eClerx Services logo

eClerx Services

ECLERX NSE

Key Fundamentals

SmallcapBPO / KPOCommercial Services
Market Cap
₹17,002 Cr
Volatility
Moderate
P/E Ratio
23.35
EBITDA
₹1,153 Cr
Return on Equity
27.55%
Debt to Equity
0.15
Book Value
₹310.08
EPS
₹105.67
52W High
₹2,497.5
52W Low
₹1,320

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.4%

Growth Rate

Revenue Growth
22.18% higher than 3Y
Net Income Growth
30.52% higher than 3Y
Cash Flow Change
33.43% lower than 3Y
ROE
17.48% lower than 3Y
ROCE
17.34% higher than 3Y
EBITDA Margin (Avg.)
5.44% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

eClerx Services has a market capitalisation of about ₹17,762 crore and trades at a P/E of 24.4x and a P/B of 6.1x. Its ROE has held between 24% and 28% across the 1-, 3-, 5- and 10-year periods, and TTM sales and profit growth of 23% and 28% are above its 3-year rates of 16% and 13%. Over 10 years, profit has compounded at 7% against 12% for sales, and the stock is down 9% over the past year even though it returned 28% CAGR over three years.

Bull Case 7
  • ROE has stayed high over every period provided: 24% over 10 years, 26% over 5 years, 25% over 3 years and 28% last year. This points to steady returns on capital through different business cycles.
  • Growth has picked up recently. TTM sales growth of 23% and profit growth of 28% are well above the 3-year CAGRs of 16% and 13%.
  • TTM profit growth of 28% is faster than TTM sales growth of 23%, which suggests margins have improved over the latest twelve months.
  • At a P/E of 24.4x and TTM profit growth of 28%, the trailing earnings multiple is roughly equal to the recent growth rate (PEG of about 0.9 on TTM numbers).
  • Over the medium term, sales and profit both compounded at 21% over 5 years, so growth has not been limited to a single year.
  • The stock has compounded at 28% over 3 years, 20% over 5 years and 14% over 10 years, a long record of shareholder returns.
  • Last year's ROE of 28% is the highest of all the periods provided, so capital efficiency is currently at the top of its historical range.
Bear Case 7
  • Over 10 years, profit compounded at only 7% while sales compounded at 12%. That points to a long-term fall in profitability per rupee of revenue.
  • The 3-year profit CAGR of 13% trails the 3-year sales CAGR of 16%, so margin pressure also shows up in the medium-term numbers, not only the 10-year data.
  • The stock is down 9% over the past year despite 28% TTM profit growth, a sharp gap from its 28% 3-year CAGR.
  • A P/B of 6.1x is a large premium to book value (implied book value is about ₹2,912 crore against a ₹17,762 crore market cap). The valuation depends on ROE staying in the mid-to-high 20s.
  • The dividend yield is just 0.05%, so almost all shareholder return depends on price appreciation rather than income.
  • The stock's 10-year CAGR of 14% is higher than the 7% 10-year profit CAGR. Much of the long-term return has come from the valuation multiple rising, not from earnings growth.
  • The TTM growth of 23% in sales and 28% in profit is well above the 10-year trend of 12% and 7%. Recent growth may be hard to sustain if it falls back toward the long-term average.

This is AI-generated analysis, not financial advice. Do your own due diligence. The key_metrics roe field uses the last-year ROE of 28% from the growth data because the headline ROE was not provided. Debt-to-equity and the 52-week high and low were also not provided and are excluded.

AI News Digest

1d ago
Neutral 4
  • Late-September institutional investor meets Sep 22

    eClerx held four virtual one-to-one meetings between September 22 and 25, 2026: WhiteOak Capital (Sep 22), Axis Capital and Emkay Global (Sep 24), and Invesco Asset Management India (Sep 25). All four covered only developments already in the public domain.

  • AGM approves Re 1 dividend Sep 8

    At the 26th AGM on September 8, 2026, shareholders approved the FY26 audited financial statements and a Re. 1 per share dividend. They also re-appointed Mr. Anjan Malik as director.

  • Axis Capital Consumer & Tech Conference Sep 7

    eClerx scheduled a group investor meeting for September 10, 2026, at Axis Capital's Consumer & Tech Conference in Mumbai. The session covered industry and company developments already in the public domain.

  • DSP Asset Managers one-to-one Sep 3

    eClerx held a one-to-one investor meeting with DSP Asset Managers in Mumbai on September 3, 2026. It covered industry and company-specific developments already in the public domain.

