TeamLease Services Ltd.

•

group.teamlease.comBSE: 539658NSE: TEAMLEASE

Market Cap₹ 1,913 Cr.

Current Price

High / Low₹ 1,944 / 1,065

Stock P/E19.8

Book Value₹ 639

Price to Book1.98

Dividend Yield0.00 %

ROCE11.8 %

ROE10.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Staffing Operations: 99.6% • Other HR Services: 0.4%

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has delivered good sales growth of 19.2% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.46x)
Stock looks reasonably valued - P/E of 19.8 is below its historical median
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (76.0% of PBT)
Recent results are weak - TTM profit is down 10.8% versus prior year
Effective tax rate is unusually low at 0.8% - earnings may be flattered
Company has delivered a poor profit growth of 3.0% over past five years
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesBusiness ServicesProfessional Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	URBANCO	164.50	0.00	25368.87	0.00	-921.20	-13373.78	5283.40	1338.56	-8.23	-18.44
2.	BLS	235.65	13.75	9702.67	1.06	201.62	11.41	890.53	25.33	36.54	28.34
3.	SIS	422.90	40.80	5977.53	1.66	101.66	9.37	4603.58	29.73	7.39	4.66
4.	QUESS	354.85	20.98	5300.96	3.10	82.12	61.07	4181.68	14.52	24.72	2.02
5.	BLSE	316.55	49.49	2876.06	0.32	18.63	6.30	304.09	24.63	18.67	6.98
6.	BLUSPRING	138.05	106.01	2063.88	0.00	-1.58	77.90	949.29	19.07	1.32	2.17
7.	TEAMLEASE	1251.75	12.92	1912.85	0.00	34.45	37.74	3034.69	4.96	16.22	1.05
8.	KAPSTON	584.95	58.37	1780.13	0.00	84.89	1284.83	2216.57	1062.33	13.16	6.56
9.	GCSL	614.80	54.51	1485.32	0.11	128.00	1240.31	375.21	70.67	21.85	46.76
10.	UDS	213.75	16.48	1431.13	0.00	30.28	4.47	764.29	9.15	9.99	5.54
11.	KRYSTAL	623.65	14.20	871.36	0.24	17.41	5.92	360.71	11.65	16.36	6.33
12.	INNOVISION	267.70	17.26	637.48	0.00	-73.55	-771.26	2638.15	948.03	37.59	-3.82

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,954	2,052	2,222	2,212	2,383	2,576	2,686	2,592	2,640	2,750	2,720	2,625	2,739
	1,935	2,033	2,199	2,189	2,362	2,554	2,661	2,570	2,617	2,728	2,700	2,609	2,736
Operating Profit	19	20	23	23	21	22	25	21	24	22	20	16	3
OPM %	0.99%	0.96%	1.03%	1.04%	0.86%	0.86%	0.93%	0.83%	0.90%	0.80%	0.75%	0.62%	0.12%
	18	17	18	11	17	13	13	13	13	12	21	20	22
Interest	2	2	2	2	2	4	2	3	2	3	2	2	3
Depreciation	7	8	8	8	9	9	9	10	9	10	10	11	10
Profit before Tax	28	27	30	24	27	22	26	22	25	21	29	23	25
Tax %	2.07%	5.77%	2.93%	-0.50%	-0.45%	0.98%	-0.08%	4.64%	-0.98%	-0.24%	-1.22%	6.32%	2.96%
Net Profit	27	25	29	24	27	22	26	21	25	21	30	22	24
	16.12	15.11	17.37	14.27	15.91	13.27	15.64	12.49	14.80	12.59	17.78	12.81	14.49

