eClerx Services Limited (ECLERX)
₹1,957.00 -2.06% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, eClerx Services' revenue was ₹1,152 Cr (+23.2% year on year, +4.1% on the previous quarter), and net profit ₹164 Cr (+15.7% year on year); the operating margin was 23.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,152 | +23.2% | +4.1% |
| Operating profit | ₹265 | +20.0% | -6.6% |
| Net profit | ₹164 | +15.7% | -13.6% |
| EPS (₹) | 17.86 | +20.1% | -11.3% |
| Operating margin | 23.0% | — | — |
EPS restated for the 1:1 bonus of Mar 2026: Q1 FY26 ₹29.73 to ₹14.87.
ECLERX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.11% of the ECLERX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.49%. That is close to its usual level.
Delivery in the last 5 sessions: 40.9% · 57.9% · 32.9% · 44.5% · 38.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
eClerx Services Limited has submitted an intimation regarding a scheduled one-on-one investor meeting held on September 15, 2026. The meeting was arranged with Ambit Capital Private Limited in Mumbai. Discussions were restricted to industry and company-specific developments already available in the public domain, with no unpublished price-sensitive information involved.
- One-on-one meeting scheduled on September 15, 2026
- Interaction conducted with Ambit Capital Private Limited
- Meeting venue held in Mumbai
- Discussions restricted strictly to publicly available information
eClerx Services Limited held its 26th Annual General Meeting on September 8, 2026. Shareholders approved all agenda items with the requisite majority, including the adoption of FY26 standalone and consolidated financial statements and a dividend of Re. 1 per share. Additionally, the re-appointment of Director Mr. Anjan Malik, retiring by rotation, was confirmed.
- 26th AGM held on September 8, 2026, commencing at 12:00 P.M. and concluding at 12:41 P.M.
- Shareholders approved a dividend declaration of Re. 1/- per share for FY26
- Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026
- Approval of the re-appointment of Director Mr. Anjan Malik upon retirement by rotation
eClerx Services Limited concluded its 26th Annual General Meeting on September 8, 2026. Shareholders approved all agenda items with the requisite majority, including the adoption of audited financial statements for FY26. A dividend of Re. 1 per share was officially approved alongside the re-appointment of retiring director Mr. Anjan Malik. The AGM proceedings were conducted via video conferencing within a 41-minute session.
- Shareholders approved a dividend of Re. 1/- per share for FY26
- Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026
- Re-appointment of Director Mr. Anjan Malik (DIN: 01698542) approved with requisite majority
- 26th AGM concluded in 41 minutes (12:00 PM to 12:41 PM on September 8, 2026)
eClerx Services Limited has submitted a regulatory filing intimating its participation in Axis Capital's Consumer & Tech Conference scheduled for September 10, 2026. The meeting will be held in Mumbai in a group format. The company stated that discussions will be limited to industry and company-specific developments already available in the public domain, with no unpublished price-sensitive information shared.
- Investor conference scheduled for September 10, 2026
- Participation in Axis Capital's Consumer & Tech Conference in Mumbai
- Format is a group meeting covering publicly available information
eClerx Services Limited has informed the exchanges regarding a scheduled one-on-one investor meeting with DSP Asset Managers Private Limited on September 3, 2026. The meeting takes place in Mumbai and covers industry and company-specific developments already available in the public domain. This is a standard regulatory disclosure under Regulation 30 of SEBI LODR Regulations and has no immediate financial impact.
- One-on-one meeting scheduled on September 3, 2026, with DSP Asset Managers Private Limited
- Discussion strictly limited to publicly available industry and company developments
- Venue of interaction: Mumbai
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
eClerx Services Limited has informed the exchanges about a scheduled one-to-one investor meeting with DSP Asset Managers Private Limited on September 3, 2026, in Mumbai. The company noted that discussions will be confined to industry and company-specific developments already in the public domain. With eClerx having a market capitalization of ₹14,948 crore and TTM revenue of ₹4,334 crore, such institutional interactions are routine regulatory disclosures under Regulation 30. No unpublished price-sensitive information is expected to be shared.