TL;DR: All the news this month is routine and neutral. It includes about six institutional investor meetings in September 2026, with WhiteOak, Invesco, DSP and others, plus an uneventful AGM that approved a Re. 1 per share dividend. The steady stream of investor meetings shows ongoing interest from domestic mutual funds, but no new financial data, guidance, deal wins or risks were disclosed. The trend looks stable with no clear direction, and the Q2 FY27 results should be the next real catalyst for growth and margins.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
684
722
753
767
782
832
854
898
935
1,005
1,070
1,107
1,152
Expenses
517
517
546
571
616
616
646
680
710
734
794
824
887
Operating Profit
167
205
207
196
166
216
207
219
224
271
276
283
265
OPM %
24%
28%
28%
26%
21%
26%
24%
24%
24%
27%
26%
26%
23%
Other Income
8
14
19
23
21
13
21
32
11
27
30
30
18
Interest
6
6
6
6
8
8
8
11
10
11
10
12
15
Depreciation
28
30
34
34
32
33
36
41
37
42
46
50
50
PBT
141
182
187
179
148
188
184
199
188
245
250
252
219
Tax %
24%
25%
26%
28%
24%
26%
25%
23%
25%
25%
23%
25%
25%
Net Profit
107
136
139
130
112
140
137
153
142
183
192
190
164
EPS in Rs
10.84
13.86
14.13
13.31
11.38
14.72
14.38
15.97
14.87
19.22
20.4
20.13
17.47
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
942
1,314
1,330
1,365
1,431
1,438
1,564
2,160
2,648
2,926
3,366
4,117
4,335
Expenses
626
833
869
998
1,122
1,111
1,115
1,498
1,925
2,150
2,557
3,064
3,239
Operating Profit
316
482
461
368
309
326
450
662
723
776
809
1,053
1,096
OPM %
34%
37%
35%
27%
22%
23%
29%
31%
27%
27%
24%
26%
25%
Other Income
32
36
28
61
49
45
34
24
66
64
87
101
105
Interest
1
1
2
1
1
20
21
23
22
24
36
44
47
Depreciation
50
57
52
48
45
71
82
103
114
126
141
175
188
PBT
298
460
436
380
311
281
381
560
653
689
719
935
966
Tax %
23%
26%
19%
24%
27%
26%
26%
25%
25%
26%
25%
24%
—
Net Profit
230
342
354
290
228
209
283
418
489
512
541
706
729
EPS in Rs
18.9
27.9
29.65
25
19.66
18.83
26.99
41.08
49.83
52.14
56.78
75.09
77.22
Div. Payout %
46%
1%
1%
1%
2%
2%
1%
1%
1%
1%
1%
1%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
30
41
40
38
38
36
34
33
48
48
47
92
Reserves
685
1,052
1,176
1,167
1,344
1,270
1,467
1,534
1,667
2,199
2,259
2,469
Borrowings
0
4
1
6
2
157
175
163
194
266
358
385
Other Liabilities
242
192
182
208
201
260
315
324
365
406
475
744
Total Liabilities
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,919
3,139
3,691
Fixed Assets
167
365
325
343
348
480
728
713
773
843
974
1,054
CWIP
1
0
2
0
0
1
0
2
21
1
0
5
Investments
155
219
252
165
286
437
229
196
275
406
309
308
Other Assets
634
704
820
910
950
806
1,033
1,145
1,206
1,669
1,856
2,324
Total Assets
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,919
3,139
3,691
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
243
418
312
305
206
333
365
444
493
526
655
873
Investing
-62
-167
-175
26
-230
24
-2
44
-55
-483
143
-97
Financing
-115
-165
-245
-304
-54
-308
-188
-416
-440
-107
-610
-622
Net Cash Flow
66
86
-108
28
-77
49
174
71
-2
-64
188
155
Free Cash Flow
182
366
283
264
154
299
326
383
403
462
539
756
CFO/OP
98
87
68
83
67
102
81
92
93
90
101
104
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
52
59
62
62
60
68
56
61
62
86
90
Cash Conversion Cycle
49
52
59
62
62
60
68
56
61
62
86
90
Working Capital Days
22
52
74
72
70
44
46
47
46
61
59
59
ROCE %
46%
51%
38%
30%
24%
21%
24%
34%
36%
32%
28%
34%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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64 extracted metrics + investor summaries across FY09–FY27.

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Shareholding Pattern

Others4.08%Govt.0.02%Promot.54.52%Public6.54%FIIs11.00%DIIs23.84%As ofJun 2026

Documents

Frequently Asked Questions about eClerx Services

What does eClerx Services Ltd do?
EClerx Services Ltd incorporated in 2000, provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leis...
Where is eClerx Services Ltd (ECLERX) listed?
eClerx Services Ltd trades as ECLERX on the NSE and under code 532927 on the BSE.
Which sector does eClerx Services Ltd belong to?
eClerx Services Ltd is classified under the Commercial Services sector, in the BPO / KPO industry.
What is the market capitalisation of eClerx Services Ltd?
eClerx Services Ltd has a market capitalisation of ₹17,002 Cr, which places it in the Mid Cap band.
What is the PE ratio of eClerx Services Ltd?
eClerx Services Ltd trades at a PE ratio of 23.35, on earnings per share of ₹105.67, against a book value of ₹310.08 per share.
What is the 52-week high and low of eClerx Services Ltd?
Over the last 52 weeks eClerx Services Ltd has traded between ₹1,320 and ₹2,497.5.
Does eClerx Services Ltd pay dividends?
eClerx Services Ltd has a dividend yield of 0.05%.
What is the Return on Equity (ROE) of eClerx Services Ltd?
eClerx Services Ltd reported a return on equity of 27.55%. Its debt-to-equity ratio is 0.15.

Company Information

EClerx Services Ltd incorporated in 2000, provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure and technology companies[1]

Website eclerx.com
CEO Mr. Kapil Jain
Employees 12,221
Listed 2007-12-31
Face Value ₹ 10
Issued Size 4,76,50,360

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