Motilal Oswal's research report on Quess Corp
Quess Corp’s revenue was up 3% QoQ/down 2.2% YoY in 3QFY26, largely in line with our expectation of 3.5% QoQ growth. EBITDA margin was up 40bp YoY at 2%, in line with our estimate. Adj PAT rose 29% YoY to INR620m. This excluded the one-time impact of INR68m due to changes in the labor code. In 9MFY26, revenue/EBITDA/adj. PAT grew 1%/16%/ 12.5% YoY.
Outlook
We reiterate our Neutral rating with a TP of INR230, valuing the stock at 14x FY28E EPS (vs. Consensus 2-yr FWD P/E of 10x).
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