eClerx Services logo

eClerx Services

ECLERX NSE

Key Fundamentals

SmallcapBPO / KPOCommercial Services
Market Cap
₹17,762 Cr
Volatility
Moderate
P/E Ratio
24.6
EBITDA
₹1,153 Cr
Return on Equity
27.55%
Debt to Equity
0.15
Book Value
₹310.08
EPS
₹105.67
52W High
₹2,497.5
52W Low
₹1,320

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.4%

Growth Rate

Revenue Growth
22.18% higher than 3Y
Net Income Growth
30.52% higher than 3Y
Cash Flow Change
33.43% lower than 3Y
ROE
17.48% lower than 3Y
ROCE
17.34% higher than 3Y
EBITDA Margin (Avg.)
5.44% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

eClerx Services Ltd is a mid-cap IT services company with a market cap of ₹17,762 Cr trading at a PE of 24.5x. The company demonstrates strong profitability with a last-year ROE of 28% and TTM sales growth of 23%, though its stock has declined 16% over the past year despite solid operating performance.

Bull Case 7
  • Consistently high return on equity with 3-year ROE of 25%, 5-year ROE of 26%, and last-year ROE of 28%, indicating efficient capital allocation
  • TTM sales growth of 23% marks an acceleration above the 3-year compounded sales CAGR of 16% and 10-year CAGR of 12%
  • TTM profit growth of 28% outpaces revenue growth of 23%, suggesting improving operating leverage and margin expansion
  • Compounded profit CAGR of 21% over 5 years demonstrates sustained earnings power through multiple business cycles
  • 5-year stock CAGR of 21% and 10-year CAGR of 14% reflect long-term wealth creation despite near-term correction
  • PE of 24.5x is reasonable relative to the company's 28% last-year ROE and 23% TTM sales growth, giving a PEG-like ratio close to 1x on profit growth
  • 5-year compounded sales CAGR of 21% indicates the company has scaled meaningfully from a smaller base while maintaining profitability
Bear Case 8
  • Stock has declined 16% over the past 1 year despite strong underlying fundamentals, signaling potential de-rating or sector headwinds
  • 10-year compounded profit CAGR of only 7% is significantly lower than the 5-year figure of 21%, pointing to historical earnings volatility
  • Price-to-book ratio of 6.13x is elevated, leaving limited margin of safety if growth decelerates
  • Dividend yield of just 0.05% offers negligible income return to shareholders despite strong profitability
  • 10-year sales CAGR of 12% is modest for a mid-cap IT services firm, suggesting the company may face structural growth ceilings in its niche segments
  • 3-year compounded profit CAGR of 13% trails the 3-year sales CAGR of 16%, indicating a period of margin compression prior to the recent TTM recovery
  • As a commercial services company with a ₹17,762 Cr market cap, eClerx faces concentration risk in its client verticals and is exposed to discretionary IT spending cuts by global clients
  • Gap between 3-year stock CAGR of 29% and current 1-year return of -16% suggests the stock may have run ahead of fundamentals in prior years and is now mean-reverting

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • Strong FY26 revenue and profit Aug 17

    FY26 consolidated revenue reached INR 42,182 million, up 22.2% YoY. Net profit grew 30.5% to INR 7,062 million and EBITDA rose 28.8% to INR 11,526 million.

  • AGM approves dividend payout Sep 8

    Shareholders approved a Re. 1 per share dividend at the 26th AGM on September 8, 2026, alongside re-appointment of director Anjan Malik.

Neutral 3
  • Active investor engagement schedule Sep 7

    eClerx scheduled multiple investor meetings in early September 2026, including a DSP Asset Managers one-on-one (Sep 3), Investor Day (Sep 2), and Axis Capital conference session (Sep 10).

  • FY26 BRSR report filed Aug 17

    eClerx filed its Business Responsibility and Sustainability Report for FY26, detailing ESG metrics and governance structures for the year ended March 31, 2026.

  • 26th AGM set via video Aug 18

    The 26th AGM was scheduled for September 8, 2026 via video conferencing, with remote e-voting open from September 4 to September 7.

