Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹2,672Cr
Rev Gr TTM
Revenue Growth TTM
1.49%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 17.1 | 15.6 | 11.1 | 8.4 | -20.3 | -22.0 | -22.0 | -17.0 | 3.4 | 1.8 | 3.4 | -2.2 |
| 4,288 | 4,446 | 4,585 | 4,656 | 3,477 | 3,524 | 3,636 | 3,957 | 3,589 | 3,582 | 3,755 | 3,850 |
Operating Profit Operating ProfitCr |
| 3.4 | 3.4 | 3.4 | 3.8 | 1.7 | 1.8 | 1.9 | 1.6 | 1.8 | 1.9 | 2.0 | 2.0 |
Other Income Other IncomeCr | 4 | 4 | 13 | -15 | -2 | 6 | 1 | -1 | -147 | 3 | 4 | -5 |
Interest Expense Interest ExpenseCr | 31 | 27 | 28 | 40 | 8 | 11 | 10 | 9 | 9 | 10 | 13 | 13 |
Depreciation DepreciationCr | 76 | 69 | 70 | 72 | 15 | 11 | 10 | 10 | 10 | 10 | 10 | 11 |
| 48 | 62 | 79 | 59 | 34 | 48 | 50 | 42 | -99 | 52 | 57 | 51 |
| 18 | 14 | 9 | -5 | -5 | -1 | 0 | 0 | -3 | 1 | 6 | -4 |
|
Growth YoY PAT Growth YoY% | -60.9 | -28.9 | 78.6 | -25.5 | 226.2 | 1.9 | -28.5 | -34.4 | -197.6 | 4.0 | 2.3 | 32.0 |
| 0.7 | 1.1 | 1.5 | 1.3 | 2.8 | 1.4 | 1.4 | 1.0 | -2.6 | 1.4 | 1.4 | 1.4 |
| 1.1 | 1.5 | 2.3 | 2.0 | 3.0 | 1.6 | 1.6 | 1.3 | -3.0 | 3.4 | 3.5 | 3.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 33.8 | 21.0 | 48.4 | 38.3 | 28.9 | -1.4 | 26.3 | 25.3 | 11.3 | -21.6 | 0.7 |
| 2,438 | 3,284 | 3,935 | 5,813 | 8,062 | 10,334 | 10,379 | 13,068 | 16,573 | 18,407 | 14,705 | 14,776 |
Operating Profit Operating ProfitCr |
| 5.0 | 4.4 | 5.4 | 5.8 | 5.5 | 6.0 | 4.2 | 4.5 | 3.4 | 3.6 | 1.8 | 1.9 |
Other Income Other IncomeCr | 7 | 9 | 15 | 57 | 62 | -627 | 66 | 25 | 80 | 2 | -141 | -145 |
Interest Expense Interest ExpenseCr | 22 | 31 | 47 | 75 | 114 | 167 | 111 | 79 | 107 | 117 | 39 | 45 |
Depreciation DepreciationCr | 10 | 14 | 26 | 75 | 123 | 249 | 229 | 212 | 275 | 283 | 41 | 41 |
| 105 | 115 | 165 | 261 | 289 | -384 | 185 | 358 | 284 | 295 | 42 | 62 |
| 36 | 34 | 52 | -48 | 33 | 47 | 111 | 107 | 61 | 15 | -4 | -1 |
|
| | 17.8 | 39.7 | 173.1 | -17.2 | -268.3 | 117.1 | 240.6 | -11.2 | 25.8 | -83.6 | 36.0 |
| 2.7 | 2.4 | 2.7 | 5.0 | 3.0 | -3.9 | 0.7 | 1.8 | 1.3 | 1.5 | 0.3 | 0.4 |
| 7.5 | 7.2 | 4.6 | 10.3 | 8.3 | -14.2 | 1.8 | 7.7 | 7.1 | 8.8 | 1.4 | 7.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 26 | 113 | 127 | 145 | 146 | 148 | 148 | 148 | 148 | 149 | 149 | 149 |
| 225 | 243 | 709 | 2,315 | 2,580 | 2,128 | 2,195 | 2,290 | 2,421 | 2,650 | 936 | 966 |
Current Liabilities Current LiabilitiesCr | 458 | 815 | 1,014 | 1,881 | 1,753 | 2,284 | 1,652 | 2,319 | 2,766 | 2,627 | 1,411 | 1,592 |
