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eClerx Services Limited
(ECLERX)
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Rating:72Outperform
Price Target:
₹1,846.00
▼(-61.33% Downside)
Action:Reiterated
Date:07/04/26
The score is driven primarily by strong financial performance (consistent growth, solid profitability, low leverage, and strong cash generation). This is tempered by weaker technical signals (negative MACD and price below longer-term moving averages), while valuation is supportive with a moderate P/E and ~3.35% dividend yield.
Positive Factors
Diversified BPM/KPO business model
A diversified enterprise-focused BPM/KPO model serving multiple verticals creates durable demand and lowers client concentration risk. Long-term contracted engagements and scope to shift from FTE work to managed/analytics services raise revenue visibility, stickiness, and potential for higher-margin offerings.
Negative Factors
Margin compression in 2026
Erosion in gross and operating margins can materially dent return on capital over time. If driven by wage inflation, pricing pressure, or mix shifts, compressed margins may require sustained higher revenue growth or productivity gains to preserve profitability and long-term ROE.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified BPM/KPO business model
A diversified enterprise-focused BPM/KPO model serving multiple verticals creates durable demand and lowers client concentration risk. Long-term contracted engagements and scope to shift from FTE work to managed/analytics services raise revenue visibility, stickiness, and potential for higher-margin offerings.
Read all positive factors
eClerx Services Limited (ECLERX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹156.38B
Dividend Yield0.02%
Average Volume (3M)4.00K
Price to Earnings (P/E)22.7
Beta (1Y)1.35
Revenue Growth22.32%
EPS Growth32.16%
CountryIN
Employees16,902
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)75.57
Shares Outstanding94,050,720
10 Day Avg. Volume2,318
30 Day Avg. Volume3,997
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)89.04
Revenue Forecast (FY)₹48.96B
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 providing outsourced business operations and analytics services to enterprise clients under contracted engagements. Revenue is primarily generated from service fees for (1) financial services operations (e.g., support for cap...
eClerx Services Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 41.17B | 33.66B | 29.26B | 26.49B | 21.60B |
| Gross Profit | 13.24B | 13.34B | 12.06B | 10.93B | 9.40B |
| EBITDA | 11.53B | 8.95B | 8.39B | 7.88B | 6.85B |
| Net Income | 7.06B | 5.41B | 5.11B | 4.89B | 4.17B |
Balance Sheet | |||||
| Total Assets | 36.97B | 31.46B | 29.29B | 22.88B | 20.70B |
| Cash, Cash Equivalents and Short-Term Investments | 10.38B | 10.26B | 10.85B | 6.89B | 6.79B |
| Total Debt | 3.85B | 3.58B | 2.66B | 1.94B | 1.63B |
| Total Liabilities | 11.33B | 8.38B | 6.79B | 5.71B | 5.01B |
| Stockholders Equity | 25.61B | 23.06B | 22.48B | 17.15B | 15.68B |
Cash Flow | |||||
| Free Cash Flow | 7.44B | 5.33B | 4.59B | 4.02B | 3.87B |
| Operating Cash Flow | 8.64B | 6.55B | 5.26B | 4.93B | 4.48B |
| Investing Cash Flow | -1.74B | 1.31B | -4.88B | -843.95M | 379.83M |
| Financing Cash Flow | -5.79B | -6.10B | -1.07B | -4.40B | -4.16B |
eClerx Services Limited Technical Analysis
Positive
4773.20
Price Trends
1485.30
Positive
1520.42
Positive
1872.45
Negative
Market Momentum
48.38
Negative
72.17
Negative
98.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ECLERX, the sentiment is Positive. The current price of 4773.2 is above the 20-day moving average (MA) of 1465.29, above the 50-day MA of 1485.30, and above the 200-day MA of 1872.45, indicating a neutral trend. The MACD of 48.38 indicates Negative momentum. The RSI at 72.17 is Negative, neither overbought nor oversold. The STOCH value of 98.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹345.77B | 24.40 | ― | 1.56% | ― | ― | |
73 Outperform | ₹682.16B | 33.09 | ― | 0.88% | 33.81% | 89.36% | |
72 Outperform | ₹156.38B | 22.74 | ― | 0.02% | 22.32% | 32.16% | |
65 Neutral | ₹184.70B | 26.98 | ― | 1.13% | 19.75% | 13.19% | |
65 Neutral | ₹1.47T | 27.35 | ― | 2.76% | 7.22% | 13.02% | |
63 Neutral | ₹456.03B | 24.25 | ― | 1.94% | 11.59% | 8.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ECLERX
eClerx Services Limited
1,716.50
-68.00
-3.81%
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IN:TECHM
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IN:HEXT
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559.15
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-33.02%
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.