Quess Corp (QUESS) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue reached INR 3,832 crore, up 3% year-on-year, with highest-ever quarterly EBITDA of INR 77 crore, up 11% year-on-year and margin crossing 2%.

• PAT for the quarter was INR 52 crore, EPS at INR 3.5, and operating cash flow conversion at 109%.

• Headcount grew by 5% year-on-year to 483,115 associates, with net headcount addition of 21,000+, making it the largest domestic staffing player in India.

• Company ranked 36th among India's Best Employers 2025 by TIME and Statista.

• Consolidated unaudited financial results for the quarter and half year ended 30 September 2025 were reviewed and approved on 29 October 2025.

Financial highlights

• Consolidated revenue for Q2 FY26 was INR 3,832 crore, up 3% YoY and 5% sequentially.

• EBITDA for Q2 was INR 77 crore, up 11% YoY and 10% QoQ; PAT at INR 52 crore, up 2% YoY.

• H1 FY26 revenue grew 3% YoY to INR 7,483 crore; EBITDA up 11% YoY to INR 146 crore.

• Net cash balance at quarter-end was INR 273 crore after INR 90 crore dividend payout.

• Basic and diluted EPS for the quarter were INR 3.46 and INR 3.45, respectively.

Outlook and guidance

• Management expects to sustain H1 performance into H2, with steady headcount and revenue growth.

• Professional Staffing EBITDA margins expected to remain in low double digits.

• High-margin portfolio contributes to 50% of total profitability.

• Finance costs projected at INR 9-10 crore per quarter, expected to rationalize.

• EBITDA to OCF conversion expected in the 70%-80% range for the full year, depending on tax refunds.