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Quess Corp (QUESS) Fair Value & Analysis

Industrials · IN · Market cap ₹50.2B (≈ $532M) · ISIN INE615P01015

What is Quess Corp really worth?

QC Quess Corp QUESS · BSE
Price₹354.05
Fair Value₹230.75
Upside−34.8%
Quality65/100

A solid business, but trading 53% above our fair value of ₹230.75.

As of Aug 23, 2026, the fair value of Quess Corp is ₹230.75 per share against a price of ₹354.05, so the fair value sits 35% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +7.1 %/yr)
!Thin margins · 1.6% net margin
!Narrow moat 36/100
Evidence: High Range ₹157.53 – ₹311.82

Fair value as of: Aug 23, 2026

From 23 valuation models · updated 14 days ago

Share price +14.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹311.82). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹157.53 to ₹311.82) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹401.83 ₹150.12 Fair Value ₹230.75 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range ₹150.12 – ₹401.83 · fair‑value band ₹157.53 – ₹311.82 · the ₹354.05 price screens above the ₹230.75 fair value. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Quess Corp (QUESS) currently trades at ₹354.05, while our model-based Fair Value estimate is ₹230.75, implying the stock looks roughly 53.4% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of ₹265.56 per share, and 0 of the 23 models we run sit above the ₹354.05 price. Bear case: the Asset-Based group reads lowest at ₹52.33, and 23 of the 23 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Quess Corp generated revenue of ₹158B at a net margin of 1.6%. Revenue grew 14.5% year over year. It earns a return on equity of 19.7%. Net debt stands at ₹935M. Fundamentals as of Aug 23, 2026

Our scenario range runs from ₹157.53 (bear case) to ₹311.82 (bull case); at ₹354.05, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 118% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 22% fair-value upside, at −35%, QUESS screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹7.36 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹172.36 ₹247.90 ₹357.44 80
Growth DCF ₹176.59 ₹245.93 ₹341.74 79
Owner Earnings ₹196.56 ₹283.50 ₹409.56 76
All 23 models by family
DCF Models
FCF DCF ₹172.36 ₹247.90 ₹357.44 80
Owner Earnings ₹196.56 ₹283.50 ₹409.56 76
5Y Revenue Exit ₹173.98 ₹263.04 ₹373.68 72
5Y EBITDA Exit ₹189.36 ₹290.73 ₹404.98 75
5Y P/E Exit ₹201.16 ₹311.98 ₹423.80 71
10Y Revenue Exit ₹166.84 ₹246.72 ₹347.61 67
10Y EBITDA Exit ₹181.55 ₹265.56 ₹370.68 68
10Y P/E Exit ₹188.95 ₹280.01 ₹384.55 64
Earnings-Based
Graham-Dodd ₹100.90 ₹255.64 ₹332.25 65
PEG = 1.0 ₹47.36 ₹67.66 ₹87.96 57
EPV ₹125.10 ₹143.97 ₹160.47 74
Multiples
P/E Multiple ₹233.70 ₹311.60 ₹389.50 63
P/S Multiple ₹189.19 ₹252.25 ₹315.31 58
P/B Multiple ₹189.19 ₹252.25 ₹315.31 55
EV/EBIT ₹254.43 ₹335.26 ₹416.09 66
EV/EBITDA ₹224.68 ₹295.60 ₹366.51 67
EV/Revenue ₹185.00 ₹259.18 ₹333.36 54
Asset-Based
NCAV (Graham) ₹39.05 ₹52.33 ₹78.10 54
Growth DCF
Growth DCF ₹176.59 ₹245.93 ₹341.74 79
Rev-Margin DCF ₹173.98 ₹264.19 ₹362.54 73
Economic Profit
Residual Income ₹96.87 ₹127.78 ₹465.74 64
ROIC Compounder ₹130.59 ₹159.02 ₹190.89 72
Growth Earnings
Growth-Adj P/E ₹180.82 ₹258.31 ₹335.81 67

Widest divergence: DCF Models (₹265.56) versus Asset-Based (₹52.33). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 21.0
P/S ratio 0.30 P/E × margin
EPS (TTM) ₹16.89 price ÷ EPS = P/E 21.0
Dividend yield 3.3% payout 68.4%
Net margin 1.4% FY2026
Return on equity 19.7% TTM
More key figures
Profitability
Return on assets (EBIT) 7.1% avg 5y
Operating margin 1.8% TTM
Growth
Revenue (TTM) ₹158B TTM
Revenue growth (YoY) +14.5% 3y avg −3.7%
EPS growth (YoY) +59.8%
Balance sheet & cash flow
Free cash flow ₹2.2B FY2026
Net debt ₹935M FY2023 · ≈ 0.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 84

Profitability 67
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 87
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Quess Corp Limited operates as a business services provider in India, South East Asia, the Middle East, and North America. The company operates through Workforce Management, Operating Asset Management, Global Technology Solutions, and Product Led Business segments.

