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 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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 11:36 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -1.9% / mo · MACD +
Stock trend: 58
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ECLERXD candles · FIT view+30.4%Latest close ₹1928.70 on 2026-10-21
Bar
+1.1%
RSI
53
MACD hist
6.80
52W pos
52%
2026-10-21O ₹1906.80H ₹1965.00L ₹1890.00C ₹1928.70Vol 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
- +0.2%
- Nifty 500
- -6.5%
- Vs Nifty 500
- +6.7 pp
Chart stats
21 Oct 2026- From 52W high
- -22.8%
- 52W range position
- 52%
- ATR (14)
- 3.7%
- Volume vs 20D
- 1.28x
- Avg traded value
- ₹32.5 Cr
- 20D price channel
- ₹1,762 - ₹2,022.6
₹2,497.5
₹1,320 - ₹2,497.5
₹72.1
Latest completed session
20-session average
38.3% 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
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model+5.9%
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 21/10/2026
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 (~1.9% 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
70
RS percentile
Stage 2 UptrendRecent S2
1M return
-1.2%
3M return
+0.2%
6M return
+29.9%
1Y return
-16.9%
RS 1D
+5
RS 20D
-1
Sector rank
#3
Industry rank
-
Stage evidence
- Price is 15.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
30 Sept 2026
S2 age
14 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 99.19+1.39%
RS vs Nifty 50099
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
+5.9%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+5.9%
Previous: +6.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
60
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
-180.6% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹2,050.19
+5.9% 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%
+7%
WATCHLIST
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 123
43
80.9
10.7%
-107%
WATCHLIST
NEWGEN
Large
Newgen Software Technologies Limited
IT Services / Digital
match 119
63
19.8
19.6%
+32%
UNDERVALUED
SONATSOFTW
Large
Sonata Software Limited
IT Services / Digital
match 119
66
13.8
28.2%
+55%
UNDERVALUED
CAMS
Small
Computer Age Management Services Limited
IT Services / Digital
match 119
54
35.1
36.3%
-35%
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 2026-06-12T08:23:51.128Z
Management commentary snapshot
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.
Current business mix
Revenue by Industries (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
BFSI40.8%
CMT25.7%
HiTech and M&D16.5%
Fashion & Luxury and Retail8.6%
Emerging8.4%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
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 BOTH
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.
Sector KPIs management disclosed
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%
Management forward view
Dividend Proposal
A dividend of INR 1 is proposed for FY26.
Bonus Issue
1:1 Bonus issued in Q4 FY26.
Thesis monitor
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.
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 21 Oct 2026
management-trust-v1
126 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
126 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.