Legal Entity: Quest Global Engineering Services Private Limited
CIN: U74900KA2014PTC076219
Industry: Engineering Research & Development / Engineering Services
Founded: 1997
India Entity Incorporated: 2014
Global Headquarters: Singapore, with planned reverse-flip to India
Co-Founder & CEO: Ajit Prabhu
Status: Unlisted
ISIN: INE049W01021
Face Value: ₹50
IPO Status: Publicly announced — expected within 12–18 months

About the Company

Quest Global is a global pure-play engineering services and R&D company that helps some of the world’s largest companies design, develop and maintain complex products and systems.

Unlike conventional IT-services companies, Quest Global focuses heavily on engineering-intensive industries, including:

Aerospace & Defence
Automotive
Energy
Semiconductors
Communications
Hi-Tech
Healthcare & Medical Devices
Rail

The company describes itself as a partner for the world’s hardest engineering problems, combining mechanical, electrical, electronics, software, digital and systems engineering.

Key Highlights

Particular	Details
Founded	1997
India Entity	Quest Global Engineering Services Pvt. Ltd.
CIN	U74900KA2014PTC076219
ISIN	INE049W01021
Face Value	₹50
Business	Engineering Services / ER&D
Global Employees	23,000+
Countries	20+
Engineering Centers	100+
Global Revenue	~$1.1 Billion
India Entity FY25 Revenue	₹2,620 Cr
India Entity FY25 EBITDA	~₹457 Cr
India Entity FY25 PAT	~₹266 Cr
2026 Strategic Investor	Hillhouse
Reported 2026 Valuation	~$4.5 Billion
IPO	Planned in 12–18 months

Quest Global’s current careers platform reports 23,000+ employees, 20 countries and 104 centers.

Important: The ₹2,620 Cr financials relate to the Indian legal entity and should not be confused with the revenue of the entire global Quest Global group. The group CEO reported global revenue of approximately $1.1 billion in early 2026.

What Does Quest Global Do?

Quest Global operates in Engineering, Research & Development (ER&D).

It helps global OEMs and technology companies solve engineering problems across the entire product lifecycle.

Typical Work Includes

Product Design → Engineering → Simulation → Software → Testing → Validation → Manufacturing Support → Product Lifecycle Management

This makes Quest Global a strategic technology partner rather than simply a manpower outsourcing company.

Major Business Verticals

1. Aerospace & Defence

Quest Global supports:

Aircraft engineering
Engines
Avionics
Defence systems
Space systems
Structural engineering
Safety-critical software

The company works across civil aerospace, defence and space engineering.

2. Automotive

The company works on:

Software-defined vehicles
ADAS
Autonomous driving
Vehicle electronics
Digital cockpit
Connected vehicles
Product development

The shift toward software-defined vehicles is creating a larger engineering opportunity for companies like Quest Global.

3. Semiconductors

This is becoming one of Quest Global’s most important growth areas.

The company provides:

Chip design
Silicon engineering
Semiconductor manufacturing engineering
ASIC solutions
Verification
Semiconductor equipment engineering

Quest Global’s semiconductor business covers the product lifecycle from silicon through systems and cloud.

4. Energy

Quest Global works across:

Oil & Gas
Power
Renewables
Energy infrastructure
Digital transformation
Net-zero engineering

The company expects energy demand to become an important growth driver, particularly as data centres increase global electricity demand.

5. Healthcare & Medical Devices

Quest Global provides engineering solutions for medical technology and healthcare products.

6. Rail & Industrial

Engineering solutions cover railway systems, industrial products and complex infrastructure.

Why Quest Global is Different from TCS/Infosys

Quest Global should not be evaluated purely as another IT-services company.

Traditional IT companies mainly focus on:

Applications + IT infrastructure + Business process services

Quest Global focuses more on:

Product Engineering + Hardware + Embedded Software + R&D + Systems Engineering

This places it closer to the global ER&D ecosystem represented by companies such as:

Tata Technologies
LTTS
KPIT
Cyient
Alten
Akkodis
Capgemini Engineering

Global Scale

Quest Global currently reports:

23,000+ employees

20+ countries

104 engineering centers

The company has expanded substantially from its earlier footprint and now operates across North America, Europe and Asia.

