eClerx Services Ltd logo

eClerx Services Ltd

ECLERX NSE

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]

AI Verdict: BUY Confidence: 7%

eClerx Services trades at a reasonable PE of 19.3x with strong ROE of 29% and robust TTM sales growth of 22%. Despite a 16% stock price decline over the past year, the business fundamentals remain solid with 90% analyst buy consensus, making it an attractive entry point for long-term investors.

Key Fundamentals

MicrocapBPO / KPOCommercial Services
Market Cap
₹13,068 Cr
Volatility
Moderate
P/E Ratio
18.82
EBITDA
₹1,051 Cr
Return on Equity
28.5%
Debt to Equity
0.14
Book Value
₹272.56
EPS
₹105.67
52W High
₹2,497.5
52W Low
₹1,321

Technical Indicators

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.8%
  • Debtor days have improved from 77.5 to 59.1 days.

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 3d ago
BUY
Risk medium

eClerx Services trades at a reasonable PE of 19.3x with strong ROE of 29% and robust TTM sales growth of 22%. Despite a 16% stock price decline over the past year, the business fundamentals remain solid with 90% analyst buy consensus, making it an attractive entry point for long-term investors.

Bull Case 8
  • Strong return on equity at 29% last year, with a consistent 3-year average of 26% and 5-year average of 27%, indicating efficient capital allocation
  • TTM compounded profit growth of 36% significantly outpaces revenue growth, demonstrating operating leverage and margin expansion
  • Overwhelming analyst consensus with 90% buy ratings (9 out of 10 analysts recommending buy)
  • Compounded sales growth of 22% TTM and 21% over 5 years shows sustained revenue momentum in the services business
  • PE ratio of 19.3x is reasonable for a high-growth IT services company delivering 22% revenue CAGR and 36% profit growth
  • Debtor days improved from 77.5 to 59.1 days, reflecting better working capital management and stronger client collections
  • 10-year stock CAGR of 12% with 5-year CAGR of 19% demonstrates long-term wealth creation track record
  • 5-year compounded profit growth of 22% versus 10-year growth of 8% indicates a structural improvement in profitability trajectory
Bear Case 8
  • Stock has declined 16% over the past 1 year despite strong fundamentals, suggesting potential sector headwinds or client concentration risks
  • Dividend yield of just 0.07% is negligible, offering almost no income protection during market downturns
  • Price-to-book ratio of 5.31x is elevated, leaving limited margin of safety if growth decelerates
  • Market cap of Rs 13,172 crore makes it a mid-cap with higher volatility and liquidity risk compared to large-cap IT peers
  • 10-year compounded profit growth of only 8% versus 5-year growth of 22% highlights historical earnings volatility and cyclicality
  • No known cons listed but only 1 sell rating out of 10 suggests limited independent bearish coverage, raising contrarian concern
  • 3-year stock CAGR of 17% has moderated from the 5-year CAGR of 19%, suggesting decelerating investor returns momentum
  • Services sector faces macro risks from global slowdown with key clients in BFSI and digital sectors potentially cutting discretionary spend

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 2
  • No promoter share encumbrance FY26 Jun 5

    Promoters declared zero encumbrance on shares for FY26 under SEBI regulations, covering the financial year ended March 31, 2026. Clean promoter holding signals confidence and no distress funding.

  • Active institutional investor engagement Jun 24

    eClerx scheduled meetings with PineBridge Investments, HDFC MF, Motilal Oswal MF, WhiteOak AMC, Carnelian Asset Management, Awriga Capital, and Whitepine Investment Managers between Jun 5-24. Sustained interest from quality institutional investors suggests positive sentiment.

Neutral 6
  • Investor meet PineBridge & HDFC MF Jun 24

    One-on-one meetings scheduled with PineBridge Investments and HDFC Mutual Fund on June 24, 2026, covering public domain developments.

  • Awriga Capital meeting in Mumbai Jun 23

    One-on-one investor meeting held with Awriga Capital Advisors on June 23, 2026, in Mumbai to discuss industry and company developments.

  • WhiteOak AMC virtual meeting Jun 16

    Virtual one-to-one investor meeting held with WhiteOak AMC on June 16, 2026, focusing on industry and company-specific developments.

  • Carnelian Asset Management meeting Jun 15

    One-on-one meeting with Carnelian Asset Management on June 15, 2026, in Mumbai to discuss public domain developments.

  • Whitepine virtual investor meeting Jun 12

    Virtual investor meeting scheduled with Whitepine Investment Managers on June 12, 2026.

  • Motilal Oswal MF meeting Mumbai Jun 11

    One-on-one investor meeting with Motilal Oswal MF on June 11, 2026, in Mumbai to discuss public domain developments.

TL;DR: eClerx Services shows no fundamental red flags in this news cycle — promoter shares remain unencumbered for FY26 and the company is actively engaging a broad range of institutional investors including major mutual funds and asset managers. No operational headwinds or negative developments surfaced. The high frequency of investor meetings (7 in three weeks) suggests growing institutional interest, which could support demand for the stock going forward.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
693
684
722
753
767
782
832
854
898
935
1,005
1,070
1,107
Expenses
486
517
517
546
571
616
616
646
680
714
734
794
824
Operating Profit
207
167
205
207
196
166
216
207
219
221
271
276
284
OPM %
30%
24%
28%
28%
26%
21%
26%
24%
24%
24%
27%
26%
26%
Other Income
5
8
14
19
23
21
13
21
32
14
27
30
30
Interest
6
6
6
6
6
8
8
8
11
10
11
10
12
Depreciation
32
28
30
34
34
32
33
36
41
37
42
46
50
PBT
174
141
182
187
179
148
188
184
199
188
245
250
252
Tax %
24%
24%
25%
26%
28%
24%
26%
25%
23%
25%
25%
23%
25%
Net Profit
132
107
136
139
130
112
140
137
153
142
183
192
190
EPS in Rs
13.51
10.84
13.86
14.13
13.31
11.38
14.72
14.38
15.97
14.87
19.22
20.4
20.13
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
942
1,314
1,330
1,365
1,431
1,438
1,564
2,160
2,648
2,926
3,366
4,117
Expenses
626
833
869
998
1,122
1,111
1,115
1,498
1,925
2,150
2,557
3,066
Operating Profit
316
482
461
368
309
326
450
662
723
776
809
1,051
OPM %
34%
37%
35%
27%
22%
23%
29%
31%
27%
27%
24%
26%
Other Income
32
36
28
61
49
45
34
24
66
64
87
101
Interest
1
1
2
1
1
20
21
23
22
24
36
42
Depreciation
50
57
52
48
45
71
82
103
114
126
141
175
PBT
298
460
436
380
311
281
381
560
653
689
719
935
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
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
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
393
475
751
Total Liabilities
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,906
3,139
3,697
Fixed Assets
167
365
325
343
348
480
728
713
773
850
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
1,649
1,856
2,330
Total Assets
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,906
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
88
86
59
Cash Conversion Cycle
49
52
59
62
62
60
68
56
61
88
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 Mar 2026
Promoters 54.52%
DIIs 23.95%
FIIs 11.82%
Public 5.84%
Others 3.85%
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 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%
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%
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%
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%
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%
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%
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

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 Services sector within the Commercial Services & Supplies 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 ₹13068.35 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 18.82. 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 ₹1,321 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 0.07%. 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 28.50%. 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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