Non Current Liabilities Non Current LiabilitiesCr | 9 | 79 | 430 | 556 | 530 | 681 | 631 | 483 | 622 | 664 | 315 | 345 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 531 | 845 | 1,351 | 2,689 | 2,405 | 2,891 | 2,589 | 3,120 | 3,510 | 3,580 | 1,896 | 2,055 |
Non Current Assets Non Current AssetsCr | 187 | 405 | 930 | 2,210 | 2,607 | 2,427 | 2,131 | 2,251 | 2,609 | 2,675 | 916 | 998 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 15 | -50 | 74 | 109 | 202 | 361 | 715 | 554 | 466 | 529 | 380 |
Investing Cash Flow Investing Cash FlowCr | -68 | -10 | -576 | -797 | 180 | -174 | -106 | -188 | -2 | 50 | 2 |
Financing Cash Flow Financing Cash FlowCr | 66 | 86 | 701 | 948 | -445 | 13 | -834 | -441 | -443 | -497 | -318 |
|
Free Cash Flow Free Cash FlowCr | 0 | -72 | 36 | 24 | 106 | 304 | 654 | 471 | 368 | 431 | 379 |
| 21.5 | -61.0 | 64.9 | 35.1 | 78.6 | -83.6 | 970.8 | 220.7 | 209.2 | 188.8 | 829.1 |
CFO To EBITDA CFO To EBITDA% | 11.5 | -32.8 | 33.0 | 30.7 | 43.4 | 54.9 | 156.2 | 88.8 | 79.6 | 76.3 | 145.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 8,726 | 14,967 | 10,934 | 3,121 | 10,325 | 9,740 | 5,482 | 7,743 | 9,704 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 71.6 | 48.1 | 42.6 | 0.0 | 178.3 | 40.4 | 24.4 | 27.9 | 211.6 |
Price To Sales Price To Sales | 0.0 | 0.0 | 2.0 | 2.4 | 1.3 | 0.3 | 0.9 | 0.7 | 0.3 | 0.4 | 0.7 |
Price To Book Price To Book | 0.0 | 0.0 | 6.7 | 6.1 | 4.0 | 1.4 | 4.4 | 4.0 | 2.1 | 2.8 | 8.9 |
| 1.1 | 1.8 | 40.4 | 42.6 | 23.9 | 5.6 | 23.0 | 16.3 | 10.1 | 11.6 | 36.4 |
Profitability Ratios Profitability Ratios |
| 98.0 | 98.6 | 98.9 | 97.7 | 96.9 | 97.6 | 98.2 | 98.0 | 97.2 | 97.5 | 100.0 |
| 5.0 | 4.4 | 5.4 | 5.8 | 5.5 | 6.0 | 4.2 | 4.5 | 3.4 | 3.6 | 1.8 |
| 2.7 | 2.4 | 2.7 | 5.0 | 3.0 | -3.9 | 0.7 | 1.8 | 1.3 | 1.5 | 0.3 |
| 26.9 | 19.8 | 13.5 | 9.8 | 11.6 | -6.0 | 9.4 | 13.0 | 10.9 | 11.3 | 6.7 |
| 27.5 | 22.8 | 13.6 | 12.6 | 9.4 | -19.0 | 3.1 | 10.3 | 8.7 | 10.0 | 4.2 |
| 9.6 | 6.5 | 5.0 | 6.3 | 5.1 | -8.1 | 1.6 | 4.7 | 3.6 | 4.5 | 1.6 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Quess Corp Ltd, headquartered in Bengaluru and founded in 2007, is India’s largest workforce management and staffing solutions provider. As of November 2025, the company has transformed into a focused, technology-driven **pure-play Workforce Management (WFM)** firm following a strategic three-way demerger in FY2024–25. The demerger resulted in three independent listed entities—**Quess Corp Ltd**, **Digitide Solutions Ltd** (Global Technology Solutions), and **Bluspring Enterprises Ltd** (Operating Asset Management, including foundit)—enabling each business to pursue tailored growth strategies, improve capital allocation, and enhance shareholder value.