Its India operations remain a major engineering delivery base.

Financial Snapshot — India Entity

The latest MCA-linked FY25 data for Quest Global Engineering Services Private Limited shows:

₹ Crore	FY24	FY25
Revenue	~₹2,280 Cr	₹2,620 Cr
Revenue Growth	—	~15%
EBITDA	~₹383 Cr	₹456.6 Cr
EBITDA Margin	~16.8%	~19.4%
PAT	~₹168 Cr	₹265.7 Cr
PAT Growth	—	~59%
Net Worth	~₹1,362 Cr	₹1,643.8 Cr
Borrowings	~₹?	Nil reported
ROE	—	~16.2%

TheCompanyCheck reports FY25 revenue of ₹2,620.05 Cr, while Tofler reports ₹2,387.4 Cr total revenue and ₹456.6 Cr EBITDA; differences appear to arise from database/accounting definitions. The company-level filings should therefore be used for final valuation work.

Most Important Takeaway

Profitability is improving significantly.

The India entity reported approximately:

₹266 Cr PAT

with approximately:

₹457 Cr EBITDA

That represents a strong margin profile for an engineering-services business.

Global Revenue Opportunity

Quest Global’s CEO reported global revenue of approximately $1.1 billion and has set an ambitious target of reaching approximately $2.5 billion within five years.

That implies approximately 20% annualised growth if achieved.

Growth Formula

$1.1B → $2.5B

This is one of the most important parts of the long-term investment thesis.

Engineering R&D — The Big Opportunity

India’s ER&D industry is moving beyond traditional software services.

Companies globally are increasingly outsourcing:

Product development
Chip engineering
Embedded software
Automotive electronics
Aerospace engineering
Digital manufacturing
Industrial automation
AI-enabled engineering

Quest Global is positioned directly in this structural transition.

The company’s CEO has argued that engineering services could outperform traditional IT services as hardware, software, chips, telecom and AI increasingly converge.

Semiconductor Opportunity

Semiconductors could become a major growth engine.

Quest Global recently expanded its semiconductor capabilities, including the acquisition of BITSILICA, an Indian semiconductor design-services company.

The strategy is to support global semiconductor companies across chip design and engineering.

This gives Quest exposure to:

AI Chips + Automotive Chips + Data Centres + Advanced Manufacturing + Semiconductor Equipment

The global semiconductor engineering market is significantly more specialised and technically demanding than conventional software outsourcing.

Aerospace & Defence Opportunity

Aerospace and defence is another major growth driver.

Quest Global provides engineering support across:

Civil Aviation + Defence + Space + Engines + Avionics + Embedded Systems

Increasing aircraft production, defence modernisation and India’s growing aerospace ecosystem can create additional demand for ER&D services.

Energy Opportunity

Energy is emerging as another major growth driver.

Data centres, AI infrastructure and industrial electrification are increasing global power requirements.

Quest Global works across:

Oil & Gas + Power + Grid + Renewables + Energy Engineering

The CEO specifically highlighted energy as an important future growth opportunity.

Major Investors

Quest Global has attracted several major institutional investors over its history.

Key Investors

The Carlyle Group
Advent International
Bain Capital
GIC
ChrysCapital
True North
Hillhouse Investment

Carlyle became a major shareholder in 2023.

In February 2026, Hillhouse Investment acquired a minority stake through a combination of primary capital and secondary share purchases. Quest Global said the transaction would support its strategic growth priorities.

Valuation

Quest Global’s valuation has increased dramatically over the past few years.

Historical Valuation

2021/2023: approximately $1.8 Billion

2025/26 Pre-IPO Discussions

Reports placed the valuation around:

$4.5–4.6 Billion

Bloomberg reported in November 2025 that Temasek was considering a roughly 5% investment at a $4.6B valuation in a pre-IPO transaction.

In February 2026, reports around the Hillhouse transaction placed Quest Global’s valuation at approximately $4.5B.

This represents a very substantial increase from the approximately $1.8B valuation associated with the 2023 Carlyle transaction.

