ECLERX

eClerx Services share price & financials

Price
₹1,418.7
Market cap
₹17.9k Cr
Sector
Services
Calls analysed
7
Latest concall · Q4 FY26 · call held 14 May 2026

eClerx Services Q4 FY26

FY26 Operating Revenue 469 million +18%FY26 EBITDA ₹1,153 cr +29%FY26 Net Profit ₹706 cr +30%

What went well

  • FY'26 operating revenue reached USD 469 million, marking a 17.9% year-on-year growth in dollar terms.
  • FY'26 EBITDA grew 29% to INR 1,153 crores, with margins expanding meaningfully.
  • Net profit for FY'26 rose 30% to INR 706 crores, and EPS increased 33% post bonus issue.

What to watch

  • Q4 operating revenue showed modest 0.6% sequential growth.
  • BFSI, M&D, and retail verticals experienced a softer Q4.
Read the full call →

What eClerx Services Limited does

eClerx is a productized services company that combines people, technology and domain expertise to transition, manage and transform complex business functions for its clients, rather than selling physical products. It provides AI-powered analytics, digital operations, automation and business process management, operating from offshore and onshore delivery centres for clients across financial services, communications/media/technology, high-tech, manufacturing & distribution, and fashion, luxury & retail. eClerx earns fees on managed-operations, technology-enabled BPM and analytics engagements delivered to Fortune 500 and Fortune 2000 organisations across the Americas, APAC and EMEA.

Segments

  • BFSI
  • CMT (Communications, Media & Technology)
  • HiTech and M&D (Manufacturing & Distribution)
  • Fashion & Luxury and Retail
Countries of operation
17
Total employees
22,639
Offshore delivery headcount
18,586
Offshore seat capacity (delivery centres)
15,507
Industry verticals served
BFSI, Communications Media & Technology (CMT), HiTech & Manufacturing/Distribution, Fashion & Luxury and Retail
AI management certification
Among the first 5 companies globally awarded ISO 42001:2023 certification for AI Management Systems
Founded 2000Headquarters Mumbai, Maharashtra, IndiaEmployees 22,639 (2026-03-31) Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 6 delivered 1 missed 8 open
  • EBITDA Margin Band (FY26) delivered said Q1 FY26 Promised: 24% to 28% Q4 FY26: Full year FY26 EBITDA margin was 27.3% (INR 1,153 cr EBITDA on INR 4,217 cr revenue), which is within the guided range of 24% to 28%.
  • Receivable Days (DSO) delivered said Q1 FY26 Promised: 80 to 82 days Q4 FY26: DSO for Q4 or full year FY26 was not mentioned. The promise was already achieved in previous quarters.
  • Cash Payout Ratio on track said Q2 FY26 Promised: 50% of cash back to shareholders over 12-18 months Q4 FY26: The Board proposed a dividend of INR 1 per share and management reiterated that buybacks remain the preferred option for capital return.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.2%, net profit up 15.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue832 854 898 935 1,005 +21%1,070 +25%1,107 +23%1,152 +23%
EBITDA216 207 219 224 271 +25%276 +33%283 +29%265 +18%
Net profit140 137 153 142 183 +31%192 +40%190 +24%164 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −57.6% 1Y

₹2.0k₹3.0k₹4.0k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 27 Oct 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 14 May 2026

1Y: ₹4,475 on 10 Sept 2025 → ₹1,899.6. High ₹4,947 (3 Feb 2026), low ₹1,324.9 (30 Jun 2026).

How the price took the results

close before → close after

Q4 FY26
−0.9%
14 May
Q3 FY26
+5.9%
29 Jan
Q2 FY26
+7.7%
27 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 25.6%.

Year endingFY23FY24FY25FY26
Revenue₹2.6k Cr₹2.9k Cr₹3.4k Cr₹4.1k Cr
Operating profit₹722 Cr₹775 Cr₹808 Cr₹1.1k Cr
Operating margin27.3%26.5%24.0%25.6%
Interest₹21 Cr₹24 Cr₹35 Cr₹43 Cr
Depreciation₹114 Cr₹126 Cr₹142 Cr₹175 Cr
Net profit₹489 Cr₹512 Cr₹542 Cr₹707 Cr
Net margin18.5%17.5%16.1%17.2%
Cash from operations₹493 Cr₹526 Cr₹655 Cr₹873 Cr
Free cash flow₹403 Cr₹462 Cr₹539 Cr₹756 Cr
ROCE36.0%32.0%28.0%34.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹34 Cr₹33 Cr₹48 Cr₹48 Cr₹47 Cr₹92 Cr
Reserves₹1.5k Cr₹1.5k Cr₹1.7k Cr₹2.2k Cr₹2.6k Cr₹2.5k Cr
Borrowings₹175 Cr₹163 Cr₹194 Cr₹266 Cr₹395 Cr₹385 Cr
Other liabilities₹315 Cr₹324 Cr₹365 Cr₹406 Cr₹511 Cr₹744 Cr
Total liabilities₹2.0k Cr₹2.1k Cr₹2.3k Cr₹2.9k Cr₹3.5k Cr₹3.7k Cr
Fixed assets₹728 Cr₹713 Cr₹773 Cr₹843 Cr₹1.0k Cr₹1.1k Cr
Capital work in progress₹0 Cr₹2 Cr₹21 Cr₹1 Cr₹4 Cr₹5 Cr
Investments₹229 Cr₹196 Cr₹275 Cr₹406 Cr₹439 Cr₹308 Cr
Other assets₹1.0k Cr₹1.1k Cr₹1.2k Cr₹1.7k Cr₹2.0k Cr₹2.3k Cr
Total assets₹2.0k Cr₹2.1k Cr₹2.3k Cr₹2.9k Cr₹3.5k Cr₹3.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −2.20 pp while FIIs added +0.85 pp. The shareholder count grew 12% to 74,342.

