✅ At a Glance
| Metric | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹18,286 Cr | ₹17,318 Cr | 🔼 +5.6% |
| Total Income | ₹18,442 Cr | ₹17,406 Cr | 🔼 +5.9% |
| Net Profit (Consolidated) | ₹3,588 Cr | ₹3,464 Cr | 🔼 +3.5% |
| EPS (Diluted) | ₹25.71 | ₹24.80 | 🐢 Barely Up |
| CMP (May 20, 2025) | ₹340.00 🔻 | ~₹370+ | 🔻 -8% crash |
Profitable? ✅
Growing? Barely.
Exciting? ❌ Not unless HR forms turn you on.
🧠 About the Company
Quess Corp Ltd is India’s largest business services platform, which is fancy for saying:
“We rent out people, manage your office plumbing, and run backend IT — all without being on your payroll.”
Business Segments:
- 🧑🔧 Workforce Management – Staffing, temp workforces, BPO
- 🧑💻 Tech Services – IT infrastructure, application management
- 🏢 Operating Asset Management – Facilities, security
- 📱 Digital Platforms – Monster.com, Qjobs, etc.
They operate in India, Singapore, and Middle East with over 500,000+ associates.
📉 FY24 Financial Breakdown
| Line Item | FY24 (₹ Cr) |
|---|---|
| Revenue from Ops | ₹18,286 |
| Other Income | ₹156 |
| Total Expenses | ₹17,498 |
| EBITDA (Est.) | ₹944 |
| PBT | ₹932 |
| Net Profit (Consol.) | ₹3,588 |
| EPS (TTM) | ₹25.71 |
🧾 PAT margin ≈ 2%. They’re still a volume business, not value.
📦 Segment Revenue Breakdown (FY24)
| Segment | Revenue Share (Est.) |
|---|---|
| Workforce Management | ~₹11,800 Cr |
| Tech Services | ~₹2,000 Cr |
| Facilities + Security | ~₹4,200 Cr |
| Digital (Monster, Qjobs) | <₹250 Cr |
90% of revenue is non-tech — and that’s why investors are ghosting.
🧮 Fair Value Calculation
- EPS (TTM) = ₹25.71
- Fair P/E = 20x (industry avg for staffing & services)
👉 Fair Value = ₹25.71 × 20 = ₹514.20
CMP = ₹340.00
➡️ Undervalued by ~34%
💸 Cash Flow & Liquidity
| Metric | FY24 (₹ Cr) |
|---|---|
| Operating Cash Flow | ₹662 |
| Investing (Capex etc.) | ₹(328) |
| Financing (Debt + Div) | ₹(286) |
| Net Cash Flow | ₹+48 |
| Total Cash | ₹127 |
✅ Positive FCF
❌ Receivables high (~₹1,700 Cr) = tight working capital
📉 Why Did the Stock Crash 8%?
- 🐢 Growth rate barely 5% YoY
- 😶 EPS flat despite high headcount
- 🧾 No big story in digital or platforms
- 🚫 Zero buzzwords: No AI, no SaaS, no infra-cloud-hybrid-RPA-NFT nonsense
- 🔁 Investors expected margin expansion — they got a photocopy of FY23
Basically, the company is stable — but boring AF in this market.
🧠 EduInvesting Take
“Quess is like that silent CA who never makes noise but files your taxes early — dependable, but never viral.”
At ₹340, the stock is priced like a low-risk dividend SIP, not a startup rocket.
But you also get:
- 🧾 Debt-light operations
- 🏢 Monster infra scale
- ✅ ₹500+ FV if margins improve even 100bps
Only thing missing? A tech story investors can tweet about.
🛑 Risks
- Over 80% revenue from temp staffing → margin pressure
- High churn biz = operational fatigue
- No moat vs TeamLease or new HR-tech startups
- Platform monetization (Monster/Qjobs) still a rounding error
- Receivables cycle could turn toxic in slowdown
🏁 Final Verdict
✔️ EPS: ₹25.71
✔️ FV: ₹514
✔️ CMP: ₹340
✔️ P/E: 13.2x → Deep value
❌ No tech tag = no FOMO
❌ Growth ≠ exciting
“This is not a 10x. But it won’t crash 80% either.”
“Think of it as India’s back-office proxy. And at ₹340? It’s one of the safer SIPs in this market full of circus stocks.”
Tags: Quess Corp crash, Quess share price ₹340, Quess FY24 results, undervalued staffing stock India, business services India, Quess fair value ₹514, EduInvesting analysis
