NSE: ECLERX · BSE: 532927 · ISIN INE738I01010
eClerx Services Limited stock analysis
eClerx Services Limited ranks #215 in the TickerSutra evidence-ranked universe with a score of 69/100 and 95% data confidence. The latest captured fundamentals show ROCE of 34.4%, quarterly sales growth of 23.3% and quarterly profit growth of 16.0%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 34.4%
- Low debt/equity of 0.15×
- Strong CFO/EBITDA of 0.83×
- 15.8% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,160cr | ₹662cr | ₹418cr | 31.0% |
| 2023 | ₹2,648cr | ₹723cr | ₹489cr | 27.0% |
| 2024 | ₹2,926cr | ₹776cr | ₹512cr | 27.0% |
| 2025 | ₹3,366cr | ₹809cr | ₹541cr | 24.0% |
| 2026 | ₹4,117cr | ₹1,053cr | ₹706cr | 26.0% |
| TTM | ₹4,335cr | ₹1,096cr | ₹729cr | 25.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
eClerx Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineeClerx Services Ltd - 532927 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationBSE · 25 Sept 2026Intimation of Schedule of Investor Meeting
RoutineUpdatesNSE · 25 Sept 2026eClerx Services Limited has informed the Exchange regarding 'Intimation of Schedule of Investor Meeting'.
RoutineeClerx Services Ltd - 532927 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationBSE · 22 Sept 2026Intimation of Schedule of Investor Meeting
RoutineUpdatesNSE · 22 Sept 2026eClerx Services Limited has informed the Exchange regarding 'Intimation of Schedule of Investor Meeting'.
MANAGEMENT COMMENTARY
Signals from filed documents
And our aspiration is to do higher than $170 million, which we did last year, which will give us good tailwinds as we enter FY '27 and '28. Girish Pai: And from a margin standpoint, will it mimic last year's trajectory in terms of quarter -on-quarter margin improvement? Srinivasan Nadadhur: Margins will continue to improve because this quarter is when we gave out the increments.
eClerx Services Limited August 06, 2026 4 We are also seeing an uptick in G&A cost s, especially for computers, servers, and networking infrastructure. Despite all of this, we are confident of meeting the stated EBITDA range of 24% to 28% for the full year. And with this, we conclude our prepared remarks, and we can now move on to the Q&A.
See the growth aspirations that we have, we have to win new logos. We have to continue to grow in our existing clients, outside of top 10 because that will reduce our client concentration. And we need to continue to get larger share of wallet and cross-sell in our existing clients to de-risk single service line, single location, and see how we can deliver greater value to our clients by a mix of different service lin
And that, has slightly come down because of the overall regulatory environment. The overall regulatory environment for financial services in the U.S. is slightly less onerous than it used to be, let's say, two or three years back.
So, I think it's hard to say, look, if I have put in X number of people, will I get Y? I think the growth momentum, the conversions, and staying in the margin range of 24% to 28% are all the factors that will ensure that we are looking at the ROI and we are getting the right benefit. And what is the mind share you are getting with the clients when they are having discussions on AI, and how do they implement, which pr
So , there's a lot of promise in terms of commitments that are being given. On the second question, are we seeing pricing pressure because more and more players, obviously, competition always determines the price at which you win the deal. Yes, there are pressures that we are seeing, but nothing untoward to say.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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