Downgrades

TeamLease’s (TEAM) 2QFY26 revenue growth of 8.4% YoY was below our estimate of 13% YoY growth. General Staffing (GS) grew by 4% QoQ, while Specialized Staffing grew 8% QoQ.

TeamLease (TEAM)'s 1QFY26 revenue growth of 12% YoY was below our estimate of 16% YoY growth. General Staffing grew by 2% QoQ, while Specialized Staffing grew 12% QoQ.

Quarterly Update Q4FY25

SIS (SECIS)’s 4QFY25 revenue was up 9.3% YoY/1.9% QoQ at INR34.27b, largely in line with our estimate of INR34.6b. Revenue growth was aided by 12.9% YoY growth in Facility management, whereas India Security/International security posted 9.6%/7.7% growth YoY.

Quarterly Update Q3FY25

Quarterly Update Q2FY25

SIS (SECIS)’s 2QFY25 revenue was up 6.3% YoY/4.4% QoQ at INR32.68b, largely in line with our estimate of INR34.51b.

Quarterly Update Q4FY24

Quarterly Update Q3FY24

Quarterly Update Q2FY24

Recommendation: Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.

TeamLease Services (TEAM) reported revenue of Rs19.55bn, modest growth of 4% QoQ in Q2FY23. General staffing revenue (Rs17.8bn) growth was soft at 4.7% QoQ led by moderation in headcount addition.

We recommend a BUY rating on the stock and assign an 18x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 475/share, implying an upside of 15% from the CMP.

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across all three segments General staffing grew 10% QoQ, Specialized staffing services grew 17% QoQ and Other HR Services grew 13% QoQ. Net head-account addition was strong in BFSI, Consumer, e-commerce, and tele tech cohorts, while sectors which were worst affected by the pandemic are making a comeback. Consolidated EBIT margin came at 1.5%, was flat QoQ...

TEAM delivered a strong operational performance in 2QFY22, with revenue up 10.7% QoQ on broad based growth across all three verticals. It also added 25k associates (record high) in 2Q, benefitting from a strong demand environment as well as seasonality and flow through from a COVID-impacted 1QFY22. EBITDA margin inched up by 10bp QoQ to 2.2% on strong growth in the Specialized Staffing business and partial drawdown in General Staffing,...