Promoters
54.5%
FIIs
11.0%
DIIs
23.8%
Government
0.0%
Public
8.4%
Others
2.2%

Since Jun 2025

  • DIIs −2.20 pp
  • FIIs +0.85 pp
  • Others +0.80 pp

How it drifted, 12 quarters

Over this window the public fell from 10.9% to 8.4% — −2.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 53.6%, FIIs 12.1%, DIIs 21.6%, Government 0.0%, Public 10.9%, Others 1.7%.Dec '23: Promoters 53.6%, FIIs 11.8%, DIIs 22.9%, Government 0.0%, Public 10.0%, Others 1.6%.Mar '24: Promoters 53.6%, FIIs 12.2%, DIIs 22.8%, Government 0.0%, Public 9.8%, Others 1.7%.Jun '24: Promoters 53.6%, FIIs 11.8%, DIIs 22.5%, Government 0.0%, Public 10.7%, Others 1.4%.Sep '24: Promoters 53.8%, FIIs 10.3%, DIIs 24.0%, Government 0.0%, Public 10.4%, Others 1.4%.Dec '24: Promoters 53.8%, FIIs 10.3%, DIIs 24.2%, Government 0.0%, Public 10.4%, Others 1.3%.Mar '25: Promoters 53.8%, FIIs 10.1%, DIIs 25.1%, Government 0.0%, Public 9.5%, Others 1.4%.Jun '25: Promoters 53.8%, FIIs 10.2%, DIIs 26.0%, Government 0.0%, Public 8.6%, Others 1.4%.Sep '25: Promoters 53.8%, FIIs 10.9%, DIIs 25.7%, Government 0.0%, Public 8.0%, Others 1.5%.Dec '25: Promoters 53.8%, FIIs 11.4%, DIIs 25.3%, Government 0.0%, Public 7.7%, Others 1.8%.Mar '26: Promoters 54.5%, FIIs 11.8%, DIIs 23.9%, Government 0.0%, Public 7.5%, Others 2.1%.Jun '26: Promoters 54.5%, FIIs 11.0%, DIIs 23.8%, Government 0.0%, Public 8.4%, Others 2.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of eClerx Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Priyadarshan Mundhra 27.21%unchanged
Anjan Malik 27.20%unchanged
HDFC Large And Mid Cap Fund Mutual fund8.73%+0.33 pp
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund3.80%unchanged
DSP Nifty Smallcap250 Quality 50 Index Fund Mutual fund2.39%newly disclosed
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund1.88%−1.53 pp
Bandhan Small Cap Fund Mutual fund1.82%newly disclosed
Vijay Kumar Mundhra 0.07%unchanged
Supriya Modi 0.05%unchanged
Shweta Mundhra 0.00%unchanged
Pawan Malik 0.00%unchanged
DSP Small Cap Fund Mutual fund—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ECLERX

Filings to Aug 2026

0 new, 6 added, 2 trimmed, 0 sold out — net +0.68 L shares (+0.6%).

Held by funds
₹2.2k Cr
12 schemes
Biggest holder
HDFC Small Cap Fund
₹1.2k Cr · 2.9% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹1.2k Cr+0.56 L
Nippon India Small Cap Fund Nippon India Mutual Fund₹682 Crheld
HDFC Children's Fund HDFC Mutual Fund₹267 Crheld
HDFC Technology Fund HDFC Mutual Fund₹42 Cr+0.11 L
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹21 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹13 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹7 Cr+0.00 L
Nippon India MNC Fund Nippon India Mutual Fund₹4 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 2 trimmed — net +67,751 shares (+0.6%)

Funds are sitting on
+83%
vs est. average cost
Held by funds
₹2.2k Cr
12 schemes · ≈ 9.4% of the company
Biggest holder
HDFC Small Cap Fund
₹1.2k Cr · 2.9% of that fund
Longest holder
Nippon India Small Cap Fund
6y 2m · since Jul '20

Shares held by these funds +19%

Aug '23 1.18 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1900, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹1557 — downside of 18%.

Growth the price implies
16.9% a year
for 7 years, fading to 4%
It has actually compounded at
13.1% a year
net profit, FY23–FY26
The gap
0.0 pp
-18% downside if it only repeats history
Price today ₹1,899.6 Value at the reference growth ₹1,556.98

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse eClerx Services Limited

Guides on how to read this kind of business and the numbers that matter.