eClerx Services Ltd logo

eClerx Services Ltd

ECLERX NSE

Key Fundamentals

SmallcapBPO / KPOCommercial Services
Market Cap
₹17,111 Cr
Volatility
Moderate
P/E Ratio
23.38
EBITDA
₹1,051 Cr
Return on Equity
23.45%
Debt to Equity
0.15
Book Value
₹272.56
EPS
₹105.67
52W High
₹2,497.5
52W Low
₹1,320

Insights

Beta

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

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41 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

1
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.8%

Growth Rate

Revenue Growth
19.25% ↗
Net Income Growth
29.17% ↗
Cash Flow Change
24.48% ↗
ROE
3.08% ↗
ROCE
-0.29% ↗
EBITDA Margin (Avg.)
-3.78% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk medium

eClerx Services is a mid-cap IT/BPM company with a market cap of approximately ₹17,117 crore, trading at a PE of 23.3x. The company delivered FY26 revenue of ₹4,117 crore (up 22.3% YoY) and net profit of ₹706 crore (up 30.5% YoY), supported by a consistent ROE averaging 26-29% over the last 3-5 years, though the stock has declined 9% over the past year despite strong operational performance.

Bull Case 8
  • FY26 revenue grew 22.3% YoY to ₹4,117 crore and net profit surged 30.5% YoY to ₹706.2 crore, demonstrating accelerating growth
  • Consistent ROE track record of 26% over 3 years and 29% in the last year, indicating high capital efficiency
  • FY26 EBITDA rose 28.8% YoY to ₹1,152.6 crore with EBITDA margin expanding 132 bps, showing operating leverage
  • Strong free cash flow generation with FY26 FCF of ₹756 crore, up 41% YoY, and OCF-to-EBITDA ratio of 90%
  • Compounded sales CAGR of 21% over 5 years and 16% over 3 years reflects sustained double-digit revenue growth
  • Top-10 client concentration reduced from ~63% to 60%, indicating improving revenue diversification
  • PE of 23.3x is reasonable relative to the 28% TTM profit growth and 22% compounded 5-year profit CAGR
  • Healthy liquidity position with current ratio of 2.82 and cash as ~33% of total assets
Bear Case 8
  • Stock has declined 9% over the past 1 year despite strong earnings growth, signaling market concerns about future trajectory
  • Q1 FY27 EBITDA margin contracted 264 bps sequentially to 23.0%, raising concerns about margin sustainability
  • Revenue concentration of ~68% in North America and ~22% in Europe exposes the company to macro slowdown risk in these geographies
  • Top-10 clients still account for 60% of revenue, posing client concentration risk if any key relationship deteriorates
  • 10-year compounded profit CAGR of just 8% is materially lower than recent growth rates, suggesting cyclicality in earnings
  • FY27 EBITDA margin guidance of 24-28% implies potential for further compression from FY26's expanded margins
  • Dividend yield of only 0.06% suggests minimal income return for shareholders despite strong cash generation
  • As a services company with $466M trailing revenue, eClerx competes against much larger IT firms with greater scale and broader capabilities

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 4
  • FY26 net profit up 30.5% Aug 17

    Net profit rose 30.5% YoY to INR 7,062 million on consolidated revenue of INR 42,182 million (up 22.2% YoY). EBITDA grew 28.8% to INR 11,526 million with margin expanding to 27.32%.

  • Q1FY26 PAT rises 16% YoY Aug 6

    Net profit grew 16% YoY to ₹1,642.42 million for Q1FY26, with consolidated revenue up 23% to ₹11,523.58 million driven by strong operational performance.

  • INR 3,000M buyback completed Aug 17

    Completed a buyback of INR 3,000 million at Rs. 4,800 per share and issued a 1:1 bonus, along with a proposed final dividend of Re. 1 per share.

  • 73% renewable energy usage Aug 17

    BRSR report shows 73% renewable energy usage and reduced GHG emissions, assured by TÜV SÜD South Asia, signaling strong ESG positioning.

Neutral 4
  • Investor meets at conferences Aug 7

    eClerx scheduled group investor meetings at Equirus Annual India Conference (Aug 13) and Emkay Global Confluence Conference (Aug 12) in Mumbai.

  • HSBC AM investor interaction Aug 11

    Conducted a one-to-one virtual meeting with HSBC Asset Management India on August 11, 2026, discussing industry and company developments.

