Quess Corp Limited announced its audited financial results for the financial year ended March 31, 2026, with the Board of Directors approving the outcomes at a meeting held on May 4, 2026. The company reported consolidated revenue from operations of INR 1,53,051.87 million for FY26, compared to INR 1,49,671.99 million in the previous year. Profit after tax for the year stood at INR 2,222.01 million, while basic earnings per share increased to INR 14.87 from INR 3.08 in FY25. The statutory auditors, Deloitte Haskins & Sells LLP, issued a qualified opinion on the financial results due to ongoing income tax disputes related to disallowed deductions under Section 80JJAA of the Income Tax Act. The company has assessed INR 3,879.94 million as contingent liabilities towards these tax demands. The Board declared a special interim dividend of INR 3 per equity share to mark the tenth anniversary of the company's listing, with a record date of May 8, 2026, and payment on or before May 21, 2026. Additionally, the Board recommended a final dividend of INR 3 per equity share for FY26, subject to shareholder approval at the 19th Annual General Meeting. In governance changes, Mr. Anish Thurthi was appointed as an Additional Director effective June 1, 2026, while Mr. Chandran Ratnaswami resigned as Non-Executive Director effective May 31, 2026. The company also announced the appointment of KFin Technologies Limited as its new Registrar and Share Transfer Agent, replacing MUFG Intime India Private Limited.

Quess Corp Reports FY26 Results With Qualified Audit Opinion, Declares Dividends

AI Summary

Quess Corp Limited announced its audited financial results for the financial year ended March 31, 2026, with the Board of Directors approving the outcomes at a meeting held on May 4, 2026. The company reported consolidated revenue from operations of INR 1,53,051.87 million for FY26, compared to INR 1,49,671.99 million in the previous year. Profit after tax for the year stood at INR 2,222.01 million, while basic earnings per share increased to INR 14.87 from INR 3.08 in FY25. The statutory auditors, Deloitte Haskins & Sells LLP, issued a qualified opinion on the financial results due to ongoing income tax disputes related to disallowed deductions under Section 80JJAA of the Income Tax Act. The company has assessed INR 3,879.94 million as contingent liabilities towards these tax demands. The Board declared a special interim dividend of INR 3 per equity share to mark the tenth anniversary of the company's listing, with a record date of May 8, 2026, and payment on or before May 21, 2026. Additionally, the Board recommended a final dividend of INR 3 per equity share for FY26, subject to shareholder approval at the 19th Annual General Meeting. In governance changes, Mr. Anish Thurthi was appointed as an Additional Director effective June 1, 2026, while Mr. Chandran Ratnaswami resigned as Non-Executive Director effective May 31, 2026. The company also announced the appointment of KFin Technologies Limited as its new Registrar and Share Transfer Agent, replacing MUFG Intime India Private Limited.

Quess Corp Limited announced its audited financial results for the financial year ended March 31, 2026, following a Board meeting held on May 4, 2026. The company reported consolidated revenue from operations of INR 1,53,051.87 million for FY26, an increase from INR 1,49,671.99 million in the previous year. For the quarter ended March 31, 2026, revenue from operations stood at INR 38,924.53 million. Profit after tax for the full year reached INR 2,222.01 million, compared to INR 458.89 million in FY25. Basic earnings per share for FY26 were INR 14.87, while diluted EPS was INR 14.85.

The statutory auditors, Deloitte Haskins & Sells LLP, issued a qualified opinion on the audited financial results for both standalone and consolidated statements. The qualification relates to income tax matters where certain deductions claimed by the company, primarily under Section 80JJAA of the Income Tax Act and depreciation on goodwill, have been disallowed by tax authorities. The company has challenged these disallowances in judicial forums and, based on external legal opinions, believes the deductions will be accepted upon ultimate resolution. Pending resolution, the company has assessed INR 3,879.94 million as contingent liabilities towards these tax demands.