Full company description

Quess Corp Limited operates as a business services provider in India, South East Asia, the Middle East, and North America. The company operates through Workforce Management, Operating Asset Management, Global Technology Solutions, and Product Led Business segments. The Workforce Management 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 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. 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 Product Led Business segment is involved in the provision of break fix services; and digital technology platforms and workforce management tools for workforce hiring, management, engagement, and non-compensation benefits. Quess Corp Limited was formerly known as Ikya Human Capital Solutions Limited and changed its name to Quess Corp Limited in January 2015. The company was incorporated in 2007 and is headquartered in Bengaluru, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Quess Corp reported revenue of ₹153B in FY2026 versus ₹137B in FY2022, a compound +2.8%/yr. Reported net income was ₹2.2B in FY2026, compounding −3.1%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹153B
Latest YoY
+2.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.1%
Avg. revenue growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.7%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.6% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+7.3%
Dividend yield3.3%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2.2% (2021) → 1.9% (2026) · steady
Worst earnings drop84% (2025) · in INR
Revenue +2.8%/yr
FY22 ₹137B
FY23 ₹172B
FY24 ₹137B
FY25 ₹150B
FY26 ₹153B
Net income −3.1%/yr
FY22 ₹2.5B
FY23 ₹2.2B
FY24 ₹2.8B
FY25 ₹458M
FY26 ₹2.2B

QUESS screens 53% overvalued. Compare with Adecco Group →

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Cite: Fair Value Calculator (2026). "Quess Corp Fair Value". https://www.fairvalue-calculator.com/stock/QUESS.BSE

Peer Group

Staffing & Employment Services · 80 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Above median
Fair Value upside −35% · Bottom 25%
Return on equity (TTM) 20% · Top 25%
Return on assets 6% · Above median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 2% · Below median
Revenue growth 15% · Top 25%
Dividend yield (TTM) 3.3% · Above median

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/E (TTM) 21.0× · Pricier than median
P/B 4.30× · Pricier than 75% of peers
P/S (TTM) 0.32× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 14.4× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

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TriNet Group TNET $69.61 $97.07 +39%
ManpowerGroup Inc MAN $61.19 $23.19 −62%
Insperity, Inc NSP $51.40 $17.34 −66%
FESCO Group 600861 ¥13.02 ¥45.46 +249%
Grupa Pracuj S.A GPP 53.50 PLN 65.45 PLN +22%
Barrett Business Services, Inc BBSI $32.95 $38.11 +16%
Maharah for Human Resources Company 1831 4.68 SAR 6.87 SAR +47%

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Frequently asked questions

Is Quess Corp (QUESS) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of ₹230.75 versus a price of ₹354.05, about −35% upside (overvalued).
What is the fair value of QUESS?
Our model-based fair value for Quess Corp is ₹230.75 (as of Aug 23, 2026), built from audited fundamentals. The current price: ₹354.05.
What is the quality score of QUESS?
Quess Corp has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Quess Corp (QUESS)?
Our model-based price target is the fair value of ₹230.75 (as of Aug 23, 2026) from 23 valuation models. Cautious scenario ₹157.53, optimistic scenario ₹311.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Quess Corp stock forecast for 2026?
Our models put fair value at ₹230.75, about −35% upside versus a price of ₹354.05 (overvalued). Cautious scenario ₹157.53, optimistic scenario ₹311.82. The calculation is refreshed regularly with new filings.
What is the revenue of Quess Corp (QUESS)?
Quess Corp reported trailing-twelve-month revenue of about ₹158B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of QUESS?
The net profit margin of Quess Corp is about 1.6%, meaning it keeps roughly 1.6% of revenue as net income. Based on the latest reported figures.
Does Quess Corp pay a dividend?
Quess Corp currently shows a dividend yield of about 3.26% relative to its recent price (as of Aug 23, 2026).
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