5 Under the Radar Business Services Stocks Flying Past the Usual Names in India

5 Business Services stocks under the radar: CMP range Rs 405-3,250. Highest ROE 20.0% (Justdial). Lowest D/E 0.01. Data: 23 August 2026.

India offers far more business services stocks than the three or four most-followed names in any given sector. This article identifies five business services stocks that receive comparatively lower institutional research attention than the largest-cap peers. Each of these business services stocks is evaluated on publicly available fundamental data.

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How We Selected These Under-the-Radar Business Services Stocks

The five companies below were selected on the following basis:

• Sector relevance: Each company operates meaningfully in the business services sector with an established business presence.
• Market capitalisation: The list focuses on smallcap and midcap companies. However, market cap alone is not the definition of “under the radar”. Several mid-cap companies receive extensive coverage while smaller ones do not.
• Institutional coverage and visibility: “Under the radar” refers to comparatively lower analyst coverage, media attention, and investor awareness relative to the sector’s largest and most widely followed names. This is a qualitative assessment based on general market observation.
• Financial characteristics: Each company shows at least one financial characteristic worth evaluating, such as a notable ROE, low leverage, or a specific PE profile relative to its business stage.

Data note: All market data , CMP, market cap, PE, ROE, D/E, and 52-week range , is based on publicly available NSE and BSE data as of 23 August 2026. Investors should verify all figures before making any decision. This selection is for educational and research purposes only.

What Are Under the Radar Business Services Stocks in India?

Business Services stocks are smallcap and midcap companies operating in the business services sector that are not among the most-followed names tracked by large institutional brokerages. These business services stocks may have solid fundamentals but receive fewer dedicated research notes, consensus price targets, or media coverage than their larger peers.

Identifying business services stocks requires scanning beyond the top ten holdings of major business services sector mutual funds and ETFs. Companies that become business services stocks on institutional radars often do so because their size falls below the minimum threshold that large portfolio managers can deploy capital into. This structural gap, not necessarily a business quality gap, is why these business services stocks remain under the radar.

5 Business Services Stocks Flying Under the Radar in India

The five business services stocks below were selected as worth placing on a research watchlist, not as definitive buy recommendations. Each business services stocks has a different risk-return profile and should be evaluated independently against an investor’s own criteria and risk appetite.

Company	NSE Symbol	CMP (Rs)	MCap (Rs Cr)	PE	ROE	D/E	52W Range (Rs)
SIS	SISLTD	405.0	10,600	25.00	15.00%	0.30	516.0 – 308.0
Quess Corp	QUESS	588.0	8,750	25.00	10.00%	0.20	745.0 – 450.0
TeamLease Services	TEAMLEASE	3250.0	5,800	30.00	15.00%	0.05	4150.0 – 2480.0
CarTrade Tech	CARTRADE	1215.0	5,650	80.00	5.00%	0.01	1540.0 – 930.0
Justdial	JUSTDIAL	912.0	7,600	20.00	20.00%	0.01	1158.0 – 695.0

Data as of 23 August 2026. Source: NSE/BSE public disclosures. Verify before investing.

1. SIS (SISLTD): Relatively Under-Followed Compared With Sector Leaders

SIS (Security and Intelligence Services) is India’s largest security services company, providing manpower-based security guarding, cash logistics, and facility management services across India and Australia. SIS is one of the business services stocks covered here, currently trading at Rs 405.0, with a market cap of Rs 10,600 crore and a 52-week range of Rs 308.0 to Rs 516.0. This business services stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 25.00 sits in a moderate range. Investors should compare this against the sector PE to assess whether the stock trades at a premium or discount to peers. ROE of 15.00% sits at a reasonable level. Tracking whether this has been improving or declining over recent quarters provides a more complete picture. D/E of 0.30 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

SIS at MCap of Rs 10,600 crore receives far less analyst coverage than comparably sized IT services companies despite consistent demand from corporates, banks, and government facilities. Its Australia operations provide hard-currency revenue diversification.

As a business services stocks, SIS sits in a segment of the business services sector where dedicated research is less common than among the largest-cap peers. Investors tracking business services stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this business services stocks: Security services is a low-margin, labour-intensive business where profitability depends on maintaining headcount utilisation. Minimum wage increases mandated by state governments directly raise costs without the ability to immediately renegotiate all client contracts. Cross-verify risks among all business services stocks before drawing conclusions.

