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Latest filing: 2026-08-11 18:27
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eClerx Q1FY27: USD 125.9M Revenue, 15.2% YoY Growth, New Wins at USD 41M
eClerx reported Q1FY27 revenue of USD 125.9 million, marking its 12th consecutive quarter of sequential growth. While INR revenue grew 23% YoY to ₹1,152.4 cr, EBITDA margins contracted 260 bps QoQ to 23% primarily due to annual wage increments. New deal wins reached USD 41 million, a 25% YoY increase, and the company achieved a milestone by crossing a USD 500 million annualized revenue run rate. Management maintains a medium-term EBITDA margin guidance of 24-28% as they pivot toward AI and tech-led services.
Confidence: HIGH
What changedeClerx has crossed the USD 500 million revenue threshold, which management believes qualifies the company for larger contract opportunities that were previously inaccessible.
Why it mattersThe shift toward high-margin Analytics and AI services (now a USD 100M+ business) and the expansion into new delivery centers like Coimbatore are critical for maintaining the company's high ROCE of 42% and OPM of ~25%.
Q1 Operating Revenue (USD): USD 125.9 millionNew Deal Wins: USD 41 millionEBITDA Margin: 23%Wage Hike Margin Impact: 210 bpsYoY Revenue Growth (INR): 23%Annualized Revenue Run Rate: >USD 500 million
📅 Short termThe stock may react to the seasonal margin dip caused by wage hikes, but the strong 25% growth in new deal wins provides a positive outlook for the next few months.
📈 Long termCrossing the USD 500 million revenue mark and growing the AI/Analytics vertical to a USD 100 million run rate structurally positions eClerx to compete for larger enterprise deals.
⚠ Risk flags
- High client concentration with top 10 clients contributing 63% of revenue
- Currency risk as 86% of earnings are in USD
- Supply chain challenges in M&D and Retail verticals due to Middle East conflict
Key Highlights
Achieved a milestone annualized revenue run rate exceeding USD 500 million in Q1FY27
New deal wins grew 25% YoY to USD 41 million, reflecting strong sales momentum
Analytics and Automation segment crossed USD 100 million annual run rate with 7% sequential growth
EBITDA margins compressed by 260 bps QoQ to 23%, with wage hikes accounting for 210 bps of the impact
Operating revenue in INR terms stood at ₹1,152.4 cr, up 23% compared to the same period last year
👀 What to Watch
Monitor the recovery of EBITDA margins toward the 24-28% guidance range in upcoming quarters and track the conversion of the USD 41 million new deal pipeline into billable revenue.
eClerx Q1 FY27 Revenue up 23.8% YoY to ‡1,170 Cr; Margins Contract on Wage Hikes
eClerx reported a strong YoY revenue growth of 23.8% reaching ‡1,170.2 crore for Q1 FY27, driven by a 15.2% increase in USD revenue. However, sequential performance showed pressure with PAT declining 13.2% QoQ to ‡164.3 crore, primarily due to annual wage increments effective April 1, 2026. EBIT margins contracted by 317 bps QoQ to 20.0%. Despite the margin dip, the company maintained a healthy ROE of 23.8% and proposed a dividend of ‡1.
Confidence: HIGH
What changedThe company transitioned into FY27 with strong YoY growth but faced seasonal margin compression due to annual salary increments.
Why it mattersThe results demonstrate eClerx's ability to maintain double-digit YoY growth (15.1% in constant currency) despite global macro headwinds, though sequential profitability remains sensitive to internal cost cycles.
Revenue (Q1 FY27): ‡1,170.2 CrYoY Revenue Growth: 23.8%EBIT Margin: 20.0%PAT (Q1 FY27): ‡164.3 CrNew Deal ACV: $40.8 MillionRevenue vs TTM Revenue: 28.4%
📅 Short termThe market may focus on the sequential PAT drop and margin contraction, which could lead to short-term price consolidation despite robust YoY numbers.