Quess operates across eight countries—India, Singapore, Malaysia, Philippines, UAE, Sri Lanka, Vietnam, and the USA—with over **30 offices in India** and **483,000 active associates**, serving ~1,700 clients globally. The company ranks among the **top 5 global staffing firms by headcount** and is positioning itself to become the world’s largest staffing company by workforce size by 2030.
---
### **Business Segments & Strategy**
Quess Corp is structured into four vertically aligned, independently led business segments, each with P&L accountability:
#### **1. General Staffing (Core Segment)**
- **Headcount**: Over **447,000 associates** as of Aug 2025, representing ~97% of Quess’s workforce.
- **Revenue (Sep 2025)**: ₹129,946 million (11% YoY growth).
- **Clients**: Serves BFSI, retail, manufacturing, telecom, logistics, and construction industries.
- **Geographic Reach**: Operates from **over 6,300 towns and cities**, with 70% of associates deployed in Tier 2 and Tier 3 locations.
- **Innovation & Efficiency**:
- **Paperless Onboarding**: Completed in **under 4 minutes** using Aadhaar-based eKYC.
- Proprietary digital tools: **Staffing Plus**, **QPay** (cloud-based payroll), and **Apprenticeship models** under NAPS and NATS to reduce attrition.
- **JobSpot by Quess**: Tech-enabled hiring initiative for manufacturing with **walk-in centers near industrial hubs (e.g., Hosur, Chakan)**, enabling same-day hiring and on-the-spot assessments.
- **Growth Drivers**: Structural tailwinds such as formalization of the economy, digital compliance, and GCC expansions.
#### **2. Professional Staffing**
- **Headcount**: ~6,000 associates.
- **Revenue (Sep 2025)**: ₹8,254 million (11% YoY growth).
- **EBITDA**: ₹772 million (**42% YoY growth**), its strongest performance to date.
- **Service Areas**: IT, Engineering, BFSI, and Life Sciences through:
- **Recruitment Process Outsourcing (RPO)**
- **Managed Talent Solutions**
- **Quess IT Staffing**: Focus on high-demand domains like **AI/ML, data science, cybersecurity**, and enterprise platforms.
- **Key Client Segment**: **Global Capability Centers (GCCs)** contributed **70% of segment revenue** in Sep 2025.
- **Expansion**: Aggressively scaling **GCC hiring**, AI-powered sourcing, and expanding into **Tier 2 cities**.
#### **3. Overseas Staffing**
- **Geographic Presence**: Singapore, Malaysia, Philippines, UAE, Sri Lanka, Vietnam.
- **Employees**: ~5,600 associates.
- **Revenue (Sep 2025)**: ₹11,422 million.
- **EBITDA (Aug 2025)**: ₹634 million.
- **Middle East Performance**: Achieved a **record 12.8% EBITDA margin (Nov 2025)** and employs over **2,100+ staff**.
- **Integrated Mobility Offering**: Bundles **visa processing, payroll, accommodation, and compliance** into a single-service solution for global workforce deployment.
- **Clients from Infrastructure, Healthcare, Logistics, and IT sectors**.
- **Strategic Goals**:
- Strengthen blue- and white-collar pipelines in **UAE, Singapore, Malaysia, and the Philippines**.
- Build end-to-end capabilities in **mobilization, payroll, and visa processing**.
#### **4. Digital Platforms (Technology Core)**
Quess is investing heavily in digital platforms to create a **technology-powered hire-to-retire ecosystem**. This segment is transitioning from investment phase to **growth acceleration in FY2025–26**.
- **Hamara Suite**:
- **Hamara Jobs**: India’s largest blue-collar job platform. As of **Nov 2025**, it boasts **12.6 million registered profiles** (up from 6.9 million in Sep 2025) with local language support, serving informal and semi-formal labor markets.