2. Quess Corp (QUESS): Relatively Under-Followed Compared With Sector Leaders

Quess Corp is India’s largest staffing company by headcount, providing workforce management, technology staffing, facility management, and asset management services to over 3,000 clients across India. Quess Corp is one of the business services stocks covered here, currently trading at Rs 588.0, with a market cap of Rs 8,750 crore and a 52-week range of Rs 450.0 to Rs 745.0. This business services stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 25.00 sits in a moderate range. Investors should compare this against the sector PE to assess whether the stock trades at a premium or discount to peers. ROE of 10.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D/E of 0.20 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

Quess Corp’s 500,000+ managed headcount creates a data advantage for predicting client workforce requirements. As India’s formalisation of contract labour continues, regulated staffing vendors benefit versus informal arrangements.

As a business services stocks, Quess Corp sits in a segment of the business services sector where dedicated research is less common than among the largest-cap peers. Investors tracking business services stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this business services stocks: Staffing businesses generate thin EBITDA margins and are significantly exposed to cyclical layoffs. Any prolonged economic slowdown causes simultaneous headcount reductions across Quess’s client base, compressing revenue without proportional cost reductions. Cross-verify risks among all business services stocks before drawing conclusions.

3. TeamLease Services (TEAMLEASE): Near-Zero Debt, Lower Institutional Following

TeamLease Services is a staffing and HR services company placing 300,000+ employees across manufacturing, retail, BFSI, and telecom clients in India, with a TeamLease EdTech vocational training arm as a secondary revenue stream. TeamLease Services is one of the business services stocks covered here, currently trading at Rs 3250.0, with a market cap of Rs 5,800 crore and a 52-week range of Rs 2480.0 to Rs 4150.0. This business services stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 30.00 is above the broader market average. At this level, the market is embedding expectations of continued earnings growth, making execution consistency an important factor to watch. ROE of 15.00% sits at a reasonable level. Tracking whether this has been improving or declining over recent quarters provides a more complete picture. D/E of 0.05 reflects a near-zero debt position, which significantly reduces financial risk.

Why It Receives Comparatively Lower Coverage

TeamLease’s compliance-centric staffing model benefits as Indian labour law enforcement for contract workers tightens. Its EdTech arm provides an adjacent skill development revenue stream with government training programme contracts not subject to client hiring cycles.

As a business services stocks, TeamLease Services sits in a segment of the business services sector where dedicated research is less common than among the largest-cap peers. Investors tracking business services stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this business services stocks: TeamLease’s EdTech arm has required significant investment over several years without delivering consistent profitability, creating a drag on the group’s consolidated return on equity and making it harder for investors to value the business cleanly. Cross-verify risks among all business services stocks before drawing conclusions.

Use the Univest Screener to Compare Live Business Services Stocks by PE, ROE and Debt

4. CarTrade Tech (CARTRADE): Near-Zero Debt, Lower Institutional Following

CarTrade Tech operates online vehicle marketplace platforms including CarTrade.com, CarWale, BikeWale, and OLX Autos, providing vehicle listing, valuation, and remarketing services for new and used vehicles across India. CarTrade Tech is one of the business services stocks covered here, currently trading at Rs 1215.0, with a market cap of Rs 5,650 crore and a 52-week range of Rs 930.0 to Rs 1540.0. This business services stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 80.00 reflects a growth-priced valuation where significant future earnings expansion is already factored in. Any earnings miss against this expectation tends to have an amplified share-price impact. ROE of 5.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D/E of 0.01 reflects a near-zero debt position, which significantly reduces financial risk.

Why It Receives Comparatively Lower Coverage

CarTrade Tech’s near-zero debt (D/E 0.01) and cash-generative auto classifieds business provide stability while the OLX Autos acquisition expands used car transaction reach. As India’s used car market grows to 2x+ new car volume, transaction platforms capture a growing advisory fee pool.

As a business services stocks, CarTrade Tech sits in a segment of the business services sector where dedicated research is less common than among the largest-cap peers. Investors tracking business services stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this business services stocks: At PE 80 and ROE 5%, profitability has been slow to scale despite operating in a growing market. CarTrade faces intense competition from Cars24, Spinny, and individual dealer aggregation platforms. Cross-verify risks among all business services stocks before drawing conclusions.

5. Justdial (JUSTDIAL): ROE of 20.0%, Relatively Lower Institutional Attention

Justdial operates India’s largest local search engine platform, providing business listing, verified review, and transaction services to 50+ million consumers and 30+ million registered local businesses across India. Justdial is one of the business services stocks covered here, currently trading at Rs 912.0, with a market cap of Rs 7,600 crore and a 52-week range of Rs 695.0 to Rs 1158.0. This business services stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 20.00 sits in a moderate range. Investors should compare this against the sector PE to assess whether the stock trades at a premium or discount to peers. ROE of 20.00% is above-average for most sectors, suggesting the business generates meaningful returns on the equity base deployed. D/E of 0.01 reflects a near-zero debt position, which significantly reduces financial risk.