📈 Long termStructural growth remains intact with a 17.5% 4-year revenue CAGR and strong ROCE of 42%, supported by expansion in the 'Emerging' client segment.
⚠ Risk flags
- High client concentration (Top 10 = 60%)
- Currency volatility (87% revenue in USD)
- Sequential margin decline
Key Highlights
Operating revenue grew 23.3% YoY to ‡1,152.4 crore, representing approximately 28% of TTM revenue.
EBIT margin contracted to 20.0% from 23.1% in the previous quarter due to wage hikes.
Total delivery headcount increased 10% YoY to 22,376 employees.
New deal Annual Contract Value (ACV) stood at $40.8 million, down from $46.1 million in Q4 FY26.
Top 10 client concentration improved slightly to 60% from 63% in the same period last year.
👀 What to Watch
Monitor margin recovery in subsequent quarters as the impact of wage hikes is absorbed and utilization (currently 75.5%) potentially improves. Watch the 'Emerging' vertical which grew to 11.7% of revenue from 8.4% YoY.
eClerx Sets August 21, 2026 as Record Date for Final Dividend
eClerx Services Limited has fixed August 21, 2026, as the record date to determine shareholder eligibility for the final dividend of FY26. The dividend is subject to approval at the 26th Annual General Meeting (AGM) scheduled for September 8, 2026. If approved, the dividend will be paid on or after September 8, 2026. The company maintains a strong financial profile with a TTM PAT of ₹707 Cr and a high ROCE of 42.0%.
Confidence: HIGH
What changedThe company has finalized the administrative timeline for its FY26 final dividend payout and its annual shareholder meeting.
Why it mattersThis is a routine capital allocation event confirming the distribution of profits to shareholders following a year where the company achieved ₹707 Cr in net profit.
Record Date: August 21, 2026AGM Date: September 8, 2026TTM PAT: ₹707 CrTTM Revenue: ₹4,117 CrDividend Amount: not disclosed
📅 Short termThe stock price may adjust on the ex-dividend date (typically one business day before the record date) to reflect the dividend payout.
📈 Long termLimited structural significance; this is a routine procedural filing for a dividend-paying mid-cap IT firm.
Key Highlights
Record date for final dividend entitlement fixed for August 21, 2026
26th Annual General Meeting scheduled for September 8, 2026, via video conferencing
Dividend payment to commence on or after September 8, 2026, post-shareholder approval
Company reported TTM revenue of ₹4,117 Cr and OPM of 25.6%
Promoter holding remains stable at 54.5% as of March 2026
👀 What to Watch
Investors seeking the dividend must hold shares prior to the ex-dividend date. Monitor the AGM on September 8 for management updates on AI-driven service expansion and the 'One eClerx' growth strategy.
₹1,170 Cr Revenue in Q1 FY27; 23.8% YoY Growth but Margins Contract on Wage Hikes
eClerx reported a strong 23.8% YoY revenue growth to ₹1,170.2 crore for Q1 FY27, driven by a 15.2% increase in USD revenue. However, profitability faced sequential pressure, with PAT declining 13.2% QoQ to ₹164.3 crore and EBIT margins dropping 317 bps to 20.0%. This margin contraction was primarily due to annual wage increments effective April 1, 2026, which pushed delivery employee costs to 55.6% of revenue. Despite the quarterly dip, the company maintained a healthy ROE of 23.8% and proposed a ₹1 dividend.
Confidence: HIGH
What changedThe company implemented annual wage hikes in Q1 FY27, leading to a sequential drop in margins despite robust top-line growth.
Why it mattersWhile revenue growth remains strong (15.1% CC YoY), the margin profile is sensitive to employee costs, highlighting the ongoing talent cost pressures in the IT/BPM sector.
