Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
eClerx Services Limited (ECLERX)
Large CapServices stocks · Large cap · NSE
eClerx Services Limited provides critical business process management, automation, and analytics solutions to global enterprise clients across financial services, retail, high-tech, and communications, supported by proprietary AI-enabled platforms and deep domain expertise.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 11:36 pm IST
Score23 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.8 (n=144)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 -2.1% / mo · MACD +
Stock trend: 54
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ECLERXD candles · FIT view+33.2%Latest close ₹1930.30 on 2026-10-22
Bar
+0.1%
RSI
53
MACD hist
5.11
52W pos
52%
2026-10-22O ₹1928.00H ₹1943.70L ₹1881.30C ₹1930.30Vol 2.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ECLERXNifty 500
- ECLERX
- -0.9%
- Nifty 500
- -6.2%
- Vs Nifty 500
- +5.4 pp
Chart stats
22 Oct 2026- From 52W high
- -22.7%
- 52W range position
- 52%
- ATR (14)
- 3.7%
- Volume vs 20D
- 1.22x
- Avg traded value
- ₹32.5 Cr
- 20D price channel
- ₹1,762 - ₹2,022.6
₹2,497.5
₹1,320 - ₹2,497.5
₹71.4
Latest completed session
20-session average
38.0% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +23.2% · PAT +15.5% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+6.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +23% YoY · PAT +15% YoY
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,152 Cr | +23.2% | +4.1% |
| EBITDA | ₹265 Cr | +18.3% | -6.4% |
| Operating margin | 23.0% | -100 bps | -300 bps |
| PAT | ₹164 Cr | +15.5% | -13.7% |
| PAT margin | 14.2% | -95 bps | -292 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.20
- P/B
- 7.19
- EV/EBITDA
- 14.63
- Market Cap
- 18406.00Cr
Profitability
- ROE
- 28.40%
- ROCE
- 34.40%
- ROA
- 19.75%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 23.32×
- Altman Z
- 9.34
- Book Value
- 272.00
Cash Flow
- FCF Yield
- 4.22%
- FCF Positive Y
- 11/5
- OCF
- 873.00 Cr
- EPS TTM
- 77.22
Shareholding
- Promoter Hold
- 54.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 1,152+4.1% vs prev
Net Profit
₹ CrLatest: 164-13.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 53.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 53 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% off 52W high · 46% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
68
RS percentile
Stage 2 UptrendRecent S2
1M return
+0.3%
3M return
-0.9%
6M return
+31.5%
1Y return
-18.2%
RS 1D
-2
RS 20D
-3
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 15.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.9%.
50-DMA
price above
200-DMA
price above
S2 entered
30 Sept 2026
S2 age
15 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 99.92+0.74%
RS vs Nifty 500100
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth15/25
Quality20/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 4.2%.
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
25.2
PB
7.2
EV/EBITDA
14.6
ROE
28.4%
ROCE
34.4%
FCF Yield
4.2%
Debt/Equity
0.1
MoS
+6.1%
Score movement
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.
Stored run: 23 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+6.1%
Previous: +6.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
23 Oct 2026
v4.3-runtime-valuation
58
60
58
58
58
58
58
58
58
58
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹687.45
-180.8% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹2,056.37
+6.1% MoS
PEG
1.42
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FSL
Small
Firstsource Solutions Limited
IT Services / Digital
match 132
44
24.9
17.6%
+2%
WATCHLIST
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 123
43
80.9
10.7%
-100%
WATCHLIST
NEWGEN
Large
Newgen Software Technologies Limited
IT Services / Digital
match 119
63
19.8
19.6%
+31%
UNDERVALUED
SONATSOFTW
Large
Sonata Software Limited
IT Services / Digital
match 119
66
13.8
28.2%
+54%
UNDERVALUED
CAMS
Small
Computer Age Management Services Limited
IT Services / Digital
match 119
54
35.1
36.3%
-29%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T03:12:12.375Z
Management commentary snapshot
Consistent Revenue and Margin Momentum with 13 Consecutive Quarters of Sequential Growth, A&A Revenue Reaching $100M Run-Rate
Management continues to execute on scaling its core business and integrating AI capabilities across verticals, resulting in robust revenue compounding, high profitability within the 24-28% EBITDA band, and solid free cash flow generation.