IPO Status

This is the biggest catalyst for Quest Global.

In February 2026, co-founder and CEO Ajit Prabhu publicly confirmed that Quest Global plans to launch an IPO in India within approximately 12–18 months.

The company is also undertaking a reverse flip / domicile shift from Singapore toward India to facilitate the proposed listing.

Expected Timeline

If the plan remains on track:

2026–27 → Reverse Flip

2026–27 → Pre-IPO Transactions

Next 12–18 Months → Potential India IPO

Potential Listing → 2027

IPO Structure

The company has not yet finalised the IPO structure publicly.

It could potentially involve:

Fresh issue
OFS
Combination of fresh issue + OFS

Therefore:

IPO is publicly planned, but there is currently no confirmed DRHP, price band or final listing date.

This is much stronger than an unverified IPO rumour because the CEO has publicly confirmed the intention.

Pre-IPO Funding

Quest Global has been actively preparing for the IPO.

In 2025, reports indicated discussions for a $200–225M pre-IPO fundraise at approximately $3–3.5B valuation.

By late 2025, reports indicated potential transactions around $4.6B valuation, showing substantial valuation appreciation.

Hillhouse subsequently completed a minority investment in 2026.

Share Details

The Indian entity has an active equity ISIN:

INE049W01021

Face Value: ₹50

The older ISIN INE049W01013 was subsequently deleted, while the newer ₹50-face-value ISIN is recorded as active.

Important

Because Quest Global is undergoing a corporate restructuring/reverse-flip ahead of its proposed Indian listing, investors should verify the exact security and conversion/exchange mechanism before purchasing any existing Indian entity shares.

The Indian subsidiary’s shares should not automatically be assumed to be equivalent to the future listed parent shares.

Current Unlisted Price

I could not verify a reliable current OTC transaction price for the active Quest Global Engineering Services security from a sufficiently credible public source.

Therefore, I would not recommend publishing a speculative ₹/share quote on UnlistedCart.

For any transaction, verify:

Active ISIN: INE049W01021
Exact share class
Face value: ₹50
Number of shares
Seller’s title
Corporate restructuring terms
Reverse-flip mechanism
Latest transaction price
Conversion into future listed shares, if applicable

This is especially important because Quest Global is preparing for a major corporate restructuring ahead of the IPO.

Investment Rationale

1. Engineering R&D is a Structural Growth Market

The global shift toward connected products, AI, semiconductors, electric vehicles and automation is increasing engineering complexity.

2. Aerospace & Defence

Growing aircraft production and defence spending provide long-term demand.

3. Semiconductor Expansion

Quest’s semiconductor capabilities position it for one of the fastest-growing engineering segments.

4. AI + Hardware Convergence

AI increasingly requires:

Chips + Embedded Software + Data Centres + Energy + Systems Engineering

Quest operates across many of these layers.

5. Strong Global Client Base

Quest works with major global OEMs and technology companies requiring specialised engineering capabilities.

6. High Entry Barriers

Engineering expertise in aerospace, semiconductor and safety-critical systems takes years to develop.

7. Improving Profitability

FY25 India entity PAT increased sharply, alongside strong EBITDA margins.

8. IPO Catalyst

The company has publicly stated its intention to list in India within 12–18 months.

9. Strong Institutional Validation

Carlyle and Hillhouse involvement provides significant institutional validation.

Key Risks

Risk	Concern
High Valuation	~$4.5B valuation already reflects significant growth
IPO Valuation Risk	Final IPO valuation could differ materially
Global Slowdown	Engineering budgets are linked to global industrial spending
Client Concentration	Large OEM relationships can create concentration
Talent Costs	Highly skilled engineering talent is expensive
Competition	LTTS, Tata Technologies, KPIT, Cyient, Alten, Akkodis etc.
Cyclicality	Automotive, aerospace and energy cycles can affect growth
Reverse Flip Risk	Corporate restructuring creates execution complexity
Unlisted Liquidity	Exit before IPO may be difficult
Security Structure	Indian subsidiary shares may not directly represent future listed-parent shares
IPO Delay	12–18 month target is management guidance, not a guaranteed listing