Why It Receives Comparatively Lower Coverage

Justdial’s ROE of 20% and near-zero debt make it one of the most efficiently run internet companies in India. Its subscriber renewal rates among local businesses remain high because Justdial delivers verified lead generation for small and medium businesses that cannot afford performance digital marketing on their own.

As a business services stocks, Justdial sits in a segment of the business services sector where dedicated research is less common than among the largest-cap peers. Investors tracking business services stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this business services stocks: Justdial faces structural competition from Google My Business and Indiamart, which are expanding their small business listing services. Its B2B SaaS pivot has not yet demonstrated scale sufficient to offset any long-term weakening of the core local search advertising model. Cross-verify risks among all business services stocks before drawing conclusions.

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Quick Comparison: 5 Under-the-Radar Stocks at a Glance

The table below summarises each company’s standout attribute and primary risk for quick reference. This is a research shortlist, not a ranking.

Stock	Standout Attribute	Key Metrics	Primary Risk
SIS	MCap Rs 10,600 Cr, lower coverage	PE 25.0, ROE 15.0%, D/E 0.30	Security services is a low-margin, labour-intensive business where profitability depends on maintaining headcount utilisation.
Quess Corp	MCap Rs 8,750 Cr, lower coverage	PE 25.0, ROE 10.0%, D/E 0.20	Staffing businesses generate thin EBITDA margins and are significantly exposed to cyclical layoffs.
TeamLease Services	D/E 0.05 (near-zero debt)	PE 30.0, ROE 15.0%, D/E 0.05	TeamLease’s EdTech arm has required significant investment over several years without delivering consistent profitability, creating a drag on the group’s consolidated return on equity and making it harder for investors to value the business cleanly.
CarTrade Tech	D/E 0.01 (near-zero debt)	PE 80.0, ROE 5.0%, D/E 0.01	At PE 80 and ROE 5%, profitability has been slow to scale despite operating in a growing market.
Justdial	20.0% ROE	PE 20.0, ROE 20.0%, D/E 0.01	Justdial faces structural competition from Google My Business and Indiamart, which are expanding their small business listing services.

Why Do These Business Services Stocks Receive Comparatively Lower Coverage?

Lower trading volumes further reduce interest from momentum traders, keeping news flow consistently thin. Historically, some of India’s strongest multi-year compounding has originated from exactly this kind of overlooked ground , when a cycle shift or earnings re-rating forces the broader market to reassess what the fundamentals already indicated. That said, low coverage is neither a guarantee of outperformance nor a signal of undervaluation on its own.

What Factors Should Investors Evaluate in Business Services Lesser-Known Business Services Stocks?

• Return on equity: Look for ROE consistently above 12-15% across multiple reporting periods, not just peak-cycle years. High and consistent ROE signals capital efficiency that PE screens alone cannot capture.
• Debt-to-equity ratio: Low D/E provides operational runway to survive a difficult year without equity dilution or asset sales. A D/E below 0.30 is generally considered low leverage for non-financial companies.
• PE relative to sector PE: A discount to sector PE is only meaningful if business quality supports the comparison. Always check the current sector PE on NSE or BSE and pair this with ROE and D/E data.
• Revenue and profit growth: Consistent revenue growth over three to five years is more meaningful than a single strong year. Check the quarterly results section on NSE (nseindia.com) for the complete trend.
• Promoter holding: Stable or increasing promoter holding often signals confidence in the business outlook. Significant promoter selling should prompt additional scrutiny. Check the latest shareholding disclosure on NSE or BSE before investing.
• Consistency over multiple years: A single exceptional year of high ROE or low D/E can be misleading. Look for patterns across 3-5 years of annual reports. Companies with consistent financial characteristics tend to be structurally sound rather than cyclically lucky. Annual reports are available on the respective company investor relations pages and on NSE and BSE.

