eClerx Services Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹15,618 Cr
- P/E
- 21.43
- ROE
- 28.36%
- PEG
- 1.66
- Price to sales
- 3.60
- Debt to equity
- 0.15
- 52W high / low
- ₹4,947 / ₹1,325
- Sales growth (5Y)
- 21.35%
- EBITDA margin
- 25.28%
- Net profit margin
- 16.77%
- Promoter holding
- 54.53%
- Sales (last year)
- ₹4,335 Cr
Guidance scorecard · Q2 FY27 call
What eClerx Services Ltd's management guided
and where it ranks in Commercial Services & Supplies
Commercial Services & Supplies
RevenueQ1 FY27 call
10–20%- Company aspires to exceed last year's ACV of ~$170 million and grow further, targeting higher tailwinds into FY '27 and '28.
- Confident of delivering top-quartile industry growth for the full year and beyond, with quarter-on-quarter sequential growth expected despite short-term variations.
- Growth momentum is strong in several verticals, including new directions in BFSI (especially mortgages and wealth), CMT, Hi-tech, and emerging segments.
- Pipeline momentum and client conversions suggest BFSI segment growth turning positive from H2 FY27 onwards.
- Expansion into newer geographies is progressing well, adding to growth prospects.
2 more points from eClerx Services Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what eClerx Services Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- CapEx for the current whole year is estimated between INR 130 crores to INR 150 crores (Srinivasan Nadadhur).
- CapEx projections for the next three years depend on Board decisions and will be finalized during next year's budget (Srinivasan Nadadhur).
- The company is investing in technology, AI, and analytics as strategic investments to pivot the organization towards faster-growing tech segments (Kapil Jain).
2 more points from eClerx Services Ltd's call on capex
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FundraisingQ1 FY27 call
See what eClerx Services Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- EClerx Services Limited reported strong client conversations and a healthy pipeline as of August 2026.
- The company mentioned inbound leads and increased deal size recognition from analysts.
- There is growing momentum in AI-led deals across several segments, including financial services, mortgages, and CX engagements.
- The management expects the annual contract value (ACV) to at least match or grow from the previous year's $170 million, providing good tailwinds going into FY27 and FY28.
- Discussions are active across multiple regions (APAC, EMEA, U.S.) and subsegments, including FCC, trade, mortgages servicing.
- Pipeline momentum and conversions are expected to accelerate growth especially from H2 FY27 onwards.
2 more points from eClerx Services Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Commercial Services & Supplies
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Commercial Services & Supplies companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹2,470 Cr | 162.7 | |
| 2 | 40%+ | Up 2%+ | ₹41 Cr | 6.6 | |
| 3 | 40%+ | Flat | ₹556 Cr | 40.0 | |
| 4 | 40%+ | Flat | ₹102 Cr | 10.4 | |
| 5 | 20–40% | Up 2%+ | ₹3,473 Cr | 40.9 | |
| 6 | 20–40% | Up 0–2% | ₹872 Cr | 13.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Commercial Services & Supplies rankingFinancials of eClerx Services Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
eClerx Services Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 53.61% | 53.61% | 53.61% | 53.81% | 53.81% | 53.81% | 53.81% | 53.81% | 53.81% | 54.53% | 54.53% | 54.53% |
| FIIs + | 11.81% | 12.19% | 11.78% | 10.31% | 10.27% | 10.12% | 10.16% | 10.95% | 11.39% | 11.82% | 11.01% | 9.68% |
| DIIs + | 22.91% | 22.75% | 22.49% | 24.02% | 24.19% | 25.12% | 26.04% | 25.72% | 25.31% | 23.95% | 23.84% | 24.54% |
| Government + | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Public + | 10.04% | 9.78% | 10.68% | 10.42% | 10.38% | 9.49% | 8.59% | 7.98% | 7.67% | 7.53% | 8.43% | 8.82% |
| Others + | 1.63% | 1.66% | 1.43% | 1.42% | 1.33% | 1.44% | 1.39% | 1.52% | 1.80% | 2.15% | 2.19% | 2.41% |
| No. of Shareholders | 52,639 | 49,157 | 1,46,680 | 58,048 | 68,025 | 69,424 | 66,300 | 65,927 | 70,296 | 67,142 | 74,342 | 71,176 |
Financials of eClerx Services Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 722 | 753 | 767 | 782 | 832 | 854 | 898 | 935 | 1,005 | 1,070 | 1,107 | 1,152 | 1,189 |
