Whalesbook
So, hua kya ki March quarter mein Quess Corp ne kamaal kar diya. Pata hai, pichhle saal issi time woh ₹81.26 crore ka loss book kar rahe the, aur iss baar seedha ₹58.7 crore ka profit! Poore saal FY26 ka profit bhi 57.4% badh kar ₹189.12 crore ho gaya.
Aur suno, shareholders ke liye ₹3 ka special interim dividend aur ₹3 ka final dividend announce hua hai. Isi wajah se logo ne khoob buying ki aur share 5th May 2026 ko ₹238 tak pahunch gaya, aur market cap ₹2,957 crore ho gaya.
Ab asli picture dekhte hain. Sirf profit dekh kar khush mat ho jao. Operating margins abhi bhi kam hain, lagbhag 2% ke aas paas, jo staffing industry mein normal hai. Sabse badi chinta yeh hai ki operating cash flow mein 40% ki girawat aayi hai! FY26 mein yeh ₹230 crore ho gaya, jo FY25 mein ₹380 crore tha. Matlab, profit toh hai par cash kam aa raha hai.
Comparison dekho toh, TeamLease Services ka TTM P/E 16x hai, jabki Quess Corp ka TTM P/E 47.37x hai. Haan, future P/E (14.3x) kam lag raha hai, par industry average (22.6x) se bhi kam hai. Pichhle saal share -40% girawat dikha chuka hai, range ₹166.30 se ₹379.05 ke beech raha.
Aur ek serious issue hai - Deloitte Haskins & Sells LLP ne modified audit opinion diya hai. Iska matlab hai ki accounts mein kuch gadbad ho sakti hai, ya unko kuch doubts hain.
Operating cash flow ka itna girna jab profit badh raha hai, ye dikhata hai ki company ke paas kaam toh hai par cash banane mein dikkat ho rahi hai, shayad due to unbilled receivables.
Analysts ki rayin mili-juli hai. Overall 'Strong Buy' rating hai aur target ₹269.75 ka hai. Par MarketsMOJO ne pehle 'Sell' aur phir 'Hold' kar diya tha, long-term growth aur technical weakness ke karan. Company ka operating profit last 5 saal se gir raha hai.
Wall Street analysts toh abhi bhi positive hain, average target ₹305.36 bol rahe hain. Zyada tar 'Strong Buy' keh rahe hain. Par ye sab cheezein, jaise ki audit report ka issue aur cash flow ki problem, invest karne se pehle sochne par majboor karti hain. Dekhna padega ki company profit ko sustainable cash mein convert kar paati hai ya nahi.