Q1 Revenue: ₹1,170.2 crRevenue vs TTM Revenue: 28.4%EBIT Margin: 20.0%QoQ PAT Change: -13.2%Top 10 Client Concentration: 60%
📅 Short termThe stock may see some pressure due to the sequential margin miss and PAT decline, despite the strong YoY performance.
📈 Long termStructural growth remains intact with a 17.5% 4-year revenue CAGR and expanding presence in emerging verticals like BFSI and High-Tech.
⚠ Risk flags
- High client concentration (Top 10 at 60%)
- Margin volatility due to wage cycles
- Currency sensitivity (87% USD revenue)
Key Highlights
Operating revenue grew 23.3% YoY to ₹1,152.4 crore, representing 28% of TTM revenue
EBIT margin contracted by 317 bps QoQ to 20.0% due to annual wage hikes
USD revenue reached $125.9 million, a 15.2% YoY increase
Total delivery headcount increased 10% YoY to 22,376 employees
Proposed a dividend of ₹1 per share for FY27
👀 What to Watch
Monitor the recovery of EBIT margins in subsequent quarters as the impact of wage hikes is absorbed. Watch for growth in the 'Emerging' vertical, which now contributes 11.7% of revenue compared to 5.9% a year ago.
eClerx Q1 FY27 Revenue up 23.8% YoY to ₹1,170 Cr; Margins contract to 20% on wage hikes
eClerx reported a strong YoY revenue growth of 23.8% reaching ₹1,170.2 crore for Q1 FY27, though sequential performance showed pressure with PAT declining 13.2% QoQ to ₹164.3 crore. Operating margins (EBIT) contracted significantly by 317 bps QoQ to 20.0%, primarily driven by annual wage increments effective April 1, 2026. New deal wins (ACV) remained healthy at $40.8 million, although this was a step down from the $46.1 million recorded in the previous quarter. The company maintains a high ROCE of 42% and has proposed a ₹1 dividend for the fiscal year.
Confidence: HIGH
What changedThe company transitioned into FY27 with a significant YoY revenue jump but experienced a seasonal/structural dip in profitability due to the annual wage increment cycle.
Why it mattersThe results demonstrate eClerx's ability to maintain double-digit growth (15.2% USD YoY) in a challenging global environment, though high client concentration and margin volatility remain structural characteristics of its business model.
Q1 Revenue vs TTM Revenue: 28.4%YoY Revenue Growth (INR): 23.8%EBIT Margin: 20.0%PAT (Q1 FY27): ₹164.3 CrNew Deal ACV: $40.8 millionOffshore Voluntary Attrition: 18.1%
📅 Short termThe stock may face short-term pressure as the market digests the 13.2% sequential decline in PAT and the 317 bps contraction in EBIT margins.
📈 Long termThe company's 17.5% 4-year revenue CAGR and high ROCE (42%) suggest a strong structural position, provided it can successfully diversify its client base beyond the top 10.
⚠ Risk flags
- High client concentration (Top 10 = 60% of revenue)
- Margin pressure from wage hikes
- Currency risk with 87% of revenue in USD
Key Highlights
Operating revenue in USD terms grew 15.2% YoY to $125.9 million, representing approximately 28% of TTM revenue.
EBIT margins compressed to 20.0% from 23.1% in the previous quarter, largely due to the April wage hike cycle.
Total headcount reached 22,499, a 10% increase YoY, reflecting continued capacity building.
Top 10 client concentration remains a key risk factor, contributing 60% of total revenue.
New deal Annual Contract Value (ACV) stood at $40.8 million, down from $46.1 million in Q4 FY26.
👀 What to Watch
Investors should monitor the recovery of EBIT margins in the coming quarters to see if the company can offset wage costs through utilization and pricing, and track the growth of the 'Emerging' vertical which now accounts for 11.7% of revenue.
