Skip to content
eClerx Services logo

eClerx Services

ECLERX NSE
₹1,562.30 −15.70 (−0.99%)
P/E
20.23
View as Markdown
MCP
Close 4 Nov 2026 ₹1,562.30 −722.65 −31.6% 1Y
Start ₹2,284.95

Key Fundamentals

SmallcapCommercial ServicesServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
34.40%
Debt to Equity
0.15
EPS (TTM)
₹77.22
Book Value
₹310.20
Market Cap
—
P/E (TTM)
20.23
P/B
5.04
ROE
28.40%
Dividend Yield
0.06%
EBITDA
₹1,153 Cr
52W High
₹2,497.50
52W Low
₹1,320.00
Day Range
₹1,536.10 – ₹1,598.40
Volume
1,80,734

Tapetide Score

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

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
85
Strong
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
62
Good
Sales & profit trajectory 9% weight
Financial Health
84
Strong
Solvency, leverage, coverage 9% weight
Momentum
43
Weak
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1225
OscillatorsStrong Bullish225
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
27.34
Bullish
MACD (12,26,9)
−78.40
Bearish
SMA (50)
1,876.77
Bearish
SMA (200)
1,732.09
Bearish

As of

Analyst Rating

Based on 11 analysts
BUY55%

6 of 11 analysts rate Buy, 2 Hold, 3 Sell.

As of

BUY
6
55%
HOLD
2
18%
SELL
3
27%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.10%
5Y+21.36%
3Y+15.85%
1Y+22.31%
TTM+23.16%

Net profit

Net profit growth by window
10Y+7.52%
5Y+20.06%
3Y+13.02%
1Y+30.50%
TTM+27.45%

Operating cash flow

Operating cash flow growth by window
10Y+7.64%
5Y+19.05%
3Y+20.98%
1Y+33.28%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−11.10 pp
5Y−3.19 pp
3Y−1.72 pp
1Y+1.55 pp
TTM+0.66 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,330 Cr
Mar 2018₹1,365 Cr
Mar 2019₹1,431 Cr
Mar 2020₹1,438 Cr
Mar 2021₹1,564 Cr
Mar 2022₹2,160 Cr
Mar 2023₹2,648 Cr
Mar 2024₹2,926 Cr
Mar 2025₹3,366 Cr
Mar 2026₹4,117 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹354 Cr
Mar 2018₹290 Cr
Mar 2019₹228 Cr
Mar 2020₹209 Cr
Mar 2021₹283 Cr
Mar 2022₹418 Cr
Mar 2023₹489 Cr
Mar 2024₹512 Cr
Mar 2025₹541 Cr
Mar 2026₹706 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹308 Cr −0.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

eClerx Services Ltd trades at ₹1,556.7 as of 2026-10-30 with a market cap of ₹14,640.88 Cr, a P/E (TTM) of 20.16x, and ROE of 27.55%. The stock sits 37.7% below its 52-week high of ₹2,497.5 while TTM sales growth of 23% and profit growth of 28% indicate continued business momentum despite recent share price weakness.

Bull Case 8
  • Strong profitability with ROE of 27.55% and ROCE of 32.68% as of 2026-10-30, indicating efficient capital deployment and high-quality earnings
  • Consistent ROE track record across time frames — 28% last year, 25% over 3 years, 26% over 5 years, and 24% over 10 years — reflecting durable competitive advantages
  • Robust TTM revenue growth of 23% and TTM profit growth of 28%, showing accelerating earnings relative to top-line expansion
  • Near-zero leverage with a debt-to-equity ratio of just 0.15, providing financial flexibility and resilience through economic cycles
  • Compounded sales CAGR of 21% over 5 years and 12% over 10 years demonstrates a long runway of sustained double-digit revenue growth
  • Compounded profit CAGR of 21% over 5 years shows earnings have kept pace with revenue growth, suggesting disciplined cost management
  • At a P/E of 20.16x with EPS (TTM) of ₹77.22, the valuation multiple is moderate relative to the company's 28% TTM profit growth rate, yielding a PEG ratio below 1
  • Stock is trading 37.7% below its 52-week high of ₹2,497.5 and only 17.9% above its 52-week low of ₹1,320, which may indicate a more favourable entry zone compared to recent peaks
Bear Case 7
  • The stock has delivered a negative 1-year return of -7%, underperforming broader markets and signalling a potential shift in investor sentiment
  • Price-to-book ratio of 5.02x as of 2026-10-30 is elevated, implying the market is pricing in significant future growth that may not materialise
  • 10-year compounded profit CAGR of only 7% is significantly lower than the 5-year CAGR of 21%, indicating that long-term earnings growth has been inconsistent and back-end loaded
  • Dividend yield of just 0.06% is negligible, offering virtually no income cushion for shareholders during periods of capital depreciation
  • Small market cap of ₹14,640.88 Cr exposes the stock to higher volatility and potential liquidity risk, as evidenced by the wide 52-week range of ₹1,320 to ₹2,497.5 — a 89.2% spread
  • Revenue concentration in financial services and digital outsourcing means cyclical client budget cuts or offshoring sentiment shifts could compress the 23% TTM sales growth rate quickly
  • The gap between 10-year sales CAGR of 12% and 10-year profit CAGR of 7% over the longer horizon suggests margin compression or one-off costs have historically weighed on bottom-line translation

