Delivers knowledge process and business process outsourcing services — analytics, automation, customer experience, and digital — to large enterprise clients, primarily in banking and financial services, communications, media and technology (CMT), retail, and media and distribution (M&D). FY26 operating revenue was USD 469M (₹4,117 crore) up 17.9% year-on-year, with EBITDA of ₹1,153 crore. Analytics and Automation has emerged as a distinct sub-vertical at USD 90M of annual contract value, growing faster than the company average; a first large-scale Agentic AI engagement was closed in Q4 FY26 with deployment starting Q1 FY27. Client mix is concentrated: top-10 clients made up 59% of revenue, down from 63-64% earlier. Delivery is offshore-led — employee costs are 61.3% of revenue, depreciation 4.3%, and other operating expenses 13.1%, with the company building new centres in Manila, Cairo, and Fayetteville. Cash generation is strong: OCF/EBITDA was 90% in Q4 and 75% for FY26, with free cash flow of ₹7,560M (+41% YoY). Trailing ACV growth on new deal wins ran at roughly 24% YoY. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Banking, Financial Services & Insurance (BFSI), Communications, Media & Technology (CMT), Retail, Media & Distribution (M&D), Analytics & Automation sub-vertical. People-intensive offshore BPO/KPO services business with analytics, automation and emerging Agentic AI offerings; high cash conversion.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,160 | 2,648 | 2,926 | 3,366 | 4,117 |
| EBITDA (ex other income) | 661 | 722 | 773 | 808 | 1,051 |
| margin % | 30.6 | 27.3 | 26.4 | 24.0 | 25.5 |
| Owners' profit | 417 | 489 | 511 | 541 | 706 |
| EPS, as reported (₹) | 123.81 | 98.76 | 106.15 | 114.19 | 76.23 |
| ROE % · ROCE % | 26.6 · 32.9 | 28.5 · 34.8 | 22.7 · 27.9 | 23.5 · 27.9 | 27.6 · 32.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 448 | 493 | 526 | 655 | 873 |
| Capex | (61) | (91) | (67) | (121) | (119) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 832 | 854 | 898 | 935 | 1,005 | 1,070 | 1,107 | 1,152 |
| Profit before tax | 188 | 184 | 199 | 188 | 245 | 250 | 252 | 219 |
| Net profit | 139 | 137 | 153 | 142 | 183 | 192 | 190 | 164 |
| EPS (₹) | 29.66 | 29.16 | 32.37 | 30.16 | 39.00 | 40.81 | 20.47 | 17.86 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ECLERX SERVICES LTD ◆ | 17,469 | 16.1 | 6.81 | 14.6 | 27.6 | 31.3 | 21.4 | 24.6 |
| FIRSTSOURCE SOLU. LTD. | 17,310 | 25.6 | 3.95 | 13.0 | 15.4 | 14.5 | 13.5 | 14.2 |
| RPSG VENTURES LIMITED | 2,744 | — | 0.63 | 5.7 | 0.0 | 1.6 | 15.1 | 19.0 |
| HINDUJA GLOBAL SOLS. LTD. | 1,784 | — | 0.21 | 3.9 | 0.1 | (0.8) | (5.1) |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · eClerx 26th AGM: All 3 resolutions passed with over 99.8% approval | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 26th AGM proceedings: dividend of Re.1/share declared, all resolutions passed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · eClerx to meet investors at Axis Capital conference on Sep 10 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · eClerx schedules investor meeting with Nippon Life India AMC | board shareholder meetings | low | — | — |
| 3 Sept 2026 · eClerx schedules one-on-one investor meeting with DSP Asset Managers | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Investor Meeting with Nippon Life India Asset Management on Sept 3 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Investor meeting scheduled with DSP Asset Managers on Sept 3 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · eClerx Investor Day 2026: 1B dollar revenue target and AI-led growth strategy | investor communications | medium | — | — |
| 28 Aug 2026 · eClerx to host Investor Day 2026 on September 2 in Mumbai | board shareholder meetings | low | — | — |
| 19 Aug 2026 · AGM on Sep 8, FY26 final dividend Re.1/share, record date Aug 21 | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 11.1 |
| ONE POINT ONE SOL LTD | 1,476 | 32.8 | 3.19 | 17.8 | 8.3 | 7.0 | — | 24.9 |
| ALLDIGI TECH LIMITED | 1,212 | 14.2 | 4.83 | 6.9 | 32.8 | 23.4 | 16.7 | 29.5 |
| NSB BPO Solutions Limited | 121 | 8.1 | — | — | — | 6.0 | — | — |
| WE WIN LIMITED | 44 | 15.9 | 1.42 | 7.1 | 14.3 | 10.0 | — | 6.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.1 | 14.2 | 7 of 9 | 25% |
| P/B | 6.8 | 1.7 | 9 of 9 | 0% |
| ROCE | 31.3 | 7.0 | 1 of 11 | 100% |
| ROE | 27.6 | 8.3 | 2 of 9 | 88% |
| Debt / Equity | 0.0 | 0.1 | 1 of 9 | 75% |
| EBITDA margin | 24.6 | 19.0 | 4 of 9 | 63% |
| Revenue growth | 23.3 | 22.9 | 4 of 9 | 63% |
| Profit growth | 16.0 | 0.8 | 4 of 9 | 63% |
| Market cap | 17469 | 1212 | 1 of 11 | 100% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