₹1,152 Cr Q1 Revenue: eClerx reports 23% YoY growth; PAT down 13% QoQ on rising costs
eClerx delivered a strong 23.3% YoY revenue growth in Q1 FY27, reaching ₹1,152.36 Cr. However, sequential performance was muted with consolidated PAT declining 13.4% QoQ to ₹164.24 Cr, primarily due to a ₹51.7 Cr increase in employee benefit expenses. While the top line continues to expand, operating margins are under pressure as total expenses rose 7.5% QoQ, outpacing the 4.1% revenue increase.
Confidence: HIGH
What changedThe company reported its Q1 FY27 results, showing robust year-on-year growth but a notable sequential dip in profitability due to higher operational costs.
Why it mattersThe results highlight a trade-off between aggressive capacity expansion (hiring) and short-term margin stability, which is critical for a mid-cap IT services firm with high client concentration.
Consolidated Revenue (Q1 FY27): ₹1,152.36 CrConsolidated PAT (Q1 FY27): ₹164.24 CrYoY Revenue Growth: 23.3%QoQ PAT Growth: -13.4%Employee Cost as % of Revenue: 63.2%
📅 Short termThe stock may face pressure in the short term as the market digests the sequential decline in PAT and the impact of rising employee expenses on margins.
📈 Long termThe structural growth story remains intact if the company can maintain its 20%+ revenue growth trajectory and successfully leverage its 'One eClerx' initiative to improve cross-selling.
⚠ Risk flags
- Sequential margin contraction
- Rising employee benefit expenses
- High client concentration (Top 10 clients contribute 63% of revenue)
Key Highlights
Consolidated Revenue from operations reached ₹1,152.36 Cr, up 23.3% from ₹934.56 Cr in the same quarter last year.
Consolidated PAT stood at ₹164.24 Cr, a 16% increase YoY but a 13.4% decline from ₹189.65 Cr in the preceding March 2026 quarter.
Employee benefit expenses surged to ₹728.85 Cr, now accounting for 63.2% of revenue compared to 61.1% in the previous quarter.
Basic EPS for the quarter was ₹17.86, down from ₹20.47 in the previous quarter.
Total expenses for the quarter rose to ₹951.61 Cr, a 25.7% increase compared to the ₹757.05 Cr reported in June 2025.
👀 What to Watch
Monitor management commentary regarding margin recovery and whether the increased employee costs (headcount expansion) lead to sustained 20%+ revenue growth in future quarters.
eClerx Reports Strong FY26 Results with 30% PAT Growth and 17.9% Dollar Revenue Increase
eClerx Services Limited delivered a strong financial performance for the full year FY26, with operating revenue growing 17.9% year-on-year in dollar terms to USD 469 million and 22% in INR terms to INR 4,217 crores. Full-year EBITDA grew 29% to INR 1,153 crores, while net profit rose 30% to INR 706 crores. For Q4 FY26, operating revenue stood at USD 122 million, representing a 17% year-on-year growth but a softer sequential growth of 0.6%. The company secured new deal wins of USD 46 million in Q4 and reduced its top 10 client concentration to 59% from 63-64%.
Key Highlights
Full-year FY26 operating revenue grew 17.9% YoY to USD 469 million (INR 4,217 crores, up 22%).
FY26 net profit increased by 30% YoY to INR 706 crores, and EBITDA grew 29% to INR 1,153 crores.
Q4 FY26 revenue reached USD 122 million (INR 1,135 crores), up 17% YoY and 0.6% sequentially.
New deal wins (ACV) for Q4 stood at USD 46 million, and top 10 client concentration decreased to 59%.
Free cash flow for FY26 increased by 41% YoY to INR 7,560 million, with an OCF-to-EBITDA ratio of 75%.
