Analysts/Institutional Investor Meet/Con. Call Updates

QCL/SEC/2026-27/76 November 04, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra- Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Security Code – 539978 NSE Symbol – QUESS Dear Sir/ Madam, Sub: Transcript of Earnings Call – Q2 FY27 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of the Earnings Call held on November 02, 2026. The above information is also available on the website of the Company at www.quesscorp.com Kindly take the same on record and acknowledge. Yours sincerely, For Quess Corp Limited Kundan K Lal Company Secretary & Compliance Officer Membership No.: F8393 Encl: as above Quess Corp Limited Quess Tower, Sky Walk Avenue, 32/4, Hosur Road, Roopena Agrahara, Bommanahalli, Bengaluru– 560068, Karnataka, India Tel: +91 080-49345666 I contactus@quesscorp.com I CIN L74140KA2007PLC043909 www.quesscorp.com “Quess Corp Limited Q2 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. LOHIT BHATIA – EXECUTIVE DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER – QUESS CORP LIMITED MR. NEERAJ JAIN – CHIEF FINANCIAL OFFICER – QUESS CORP LIMITED MR. NITIN DAVE – CHIEF EXECUTIVE OFFICER – QUESS STAFFING SOLUTIONS – QUESS CORP LIMITED MR. KAPIL JOSHI – CHIEF EXECUTIVE OFFICER – QUESS IT STAFFING – QUESS CORP LIMITED MR. KUSHAL MAHESHWARI – HEAD, INVESTOR RELATIONS – QUESS CORP LIMITED MODERATOR: MR. SIDDHARTH ZABAK – IIFL CAPITAL SERVICES LIMITED Page 1 of 15 Quess Corp Limited. November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Quess Corp Q2 FY27 Earnings Conference Call hosted by IIFL Capital. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Zabak from IIFL Capital. Thank you, and over to you Mr. Zabak. Siddharth Zabak: Thank you. Ladies and gentlemen, good morning, and thank you for joining us on the post Q2 and H1 FY27 Results Conference Call for Quess Corp Limited. It is my pleasure to introduce the senior management team at Quess Corp who are here with us today to discuss the results. We have Mr. Lohit Bhatia, Executive Director and Group CEO; Mr. Neeraj Jain, CFO; Mr. Kushal Maheshwari, Head of Investor Relations; Mr. Nitin Dave, CEO of Quess Staffing Solutions; and Mr. Kapil Joshi, CEO of Quess IT Staffing. We will begin the call with opening remarks by the management team. And thereafter, we will open the call for the Q&A session. I would like to now hand over the call to Mr. Kushal Maheshwari to take the proceedings forward. Thank you, and over to you, Kushal. Kushal Maheshwari: Thank you, Siddharth. Good morning, everyone, and thank you for joining us for our Q2 and H1 FY27 earnings call. The information, data and outlook shared by the management during the call are forward-looking and subject to prevailing business conditions and government policies. All forward-looking statements are subject to economic growth, or other risks faced by the company. Please refer to Slide number 2 of the investor presentation for the safe harbor clause. With that safe harbor clause, I will now hand over the call to our ED and Group CEO, Mr. Lohit Bhatia, for his opening statements. Over to you, Lohit. Lohit Bhatia: Thank you, Kushal. Good morning, everyone, and thank you for joining us for Quess Corp's Q2 FY27 earnings call. We are pleased to report a quarter of double-digit growth in revenue and profit. For Q2 FY27, the consolidated revenue was INR4,396 crores, up 15% year-on-year, 5% quarter-on-quarter. Adjusted EBITDA, which excludes the noncash ESOP expense was INR92 crores, up 20% year-on-year with a margin of 2.1%. PAT stood at INR75 crores, up 44% year-on-year with an EPS of INR5. For the first half, the revenue was INR8,578 crores, up 15%. The adjusted EBITDA was INR178 crores, up 22% and PAT was INR157 crores, up 53%, with an EPS of INR10.4 for first half of the year. Our return on equity has expanded to 25% on a trailing 12-month basis as on end of 30th September from 20% in FY26. Revenue in the first half includes a one-time increase of INR298 crores from the new Labour Code, of which INR120 crores was in Q2. Our balance sheet continues to remain strong with a net cash position of INR471 crores after paying the final dividend for the FY26 in the month of August. Our cash collection in this quarter was the highest ever, crossing INR5,000 crores. The Board has approved an interim dividend of INR5 per share. Progress on our 3 priorities. Page 2 of 15 Quess Corp Limited. November 02, 2026 When we started FY27, we set out 3 priorities for ourselves. First, strengthen and grow our core businesses; Quess 1.0; second, invest in technology for the future; and third, build a solid base for Quess 2.0. In H1 FY27, we have made clear progress on all 3 tracks, and we will update you on each of them every half yearly. Priority one, strengthening and growing the core. All 3 core segments grew revenue year-on-year. General Staffing up 15%, Professional Staffing up 13% and Overseas up 10%. We ended the quarter with around 504,000 associates, up 4% year-on-year with a net addition in this quarter at 21,000 livelihoods that we provide. General Staffing delivered double-digit growth in revenue and operating profit with a stable margin profile. The revenue came in at INR3,823 crores, up 15% Y-o-Y, and EBITDA was INR57 crores, which is up 23% year-on-year. We added 20,857 associates on a net basis, backed by our highest ever sourcing of 56,576 associates, which is up 30% in Q1 and 14% for the same quarter last year. We added 116 new contracts and collections were the highest at INR 4,285 Cr, DSO improving to 24 days. Our manufacturing vertical, in particular, was the fastest growing this time, adding 7,800 associates during the quarter. This is up 11% quarter-on-quarter. We continue to build higher-margin verticals such as construction, where EBITDA grew 71% year-on-year, along with value-added services and manufacturing, while growing our core volume segments of consumer, retail, telecom and banking. Professional Staffing revenue grew 13% year-on-year to INR254 crores. We continue to invest ahead of the curve in technology, sales, delivery and new practices. And we expect these investments to start paying over the next coming quarters. The EBITDA came in at INR27 crores, a margin of nearly 11% after absorbing these investments itself. GCCs contributed 71% by headcount and revenue. We've signed a record 62 new contracts in H1, more than what we had signed in the entire fiscal year '26 and the quality of our mix keeps improving in IT staffing. New clients added since FY25, earning us nearly 1.8x our average gross margin per associate and about 1/4 of our IT associates are now deployed in niche skills, earning significantly higher GM patterns. Q2 also saw the highest gross margin in any quarter with gross margin growing 12% year-on-year, 3% quarter-on-quarter. The gross margin in our PS business now stands at 20.5% against 17.5% 2 years ago. Overseas revenue was INR318 crores, up 10% year-on-year and EBITDA grew 23% Y-o-Y to INR22 crores, with a margin improving to 6.9% from 6.2% in the previous quarter. Malaysian revenue grew 50%, Philippines grew 15% and together, overseas added 33 new contracts. Priority 2, investing in technology for future growth. Technology is now at the center of how we run Quess. We have 40 technology initiatives all underway, and 3 of them are now worth tracking and reporting. The Brain Project, our AI-led sourcing engine. Since launch, the Brain has ge [Showing first 8,000 characters — download PDF for full document]