| Expenses + | 517 | 546 | 571 | 616 | 616 | 646 | 680 | 710 | 737 | 794 | 824 | 887 | 905 |
| Operating Profit | 205 | 207 | 196 | 166 | 216 | 207 | 219 | 224 | 268 | 276 | 283 | 265 | 284 |
| OPM % | 28% | 28% | 26% | 21% | 26% | 24% | 24% | 24% | 27% | 26% | 26% | 23% | 24% |
| Other Income + | 14 | 19 | 23 | 21 | 13 | 21 | 32 | 11 | 30 | 30 | 30 | 18 | 24 |
| Interest | 6 | 6 | 6 | 8 | 8 | 8 | 11 | 10 | 11 | 10 | 12 | 15 | 15 |
| Depreciation | 30 | 34 | 34 | 32 | 33 | 36 | 41 | 37 | 42 | 46 | 50 | 50 | 56 |
| Profit before tax | 182 | 187 | 179 | 148 | 188 | 184 | 199 | 188 | 245 | 250 | 252 | 219 | 237 |
| Tax % | 25% | 26% | 28% | 24% | 26% | 25% | 23% | 25% | 25% | 23% | 25% | 25% | 24% |
| Net Profit + | 136 | 139 | 130 | 112 | 140 | 137 | 153 | 142 | 183 | 192 | 190 | 164 | 181 |
| EPS in Rs | 13.86 | 14.13 | 13.31 | 11.38 | 14.72 | 14.38 | 15.97 | 14.87 | 19.22 | 20.40 | 20.13 | 17.47 | 19.18 |
Financials of eClerx Services Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 942 | 1,314 | 1,330 | 1,365 | 1,431 | 1,438 | 1,564 | 2,160 | 2,648 | 2,926 | 3,366 | 4,117 | 4,519 |
| Expenses + | 626 | 833 | 869 | 998 | 1,122 | 1,111 | 1,115 | 1,498 | 1,925 | 2,150 | 2,557 | 3,064 | 3,410 |
| Operating Profit | 316 | 482 | 461 | 368 | 309 | 326 | 450 | 662 | 723 | 776 | 809 | 1,053 | 1,109 |
| 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 | 102 |
| Interest | 1 | 1 | 2 | 1 | 1 | 20 | 21 | 23 | 22 | 24 | 36 | 44 | 52 |
| Depreciation | 50 | 57 | 52 | 48 | 45 | 71 | 82 | 103 | 114 | 126 | 141 | 175 | 201 |
| Profit before tax | 298 | 460 | 436 | 380 | 311 | 281 | 381 | 560 | 653 | 689 | 719 | 935 | 958 |
| 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 | 726 |
| EPS in Rs | 18.90 | 27.90 | 29.65 | 25.00 | 19.66 | 18.83 | 26.99 | 41.08 | 49.83 | 52.14 | 56.78 | 75.09 | 77.18 |
| Dividend Payout % | 46% | 1% | 1% | 1% | 2% | 2% | 1% | 1% | 1% | 1% | 1% | 1% |
Financials of eClerx Services Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 41 | 40 | 38 | 38 | 36 | 34 | 33 | 48 | 48 | 47 | 92 | 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 | 2,823 |
| Borrowings + | 0 | 4 | 1 | 6 | 2 | 157 | 175 | 163 | 194 | 266 | 358 | 385 | 511 |
| Other Liabilities + | 242 | 192 | 182 | 208 | 201 | 260 | 315 | 324 | 365 | 406 | 475 | 744 | 636 |
| 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 | 4,062 |
| Fixed Assets + | 167 | 365 | 325 | 343 | 348 | 480 | 728 | 713 | 773 | 843 | 974 | 1,054 | 1,210 |
| CWIP | 1 | 0 | 2 | 0 | 0 | 1 | 0 | 2 | 21 | 1 | 0 | 5 | 8 |
| Investments | 155 | 219 | 252 | 165 | 286 | 437 | 229 | 196 | 275 | 406 | 309 | 308 | 427 |
| Other Assets + | 634 | 704 | 820 | 910 | 950 | 806 | 1,033 | 1,145 | 1,206 | 1,669 | 1,856 | 2,324 | 2,417 |
| 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 | 4,062 |
Financials of eClerx Services Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 243 | 418 | 312 | 305 | 206 | 333 | 365 | 444 | 493 | 526 | 655 | 873 |
| Cash from Investing Activity + | -62 | -167 | -175 | 26 | -230 | 24 | -2 | 44 | -55 | -483 | 143 | -97 |
| Cash from Financing Activity + | -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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 98% | 87% | 68% | 83% | 67% | 102% | 81% | 92% | 93% | 90% | 101% | 104% |
Financials of eClerx Services Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 52 | 59 | 62 | 62 | 60 | 68 | 56 | 61 | 62 | 86 | 90 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| 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% |
Guidance history
How eClerx Services Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | — | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | — | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
32 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −4.8% | 55% |
| Last 6 months | +20.0% | 74% |
| Last 3 months | −1.2% | 62% |
The price is 20.9% below its all-time high of ₹2,473.5 (3 Feb 2026). Stocks more than 20% below their peak have their score halved, so 64 became 32.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For eClerx Services Ltd: 0.4 × 55 + 0.4 × 74 + 0.2 × 62 = 64, halved to 32 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What eClerx Services Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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