👀 What to Watch
Investors should view these results positively as eClerx demonstrates strong operational leverage, robust cash generation, and expanding capabilities in AI. The company remains confident of top-quartile growth in FY27 and maintaining EBITDA margins between 24% and 28%.
eClerx FY26 PAT Jumps 30.5% to ₹706.2 Cr; Revenue Up 22.6% YoY
eClerx Services reported a strong financial performance for FY26, with total revenue reaching INR 4,217.4 crore, a 22.6% increase YoY. Net profit for the full year surged 30.5% to INR 706.2 crore, driven by 17% constant currency growth and margin expansion. While Q4 revenue grew 3.1% sequentially, Q4 PAT saw a minor 1.4% QoQ dip to INR 189.4 crore. The company successfully integrated a 1:1 bonus issue during the quarter and proposed a dividend of INR 1 per share.
Key Highlights
FY26 Net Profit increased by 30.5% YoY to INR 706.2 crore with a 16.7% net margin.
Operating revenue in USD terms grew 17.9% YoY to $468.9 million for the full year.
EBITDA margin for FY26 improved by 132 bps YoY to 27.3%.
Total headcount increased by 16.9% YoY to 22,639 employees as of March 31, 2026.
Proposed a final dividend of INR 1 per share following a 1:1 bonus issue in Q4.
👀 What to Watch
Investors should view the strong double-digit growth and margin expansion as a positive sign of operational efficiency. Monitor the impact of wage increments effective April 1, 2026, on the upcoming Q1 FY27 margins.
eClerx FY26 Net Profit Surges 30.5% to ₹706.2 Cr; Revenue Up 22.6% YoY
eClerx Services reported a robust FY26 with total revenue growing 22.6% YoY to INR 4,217.4 crore and net profit increasing 30.5% to INR 706.2 crore. The company achieved a constant currency growth of 17.0% for the full year, supported by strong performance in the BFSI and CMT verticals. EBITDA margins improved significantly by 132 basis points to 27.3% for the year. Despite a minor 1.4% sequential dip in Q4 profit, the overall trajectory remains strong with a 1:1 bonus issue completed and a proposed dividend of INR 1.
Key Highlights
Full-year FY26 Operating Revenue reached $468.9 million, representing a 17.9% YoY growth in USD terms.
Net Profit for FY26 stood at INR 7,062 million, up from INR 5,411 million in the previous year.
EBITDA margins for the full year expanded to 27.3% from 26.0% in FY25.
New deal Annual Contract Value (ACV) for Q4 FY26 was strong at $46.1 million.
Cash and cash equivalents increased to INR 12,810 million with a high EBITDA-to-cash conversion of 75.7%.
👀 What to Watch
Investors should view the strong double-digit growth and margin expansion as a positive sign of operational efficiency. The stock remains a solid long-term play in the digital operations space, though upcoming wage increments effective April 2026 should be monitored for margin impact.
eClerx Recommends Final Dividend of Re. 1 Per Share for FY26
The Board of Directors of eClerx Services Limited has recommended a final dividend of Re. 1 per equity share for the financial year ended March 31, 2026. This recommendation was made during the board meeting held on May 13, 2026, and applies to shares with a face value of Rs. 10 each. The dividend payout is subject to the approval of shareholders at the upcoming Annual General Meeting (AGM). The company will announce the record date and payment timelines in due course.
Key Highlights
Recommended a final dividend of Re. 1 per equity share for FY 2025-26
Dividend is applicable on equity shares with a face value of Rs. 10 each
Proposal is subject to shareholder approval at the ensuing Annual General Meeting
Record date and payment date to be communicated to stock exchanges later
👀 What to Watch
Investors should monitor the upcoming AGM and record date announcements to ensure eligibility for the dividend. While the dividend amount is modest, it reflects the company's consistent payout policy.
eClerx FY26 Standalone Net Profit Surges 27% to ₹4,580 Million; ₹1 Dividend Declared
eClerx Services Limited reported a robust financial performance for the fiscal year ended March 31, 2026, with standalone revenue from operations growing 17.5% YoY to ₹28,584.54 million. The annual standalone net profit saw a significant jump of 27.4%, reaching ₹4,580.08 million compared to ₹3,595.00 million in the previous year. For Q4 FY26, the company maintained momentum with a profit of ₹1,290.08 million, up from ₹1,082.83 million in the same quarter last year. The board has also recommended a final dividend of ₹1 per equity share.
