ₹271 crore after repaying its gross debt. Management described Professional Staffing and Overseas operations together contributing 50% of operating profit versus 42% a year earlier, alongside a Q1 FY27 update showing revenue growth of 15% to ₹4,182 crore.
Numbers mentioned
Revenue: ₹15,305 crore (FY26)
p. 6
“We recorded revenues of ₹15,305 crore.”
Ajit Isaac, page 6 of the filed PDF · View the filing
EBITDA: ₹312 crore, growth of 19% (FY26)
p. 6
“EBITDA was ₹312 crore, a growth of 19% over the previous year, and our EBITDA margin improved by 20 basis points to 2.0%.”
Ajit Isaac, page 6 of the filed PDF · View the filing
Adjusted PAT: ₹230 crore, up 10% (FY26)
p. 6
“Adjusted PAT stood at ₹230 crore, up 10%.”
Ajit Isaac, page 6 of the filed PDF · View the filing
Net cash: ₹271 crore (FY26 year-end)
p. 6
“We closed the year with net cash of ₹271 crore, having fully repaid our gross debt.”
Ajit Isaac, page 6 of the filed PDF · View the filing
Return on equity: 20% (FY26)
p. 6
“Our return on equity at 20% is currently in line with the goals and our guidance.”
Ajit Isaac, page 6 of the filed PDF · View the filing
Associates and employees: 4,78,594 (FY26 year-end)
p. 6
“We ended FY26 with 4,78,594 associates and employees, making us India's and Asia’s largest domestic staffing player.”
Ajit Isaac, page 6 of the filed PDF · View the filing
Total dividend: ₹11 per share (FY26)
p. 6
“For the year, Quess Board has declared a total dividend of ₹11 per share on a face value of ₹10, which amounts to about ₹165 crore of cash distributed to shareholders.”
Ajit Isaac, page 6 of the filed PDF · View the filing
Q1 FY27 revenue growth: 15% to ₹4,182 crore (Q1 FY27)
p. 6
“In the first quarter of FY27, revenue grew 15% to ₹4,182 crore, EBITDA grew 21%, and profit after tax grew 61%.”
Ajit Isaac, page 6 of the filed PDF · View the filing
General Staffing revenue: ₹13,176 crore (FY26)
p. 7
“General Staffing remains our scale engine, with over 4,65,000 associates and revenue of ₹13,176 crore.”
Ajit Isaac, page 7 of the filed PDF · View the filing
Professional Staffing revenue: ₹930 crore, growing 13% (FY26)
p. 7
“It delivered revenues of ₹930 crore, growing 13%, with operating profit growing 44% and margins moving into double digits.”
Ajit Isaac, page 7 of the filed PDF · View the filing
Overseas business revenue: ₹1,197 crore (FY26)
p. 7
“Our Overseas business is the expansion engine, with revenues of ₹1,197 crore and the operating profit is up 22%.”
Ajit Isaac, page 7 of the filed PDF · View the filing
Profit mix from Professional Staffing and Overseas: 50%, up from 42% (FY26 vs FY25)
p. 7
“Professional Staffing and our Overseas business together now contribute half of our operating profit, against 42% a year ago.”
Ajit Isaac, page 7 of the filed PDF · View the filing
Construction vertical margin: 8.3% (FY26)
p. 14
“Our Construction vertical delivered margins of 8.3% in FY26, well above the General Staffing average for the industry.”
Lohit Bhatia, page 14 of the filed PDF · View the filing
Middle East revenue growth: 27%, segment EBITDA up 40% at 11% margin (FY26)
p. 14
“In FY26 the Middle East grew revenue 27% with segment EBITDA up 40% at an 11% margin, Malaysia grew 83%, and the Philippines grew 49% at about a 10% plus.”
Lohit Bhatia, page 14 of the filed PDF · View the filing
DSO: 38 days (FY26)
p. 16
“accounts receivable DSO has held tightly at 38 days, including our professional staffing and overseas business, which remains a credit business, while our general staffing business with 75% remains a collect and pay business.”
Lohit Bhatia, page 16 of the filed PDF · View the filing
Q4 EBITDA margin: 2.2% (Q4 FY26)
p. 16
“Our Q4 was the best from a margin perspective since demerger at 2.2 %.”
Lohit Bhatia, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Dollar-linked high-margin revenue share — beyond 20% · next 3 to 4 years
stated as an aspiration by Ajit Isaac
p. 8
“Today, about 7% of our revenue is high-margin and dollar-linked. Over the next three to four years, we would like to take that to 20%.”