TL;DR: eClerx delivered a strong FY26 with 22.2% revenue growth, 30.5% net profit growth, and expanding EBITDA margins, signaling solid execution in the commercial services space. No material headwinds emerged in recent news flow. The company is actively engaging investors through multiple meetings and its annual Investor Day. With robust financials and no visible risks on the horizon, the near-term trend appears positive, though sustaining 20%+ growth will be the key watch item going forward.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
684
722
753
767
782
832
854
898
935
1,005
1,070
1,107
1,152
Expenses
517
517
546
571
616
616
646
680
710
734
794
824
887
Operating Profit
167
205
207
196
166
216
207
219
224
271
276
283
265
OPM %
24%
28%
28%
26%
21%
26%
24%
24%
24%
27%
26%
26%
23%
Other Income
8
14
19
23
21
13
21
32
11
27
30
30
18
Interest
6
6
6
6
8
8
8
11
10
11
10
12
15
Depreciation
28
30
34
34
32
33
36
41
37
42
46
50
50
PBT
141
182
187
179
148
188
184
199
188
245
250
252
219
Tax %
24%
25%
26%
28%
24%
26%
25%
23%
25%
25%
23%
25%
25%
Net Profit
107
136
139
130
112
140
137
153
142
183
192
190
164
EPS in Rs
10.84
13.86
14.13
13.31
11.38
14.72
14.38
15.97
14.87
19.22
20.4
20.13
17.47
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
942
1,314
1,330
1,365
1,431
1,438
1,564
2,160
2,648
2,926
3,366
4,117
4,335
Expenses
626
833
869
998
1,122
1,111
1,115
1,498
1,925
2,150
2,557
3,064
3,239
Operating Profit
316
482
461
368
309
326
450
662
723
776
809
1,053
1,096
OPM %
34%
37%
35%
27%
22%
23%
29%
31%
27%
27%
24%
26%
25%
Other Income
32
36
28
61
49
45
34
24
66
64
87
101
105
Interest
1
1
2
1
1
20
21
23
22
24
36
44
47
Depreciation
50
57
52
48
45
71
82
103
114
126
141
175
188
PBT
298
460
436
380
311
281
381
560
653
689
719
935
966
Tax %
23%
26%
19%
24%
27%
26%
26%
25%
25%
26%
25%
24%
—
Net Profit
230
342
354
290
228
209
283
418
489
512
541
706
729
EPS in Rs
18.9
27.9
29.65
25
19.66
18.83
26.99
41.08
49.83
52.14
56.78
75.09
77.22
Div. Payout %
46%
1%
1%
1%
2%
2%
1%
1%
1%
1%
1%
1%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
30
41
40
38
38
36
34
33
48
48
47
92
Reserves
685
1,052
1,176
1,167
1,344
1,270
1,467
1,534
1,667
2,199
2,259
2,469
Borrowings
0
4
1
6
2
157
175
163
194
266
358
385
Other Liabilities
242
192
182
208
201
260
315
324
365
406
475
744
Total Liabilities
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,919
3,139
3,691
Fixed Assets
167
365
325
343
348
480
728
713
773
843
974
1,054
CWIP
1
0
2
0
0
1
0
2
21
1
0
5
Investments
155
219
252
165
286
437
229
196
275
406
309
308
Other Assets
634
704
820
910
950
806
1,033
1,145
1,206
1,669
1,856
2,324
Total Assets
957
1,288
1,398
1,419
1,584
1,723
1,991
2,055
2,274
2,919
3,139
3,691
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
243
418
312
305
206
333
365
444
493
526
655
873
Investing
-62
-167
-175
26
-230
24
-2
44
-55
-483
143
-97
Financing
-115
-165
-245
-304
-54
-308
-188
-416
-440
-107
-610
-622
Net Cash Flow
66
86
-108
28
-77
49
174
71
-2
-64
188
155
Free Cash Flow
182
366
283
264
154
299
326
383
403
462
539
756
CFO/OP
98
87
68
83
67
102
81
92
93
90
101
104
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
52
59
62
62
60
68
56
61
62
86
90
Cash Conversion Cycle
49
52
59
62
62
60
68
56
61
62
86
90
Working Capital Days
22
52
74
72
70
44
46
47
46
61
59
59
ROCE %
46%
51%
38%
30%
24%
21%
24%
34%
36%
32%
28%
34%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view eClerx Services insights

62 extracted metrics + investor summaries across FY09–FY27.

Log in — free

Shareholding Pattern

Others4.08%Govt.0.02%Promot.54.52%Public6.54%FIIs11.00%DIIs23.84%As ofJun 2026

Documents

Frequently Asked Questions about eClerx Services

What does eClerx Services Ltd do?
EClerx Services Ltd incorporated in 2000, provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leis...
Where is eClerx Services Ltd (ECLERX) listed?
eClerx Services Ltd trades as ECLERX on the NSE and under code 532927 on the BSE.
Which sector does eClerx Services Ltd belong to?
eClerx Services Ltd is classified under the Commercial Services sector, in the BPO / KPO industry.
What is the market capitalisation of eClerx Services Ltd?
eClerx Services Ltd has a market capitalisation of ₹17,762 Cr, which places it in the Mid Cap band.
What is the PE ratio of eClerx Services Ltd?
eClerx Services Ltd trades at a PE ratio of 24.60, on earnings per share of ₹105.67, against a book value of ₹310.08 per share.
What is the 52-week high and low of eClerx Services Ltd?
Over the last 52 weeks eClerx Services Ltd has traded between ₹1,320 and ₹2,497.5.
Does eClerx Services Ltd pay dividends?
eClerx Services Ltd has a dividend yield of 0.05%.
What is the Return on Equity (ROE) of eClerx Services Ltd?
eClerx Services Ltd reported a return on equity of 27.55%. Its debt-to-equity ratio is 0.15.

Company Information

EClerx Services Ltd incorporated in 2000, provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure and technology companies[1]

Website eclerx.com
CEO Mr. Kapil Jain
Employees 12,221
Listed 2007-12-31
Face Value ₹ 10
Issued Size 4,76,50,360

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ECLERX.md for eClerx Services Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Commercial Services → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List