Key Highlights
Annual standalone revenue from operations increased by 17.5% to ₹28,584.54 million in FY26.
Standalone Net Profit for FY26 grew by 27.4% YoY to ₹4,580.08 million.
Q4 FY26 standalone profit stood at ₹1,290.08 million, reflecting a 19% YoY growth.
Board recommended a final dividend of ₹1 per equity share of ₹10 each for FY26.
Total standalone expenses for the full year rose to ₹23,363.26 million, led by employee benefits and sales costs.
👀 What to Watch
The strong double-digit growth in both revenue and profitability indicates healthy operational scaling and efficiency. Investors may consider this a positive signal for long-term holding, though the dividend yield remains modest.
eClerx Allots 4.7 Crore Bonus Equity Shares in 1:1 Ratio
eClerx Services Limited has completed the allotment of 4,70,25,359 bonus equity shares to eligible shareholders as of the March 13, 2026 record date. This 1:1 bonus issue has effectively doubled the company's total paid-up equity share capital from 4,70,25,359 shares to 9,40,50,718 shares. The face value remains unchanged at Rs. 10 per share, and the new shares will rank pari-passu with existing equity. This move is intended to improve stock liquidity and broaden the shareholder base.
Key Highlights
Allotment of 4,70,25,359 fully paid-up bonus equity shares of Rs. 10 each
Bonus issue ratio of 1:1 for shareholders holding shares on the record date of March 13, 2026
Total paid-up share capital increased from Rs. 47.03 crore to Rs. 94.05 crore
Total number of equity shares outstanding doubled to 9,40,50,718
New shares to be credited to shareholder demat accounts within statutory timelines
👀 What to Watch
Investors should monitor their demat accounts for the credit of bonus shares and note the proportional adjustment in the stock price. No further action is required as the allotment is now finalized.
eClerx Allots 4.70 Crore Bonus Shares in 1:1 Ratio
eClerx Services Limited has completed the allotment of 4,70,25,359 bonus equity shares to eligible shareholders. The bonus issue was executed in a 1:1 ratio, effectively doubling the number of shares held by investors as of the record date, March 13, 2026. As a result, the company's paid-up equity share capital has increased from Rs. 47.03 crore to Rs. 94.05 crore. These new shares will rank pari-passu with existing shares and are expected to be credited to demat accounts within statutory timelines.
Key Highlights
Allotment of 4,70,25,359 fully paid-up bonus equity shares of Rs. 10 each
Bonus ratio of 1:1 implemented for shareholders as of the March 13, 2026 record date
Total paid-up share capital increased from 4,70,25,359 to 9,40,50,718 equity shares
Total paid-up capital value doubled from Rs. 47.03 crore to Rs. 94.05 crore
New shares rank pari-passu in all respects with existing equity shares
👀 What to Watch
Investors should monitor their demat accounts for the credit of bonus shares and note that the stock price has already adjusted for this 1:1 issuance. No further action is required as the process is automated.
eClerx Services Sets March 13, 2026, as Record Date for 1:1 Bonus Issue
eClerx Services has finalized March 13, 2026, as the record date to determine eligibility for its 1:1 bonus share issuance. This follows the board's recommendation on January 28, 2026, and subsequent shareholder approval via postal ballot on March 6, 2026. Eligible shareholders will receive one new fully paid-up equity share of Rs. 10 for every one existing share held. The bonus shares are scheduled for allotment on March 16, 2026, and are expected to commence trading on March 17, 2026.