Financial Performance

The company's financial results show significant improvement across key metrics. Total comprehensive income for FY26 stood at INR 2,421.45 million, compared to INR 380.54 million in the previous year. The balance sheet shows total assets of INR 30,391.12 million as of March 31, 2026, up from INR 28,118.28 million a year earlier. Total equity increased to INR 11,664.64 million from INR 10,848.51 million. Cash and cash equivalents at the end of FY26 were INR 1,781.28 million.

Financial Metric (INR Million) FY26 FY25 Revenue from Operations 1,53,051.87 1,49,671.99 Total Income 1,53,216.81 1,49,908.18 Total Expenses 1,50,838.07 1,47,846.86 Profit Before Tax 2,298.00 417.97 Profit After Tax 2,222.01 458.89 Basic EPS (INR) 14.87 3.08 Total Assets 30,391.12 28,118.28 Total Equity 11,664.64 10,848.51

Dividend Declaration

The Board declared a special interim dividend of INR 3 per equity share, representing 30% of the face value of INR 10 each, to mark the tenth anniversary of the company's listing. The record date for determining eligibility has been fixed as May 8, 2026, with payment scheduled on or before May 21, 2026. Additionally, the Board recommended a final dividend of INR 3 per equity share for FY26, subject to shareholder approval at the ensuing 19th Annual General Meeting. The total dividend payout for the special interim dividend aggregates to INR 447.99 million.

Board and Governance Changes

In significant board changes, Mr. Anish Thurthi (DIN: 08713000) was appointed as an Additional Director in the category of Non-Executive, Non-Independent Director effective June 1, 2026, until the 19th AGM. He is also appointed as a Non-Executive, Non-Independent Director liable to retire by rotation, subject to shareholder approval. Mr. Thurthi brings over 20 years of experience in investment management, mergers and acquisitions, and financial advisory.

Concurrently, Mr. Chandran Ratnaswami (DIN: 00109215) resigned as Non-Executive Director effective from the close of business hours on May 31, 2026, citing advancing age as the reason. The Board placed on record its appreciation for his valuable contribution during his tenure.

Other Key Developments

The company announced the appointment of KFin Technologies Limited as its new Registrar and Share Transfer Agent, replacing MUFG Intime India Private Limited. The formalities for the change, including documentation and data migration, will be completed in due course. The effective date of the change will be communicated later.

The Board also noted that the Regional PF Commissioner had passed an order demanding INR 716.56 million regarding provident fund contributions for the period April 2018 to March 2019. The company has filed an appeal before the Central Government Industrial Tribunal, which has granted a complete waiver from pre-deposit and stayed the operation of the EPFO order. The next hearing is scheduled for May 14, 2026.

Quess Corp Limited has received a significant income tax refund order of Rs 42.24 crore from the tax authorities for the Financial Year 2023-24. The refund was processed under Section 154 read with Section 143(1) of the Income-tax Act, 1961.

Refund Details

The income tax refund order was issued by the Office of the Deputy Commissioner of Income Tax, Central Circle 2(1), Bangalore, dated April 27, 2026, and received by the company on April 28, 2026. The total refund amount comprises the principal refund along with interest component.

Component Amount Total Refund Rs 42.24 Crore Interest Component Rs 8.85 Crore Financial Year 2023-24 Order Date April 27, 2026 Receipt Date April 28, 2026

Regulatory Compliance

The company has made this disclosure pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows the requirements under the SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Business Impact Assessment

According to the company's regulatory filing, the income tax refund order will have no impact on the financial, operational, or other activities of Quess Corp Limited. The company has confirmed that no violations or contraventions were committed or alleged to be committed in relation to this matter.

Authority Details

The refund order was issued under the provisions of the Income-tax Act, 1961, specifically under Section 154 read with Section 143(1). The issuing authority, Office of the Deputy Commissioner of Income Tax, Central Circle 2(1), Bangalore, processed the refund for the assessment year corresponding to Financial Year 2023-24.

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