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eClerx Services Limited (ECLERX)

Services · Commercial Services & Supplies · NSE · Updated 16 June 2026

₹1,406.1 ↓ 61.03% (1Y)

🎯 Key Takeaways

eClerx Services Limited is in a growth phase driven by consistent top-line expansion and improving profitability, though recent margin trends show slight pressure. The company has demonstrated strong financial momentum with revenue and net profit growth outpacing prior periods, supported by operational scaling and strategic capital returns.
Revenue grew 2.6% QoQ to ₹854 in Q3FY25.
⚠️ Margin pressure from wage increments announced, effective April 1, 2026, which may increase cost base without immediate offsetting pricing power.

Market Cap

₹13,949

P/E Ratio

26.9

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

eClerx Services Limited is in a growth phase driven by consistent top-line expansion and improving profitability, though recent margin trends show slight pressure. The company has demonstrated strong financial momentum with revenue and net profit growth outpacing prior periods, supported by operational scaling and strategic capital returns. However, its 1-year return of -61.03% reflects market skepticism or broader sector headwinds despite solid fundamentals.

📰 What's Happening

In the latest filings from May 13 and 14, 2026, eClerx reported FY26 consolidated revenue of INR 4,217.4 crore, up 22.6% YoY, with net profit at INR 706.2 crore, a 30.5% increase. The company proposed a dividend of INR 1 per share and a 1:1 bonus issue, reflecting confidence in cash flows. Quarterly revenue growth accelerated to 23.9% YoY in Q4 FY26, driven by 17% constant currency growth. Management highlighted wage increments effective April 1, 2026, as part of ongoing talent investment. Additionally, the Board approved the grant and vesting of over 1.2 million ESOP options, diluting existing shareholders proportionally.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	693	684	722	753	767	782	832	854
Operating Profit	212	175	219	226	219	187	229	228
OPM %	29.9%	24.4%	28.4%	27.5%	25.5%	21.3%	25.9%	24.3%
Net Profit	132	107	136	139	130	112	140	137
EPS	₹27.05	₹22.12	₹28.20	₹28.76	₹27.07	₹23.13	₹29.66	₹29.16

Revenue has grown steadily over the past eight quarters, rising from ₹684 crore in Q1 FY24 to ₹1,135.4 crore in Q4 FY26, with YoY growth accelerating to 22.6% in FY26. Operating profit margins have remained relatively stable, hovering between 24.3% and 29.9%, while net profit margins have held firm at 16.7% in recent quarters. Despite flat sequential net profit margin in Q4 FY26, YoY net profit growth of 30.5% indicates strong bottom-line expansion. EPS rose to ₹76.23 post-bonus issue, up from ₹22.12 in Q1 FY24, reflecting both operational performance and shareholder-friendly actions.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance in the latest filings beyond operational updates. However, it has emphasized the implementation of wage increments effective April 1, 2026, signaling continued investment in human capital. The company also made available the audio recording of its earnings call on May 14, 2026, inviting stakeholders to review management’s commentary on performance and outlook. No explicit revenue or margin targets were disclosed in the available commentary.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Commercial Services & Supplies

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Redington Limited	17,300	13.7	—	—	—
Central Mine Planning & Design Institute Limited	16,603	—	—	—	—
Firstsource Solutions Limited	16,561	28.8	—	—	—
International Gemological Institute Limited	14,117	26.6	—	—	—
eClerx Services Limited	13,949	26.9	—	—	—
MMTC Limited	9,449	61.2	—	—	—
Nesco Limited	8,669	25.3	—	—	—
Inox Green Energy Services Limited	7,132	209.0	—	—	—
WeWork India Management Limited	6,808	—	—	—	—
Nirlon Limited	5,390	—	—	—	—

🔗 Peer Stock Analyses

REDINGTON CMPDI FSL IGIL MMTC

⚠️ Risk Factors

1. Margin pressure from wage increments announced, effective April 1, 2026, which may increase cost base without immediate offsetting pricing power. 2. EBITDA margin remained flat sequentially at 27.3% in Q4 FY26, indicating potential headwinds in operational efficiency despite revenue growth. 3. Dilution risk from multiple ESOP grants and exercises, with over 1.2 million options recently granted or vested, could pressure per-share metrics over time. 4. Market sentiment appears weak, as reflected in the -61% 1-year return, despite solid financial performance, suggesting possible valuation or sector-specific concerns.

📋 Recent Filings

🧠 Analyst's Read

eClerx is executing a growth trajectory with strong revenue and profit expansion, supported by operational momentum and shareholder-friendly measures. Investors should monitor margin trends in the upcoming quarters to assess the impact of wage inflation and track whether constant currency growth sustains. The company’s ability to maintain profitability amid rising costs and market skepticism will be critical to watch.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on ECLERX

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.