NSE: ECLERX · BSE: 532927
ECLERX SERVICES LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| FIRSTSOURCE SOLU. LTD. | 21,474 | 31.7 | 4.90 | 15.8 | 15.4 | 14.5 | 13.5 | 14.2 |
| ECLERX SERVICES LTD ◆ | 17,162 | 15.8 | 6.69 | 14.3 | 27.6 | 31.3 | 21.4 | 24.6 |
| RPSG VENTURES LIMITED | 2,733 | — | 0.62 | 5.7 | 0.0 | 1.6 | 15.1 | 19.0 |
| ONE POINT ONE SOL LTD | 1,889 | 42.0 | 4.08 | 22.4 | 8.3 | 7.0 | — | 24.9 |
| HINDUJA GLOBAL SOLS. LTD. | 1,549 | — | 0.18 | 3.6 | 0.1 | (0.8) | (5.1) | 11.1 |
| ALLDIGI TECH LIMITED | 1,241 | 14.5 | 4.94 | 7.1 | 32.8 | 23.4 | 16.7 | 29.5 |
| NSB BPO Solutions Limited | 54 | 3.6 | — | — | — | 6.0 | — | — |
| WE WIN LIMITED | 46 | 16.7 | 1.49 | 7.4 | 14.3 | 10.0 | — | 6.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.8 | 15.2 | 5 of 8 | 43% |
| P/B | 6.7 | 1.6 | 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 | 17162 | 1241 | 2 of 11 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · eClerx to acquire 2% of Personiv Eclipse for USD 1.64 million | strategic transactions | low | — | — |
| 28 Oct 2026 · eClerx grants 5,220 ESOP options at Rs 1,896.70 each | corporate actions | low | — | — |
| 28 Oct 2026 · Q2 FY27 revenue up 17.1%; half-year revenue rises 20.3% | results | high | — | — |
| 28 Oct 2026 · Revenue up 18% in September quarter; half-year up 21%, but profit slips 2% | results | high | — | — |
| 28 Oct 2026 · eClerx September-quarter revenue rises 18%, but consolidated profit slips | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting set for October 28 to approve Q2 FY27 results | results | low | — | — |
| 28 Sept 2026 · Intimation of Closure of Trading Window | compliance | minimal | — | — |
| 25 Sept 2026 · eClerx to hold virtual one-on-one with Invesco Asset Management | board shareholder meetings | low | — | — |
| 24 Sept 2026 · eClerx informs exchange about investor meeting schedule | board shareholder meetings | low | — | — |
| 24 Sept 2026 · eClerx intimates investor meeting with Axis Capital on Sept 24 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.