Key Highlights
Bonus issue ratio fixed at 1:1 (one new share for every one existing share)
Record date for eligibility determination is Friday, March 13, 2026
Deemed date of allotment for the bonus shares is Monday, March 16, 2026
Bonus shares will be available for trading on Tuesday, March 17, 2026
👀 What to Watch
Investors looking to benefit from the bonus issue must ensure they hold the shares before the ex-date. Be prepared for a proportional adjustment in the stock price on the ex-bonus date.
eClerx Shareholders Approve Bonus Issue and Director Re-appointment via Postal Ballot
eClerx Services Limited has announced that its shareholders have approved all three proposed resolutions via postal ballot with an overwhelming majority. The most significant approval is for the issuance of bonus shares, which received 98.68% votes in favor. Additionally, shareholders cleared the re-appointment of Mr. Srinjay Sengupta as an Independent Director for a second five-year term and approved amendments to the 2022 Employee Stock Scheme. The high voter turnout of 87.44% indicates strong participation from promoters and institutional investors.
Key Highlights
Issue of Bonus Shares approved with 98.68% of total votes in favor.
Re-appointment of Mr. Srinjay Sengupta as Independent Director passed with 99.09% majority.
Amendments to the Employee Stock Scheme/Plan 2022 received 99.25% approval.
Total voter participation stood at 87.44% of the total 47,025,359 outstanding shares.
👀 What to Watch
Investors should look out for the upcoming announcement regarding the record date for the bonus share issuance. The high approval rates for governance and incentive schemes reflect strong shareholder confidence in the current management.
eClerx Q3 FY26: Revenue Up 5.4% QoQ to $121.7M; 1:1 Bonus Issue Approved
eClerx reported a strong Q3 FY26 with revenue growing 5.4% QoQ to $121.7 million and PAT increasing 5% QoQ to INR 1,920 million. The company maintained a healthy EBITDA margin of 27.9%, although it saw a 90 bps sequential decline due to increased sales and marketing investments. Management announced a 1:1 bonus share issue and the completion of a buyback of 625,000 shares. While the company cautioned that Q4 might be softer than the previous three quarters, the 9-month PAT growth of 33% YoY indicates robust underlying business momentum.
Key Highlights
Q3 operating revenue reached $121.7 million, up 5.4% QoQ and 20% YoY in constant currency terms.
PAT for the quarter stood at INR 1,920 million, contributing to a 9-month PAT of INR 5,168 million (up 33% YoY).
Board approved a 1:1 bonus issue; 625,000 shares were extinguished following a buyback in January.
Top 10 client concentration improved to 60%, down from 62-64% in prior quarters, indicating successful diversification.
Quarterly deal wins totaled $45 million, with significant traction in Analytics, Automation, and Agentic AI deployments.
👀 What to Watch
Investors should take confidence in the 1:1 bonus issue and the company's ability to diversify its client base away from top-tier concentration. While Q4 may see a seasonal or cyclical softening, the strong 9-month growth trajectory and expansion into new delivery centers like Egypt support a positive long-term outlook.
eClerx Announces 1:1 Bonus Issue and Seeks Shareholder Approval via Postal Ballot
eClerx Services Limited has issued a postal ballot notice to seek shareholder approval for a 1:1 bonus issue, which will double the company's outstanding equity shares. The company plans to capitalize approximately ‡47.03 crore from its retained earnings for this purpose. Additionally, the ballot covers the re-appointment of Mr. Srinjay Sengupta as an Independent Director for a second five-year term and amendments to the 2022 Employee Stock Scheme. The voting period is scheduled from February 4, 2026, to March 5, 2026, with results expected on March 6, 2026.
Key Highlights
Proposed 1:1 Bonus Issue: 1 new fully paid-up equity share for every 1 existing share held.
Capitalization of ‡47,02,53,590 from Retained Earnings (Free Reserves) as of March 31, 2025.
Re-appointment of Mr. Srinjay Sengupta as Independent Director for a 5-year term until January 2031.
Postal ballot e-voting period runs from February 4, 2026, to March 5, 2026.
Amendments proposed to the Employee Stock Scheme/Plan 2022 to align with regulatory requirements.
