Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
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Research updated
Eclerx Services Ltd.
NSE: ECLERXTechnologyInformation Technology Services
- Last close
- ₹1,891.70
- Day change
- −₹38.60 (−2.00%)vs
- Market cap
- ₹18,009 crIndian rupees
- Research updated
- 1 report
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About Eclerx Services
Eclerx Services Ltd. operates as a provider of business process management, automation, and analytics services globally. The company specializes in offering innovative solutions that enable clients to streamline processes, enhance customer experiences, and improve overall efficiency. Eclerx is renowned for its ability to serve various sectors including financial services, telecommunications, retail, and entertainment, providing tailored services like data management, trade processing support, and digital marketing optimization. The firm's expertise lies in enhancing operational efficiencies and facilitating digital transformation for its clients. Eclerx Services Ltd.'s role in the financial market is significant as it aids companies in navigating complex business landscapes through robust analytical insights and cutting-edge technology. Its ability to deliver comprehensive process automation and operational support helps in driving value for businesses looking to optimize their operations and strategic initiatives. As a global player with a client-centric approach, Eclerx remains a vital cog in the wheel of modern business evolution, reinforcing its presence in an ever-growing competitive market.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: ECLERX
- Next results
- Chief executive
- Mr. Kapil Jain
- Employees
- 12,641
- Headquarters
- Mumbai, India
- ISIN
- INE738I01010
- Website
- eclerx.com
Public research · Report of
Business model & financial foundation
eClerx (NSE: ECLERX), Business process management, data analytics and digital operations: revenue of ₹4,117 crore in FY26 (+22.3% on FY25), an EBITDA margin of 25.5%, net profit of ₹706.2 crore and net cash of ₹895.4 crore.
- Revenue, FY26 (₹ crore)
- 4,117
- consolidated
- Revenue growth, FY26
- +22.3%
- on FY25
- EBITDA margin, FY26
- 25.5%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 706.2
- to owners
- Return on equity, FY26
- 29.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -895.4
- Net debt inclusive of leases and treasury liquidity
- Market capitalisation (₹ crore)
- 18,048
- at the close of 16 Oct 2026
Company profile
Mumbai-based listed specialist in business process management, data management, analytics, automation and digital operations. Serves global financial-services, telecom/media, fashion/luxury/retail, high-tech and manufacturing clients through overseas marketing and delivery entities. One reportable operating segment; consolidated accounts capture the international group and controlled employee share trust. All reported money is normalized to INR crore; source annual accounts use INR million.
| Item | Value |
|---|---|
| Legal name | eClerx Services Limited |
| Exchange and ticker | NSE: ECLERX; BSE: 532927 |
| ISIN | INE738I01010 |
| CIN | L72200MH2000PLC125319 |
| Sector | Information Technology |
| Industry | Business process management, data analytics and digital operations |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2024-09-19 term) |
| Market capitalisation | ₹18,048 crore (16 Oct 2026) |
| Shares outstanding | 9.20 crore shares (FY26) |
| Price | ₹1,998 (close, 16 Oct 2026) |