- **Hamara Jobs + ONDC Integration (Jul 2025)**: Enhanced discoverability of verified jobs and job seekers on the Open Network for Digital Commerce (ONDC), targeting MSMEs and gig workers.
- **Hamara HR**: Mobile-first HRMS with **505,000+ registered associates** and **250,000+ daily active users**, offering payslip access, attendance tracking, benefits, and grievance redressal via a digital helpdesk.
- **Hamara Academy & Hamara Benefits**: Offer upskilling and curated benefits, respectively, as part of a monetization strategy.
- **Taskmo (Gig Platform)**:
- A **tech-enabled gig worker discovery platform** focused on hyperlocal workforce deployment.
- Secured its **first large-scale contract (INR 5 crores, Nov 2025)** to deploy **1,500 taskers** nationwide, signaling commercial traction.
- Connects enterprises, startups, and personal brands with gig workers in delivery, retail, and field sales.
- **Other Platforms**:
- **Qdigi** (B2B installation & repair services), **WorQ** (workforce management), **Dash** (employee benefits), and **foundit** (white-collar job portal, now a separate entity under Bluspring).
---
### **Global Capability Centers (GCCs) – A High-Growth Vertical**
- India hosts **over 1,600 GCCs**, contributing to 17% YoY growth in the tech workforce and creating ~180,000 new jobs in 2024.
- Quess supports **over 350 GCCs across eight countries** and launched **Origint**, a **GCC-as-a-Service** offering.
- **Origint** provides:
- End-to-end setup (site selection, infrastructure, real estate).
- AI-powered talent sourcing.
- Managed operations.
- **Reduced go-live time by 40–50%** and operates on OPEX basis.
- **Live Clients**: One healthcare wearable company; two in pipeline. Partners: **Bluspring (infrastructure) and Digitide (digital transformation)**.
- Recognized as a **strategic growth engine** with high-margin potential.
---
### **Technology & Innovation**
Quess leverages AI and automation to enhance productivity and compliance:
- **AI-driven tools**:
- Voice-based AI screening agents.
- AI-powered ATS and referral intelligence.
- **50% faster hiring and 25% productivity gains** in pilot projects.
- **Digital First-Hire-to-Retire Platform**: Fully digitized lifecycle management covering sourcing, onboarding, payroll, compliance, training, and benefits.
- **QPay**: One of India’s **largest contributors to EPFO and SI** through automated, scalable payroll processing (>400,000 payouts monthly).
---
### **Diversification & Growth Strategy (2026 Priorities)**
- **Geographic Expansion**: Target **North America, Europe, Japan, and Africa**.
- **Workforce Scaling**: Expand **GCC hiring**, **AI/ML staffing**, and **high-margin professional roles**.
- **Penetration in Tier 2/3 Cities**: Increase presence in high-growth Indian cities and industrial corridors via JobSpot and local hiring.
- **M&A Strategy**: Leverage strong **net cash position** to pursue strategic acquisitions in the **US, Europe, and Japan**.
- **Digital Monetization**: Scale digital platforms (Hamara, Taskmo) and transition from discovery to **outcomes-focused models** with embedded services.
---
### **Market Leadership & Recognition**
- **#1 Staffing Firm in India (SIA, 2025)**
- **Rank #19** among India’s Top 25 Workplaces (2025)
- First Indian staffing firm to join the **World Employment Confederation** (2025)
- Ranked **#32nd globally** by Great Place to Work (GPTW) India
- Recognized for **sustainable employment creation**: 2.5 million+ jobs created since 2016.
---
### **Key Financial & Operational Highlights (Oct–Nov 2025)**
- **Active Associates**: 483,000
- **Onboarding**: 50,000+ new associates monthly
- **Clients**: ~1,700 active clients (35% served for >5 years)
- **Geographic Diversification**:
- **>50% revenue & profits** from international markets
- Strong presence in **Middle East**, APAC, and North America
- **India Talent Sourcing**: From **700+ districts**, including rural and non-metro regions
- **Local Hiring in Singapore**: **43%**, up from 17% YoY