Key Risks to Evaluate in Under-the-Radar Business Services Stocks

• Valuation compression: Several stocks on this list carry PE multiples above 40x, embedding growth expectations that require consistent execution. Any earnings miss against these expectations can cause disproportionate share-price corrections.
• Low trading liquidity: Smallcap business services stocks can move sharply on modest volumes. Building or exiting a large position without meaningful market impact can be challenging in lower-volume names.
• Input-cost inflation: Many business services companies face raw material cost volatility. A sudden spike in input prices without the pricing power to pass through costs can rapidly compress margins.
• Earnings cyclicality: Smallcap companies tend to deliver less stable quarter-on-quarter earnings growth than large caps. Investors must be prepared for wider swings in reported profits, sometimes within the same financial year.
• Competitive intensity: Larger sector players with established distribution, brand recall, and balance-sheet strength can pressure smaller companies’ market share in a downturn.

How to Research and Invest in Business Services Stocks in India

Start with the business model. Each of the five companies on this list operates differently, and position sizing should reflect the specific risk-return profile of each rather than treating them as a uniform group.

Verify independently. All figures in this article are based on publicly available NSE and BSE data as of 23 August 2026. Always check the latest quarterly results, annual reports, and shareholding disclosures on nseindia.com or bseindia.com before investing.

Use a screener to compare. The Univest Screener allows investors to apply PE, ROE, and D/E filters on live market data to build a comparison shortlist across the business services sector.

Diversify across names where relevant. Concentrating entirely in one smallcap business services stocks amplifies single-stock event risk. Spreading exposure across two or three names where the thesis is independently sound reduces that risk meaningfully. Consult a SEBI-registered investment advisor to align any investment with your personal financial goals.

Track earnings trends, not just a point-in-time snapshot. The metrics shown in this article reflect data as of 23 August 2026. These figures will change with each quarterly result. Building a simple trend view across three to five recent quarters tells you far more about business direction than any single set of current figures. NSE’s quarterly results archive is a free, comprehensive primary source for this data. Combine it with the company’s own investor presentations where available.

Key Takeaways on Business Services Stocks

• The five business services stocks covered here represent a range of market caps and business models within the business services sector.
• Each of these business services stocks has been selected based on publicly available fundamental data as of 23 August 2026.
• Investors researching business services stocks should verify all figures on NSE or BSE directly before making any decision.
• The business services sector has more depth than the top three names. These business services stocks are the starting point for broader exploration.
• No business services stocks selection is permanent. Review the thesis quarterly as new fundamental data becomes available.

Conclusion

The five business services stocks companies covered in this article , SIS (PE 25.0), Quess Corp (PE 25.0), TeamLease Services (D/E 0.05), CarTrade Tech (D/E 0.01), and Justdial (ROE 20.0%) , each present a distinct profile. They are not identical in their risk-return characteristics, their stage of development, or the reason they receive comparatively lower institutional attention. Investors researching business services stocks in India should evaluate each company independently using its own financial history, management track record, and position within the sector before drawing any conclusion.

None of the companies in this article are presented as buy recommendations. The business services sector carries market, operational, and valuation risks that affect each of these five companies differently. Please consult a SEBI-registered investment advisor before making any investment decision.

Frequently Asked Questions on Under the Radar Business Services Stocks

Which business services stocks are flying under the radar in India?

Ans. Five business services stocks that receive comparatively lower institutional coverage in India are SIS, Quess Corp, TeamLease Services, CarTrade Tech, and Justdial. Each has a different fundamental profile. Treating these business services stocks as research starting points, not buy signals, is advisable. Verify all data on NSE or BSE before investing.

Are smallcap business services stocks suitable for long-term investment?

Ans. Smallcap business services stocks can offer higher potential returns than large-cap peers in a favourable cycle, but they also carry greater risks: lower liquidity, limited analyst coverage, and higher earnings volatility. Each of the five stocks covered here should be evaluated on its own financial merits and risk profile. Consult a SEBI-registered advisor before investing.

What are the key metrics to check in business services stocks?

Ans. Key metrics include PE ratio (compared against the current sector PE on NSE or BSE), ROE (ideally above 12-15% consistently), D/E ratio (lower is generally safer for non-financial companies), revenue growth trend, and promoter holding. No single metric should be used in isolation.

Is SIS a good stock to research?

Ans. SIS has a PE of 25.00 and an ROE of 15.00%, with a D/E of 0.30 and a 52-week range of Rs 308.0 to Rs 516.0. These metrics are worth evaluating against the sector average and the company’s own historical performance. Verify all data on NSE before investing.

What distinguishes Quess Corp from larger business services companies?

Ans. Quess Corp operates with a D/E of 0.20 and an ROE of 10.00%. Quess Corp’s 500,000+ managed headcount creates a data advantage for predicting client workforce requirements. As India’s formalisation of contract labour continues, regulated staffing vendors benefit. Investors should verify all claims through company disclosures on NSE before investing.