Quess Corp Limited (Quess) is India's leading business services provider, leveraging its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions. The company was established in September 2007 and is headquartered in Bengaluru, India. It is the leading staffing player in India and amongst the top 5 Staffing companies globally by headcount, serving over 3,000+ clients.
Quess Corp is a prominent business services provider with extensive operations across multiple sectors including workforce management, operating asset management, and global technology solutions. The company is notable for its diverse range of services, which encompass staffing, technology solutions, and facility management, delivered through strategic business units that cater to various industries such as IT, healthcare, manufacturing, and telecom.
The Workforce Management segment constitutes 72% of revenue in H1 FY25 vs 67% in FY22, offering General Staffing, IT Staffing, RPO, MSP, and Permanent Recruitment services. The segment provides staffing services, IT staffing, HR services, expert talent acquisition, search and recruitment outsourcing, payroll compliance, background verification, training and skill development, and logistic services. The company added over 30,000 associates in Q1 FY25, bringing the total headcount to 597,000.
The Operating Asset Management segment offers services such as janitorial, security, electro-mechanical, pest control, food and hospitality, industrial operations and maintenance services, facility management, ERP, cellular, as well as related asset record maintenance services. Revenue from the Operating Asset Management segment reached INR 733 crores in Q1 FY25, showing a 6% increase year-on-year. The segment's margin improved slightly due to better contributions from telecom and infrastructure sectors.
The Global Technology Solutions segment provides customer lifecycle management, non-voice, BPO and CLM solutions, and IT services, digital transformation, HR outsourcing and consulting, and after-sales services. The company plans to grow its digital engineering services arm, Digitide, to $1 billion in revenue over the next five years, focusing on high-margin scalability post-demerger.
Quess operates 73 offices in India and 23 across APAC, ME, North America, and Canada. Geographically, it derives a majority of its revenue from India. The company has established a strong market presence and continues to expand its global footprint, with plans for global expansion focusing on the US, Europe, and Japan, while maintaining an asset-light model.
The company has a market cap of ₹4,906 Cr as of 30-Apr-2025.
The revenues of QUESS CORP stood at Rs 191,296 million in FY24, which was up 11.3% compared to Rs 171,847 million reported in FY23. The net profit of QUESS CORP stood at Rs 2,804 million in FY24, which was up 25.8% compared to Rs 2,229 million reported in FY23.
For Q1 FY25, Quess Corp started fiscal 2025 on a strong note, achieving its first-ever revenue of INR 5,000 crores. EBITDA grew by 19% year-on-year to INR 184 crores, though it saw a 6% sequential dip due to seasonal slowdowns. The company reported a profit after tax of INR 112 crores, up 132% year-on-year, aided by higher other income and lower interest costs.
However, the company faced challenges in Q4 FY25, with net profit falling -201.18% since the same period last year to ₹-95.49 Cr in Q4 2024-2025.
- Q1 FY2025 Performance: Revenue of INR 5,000 crores, EBITDA of INR 184 crores, Profit After Tax of INR 112 crores
- FY2024 Performance: Revenue of Rs 191,296 million, Net Profit of Rs 2,804 million
- FY2023 Performance: Revenue of Rs 171,847 million, Net Profit of Rs 2,229 million
- Market Capitalization: ₹4,906 Cr (as of 30-Apr-2025)
- Promoter Holding: 56.99% (March 2025)
Quess is on track with its three-way demerger strategy, expected to finalize by Q1 of the next fiscal year. The demerger aims to simplify the corporate structure and focus managerial efforts on individual businesses. This strategic move is anticipated to unlock shareholder value through enhanced management focus and tailored capital allocation strategies.
The demerger will create Quess Corp Ltd (Remaining Company) as the largest Workforce Management Entity in India, serving over 440,000 associates; Digitide Solutions Ltd (New Company-1) as a Provider of BPM Solutions, Insurtech, and HRO Business, aiming for $1 billion in revenue with a global presence across 30 countries; and Bluspring Enterprises Ltd (New Company-2) offering Facility Management, Industrial Services, and Investments, targeting 20% YoY revenue growth through premium services.
Quess Corp has introduced 'Origint', a new business line offering comprehensive services for Global Capability Centres (GCCs), aiming to capture a significant share of the projected $105 billion market by 2030. The initiative is expected to enhance Quess's growth and operational efficiency in the GCC sector.
In July 2025, Quess Corp joined the ONDC network, adding 5 lakh verified jobs annually, boosting digital employment access.
The stock is providing a good dividend yield of 3.26%. The company has been maintaining a healthy dividend payout of 144% and debtor days have improved from 43.6 to 20.7 days.
The P/B ratio of Quess Corp Ltd is 1.63 times as on 30-Apr-2025, a 20% discount to its peers' median range of 2.03 times. The P/E ratio of Quess Corp Ltd is 13.22 times as on 30-Apr-2025, a 0% premium to its peers' median range of 13.22 times.
The company appointed 3 new independent directors and re-appointed 1 director, while 2 directors resigned. The AGM is set for August 29, 2025, and a secretarial auditor has been appointed. Promoter holding in Quess Corp Ltd has gone up to 56.99% as of March 2025 from 56.63% as of June 2024.
Quess Corp stands as a dominant player in India's business services sector, with its integrated approach to workforce management, asset management, and technology solutions positioning it well for future growth. The company's strategic demerger initiative and focus on high-growth segments like GCCs demonstrate its commitment to unlocking shareholder value while maintaining its leadership position in the Indian staffing industry.
