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eClerx Services Ltd.

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eclerx.comBSE: 532927NSE: ECLERX
Market Cap₹ 17,850 Cr.
Current Price
High / Low₹ 2,498 / 1,320
Stock P/E35.9
Book Value₹ 133
Price to Book11.40
Dividend Yield0.05 %
ROCE50.1 %
ROE38.0 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence
72%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 41.0%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.4%
  • Latest quarter profit grew 1329.0% YoY, showing strong momentum
  • Company has delivered good sales growth of 19.0% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.08x)

CONS

  • Stock is trading at 11.4x its book value
  • Operating margins have contracted to 22.7% from 30.7%
  • Though reporting repeated profits, the company pays out little dividend (2.0%)
  • Expensive relative to growth - PEG of 5.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesITBPO/ITeS
Part ofNIFTY TOTAL MKTNIFTY SML250 Q50NIFTY 500NIFTY SMLCAP 250
S.No.Name
1.NAUKRI1250.9050.7181110.930.67490.0542.93880.7511.375.9439.10
2.AFFLE1568.2046.2522098.190.00128.4421.74747.1620.3716.8622.43
3.ECLERX1897.9024.4917849.890.051642.421060.3111523.581133.0540.2323.02
4.FSL247.7026.2017582.682.22165.92-2.012724.8822.6917.2616.56
5.PROTEAN491.9024.282005.932.035.86-75.43250.9619.0313.194.95
6.HGS379.2054.801764.050.00-662.60-6037.2810503.60894.443.21-3.28
7.ONEPOINT56.3732.841482.170.0016.3172.83158.32129.4217.0422.61
8.ALLDIGI796.6514.211213.967.5318.1221.69150.284.4341.2827.52
9.MATRIMONY511.8523.591058.170.9819.08127.14130.5113.1621.4020.06
10.VAKRANGEE5.3954.59583.840.002.26-32.0355.92-18.766.0711.87
11.SIGMA44.1214.50453.441.1312.57142.5723.0311.4848.5133.59
12.SECMARK140.2044.65146.470.00-0.1979.2010.3555.5622.419.82
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4955095305615696126096426656917367667,821
3773813954254654654814965225385625876,148
Operating Profit1191271361361041481271461431531741791,673
OPM %23.94%25.05%25.57%24.23%18.30%24.10%20.92%22.73%21.47%22.13%23.68%23.33%21.39%
61014151410132710262628100
Interest555577798878110
Depreciation141517181819212420242526254
Profit before Tax106117129128941311121401251471681721,774
Tax %24.55%26.32%25.57%25.83%24.74%25.64%25.54%22.59%25.60%25.19%25.19%24.80%25.13%
Net Profit80879695709883108931101261291,328
16.6017.9519.8719.6814.5820.6517.7111.5219.7823.4426.7813.9414.43

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,1621,1441,1401,1201,1971,5511,8882,0952,4322,85810,014
7398178848798371,0271,3661,5771,9062,2097,835
Operating Profit4233272552413605255235185256492,179
OPM %36.37%28.56%22.41%21.53%30.10%33.82%27.68%24.72%21.61%22.72%21.76%
2065565332157456490180
Interest11118191717193132133
Depreciation36302645505259648296329
Profit before Tax4053612841833244775044804766122,261
Tax %18.31%23.05%26.29%32.59%26.39%25.57%24.92%25.59%24.54%25.16%25.11%
Net Profit3312782101242393553783573604581,693
EPS80.7869.5454.1133.0568.7068.9175.2174.0376.5549.77—
Dividend Payout %1.20%1.39%1.85%2.99%1.42%0.93%1.27%1.35%1.31%2.01%—

COMPOUNDED SALES GROWTH

10 Years:
10%
5 Years:
19%
3 Years:
15%

COMPOUNDED PROFIT GROWTH

10 Years:
5%
5 Years:
14%
3 Years:
7%

STOCK PRICE CAGR

10 Years:
14%
5 Years:
21%
3 Years:
29%
1 Year:
-16%

RETURN ON EQUITY

10 Years:
26%
5 Years:
31%
3 Years:
30%
Last Year:
38%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Mar 13

1:1

Bonus issue & Quarterly Results

2022

Sep 21

1:2

Bonus issue & Quarterly Results

2015

Dec 17

1:3

With reference to the earlier letter dated October 16, 2015, wherein the Company had intimated about the Meeting of Board of Directors of the Company scheduled to be held on November 02, 2015, inter alia, to approve and take on record the Un-audited Quarterly and Half yearly Financial Results for the quarter and half year ended on September 30, 2015 (Q2). eClerx Services Ltd has now informed BSE that the Board of Directors shall also consider at the said meeting, a proposal for declaration of Bonus Issue of Equity Shares and recommendation thereof to the shareholders of the Company, for approval.

2015

Oct 21

Bonus issue The Board of Directors shall also consider at the said meeting, a proposal for declaration of Bonus Issue of Equity Shares and recommendation thereof to the shareholders of the Company, for approval.

2015

Nov 2

1:3

eClerx Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 02, 2015, inter alia, has accorded its consent for the following: - Recommendation for issue of Bonus Shares in the ratio of 1 (One) Bonus equity share of Rs 10/- each for every 3 (Three) existing fully paid up equity shares of Rs 10/- each held in the Company. The approval of shareholders for the aforesaid bonus issue shall be obtained through Postal Ballot.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital40393937343348484792
1,0451,0381,2451,0561,1341,1311,0961,4331,2461,028
1313121221028599177236253
Trade Payables547469109597994157183241
105115119156171191222197281393
Total Liabilities1,2551,2791,4841,4801,5011,5191,5592,0131,9932,007
584761159148136157263353342
Capital Work in Progress10000220100
485403520674713683676799667569
0000000512587760
Cash & Bank29738036322124921714430720889
414449541426391481561131178246
Total Assets1,2551,2791,4841,4801,5011,5191,5592,0131,9932,007

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
416382249349329485489367434471
Cash from Investing-170-11-2673514442-35621343
Cash from Financing-232-2561-302-173-393-419-79-587-583
-7426-10624763-22-6860-70

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
53.6153.8153.8153.8153.8153.8153.8154.5254.52
11.7810.3110.2710.1210.1610.9511.3911.8211.01
22.4924.0224.1925.1226.0425.7225.3123.9523.84
0.020.020.020.020.020.020.020.020.02
12.1011.8311.7110.939.989.519.479.6910.61

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08
Shareholders meeting

2026-09-08 - eClerx Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 08, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-08
Shareholders meeting

2026-09-08 - eClerx Services Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 08, 2026

2026-09-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - eClerx Services Limited has informed the Exchange about Schedule of meet

2026-09-03
Updates

2026-09-03 - eClerx Services Limited has informed the Exchange regarding 'Intimation of Schedule of Investor Meeting'.

2026-09-03
Updates

2026-09-03 - eClerx Services Limited has informed the Exchange regarding 'Intimation of Schedule of Investor Meeting'.

2026-09-01
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - eClerx Services Limited has informed the Exchange about Presentation

2026-08-28
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - eClerx Services Limited has informed the Exchange about Schedule of meet

2026-08-19
General Updates

2026-08-19 - eClerx Services Limited has informed the Exchange about General Updates

2026-08-18
Copy of Newspaper Publication

2026-08-18 - eClerx Services Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for ECLERX

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