| 52-week range | ₹1,320 - ₹2,498 (to 16 Oct 2026) |
| Website | https://eclerx.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| eClerx Limited | 100% | UK; direct subsidiary, services/marketing |
| eClerx LLC | 100% | USA; direct, services/marketing; material subsidiary p127 |
| eClerx Private Limited | 100% | Singapore; direct, services/marketing |
| eClerx Investments (UK) Limited | 100% | UK; direct investment holding subsidiary |
| CLX Europe S.P.A. | 100% | Italy; held by eClerx Investments(UK); digital/creative services |
| eClerx BV | 100% | Netherlands; held by eClerx Investments(UK); services/marketing |
| CLX Europe Media Solution GmbH | 100% | Germany; held by CLX Europe S.P.A.; media services |
| CLX Europe Media Solution Limited | 100% | UK; held by Media Solution GmbH; media services |
| CLX Thai Company Limited | 49% | Thailand; held by CLX Europe S.P.A.; controlled/consolidated under IndAS110 despite49% voting stake |
| eClerx Canada Limited | 100% | Canada; held by eClerx Investments(UK); services/marketing |
| Personiv Eclipse Inc. | 100% | USA; eClerx LLC subsidiary; formerly Personiv Contact Centers LLC; absorbed ASEC/Eclipse Global FY26 |
| eClerx Philippines Inc. | 99.99% | Philippines; direct voting interest of Personiv Eclipse; BPM delivery; group BRSR says100% |
| AG Resources (India) Private Limited | 99.98% | India; direct voting interest of Personiv Eclipse; BPM delivery; group BRSR says100% |
| Personiv Contact Centers India Private Limited | 99.85% | India; direct voting interest of Personiv Eclipse; outsourcing services; group BRSR says100% |
| eClerx PTY Ltd. | 100% | Australia; held by eClerx Investments(UK); services/marketing |
| eClerx ME Information Technology Consultants LLC | 100% | UAE; held by eClerx Investments(UK); IT-enabled services |
| eClerx Switzerland SA | 100% | Switzerland; held by eClerx Investments(UK); services/marketing |
| eClerx Peru SAC | 99% | Peru; direct voting interest of eClerx Investments(UK); delivery; group BRSR says100% |
| eClerx Egypt | 99% | Egypt; direct voting interest of eClerx Investments(UK); delivery; group BRSR says100% |
| eClerx Employee Welfare Trust | n.d. | India; controlled and consolidated ESOP secondary-purchase trust, not equity subsidiary |
March2026:19 active companies plus controlled trust. holdingPct is immediate-parent voting stake Note30, not rounded BRSR group ownership. Legal shares9.4050718cr FV INR10; trust0.2020366cr; net accounting9.2030352cr. 1:1 bonus16Mar2026; EPS history restated. Internal ASEC/Eclipse Global mergers in capital. No listed parent established. EXL/Genpact excluded.
Business model
eClerx sells data management, analytics, digital operations, customer operations and finance and accounting process work to large enterprises, mainly in North America; it reports one segment. FY26 consolidated revenue was 4117.026cr, operating EBITDA (excluding other income) 1051.441cr and profit to owners 706.211cr, diluted EPS 74.42 after the 1:1 bonus. Revenue is billed mostly in USD; the CFO confirmed INR operating revenue includes hedge-book gains and losses, at an implied 91.5 INR/USD in Q1FY27. The company controls delivery headcount, pricing structures and hedging; it does not control client budgets, insourcing or AI-led price sharing.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Data management, analytics solutions and process outsourcing services | 4,117 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Firstsource Solutions (FSL) | Indian BPM/customer-operations analogue across BFS, healthcare and CMT; more healthcare/RCM weighted. |