- One-on-one institutional interaction scheduled for September 3, 2026
- Meeting conducted with DSP Asset Managers Private Limited in Mumbai
- Discussions strictly limited to developments already in the public domain
- Intimation submitted under Regulation 30 of SEBI Listing Regulations
eClerx Services released its Investor Day 2026 presentation, outlining a strategic roadmap to scale into a $1 billion enterprise. The company reported FY26 revenue of $469 million (12% CAGR over FY24-FY26) with an EBITDA margin of 27%, maintaining guidance to sustain EBITDA margins within 24-28%. Technology and Analytics revenue reached a $100 million annual run-rate in Q1 FY27 (accounting for 20% of total revenue). Client diversification improved as top-10 client concentration moderated to 61% in FY26 from 65% in FY21, supported by 16 clients in the $5M+ bracket.
- Targets becoming a $1 billion revenue enterprise through AI-led operations and productized services.
- Reported FY26 revenue of $469M with 27% EBITDA; targets maintaining 24-28% EBITDA margin band.
- Technology and analytics revenue reached a $100M run-rate in Q1 FY27, representing 20% of firm revenue.
- Top 10 client concentration declined to 61% in FY26 from 65% in FY21, while $5M+ accounts expanded to 16.
eClerx Services Limited has announced that it will host its 'Investor Day 2026' on Wednesday, September 2, 2026, in Mumbai. The event is scheduled as a group interaction with analysts, institutional investors, and funds. Discussions will focus on company-specific matters without disclosing Unpublished Price Sensitive Information (UPSI). Management stated that investor presentations will be submitted to the stock exchanges and uploaded on the company's website prior to the event.
- Investor Day 2026 scheduled for Wednesday, September 2, 2026
- Format: Physical group interaction in Mumbai with analysts, investors, and funds
- Presentations to be made public on stock exchanges and website ahead of the event
eClerx Services Limited has issued notice regarding the dispatch of its FY2026 Annual Report via web-link and QR code to shareholders. The company's 26th Annual General Meeting is scheduled for Tuesday, September 8, 2026, at 12:00 noon IST via video conferencing. A final dividend of Re. 1 per share for FY2026 has been confirmed with a record date of Friday, August 21, 2026, payable on or after September 8, 2026. Remote e-voting is set to run from September 4 to September 7, 2026, with the eligibility cut-off date fixed for September 1, 2026.
- 26th Annual General Meeting scheduled for Tuesday, September 8, 2026, at 12:00 noon IST via video conference
- Final dividend of Re. 1/- per share declared for FY2026
- Record date for dividend entitlement fixed as Friday, August 21, 2026
- E-voting period scheduled from September 4, 2026 (9:00 AM) to September 7, 2026 (5:00 PM) with cut-off date on September 1, 2026
eClerx Services Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as required under SEBI Listing Regulations. The report confirms that exports contributed 92% of the entity's total turnover, supported by operations spanning 21 international offices in 15 countries. Total workforce reached 18,166 employees as of March 31, 2026, with female representation at 36%. The annual turnover rate for permanent employees moderated slightly to 37.59% from 38.20% in FY25 and 45.88% in FY24.
- Exports accounted for 92% of the entity's total turnover in FY26
- Total headcount stood at 18,166 employees (12,641 permanent and 5,525 other than permanent) as of March 31, 2026
- Permanent employee turnover rate moderated to 37.59% in FY26 from 38.20% in FY25 and 45.88% in FY24
- Global footprint includes 9 offices in India and 21 international offices across 15 countries
eClerx Services Limited has issued the notice for its 26th Annual General Meeting (AGM) to be held on September 8, 2026, along with its Annual Report for FY2026. The company reported full-year operating revenue of $469 million across Financial Markets, Digital, Customer Operations, and Technology segments. eClerx highlighted its footprint across 17 countries with a global workforce exceeding 22,500 employees. This filing is a routine statutory disclosure pursuant to Regulation 34 of SEBI LODR Regulations.