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

AI News Digest

9h ago

TL;DR: eClerx is delivering solid revenue growth of 18-20% YoY and sequential profit improvement, but the market is punishing the stock for weak deal wins (down 33% YoY), margin compression, and AI-driven disruption fears. While the topline trajectory remains healthy, the sharp decline in new deal activity and brokerage sell ratings suggest near-term sentiment will remain under pressure until deal momentum recovers.

Headwinds 4
  • Worst week in six years Oct 29

    Shares declined nearly 20% in a single week, the worst since March 2020, extending year-to-date losses to 36% and trading at ₹1,540 on Oct 30.

  • Deal wins down 33% YoY Oct 29

    Q2 FY27 deal wins fell 33% year-on-year due to delayed client decision-making and smaller deal sizes as clients adopt AI into operations.

  • EBITDA margin contraction Oct 29

    EBITDA margin narrowed to 23.9% in Q2 FY27 from 26.91% in Q2 FY26, despite EBITDA rising 5% YoY to ₹283.8 crore.

Positives 3
  • Revenue up 18.3% YoY Oct 29

    Operating revenue rose 18.3% YoY to ₹1,188.7 crore in Q2 FY27, with H1 FY27 total revenue up 20.3% YoY to ₹2,382.9 crore.

  • Sequential profit recovery Oct 29

    Net profit improved 10% sequentially from ₹164.3 crore in Q1 FY27 to ₹180.4 crore in Q2, with USD revenue growing 1.5% QoQ to $127.7 million.

  • BFSI headcount expansion Oct 29

    Company reported headcount increases in the BFSI segment, indicating continued business expansion in its largest revenue vertical.

Neutral 2
  • BFSI revenue share declining Oct 29

    BFSI remains the largest segment but its revenue share dropped from 43.2% in Q1 FY26 to 38.1% in Q2 FY27, suggesting diversification or softening demand.

  • EPS broadly flat YoY Oct 29

    Basic EPS stood at ₹19.63 in Q2 FY27 versus ₹19.50 a year ago, essentially flat despite the strong topline growth.

Quarterly Results

₹ Cr
ECLERX quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
684
722
753
767
782
832
854
898
935
1,005
1,070
1,107
1,152
1,189
Expenses
517
517
546
571
616
616
646
680
710
734
794
824
887
905
Operating Profit
167
205
207
196
166
216
207
219
224
271
276
283
265
284
OPM %
24%
28%
28%
26%
21%
26%
24%
24%
24%
27%
26%
26%
23%
24%
Other Income
8
14
20.79
23
21
13
21
32
11
27
30
30
18
24
Interest
6
6
6
6
8
8
8
11
10
11
10
12
15
15
Depreciation
28
30
34
34
32
33
36
41
37
42
46
50
50
56
PBT
141
182
187
179
148
188
184
199
188
245
250
252
219
237
Tax %
24%
25%
26%
28%
24%
26%
25%
23%
25%
25%
23%
25%
25%
24%
Net Profit
107
136
139
130
112
140
137
153
142
183
192
190
164
181
EPS (₹)
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
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
ECLERX profit and loss, annual, ₹ crore
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
42.14
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 (₹)
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%
—

Balance Sheet

₹ Cr
ECLERX balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
ECLERX cash flow, annual, ₹ crore
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

Ratios

ECLERX financial ratios, annual
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

64 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 54.52%
  • DIIs 24.55%
  • FIIs 9.68%
  • Public 8.81%
  • Government 0.02%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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 &…
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 PE ratio of eClerx Services Ltd?
eClerx Services Ltd trades at a PE ratio of 20.23 as of 4 Nov 2026, on earnings per share of ₹77.22, against a book value of ₹310.2 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 as of 4 Nov 2026.
Does eClerx Services Ltd pay dividends?
eClerx Services Ltd has a dividend yield of 0.06%.
What is the Return on Equity (ROE) of eClerx Services Ltd?
eClerx Services Ltd reported a return on equity of 28.40%. 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

Website eclerx.com
CEO Mr. Kapil Jain
Employees 12,221
Listed 31 Dec 2007
Face Value ₹10

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: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

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 Indian stock market MCP server.

Explore More

More Commercial Services stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month