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eClerx Services Limited
(ECLERX)
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Rating:80Outperform
Price Target:
₹1,909.00
▲(2.55% Upside)
Action:Reiterated
Date:10/18/26
The score is driven primarily by strong financial performance (consistent growth, solid profitability, low leverage, and strong operating/free cash flow). Technicals are supportive with price above major moving averages and positive MACD, while valuation is moderate on a ~25 P/E but helped by a high dividend yield.
Positive Factors
Strong Revenue Growth
Sustained revenue expansion indicates continued demand for eClerx’s outsourced operations, analytics, and digital process services. Growth at this pace can increase delivery scale, deepen enterprise relationships, and support further earnings development over the next several quarters.
Negative Factors
Margin Compression
Lower margins can limit how effectively revenue growth converts into operating and net profit, particularly if cost pressure persists as the business expands. Continued compression would reduce earnings leverage, constrain reinvestment capacity, and make future profitability more dependent on execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained revenue expansion indicates continued demand for eClerx’s outsourced operations, analytics, and digital process services. Growth at this pace can increase delivery scale, deepen enterprise relationships, and support further earnings development over the next several quarters.
Read all positive factors
eClerx Services Limited (ECLERX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹156.15B
Dividend Yield0.06%
Average Volume (3M)10.93K
Price to Earnings (P/E)21.2
Beta (1Y)1.46
Revenue Growth22.41%
EPS Growth20.24%
CountryIN
Employees12,641
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)78.35
Shares Outstanding94,050,720
10 Day Avg. Volume13,668
30 Day Avg. Volume10,929
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)84.87
Revenue Forecast (FY)₹49.00B
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 Technical Analysis
Negative
1861.50
Price Trends
1895.91
Negative
1770.96
Negative
1747.04
Negative
Market Momentum
-17.10
Positive
29.75
Positive
18.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ECLERX, the sentiment is Negative. The current price of 1861.5 is below the 20-day moving average (MA) of 1887.80, below the 50-day MA of 1895.91, and above the 200-day MA of 1747.04, indicating a bearish trend. The MACD of -17.10 indicates Positive momentum. The RSI at 29.75 is Positive, neither overbought nor oversold. The STOCH value of 18.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ECLERX.
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 | ₹156.15B | 21.16 | ― | 0.06% | 22.41% | 20.24% | |
76 Outperform | ₹329.34B | 23.38 | ― | 3.34% | 13.45% | 0.28% | |
75 Outperform | ₹868.36B | 38.25 | ― | 0.61% | 41.21% | 84.56% | |
73 Outperform | ₹1.74T | 28.38 | ― | 2.88% | 13.60% | 23.11% | |
70 Neutral | ₹485.65B | 25.55 | ― | 2.44% | 13.69% | 9.34% | |
62 Neutral | ₹213.52B | 31.50 | ― | 1.79% | 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
1,660.30
-698.54
-29.61%
IN:COFORGE
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1,960.00
164.54
9.16%
IN:FSL
Firstsource Solutions Limited
306.35
-39.25
-11.36%
IN:MPHASIS
Mphasis Limited
2,543.35
-275.91
-9.79%
IN:TECHM
Tech Mahindra Limited
1,770.50
384.75
27.76%
IN:HEXT
Hexaware Technologies Limited
539.00
-141.16
-20.75%
eClerx Services Limited Corporate Events
eClerx Schedules Investor Meeting with Ambit Capital in Mumbai
Sep 15, 2026
eClerx Services Limited has scheduled an investor meeting with Ambit Capital Private Limited in Mumbai on September 15, 2026, to discuss industry and company-specific developments already available in the public domain.The company noted that the s...
eClerx files Investor Day 2026 presentation with stock exchanges
Sep 1, 2026
eClerx Services Limited has notified stock exchanges that it has prepared an investor presentation for its eClerx Investor Day 2026, scheduled to be held on September 2, 2026. The company has submitted this presentation to the BSE and NSE in compl...
eClerx Sets Date for 26th AGM, Opens Digital Voting and Sets Dividend Record Date
Aug 18, 2026
eClerx Services Limited has announced that its 26th Annual General Meeting will be held on September 8, 2026 via video conferencing, with shareholders able to participate and vote electronically through remote e-voting and Instapoll provided by KF...
eClerx Releases FY2026 Annual Report and Schedules Virtual AGM for September 8
Aug 17, 2026
eClerx Services Limited has released its Annual Report for FY2026 and issued the notice for its 26th Annual General Meeting, scheduled for September 8, 2026, to be held via video conferencing at noon IST. The meeting materials, including the annua...
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.