| Sagility (SAGILITY) | Healthcare BPM, claims/RCM, engagement and AI/analytics overlap; US healthcare-only, unlike eClerx. FY25 AR board2Jul2025, S53:pp1-2,18,45; exact dispatch date not retrieved. |
| Datamatics Global Services (DATAMATICS) | Digital operations, F&A/BPM, automation and CX overlap; material IT-services and publishing mix. |
| Hinduja Global Solutions (HGS) | CX/back-office BPM analogue; material Indian digital-media/broadband business weakens comparability. |
| Latent View Analytics (LATENTVIEW) | Data/analytics/AI analogue for eClerx analytics; analytics/project-led rather than BPM, concentrated tech/US clients. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating revenue | 2,160 | 2,649 | 2,926 | 3,366 | 4,117 |
| Cost of revenue (vendor classification) * | 1,221 | 1,555 | 1,720 | 2,032 | 2,494 |
| Other operating costs (vendor classification) * | 193.9 | 276.7 | 312.0 | 225.9 | 398.4 |
| EBITDA (vendor classification) * | 678.6 | 767.8 | 837.4 | 878.0 | 1,141 |
| EBIT * | 582.0 | 674.2 | 712.8 | 753.4 | 977.3 |
| Finance cost | 21.5 | 21.2 | 23.5 | 34.9 | 42.1 |
| Profit before tax | 560.5 | 653.0 | 689.3 | 718.5 | 935.1 |
| Total income tax expense | 142.7 | 163.8 | 177.6 | 177.3 | 228.7 |
| Consolidated PAT including NCI | 417.8 | 489.2 | 511.7 | 541.3 | 706.5 |
| Diluted EPS post March2026 bonus (₹) | 81.05 | 97.15 | 52.19 | 56.04 | 74.42 |
| Employee benefits expense | 1,738 | 2,066 | 2,525 | ||
| Technical subcontractor costs | 65.8 | 81.4 | 92.8 | ||
| Other expenses | 346.5 | 410.6 | 448.3 | ||
| Other income | 65.6 | 86.5 | 101.2 | ||
| Depreciation and amortisation | 125.8 | 141.2 | 175.4 | ||
| Exceptional gain / (loss) | -1.84 | 0.00 | 0.00 | ||
| PAT attributable to NCI | 0.28 | 0.17 | 0.26 | ||
| PAT attributable to owners | 511.5 | 541.1 | 706.2 | ||
| EBITDA excluding other income | 774.8 | 808.1 | 1,051 | ||
| Share of equity-accounted associates | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Consolidated equity including NCI | 1,569 | 1,717 | 2,249 | 2,308 | 2,564 |
| Financial borrowings excluding leases | 163.1 | 193.6 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 420.3 | 418.0 | 354.0 | 541.7 | 696.8 |
| Billed plus unbilled trade receivables | 329.3 | 440.5 | 702.9 | 789.9 | 1,014 |
| Consumables inventories | 0.52 | 0.45 | 0.65 | 0.23 | 0.62 |
| MSME plus other trade payables | 16.7 | 18.1 | 75.5 | 78.6 | 100.0 |
| Net property, plant and equipment * | 119.4 | 259.0 | 362.1 | 494.8 | 538.9 |
| Capital work in progress * | 2.17 | 20.8 | 0.77 | 0.19 | 4.92 |
| Total assets | 2,070 | 2,288 | 2,916 | 3,146 | 3,697 |
| Other bank balances | 338.1 | 197.4 | 41.2 | ||
| Current treasury investments | 392.4 | 287.1 | 300.1 | ||
| Noncurrent investments total | 14.1 | 21.9 | 7.73 | ||
| Current plus noncurrent lease liabilities | 265.7 | 358.1 | 385.0 | ||
| Billed trade receivables net allowances | 496.0 | 495.4 | 666.5 | ||
| Unbilled trade receivables | 206.9 | 294.5 | 347.9 | ||
| Net debt inclusive of leases and treasury liquidity | -828.2 | -702.9 | -895.4 | ||
| Eligible unrestricted treasury liquidity | 1,094 | 1,061 | 1,280 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after taxes | 471.7 | 552.4 | 525.9 | 654.6 | 873.5 |
| Free cash flow (vendor definition) * | 383.1 | 401.8 | 458.5 | 533.1 | 754.3 |
| Dividends paid (the provider's sign: an outflow is negative) * | -3.42 | -3.33 | -4.82 | -4.70 | -4.70 |
| Cash purchases of PPE and intangibles including CWIP (outflow negative) | -60.5 | -90.1 | -67.4 | -121.5 | -119.1 |
