Quess cash rose 74% while receivables increased 36% in H1

Quess Corp ended H1 FY27 with Rs 471 crore of cash and cash equivalents, 74% above FY2026's Rs 271 crore, while trade receivables and unbilled revenue rose 36% to Rs 2,150 crore. Net operating cash flow reached Rs 366 crore, including a Rs 229 crore income-tax inflow.

Why did Quess's cash balance increase in H1 FY27?

Quess's cash balance increased because it reported a Rs 238 crore net change in cash flows during H1 FY27, compared with a Rs 6 crore outflow in H1 FY26. Cash and cash equivalents stood at Rs 471 crore at H1 FY27, against Rs 271 crore at FY2026 and Rs 267 crore at FY2025.

Net operating cash flows were Rs 366 crore in H1 FY27, while net investing cash flows contributed an inflow of Rs 34 crore. These inflows exceeded Rs 162 crore of net financing cash outflows, producing the reported Rs 238 crore increase in cash flows for the half year.

The balance sheet records a Rs 201 crore movement in cash and cash equivalents from FY2026, alongside a 74% increase. Quess also reported no debt at H1 FY27 or FY2026, so its net-cash line was Rs 471 crore at H1 FY27, compared with Rs 271 crore at FY2026.

Did Quess generate more cash from operations before tax movements?

No. Quess generated Rs 137 crore of cash from operations in H1 FY27, down Rs 62 crore from Rs 199 crore in H1 FY26. This pre-tax cash-generation measure declined even as profit after tax, or PAT, rose 53% to Rs 157 crore from Rs 103 crore.

The difference was the income-tax line: Quess recorded a Rs 229 crore inflow from income taxes paid or refunds received in H1 FY27, versus a Rs 41 crore outflow in H1 FY26. That Rs 270 crore swing lifted net operating cash flows to Rs 366 crore from Rs 158 crore a year earlier.

Quess separately disclosed that Q1 FY27 PAT and earnings per share included Rs 24 crore of one-time other income from income-tax refunds. At the half-year level, other income was Rs 28 crore against Rs 9 crore in H1 FY26, while the Rs 229 crore tax item appears separately in the cash-flow statement.

How much did Quess's receivables increase in H1 FY27?

Quess's trade receivables and unbilled revenue increased Rs 568 crore to Rs 2,150 crore at H1 FY27, from Rs 1,582 crore at FY2026. The 36% rise was larger than the Rs 201 crore movement reported for cash and cash equivalents over the same balance-sheet comparison.

The H1 FY27 receivables and unbilled-revenue balance was also Rs 621 crore above the Rs 1,529 crore reported at FY2025. The presentation combines trade receivables with unbilled revenue and does not provide a separate group-level split between the two components.

The increase coincided with 15% revenue growth to Rs 8,578 crore in H1 FY27 from Rs 7,483 crore in H1 FY26. General Staffing revenue rose 15% to Rs 7,419 crore, Professional Staffing increased 8% to Rs 506 crore, and Overseas Business grew 13% to Rs 651 crore; Quess does not allocate the Rs 2,150 crore receivables balance across these segments.

What other working-capital and funding changes did Quess report?

Quess reported that General Staffing's days sales outstanding, or DSO, improved to 24 days in Q2 FY27, while accounts receivable, or AR, remained stable at 15 days. The same segment reported approximately Rs 4,300 crore of quarterly cash collection and 116 new contracts, but these indicators do not reconcile the group's combined Rs 2,150 crore receivables and unbilled-revenue balance.

Total assets rose 20% to Rs 3,650 crore at H1 FY27 from Rs 3,039 crore at FY2026. Alongside the Rs 568 crore rise in receivables, other current assets increased Rs 27 crore to Rs 187 crore and fixed assets and intangibles rose Rs 7 crore to Rs 395 crore, while other non-current assets fell Rs 191 crore to Rs 447 crore.

On the funding side, equity and other equity increased Rs 17 crore to Rs 1,185 crore, while other liabilities rose Rs 594 crore to Rs 2,465 crore. Net financing cash outflow was Rs 162 crore in H1 FY27, up from Rs 129 crore in H1 FY26, including Rs 98 crore of dividend and interest payments, Rs 19 crore of lease-liability repayment and Rs 45 crore of other financing activities.

Conclusion

Quess's H1 FY27 cash increase and receivables build-up moved together: cash and cash equivalents reached Rs 471 crore, while trade receivables and unbilled revenue reached Rs 2,150 crore. The Rs 366 crore net operating cash-flow figure was shaped by a Rs 229 crore income-tax inflow, whereas cash generated from operations declined to Rs 137 crore.

The next results will show whether the Rs 2,150 crore receivables and unbilled-revenue balance changes with revenue and collection indicators. The presentation provides General Staffing's Q2 FY27 DSO of 24 days and approximately Rs 4,300 crore of collection, but does not provide a segment allocation or reconciliation for the consolidated receivables balance.