- 26th Annual General Meeting convened for September 8, 2026, at 12:00 noon IST via Video Conferencing.
- Reported FY26 operating revenue of $469 million across its core business segments.
- Global footprint spanned 17 countries supported by over 22,500 employees.
- Received ISO 42001:2023 certification for Artificial Intelligence Management Systems (AIMS).
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.
- 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
eClerx Services Limited has scheduled a virtual one-to-one meeting with HSBC Asset Management India Pvt. Ltd. on August 11, 2026. The discussion is intended to cover industry and company-specific developments that are already in the public domain. This is a standard regulatory disclosure under SEBI Listing Regulations. The company maintains a strong financial profile with a TTM revenue of ‹4,117 Cr and a high ROCE of 42.0%.
- One-to-one virtual meeting scheduled for August 11, 2026
- Interaction participant identified as HSBC Asset Management India Pvt. Ltd.
- Company reported TTM revenue of ‹4,117 Cr and PAT of ‹707 Cr
- Operating profit margin remains robust at 25.6% as per latest TTM data
eClerx Services Limited has scheduled a group investor meeting on August 12, 2026, at the Emkay Global Confluence in Mumbai. The interaction will focus on industry and company-specific developments that are already in the public domain. As a mid-cap IT firm with a market cap of ₹11,823 Cr and TTM revenue of ₹4,117 Cr, such meetings are standard practice for institutional engagement. No unpublished price-sensitive information is expected to be shared during this session.
- Investor meeting scheduled for August 12, 2026, in Mumbai
- Participation in the Emkay Global Confluence conference
- Company reported TTM revenue of ₹4,117 Cr and PAT of ₹707 Cr
- Top 10 clients contribute 63% of total revenue, a key area of institutional focus
eClerx Services Limited has scheduled a group investor meeting on August 12, 2026, at the Emkay Global Confluence Conference in Mumbai. The interaction will cover industry and company-specific developments that are already in the public domain. This is a standard investor relations activity for the company, which currently has a TTM revenue of ₹4,117 Cr and a market capitalization of ₹11,823 Cr. No price-sensitive information is expected to be disclosed outside of existing public filings.
- Investor meeting scheduled for August 12, 2026, in Mumbai.
- Participation in the Emkay Global Confluence Conference as a group meet.
- Company maintains a high TTM Operating Profit Margin of 25.6%.
- Current delivery headcount stands at 21,293 as of the last major update (September 2025).
Financial Performance
Revenue Growth by Segment
Total revenue for Q2 FY26 grew 22.6% YoY to INR 1,035.2 Cr. Operating revenue grew 20.8% YoY to INR 1,004.9 Cr. The BFSI (Financial Markets) segment showed strong momentum, while the Emerging segment grew significantly due to a mix of new client additions and expansion in existing accounts, though it remains a small absolute contributor.
Geographic Revenue Split
The company has a global delivery footprint across 15+ countries including India, USA, UK, Philippines, and Germany. Revenue is highly concentrated in international markets, with 86% of revenue earned in US Dollars, 9% in Euros, and 5% in Sterling and other currencies.
Profitability Margins
EBIT margin for Q2 FY26 was 27%, significantly higher than peers. Profit After Tax (PAT) for the quarter was INR 183.2 Cr, representing a 30.6% YoY increase. The company maintains a long-term EBIT margin guidance range of 24% to 28%.
EBITDA Margin
EBIT for the period was INR 255.8 Cr, up 30.5% YoY. The 27% EBIT margin was aided by a 200 basis point tailwind from currency depreciation in Q2 FY26, though management expects some normalization in subsequent quarters.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, but management highlighted ongoing investments in opening new delivery centers and hiring ahead of the demand curve to support growth.
Operational Drivers
Raw Materials
Human Capital (Personnel) is the primary cost driver, representing the vast majority of operational expenses. Employee costs increased from INR 230.66 Cr in the previous year due to headcount expansion and retention plans.