Growth engines
AI-Led Operations and Platforms
ActiveScaling proprietary platforms and toolkits like Compliance Manager, M360, QA360, and FLUiiD4 across key client engagements.
Cross-Sell and Large Deal Architecture
ActiveAchieved a 2.5x growth in sales from cross-sell deal wins and a 2x acceleration in large deals.
Expansion into Adjacent Micro-Verticals
ActiveExtending offerings into loans, mortgages, private markets, commercial banking, and HR operations.
Capacity and execution
New Delivery Centers
CommissionedOpened two new delivery centers in Cairo and Lima, and expanded operations in Manila.
Tailwinds
AI Adoption and Transformation Demand
Enterprise buyers increasingly demand providers act as strategic transformation partners, unlocking massive multi-process wallet share.
Expanding Total Addressable Market
Automation expands addressable markets through additional volumes and new products across capital markets, BPO, and CMO domains.
Headwinds
Macroeconomic and Spending Volatility
Changes in global economic and business conditions, customer spending patterns, and competitive pressures could impact performance.
Regulatory and Security Evolution
Evolving regulations relating to AI, data privacy, data protection, and cybersecurity threats pose ongoing compliance requirements.
Risk radar
Client Concentration and Competition
Managing client concentration risks while operating in intensely competitive global IT/ITES and business process management markets.
Talent Availability and Retention
Operations rely heavily on recruiting, training, and retaining skilled domain experts and sales talent.
Management accountability
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.
Analyst reading lens
Compare YOY
Year-over-year trends best capture annual financial compounding, revenue CAGRs, and multi-year client penetration metrics, while sequential comparisons highlight the continuous quarterly growth momentum.
Sector KPIs management disclosed
Revenue Growth
PositiveFY26 revenue reached 469 Mn with a 12% CAGR from FY23 to FY26.
EBITDA Margin
StableFY26 EBITDA margin stood at 27%, tracking within the target range of 24-28%.
Gross Sales & Deal Wins
PositiveGross sales increased from 110 Mn to 146 Mn to 170 Mn, with 2 large deals >10mn ACV closed last FY.
Analytics & Automation (A&A) Revenue Run-Rate
PositiveA&A revenue accounts for 20% of firm revenues, achieving a $100mm run-rate in Q1FY27.
Management forward view
Aiming for $1 Billion Enterprise Scale
Management highlights that the company is poised to scale into a $1 billion enterprise through structural growth vectors.
Commitment to Financial Discipline and Margins
Committed to maintaining EBITDA margins between 24% and 28% while funding growth through continuous internal cash flows.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin Range | 27% in FY26 | Sustaining margins within the guided 24% to 28% band amidst ongoing investments in sales and AI. |
| Analytics & Automation Share | $100M run-rate / 20% of revenues | Further acceleration of productized services outpacing firm average growth. |
| Large Deal Conversions | 2 large deals >$10M ACV closed last fiscal year | Continuation of large deal wins and cross-sell traction across top 50 clients. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
127 docs text-extracted · 59 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Services: 100th pctile, median 66 · Large: 98th pctile, median 73
Evidence depth
Financial-only
127 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.2%.
- ▸11 years of positive FCF.
- ▸ROCE is 34.4%.
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.
Continue researching eClerx Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Enclosed is the Newspaper Advertisement for 26th Annual General Meeting of the Company and E-voting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Newspaper Advertisement for Notice of the 26th Annual General Meeting of the Company, Record date and remote e-voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.