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eClerx Services Limited
(ECLERX)
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Rating:76Outperform
Price Target:
₹1,989.00
▲(6.85% Upside)
Action:Reiterated
Date:07/18/26
The score is driven primarily by strong underlying financial performance (growth, profitability, low leverage, and solid cash generation). Technicals are supportive due to a clear uptrend, but overbought signals increase near-term risk. Valuation is moderate-to-premium (P/E ~26) with a modest dividend yield, tempering upside attractiveness versus the strong fundamentals.
Positive Factors
Recurring, domain-led service model
eClerx's core model—recurring managed services plus project/consulting work and vertical-led offerings—creates predictable, contractually backed revenue. That mix supports stickier client relationships, cross-sell of higher-value work, and durable revenue visibility that benefits long-term cash flow stability.
Negative Factors
Margin compression
Reported margin compression, including a lower gross margin in 2026 versus prior years, suggests rising input costs or pricing pressure. If structural, sustained margin erosion would reduce operating profitability, limit reinvestment capacity, and weaken the company’s long-term ability to convert revenue growth into higher earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring, domain-led service model
eClerx's core model—recurring managed services plus project/consulting work and vertical-led offerings—creates predictable, contractually backed revenue. That mix supports stickier client relationships, cross-sell of higher-value work, and durable revenue visibility that benefits long-term cash flow stability.
Read all positive factors
eClerx Services Limited (ECLERX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹179.63B
Dividend Yield0.05%
Average Volume (3M)22.90K
Price to Earnings (P/E)24.3
Beta (1Y)1.35
Revenue Growth23.20%
EPS Growth29.28%
CountryIN
Employees12,641
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)78.35
Shares Outstanding94,050,720
10 Day Avg. Volume20,140
30 Day Avg. Volume22,898
Financial Highlights & Ratios
PEG Ratio-0.55
Price to Book (P/B)5.02
Price to Sales (P/S)3.12
P/FCF Ratio17.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)87.31
Revenue Forecast (FY)₹48.74B
eClerx Services Limited Business Overview & Revenue Model
Company Description
eClerx Services Limited provides business process management, change management, data-driven insights, and advanced analytics services in India, the United States, the United Kingdom, Europe, and the Asia Pacific. It offers omnichannel customer su...
How the Company Makes Money
eClerx makes money by delivering outsourced business services (BPM/IT-enabled services) to enterprise clients under commercial service contracts, typically priced as recurring managed services and project-based engagements. Its revenue model is pr...
eClerx Services Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.35B | 41.17B | 33.66B | 29.26B | 26.49B | 21.60B |
| Gross Profit | 14.72B | 13.24B | 13.34B | 12.06B | 10.93B | 9.40B |
| EBITDA | 12.01B | 11.53B | 8.95B | 8.39B | 7.88B | 6.85B |
| Net Income | 7.29B | 7.06B | 5.41B | 5.11B | 4.89B | 4.17B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 36.97B | 31.46B | 29.29B | 22.88B | 20.70B |
| Cash, Cash Equivalents and Short-Term Investments | 10.38B | 10.38B | 10.26B | 10.85B | 6.89B | 6.79B |
| Total Debt | 0.00 | 3.85B | 3.58B | 2.66B | 1.94B | 1.63B |
| Total Liabilities | -25.64B | 11.33B | 8.38B | 6.79B | 5.71B | 5.01B |
| Stockholders Equity | 25.64B | 25.61B | 23.06B | 22.48B | 17.15B | 15.68B |
Cash Flow | ||||||
| Free Cash Flow | 2.84B | 7.44B | 5.33B | 4.59B | 4.02B | 3.87B |
| Operating Cash Flow | 3.36B | 8.64B | 6.55B | 5.26B | 4.93B | 4.48B |
| Investing Cash Flow | -1.93B | -1.74B | 1.31B | -4.88B | -843.95M | 379.83M |
| Financing Cash Flow | -1.18B | -5.79B | -6.10B | -1.07B | -4.40B | -4.16B |
eClerx Services Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ₹871.42B | 40.06 | ― | 0.62% | 34.67% | 65.26% | |
76 Outperform | ₹179.63B | 24.26 | ― | 0.05% | 23.20% | 29.28% | |
73 Outperform | ₹322.40B | 24.07 | ― | 2.73% | ― | ― | |
70 Outperform | ₹1.56T | 27.56 | ― | 3.27% | 10.95% | 12.97% | |
70 Neutral | ₹462.94B | 24.17 | ― | 2.62% | 13.69% | 9.34% | |
65 Neutral | ₹184.25B | 27.13 | ― | 2.11% | 19.71% | 6.53% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ECLERX
eClerx Services Limited
1,884.55
-232.13
-10.97%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.