Key Suppliers
Not applicable for core operations, though the company engages professional services firms like Ernst & Young for investor relations and Price Waterhouse Chartered Accountants LLP for statutory auditing.
Capacity Expansion
Current delivery headcount stands at 21,293 as of September 2025, an 18% YoY increase. The company is actively hiring ahead of the demand curve and opening new centers to expand capacity.
Raw Material Costs
Personnel costs are the primary expense. Trade payables increased to INR 78.57 Cr from INR 75.54 Cr YoY, primarily due to increased scale of operations.
Manufacturing Efficiency
Capacity utilization rate is currently at 75%, which is below the industry benchmark of 80% to 85%, suggesting significant room for margin expansion as utilization improves.
Strategic Growth
Expected Growth Rate
22.60%
Growth Strategy
Growth is driven by the 'One eClerx' initiative, which unifies the organization to enhance cross-selling and upselling of diverse service lines. The strategy involves investing in client-facing teams, integrating pre-sales and solutioning functions across verticals to secure larger deals, and expanding delivery centers globally.
Products & Services
Business process management, automation, analytics, intelligent operations, insights, and data-driven process solutions for Fortune 2000 enterprises.
Brand Portfolio
eClerx, One eClerx.
New Products/Services
Implementation of AI-driven quality assessments for customer-agent interactions and the expansion of BPaaS (Business Process as a Service) offerings using proprietary IP and low-code/no-code technology.
Market Expansion
Expanding delivery centers in 15+ countries including Egypt, Philippines, and India, and targeting new client segments within the BFSI and Emerging verticals.
Market Share & Ranking
Recognized as a 'major contender' in three key service offerings by industry analysts; aims to be in the top quartile of the segment for growth.
Strategic Alliances
Increased engagement with industry analysts and advisors, resulting in being recognized as a 'major contender' in three key service offerings.
External Factors
Industry Trends
The Indian technology sector grew 5.1% in FY25 to $282.6 billion. The industry is shifting toward AI-driven transformations and intelligent operations, with eClerx positioning itself as a specialist in complex data-driven processes.
Competitive Landscape
Operates in a highly competitive BPM and analytics market; recognized as a 'major contender' against larger domestic and international service providers.
Competitive Moat
Durable advantages include deep domain expertise in BFSI and specialized data analytics, reflected in a 27% EBIT margin that exceeds industry norms. The 'One eClerx' strategy creates high switching costs through integrated service delivery.
Macro Economic Sensitivity
Highly sensitive to currency fluctuations and global economic conditions, particularly in the US and Europe, given that 95% of revenue is derived from USD and Euro-denominated markets.
Consumer Behavior
Enterprise clients are increasingly seeking 'intelligent operations' and measurable improvements in customer experience rather than simple cost-arbitrage outsourcing.
Geopolitical Risks
Operations across 15+ countries expose the company to diverse regulatory and economic conditions, including potential trade barriers or regional instability in delivery hubs like Egypt or the Philippines.
Regulatory & Governance
Industry Regulations
Operations are subject to data privacy laws (like GDPR), labor regulations across 15+ countries, and industry-specific compliance standards for BFSI clients.
Risk Analysis
Key Uncertainties
Cyber security incidents could cause major service disruption. Currency volatility is a constant risk given the 86% USD revenue exposure. Client concentration (63% from top 10) poses a risk if outsourcing strategies change due to M&A among clients.
Geographic Concentration Risk
High concentration in USD-denominated markets (86% of revenue).
Third Party Dependencies
Significant dependency on top 10 clients for 63% of revenue.
Technology Obsolescence Risk
Risk of AI and automation disrupting traditional BPM models; company is mitigating this by investing in its own AI and low-code/no-code capabilities.
Credit & Counterparty Risk
Trade payables stand at INR 78.57 Cr; accrued salary expenses and statutory dues increased to INR 89.38 Cr, reflecting growing operational scale.