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,990	3,441	4,132	4,783	4,466	5,640	6,876	8,441	10,236	10,736	10,835
	2,960	3,391	4,060	4,711	4,426	5,559	6,803	8,357	10,147	10,654	10,773
Operating Profit	30	50	73	73	40	81	73	83	89	82	62
OPM %	1.01%	1.45%	1.76%	1.52%	0.89%	1.43%	1.06%	0.99%	0.87%	0.77%	0.57%
	24	26	30	46	72	-35	54	65	57	65	75
Interest	1	1	2	9	6	4	5	8	11	9	10
Depreciation	4	4	3	15	15	18	23	32	37	40	41
Profit before Tax	49	71	97	95	91	24	99	109	97	98	98
Tax %	-1.38%	-2.73%	0.36%	56.24%	7.97%	7.48%	2.00%	2.66%	1.13%	0.82%	1.81%
Net Profit	50	73	97	42	84	22	97	106	96	97	97
EPS	28.98	42.44	56.75	24.32	49.17	13.16	57.00	63.09	57.30	57.98	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 16%
5 Years:: 19%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: 3%
3 Years:: 0%

STOCK PRICE CAGR

10 Years:: 1%
5 Years:: -23%
3 Years:: -21%
1 Year:: -34%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 11%
3 Years:: 12%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	17	17	17	17	17	17	17	17	17	17
	338	410	507	544	636	659	758	744	840	937
	27	15	15	102	18	50	75	67	53	62
Trade Payables	10	14	23	31	23	20	26	21	24	21
	243	331	403	473	558	623	710	875	959	1,440
Total Liabilities	635	787	965	1,167	1,252	1,369	1,586	1,724	1,893	2,478
	6	4	7	47	28	38	89	95	90	124
	109	202	210	287	374	374	528	337	365	498
	0	0	0	0	0	0	0	303	339	353
Cash & Bank	156	129	111	90	264	241	174	249	173	290
	364	452	637	743	586	716	796	739	926	1,211
Total Assets	635	787	965	1,167	1,252	1,369	1,586	1,724	1,893	2,478

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	47	118	57	75	142	12	165	82	96	259
Cash from Investing	-37	-22	5	-53	3	-59	-80	37	-64	-149
Cash from Financing	-1	-1	-2	0	-38	-14	-19	-147	-34	-33
	-7	48	-12	-44	223	-110	-17	-28	-1	76

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.61	31.61	31.61	31.61	31.61	31.11	31.11	31.11	31.11
	28.72	24.72	21.86	11.01	7.69	6.68	6.35	6.76	6.95
	31.81	34.61	37.11	47.65	50.25	50.72	49.84	49.60	47.81
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	7.87	9.07	9.42	9.74	10.45	11.49	12.70	12.52	14.14

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-03 - TeamLease: Update on hearing date in respect of appeal filed with Hon ble High Court of Gujarat by TeamLease Skills University (TLSU), pursuant to receipt of Order from Employees Provident Fund Organisation (EPFO)

2026-08-31

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-31 - TeamLease - Change in hearing date in respect of Writ Petition filed on June 12, 2026, before the Hon ble High Court of Karnataka

2026-08-26

Shareholders meeting

2026-08-26 - TeamLease - Notice and Annual Report of Twenty Sixth (26th) Annual General Meeting

2026-08-26

General Updates

2026-08-26 - TeamLease - Dispatch of Notice of Twenty Sixth (26th) Annual General Meeting

2026-08-25

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Teamlease Services Limited has informed the Exchange about Schedule of meet

2026-08-25

Outcome of Board Meeting

2026-08-25 - TeamLease - Outcome of Board Meeting held on August 25, 2026

2026-08-20

General Updates

2026-08-20 - TeamLease Divestment of entire stake in Joint Venture Company; Crystal HR and Securities Solutions Private ( Crystal HR )

2026-08-13

General Updates

2026-08-13 - TeamLease Execution of Exit Agreement with Joint Venture Company; Crystal HR and Securities Solutions Private Limited

2026-08-11

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-11 - Update on appeal filed with Hon ble High Court of Gujarat by TeamLease Skills University (TLSU), pursuant to receipt of Order from Employees Provident Fund Organisation (EPFO)

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