Quest Global vs Cybage

Factor	Quest Global	Cybage
Core Business	Engineering R&D	Digital Product Engineering
Aerospace	Very High	Low
Defence	Very High	Low
Semiconductor	High	Moderate
Automotive	High	Moderate
Energy	High	Moderate
Employees	23,000+	7,200+
Global Revenue	~$1.1B	Smaller
Institutional Investors	Carlyle, Hillhouse etc.	Private ownership
IPO	Publicly planned	No confirmed plan
Expected Timeline	12–18 months	Unconfirmed
Risk	Medium–High	Medium

Investment Positives vs Concerns

Positives	Concerns
23,000+ engineers/professionals	High valuation
~$1.1B global revenue	IPO structure not final
Aerospace & defence exposure	Reverse-flip execution
Semiconductor exposure	Unlisted liquidity
Automotive engineering	Global cyclical exposure
Energy opportunity	Talent costs
Carlyle-backed	Competitive ER&D market
Hillhouse investment	Future IPO valuation uncertain
$2.5B revenue target	Target is management aspiration
Publicly announced IPO	No DRHP yet

Investment View

Business Quality: ⭐⭐⭐⭐⭐

Growth Potential: ⭐⭐⭐⭐⭐

Industry Tailwinds: ⭐⭐⭐⭐⭐

Profitability: ⭐⭐⭐⭐☆

IPO Visibility: ⭐⭐⭐⭐⭐

Valuation Comfort: ⭐⭐⭐☆☆

Liquidity: ⭐⭐☆☆☆

Overall Risk: Medium–High

Our View

Quest Global is one of the more compelling engineering-focused pre-IPO opportunities in India’s unlisted ecosystem.

The thesis is significantly different from conventional IT companies.

It is built around:

Aerospace + Defence + Automotive + Semiconductors + Energy + AI + Engineering R&D

The company is benefiting from a major global shift toward hardware-software convergence.

A modern aircraft, EV, semiconductor, defence system or energy platform increasingly requires sophisticated software, electronics, mechanical engineering, systems engineering and AI.

That is exactly where Quest Global operates.

The Biggest Catalyst

The proposed India IPO.

Management has publicly stated a 12–18 month IPO target, and the company is undertaking a reverse flip to facilitate the listing.

The Biggest Concern

Valuation.

At a reported ~$4.5B valuation, investors are already paying for substantial future growth.

Therefore, the opportunity can be attractive—but entry price becomes extremely important.

UnlistedCart Investment View

“India’s Next Engineering R&D Powerhouse | Aerospace + Defence + Semiconductors + AI | $4.5B Pre-IPO Story.”

Investment Category: High-Growth Engineering / ER&D Pre-IPO

Business Quality: Excellent
Growth Potential: Excellent
IPO Catalyst: Very Strong
Valuation Risk: High
Liquidity Risk: High

Final Verdict

Quest Global is not just another IT-services company.

It is an engineering R&D powerhouse positioned at the intersection of:

AI + Semiconductors + Aerospace + Defence + Automotive + Energy.

Its 23,000+ workforce, global footprint, institutional backing and approximately $1.1B revenue base make it a sizeable global engineering-services platform.

The potential IPO adds a major liquidity catalyst, while the proposed reverse flip could make the company more directly accessible to Indian public-market investors.

Overall

Business ⭐⭐⭐⭐⭐
Growth ⭐⭐⭐⭐⭐
Industry Tailwinds ⭐⭐⭐⭐⭐
IPO Potential ⭐⭐⭐⭐⭐
Valuation ⭐⭐⭐☆☆
Risk ⭐⭐⭐⭐☆

Investment Category: Premium Pre-IPO Engineering Opportunity

Disclaimer

This report is for informational and educational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns. Quest Global is currently unlisted and is undergoing corporate restructuring in preparation for a potential Indian IPO. The proposed IPO timeline, structure and valuation are subject to change and regulatory approvals. Investors must independently verify the exact security, ISIN, share class, transferability, reverse-flip terms, latest financial statements and transaction price before investing.

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