Ajit Isaac, page 8 of the filed PDF · View the filing
Profit share from Professional Staffing and Overseas — around 65%
stated as an aspiration by Ajit Isaac
p. 8
“Similarly, we would like the share of profit from Professional Staffing and Overseas to move from 50% to around 65%.”
Ajit Isaac, page 8 of the filed PDF · View the filing
Dividend policy — up to 75% of free cash flow · rolling three-year block
stated firmly by Ajit Isaac
p. 8
“Up to 75% of free cash flow will be returned to shareholders, over a rolling three-year block.”
Ajit Isaac, page 8 of the filed PDF · View the filing
Associate headcount — 1 million associate base
stated as an aspiration by Lohit Bhatia
p. 16
“Our stated long-term ambition, which management has articulated publicly, is to be among the world's largest workforce companies by headcount, eventually moving towards the 1 million associate base, that remains our north star.”
Lohit Bhatia, page 16 of the filed PDF · View the filing
Revenue contribution from global operations
stated as an aspiration by Lohit Bhatia
p. 14
“We would not put a percentage on it. What we have set publicly is that our aspiration is to continue growing our higher margin businesses, which are also dollar linked revenues.”
Lohit Bhatia, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the Middle East and South East Asia are the strongest overseas markets, and that AI is reshaping both internal processes and the external service portfolio.
Answered by Lohit Bhatia
Asked by Arun Kumar Bopanna: Which international markets offer the largest opportunities, and how is Quess using AI to reinvent its service portfolio and drive growth?
p. 15
“Internally, AI is changing the very own process of delivery. In the last 19 years, we've built out more than 32 different tracks.”
Lohit Bhatia, page 15 of the filed PDF · View the filing
Management gave figures on the Indian staffing market and the broader HR services market, citing volume and value market share.
Answered by Lohit Bhatia
Asked by Himanshu Trivedi: What is Quess's market share domestically and internationally?
p. 16
“From a volume perspective within India, we are the largest with about 19 lakh workforce under the Indian Staffing Federation, Quess Corp alone contributes about 25% of that market.”
Lohit Bhatia, page 16 of the filed PDF · View the filing
Management said there is no independent Japan business yet but an MOU has been signed, and the CFO explained the company's cash reserves and contingency planning.
Answered by Lohit Bhatia
Asked by Hiranand Parsram Kotwani: What is Quess's presence and revenue in Japan, and how does the company plan for financial contingencies?
p. 16
“At the moment, we don't have an independent business in Japan. However, under our corridor strategy, we already have signed our 1st MOU in Japan, two months ago and the work of execution of business of Japanese companies getting a service delivery from GCCs in India has already begun and very soon we should have some announcements there.”
Lohit Bhatia, page 16 of the filed PDF · View the filing
Management said professional staffing margins are expected to improve as the profit mix shifts, and confirmed the subsidiaries are operating entities covering specific jurisdictions or business lines.
Answered by Neeraj Jain
Asked by Vinay Vishnu Bhide: Will professional staffing margins rise further, and do the 21 listed subsidiaries operate as standalone entities or support India operations?
p. 17
“These are individual subsidiaries and step-down subsidiaries of the Company, and these are all operating entities, which are covering specific jurisdictions or a territory or a specific line of business.”
Neeraj Jain, page 17 of the filed PDF · View the filing
Management described the geographic and sectoral focus of CSR work, centered on Bangalore and government schools.
Answered by Neeraj Jain
Asked by Praveen Kumar: How is the company approaching CSR initiatives?
p. 17
“It is also the place where Quess foundation runs its programs across 75 government schools.”
Neeraj Jain, page 17 of the filed PDF · View the filing
Risks flagged
Softer hiring environment in banking and retail affected General Staffing operating profit
p. 7
“Its operating profit was marginally lower at ₹189 crore, as we absorbed a softer hiring environment in banking and retail.”
Ajit Isaac, page 7 of the filed PDF · View the filing
AI-driven displacement in certain categories of contractual work
p. 15
“AI is also here to look at certain displacements in certain categories of the contractual work.”
Lohit Bhatia, page 15 of the filed PDF · View the filing
Uncertainty over disallowed tax deductions challenged in a judicial forum
p. 5
“As a result of the uncertainty in respect of the outcome in the aforesaid matter, pending ultimate resolution and acceptance by the Income Tax Authority, we are unable to comment whether any adjustments are necessary”
From the transcript, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.
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