  • Record date for final dividend Aug 5

    Record date fixed as August 21, 2026, for FY26 final dividend; 26th AGM scheduled for September 8, 2026.

  • Q1FY27 results due Aug 5 Jul 29

    Un-audited Q1FY27 results for quarter ended June 30, 2026, to be declared on August 5 with an earnings call the following day.

TL;DR: eClerx is delivering strong growth with FY26 revenue up 22.2% and net profit up 30.5%, supported by healthy margin expansion. Shareholder returns are robust via buyback, bonus issue, and dividends. No notable headwinds emerged in recent news flow. The trend is clearly improving, and active institutional engagement suggests continued investor confidence heading into FY27.

Quarterly Results

  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

  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
100
105
Interest
1
1
2
1
1
20
21
23
22
24
36
42
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

  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
751
Total Liabilities
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,919
3,139
3,697
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
2,330
Total Assets
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,919
3,139
3,697
Figures in ₹ Crores

Cash Flow

  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
-141
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
111
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

  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
59
Cash Conversion Cycle
49
52
59
62
62
60
68
56
61
62
86
59
Working Capital Days
22
52
74
72
70
44
46
47
46
61
59
85
ROCE %
46%
51%
38%
30%
24%
21%
24%
34%
36%
32%
28%
35%

Shareholding Pattern

As of Jun 2026
Promoters 54.52%
DIIs 23.84%
FIIs 11.00%
Public 6.54%
Others 4.08%
Government 0.02%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Nov 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Feb 2023Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Jul 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Jan 2026Mar 2026Jun 2026
Promoters
53.81%
53.81%
53.81%
54.02%
53.38%
53.38%
53.38%
53.38%
53.38%
53.61%
53.61%
53.61%
53.61%
53.61%
53.61%
53.61%
53.81%
53.81%
53.81%
53.81%
53.81%
53.81%
54.52%
54.52%
54.52%
54.52%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12.13%
11.81%
12.19%
11.78%
11.42%
10.31%
10.27%
10.12%
10.16%
10.95%
11.43%
11.43%
11.82%
11.00%
DIIs
14.01%
14.92%
16.70%
17.00%
17.98%
18.46%
19.14%
19.51%
19.94%
20.33%
20.19%
19.19%
21.65%
22.90%
22.75%
22.50%
22.86%
24.03%
24.19%
25.12%
26.04%
25.72%
24.53%
24.53%
23.95%
23.84%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
Public
6.86%
6.87%
8.23%
8.20%
8.20%
8.92%
8.92%
9.36%
9.68%
8.95%
8.80%
8.43%
8.27%
7.71%
7.45%
8.26%
7.96%
7.87%
7.92%
7.26%
6.52%
6.16%
5.89%
5.89%
5.84%
6.54%
Others
25.33%
24.40%
21.26%
20.77%
20.44%
19.24%
18.56%
17.73%
16.98%
17.10%
17.38%
18.76%
4.33%
3.95%
3.99%
3.84%
3.93%
3.96%
3.79%
3.67%
3.45%
3.35%
3.60%
3.60%
3.85%
4.08%
No. of Shareholders
33,559
35,592
77,361
44,650
42,302
50,898
48,202
51,153
96,628
54,216
53,248
53,484
49,715
52,639
49,157
1,46,680
62,184
58,048
68,025
69,424
66,300
65,927
68,913
68,913
67,142
74,342

Documents

Frequently Asked Questions about eClerx Services Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: ECLERX and BSE: 532927. You can view its live share price, financials, and ratios on Tapetide.
Which sector does eClerx Services Ltd belong to?
eClerx Services Ltd operates in the Commercial Services sector within the BPO / KPO industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of eClerx Services Ltd?
eClerx Services Ltd has a market capitalisation of approximately ₹17110.65 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of eClerx Services Ltd?
The Price-to-Earnings (PE) ratio of eClerx Services Ltd is 23.38. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of eClerx Services Ltd?
Over the past 52 weeks, eClerx Services Ltd has traded between a low of ₹1,320 and a high of ₹2,497.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does eClerx Services Ltd pay dividends?
Yes, eClerx Services Ltd has a dividend yield of 0.05%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of eClerx Services Ltd?
eClerx Services Ltd has a Return on Equity (ROE) of 23.45%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research eClerx Services Ltd on Tapetide?
On Tapetide, you can view eClerx Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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