TeamLease Services (TEAMLEASE) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 revenue was softer due to NBFC insourcing, but operational discipline drove EBITDA up 8% sequentially and 14% for the year, with PAT up 33% year-on-year to ₹147 crore.

• Full-year revenue grew 6% to ₹11,859 crore, with EPS rising to ₹83.3.

• The company is focused on profitable growth, deepening client relationships, and leveraging operating efficiencies.

• HR Services and Specialized Staffing drove growth, with HR Services revenue and EBITDA up 23% and 22% year-on-year.

• Maintained a free cash balance of ₹600 crore, supported by a ₹143 crore income tax refund.

Financial highlights

• Q4FY26 revenue was ₹2,949 crore, down 2% sequentially but up 3% year-on-year; full-year revenue reached ₹11,859 crore, up 6% year-on-year.

• Q4FY26 EBITDA was ₹46 crore, up 8% sequentially; full-year EBITDA was ₹158 crore, up 14% year-on-year.

• Q4FY26 PAT was ₹46 crore, up 22% year-on-year; full-year PAT was ₹147.1 crore, up 33% year-on-year.

• EPS for FY26 stood at ₹83.3, up from ₹64.9 in FY25.

• Net free cash at ₹600 crore, bolstered by income tax refunds of ₹143.1 crore.

Outlook and guidance

• Entering FY27 with 20,000 open positions, 15-20% higher than the previous quarter, and expecting positive headcount impact by H1 FY27 despite planned exits of 10,000 low-margin roles.

• Targeting over 20% year-on-year EBITDA growth for FY27, with continued margin expansion from higher-margin verticals.

• Focus remains on scaling HR Services, leveraging operational efficiencies, and institutionalizing the platform.

• Strong momentum in Degree Apprenticeship, especially in the Global Capability Centre segment, driven by compliance demand.