ECLERX
Large CapeClerx Services Limited
Services
eClerx Services Ltd provides AI-powered analytics, digital operations services, automation, and business process management. It partners with Fortune 500 enterprises across financial services, telecom, media & entertainment, luxury, retail & fashion, and manufacturing, operating globally with over 22,600 employees.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 75/100Rev +23% YoY · PAT +24% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,107 Cr | +23.3% | +3.5% |
| EBITDA | ₹284 Cr | +29.7% | +2.9% |
| Operating margin | 26.0% | +200 bps | +0 bps |
| PAT | ₹190 Cr | +24.2% | -1.0% |
| PAT margin | 17.2% | +12 bps | -78 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
eClerx reported strong FY26 performance with operating revenue up 22.3% YoY (17.9% in USD) and PAT up 30.5% YoY. Q4 FY26 operating revenue increased 23.3% YoY (16.8% in USD), but Q4 net profit saw a slight QoQ decline of 1.4%.
FY26 results show robust YoY growth in revenue and profit, driven by strong operating performance and favorable forex. Q4 saw sequential margin compression and net profit dip, despite revenue growth. New deal ACV is strong, but client concentration remains high. Wage increments effective April 1, 2026, will impact future margins.
Revenue by Industries (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
New Deal Wins
ACV of new deals (ex-CLX) increased to $46.1mm in Q4 FY26 from $45.5mm in Q3 FY26.
Emerging Clients
Revenue from Emerging clients ($0.5mm+) grew 41.0% QoQ in Q4 FY26 to $42.1mm.
Strategic Clients
Revenue from Strategic (Top 10) clients grew 7.9% QoQ in Q4 FY26 to $72.6mm.
Offshore Seat Count
Offshore seat count increased to 15,507 in Q4 FY26 from 13,976 in Q4 FY25.
Total Delivery Headcount
Total delivery headcount increased by 16.9% YoY to 22,518 as of FY26.
INR Depreciation
Revaluation income increased due to INR depreciation against USD, EUR, and GBP.
Government Grants
Higher government grants received in Q3 FY26 contributed to other income.
Wage Increments
Wage increments are effective 1st April 2026, which could impact future margins.
Forex Volatility
Currency fluctuations can lead to revaluation gains/losses, impacting other income.
Client Concentration
Top 10 clients contributed 59% of revenue in Q4 FY26, indicating high concentration.
Attrition Rates
Offshore voluntary attrition increased to 21.7% in Q4 FY26 from 19.3% in Q3 FY26.
Utilization Decline
Staff utilization (delivery) declined to 74.2% in Q4 FY26 from 76.5% in Q3 FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall business growth and profitability trends over a full fiscal year. QoQ comparison is important for tracking sequential momentum, margin changes, and the immediate impact of operational factors like wage increments and currency fluctuations.
OPG Revenue (USD mm)
FY26 Q4: $122.4 (0.6% QoQ); FY26: $468.9 (17.9% YoY)
OPG EBITDA (%)
FY26 Q4: 25.7% (-15 bps QoQ); FY26: 25.6% (117 bps YoY)
Net Profit (%)
FY26 Q4: 16.7% (-75 bps QoQ); FY26: 16.7% (101 bps YoY)
Return on Equity (%)
FY26 Q4: 27.5%; FY26 Q3: 27.8%; FY26 Q2: 29.5%; FY26 Q1: 27.9%
Dividend Proposal
A dividend of INR 1 is proposed for FY26.
Bonus Issue
1:1 Bonus issued in Q4 FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating Profitability | OPG EBITDA margin 25.7% in Q4 FY26, down 15 bps QoQ. | Impact of wage increments on margins and ability to maintain or improve profitability. |
| New Deal Momentum | ACV of new deals (ex-CLX) $46.1mm in Q4 FY26. | Sustained growth in new deal wins and conversion into revenue. |
| Attrition & Utilization | Offshore voluntary attrition 21.7%, Staff utilization 74.2% in Q4 FY26. | Trends in attrition and utilization as indicators of operational efficiency and talent management. |
| Client Diversification | Top 10 clients 59% of revenue. | Reduction in client concentration and growth in emerging client segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -59.5% / mo · near 52W low
Technical chart
ECLERXdaily · 3Y-67.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 40.
- SMA20 falling (~2.0% over last month) — short-term momentum negative.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 72% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 47.7%.
Main drags
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Services: 100th pctile, median 66 · Large: 100th pctile, median 74
109 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.6%.
- ▸11 years of positive FCF.
- ▸ROCE is 34.8%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 18.40
- P/B
- 5.09
- EV/EBITDA
- 10.92
- Market Cap
- 13005.00Cr
Profitability
- ROE
- 29.00%
- ROCE
- 34.80%
- ROA
- 19.10%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 25.02×
- Altman Z
- 9.24
- Book Value
- 272.00
Cash Flow
- FCF Yield
- 5.63%
- FCF Positive Y
- 11/5
- OCF
- 873.00 Cr
- EPS TTM
- 75.09
Shareholding
- Promoter Hold
- 54.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.