👀 What to Watch
Investors should monitor the record date for the 1:1 bonus issue, which will increase liquidity but result in a proportional adjustment of the share price. Shareholders are encouraged to participate in the e-voting process before the March 5 deadline.
eClerx Q3 FY26 Net Profit Jumps 32.9% YoY to ₹1,920 Mn; 1:1 Bonus Issue Proposed
eClerx Services reported a robust Q3 FY26 performance with USD revenue rising 18.4% YoY to $121.7 million. Net profit grew significantly by 32.9% YoY to ₹1,920 million, supported by a 17.6% YoY growth in constant currency terms. While EBITDA margins compressed slightly by 90 bps sequentially to 27.9%, they remain up 174 bps on a YoY basis. A key highlight for shareholders is the proposal for a 1:1 bonus issue scheduled for Q4, signaling management's positive outlook.
Key Highlights
USD Revenue reached $121.7 million, up 18.4% YoY and 5.4% QoQ.
Net Profit stood at ₹1,920 million, representing a 32.9% YoY increase.
EBITDA margin at 27.9% improved by 174 bps YoY but declined 90 bps QoQ.
Management proposed a 1:1 bonus issue to be implemented in Q4 FY26.
Offshore voluntary attrition improved to 19.3% from 20.3% in the previous quarter.
👀 What to Watch
The stock remains a strong performer in the mid-cap IT space with robust YoY growth and shareholder-friendly actions like the bonus issue. Investors should maintain a positive outlook while monitoring margin stability in upcoming quarters.
eClerx Services Announces 1:1 Bonus Issue; To Issue 4.7 Crore New Shares
eClerx Services has approved a 1:1 bonus issue, where shareholders will receive one additional equity share for every share held as of the record date. The company will issue 4,70,25,359 new shares, effectively doubling its paid-up equity capital from Rs. 47.02 crore to Rs. 94.05 crore. The bonus will be funded by capitalizing Rs. 47.02 crore from the company's robust retained earnings of Rs. 1,377.72 crore. The process is expected to be completed by March 27, 2026, subject to shareholder approval via postal ballot.
Key Highlights
Approved 1:1 bonus ratio (1 new share for every 1 existing share held)
Total issuance of 4,70,25,359 equity shares with a face value of Rs. 10 each
Paid-up capital to increase from Rs. 47.02 crore to Rs. 94.05 crore post-issue
Utilizing Rs. 47.02 crore from free reserves totaling Rs. 1,377.72 crore as of March 2025
Estimated completion and credit of bonus shares by March 27, 2026
👀 What to Watch
Investors should expect the stock price to adjust downward by approximately 50% on the ex-bonus date to reflect the increased share count. This corporate action is a sign of management's confidence in the company's reserves and aims to improve trading liquidity.
eClerx Approves 1:1 Bonus Issue; To Issue 4.7 Crore New Equity Shares
eClerx Services has approved a 1:1 bonus issue, where shareholders will receive one additional share for every one share held as of the record date. The company will capitalize approximately Rs. 47.03 crore from its substantial retained earnings of Rs. 1,377.7 crore to facilitate this issuance. This move will double the paid-up equity share capital from Rs. 47.03 crore to Rs. 94.05 crore. The bonus shares are expected to be credited to eligible shareholders by March 27, 2026, following postal ballot approval.
Key Highlights
Bonus ratio of 1:1 (1 new share for every 1 existing share held)
Issuance of 4,70,25,359 new equity shares with a face value of Rs. 10 each
Capitalization of Rs. 47.03 crore from total free reserves of Rs. 1,377.7 crore
Post-issue paid-up capital to increase to Rs. 94.05 crore
Estimated completion date for credit of bonus shares is March 27, 2026
👀 What to Watch
Investors should monitor the announcement of the record date to ensure eligibility for the bonus shares. While the share price will adjust downward proportionally on the ex-date, the move signals management confidence and improves stock liquidity.