| New ROU lease asset investment, not cash principal payment | 131.7 | 93.4 | 115.5 | ||
| Lease principal cash repayment, negative financing cashflow | -45.8 | -36.2 | -54.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end shares net of trust treasury, bonus-adjusted | 5.06 | 4.95 | 9.65 | 9.39 | 9.20 |
| Weighted-average diluted shares post2026 bonus | 9.80 | 9.66 | 9.49 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Operating revenue | 831.8 | 853.8 | 898.3 | 934.6 | 1,005 | 1,070 | 1,107 | 1,152 |
| Cost of revenue (vendor classification) * | 522.2 | 545.1 | 564.6 | 603.2 | 677.7 | 706.5 | 757.0 | |
| Other operating costs (vendor classification) * | 94.0 | 101.3 | -69.6 | 110.9 | 116.4 | 117.2 | 130.2 | |
| EBITDA (vendor classification) * | 228.8 | 228.1 | 233.9 | 234.7 | 306.3 | 313.4 | 283.1 | |
| EBIT * | 196.0 | 192.3 | 209.5 | 197.8 | 260.0 | 263.7 | 233.5 | |
| Finance cost | 8.12 | 8.28 | 10.8 | 9.69 | 10.8 | 9.91 | 11.7 | 14.9 |
| Profit before tax | 187.9 | 184.0 | 198.8 | 188.1 | 245.0 | 250.1 | 252.0 | 218.6 |
| Total income tax expense | 48.4 | 46.8 | 46.2 | 46.5 | 61.5 | 58.3 | 62.3 | 54.4 |
| Consolidated PAT including NCI | 139.5 | 137.2 | 152.5 | 141.6 | 183.5 | 191.8 | 189.7 | 164.2 |
| Diluted EPS post March2026 bonus (₹) | 14.58 | 14.28 | 15.90 | 14.82 | 19.05 | 19.90 | 20.04 | 17.61 |
| Employee benefits expense | 502.8 | 523.3 | 541.9 | 583.4 | 610.0 | 654.0 | 677.1 | 728.9 |
| Technical subcontractor costs | 19.4 | 21.8 | 22.7 | 19.8 | 19.9 | 23.6 | 29.4 | 28.1 |
| Other expenses | 94.0 | 101.3 | 115.1 | 110.9 | 103.8 | 116.4 | 117.2 | 130.2 |
| Other income | 13.1 | 20.6 | 31.9 | 14.1 | 27.2 | 30.1 | 29.8 | 17.9 |
| Depreciation and amortisation | 32.8 | 35.8 | 41.0 | 36.9 | 42.5 | 46.3 | 49.7 | 49.6 |
| Exceptional gain / (loss) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to NCI | -0.75 | 0.13 | 0.35 | -0.13 | 0.27 | -0.17 | 0.29 | -0.10 |
| PAT attributable to owners | 140.2 | 137.1 | 152.2 | 141.7 | 183.2 | 192.0 | 189.4 | 164.3 |
| EBITDA excluding other income | 215.7 | 207.5 | 218.6 | 220.5 | 271.1 | 276.3 | 283.6 | 265.2 |
| Equity-accounted associates (structural nil) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 38.1% | 22.6% | 10.5% | 15.1% | 22.3% |
| EBITDA margin | 26.5% | 24.0% | 25.5% | ||
| Net margin | 17.5% | 16.1% | 17.2% | ||
| Return on equity | 25.8% | 23.7% | 29.0% | ||
| Return on capital employed | 34.2% | 37.0% | 34.3% | 33.1% | 40.1% |
| Return on assets | 19.7% | 17.9% | 20.6% | ||
| Net debt (₹ crore) | -828.2 | -702.9 | -895.4 | ||
| Net debt / EBITDA | -1.07x | -0.87x | -0.85x | ||
| Interest cover | 27.0x | 31.9x | 30.4x | 21.6x | 23.2x |
| Asset turnover | 1.06x | 1.22x | 1.12x | 1.11x | 1.20x |
| Receivable days | 56 | 61 | 88 | 86 | 90 |
| Inventory days (on revenue) | 0 | 0 | 0 | 0 | 0 |
| Payable days (on revenue) | 3 | 2 | 9 | 9 | 9 |
| Cash conversion | 1.03x | 1.21x | 1.24x | ||
| Capex intensity | 2.8% | 3.4% | 2.3% | 3.6% | 2.9% |
| Free cash flow (₹ crore) | 411.2 | 462.3 | 458.5 | 533.1 | 754.3 |
| Dividend payout | 0.9% | 0.9% | 0.7% | ||
| EPS, diluted (₹) | 81.05 | 97.15 | 52.19 | 56.04 | 74.42 |
| Book value per share (₹) | 310.2 | 346.8 | 233.2 | 245.7 | 278.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt inclusive of leases and treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS post March2026 bonus).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Eclerx Services
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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