eClerx Services Ltd(ECLERX)

NSE: ECLERXBSE: 532927

₹ 1,918.6+2.13%refreshed 27 Oct, 10:43 am ISTMarket cap: ₹ 18,045 crNext results: 28 Oct 2026Website: www.eclerx.comUpdated: 27 Oct 2026

About

eClerx Services is an Indian BPO/KPO firm that provides AI-powered analytics, digital operations, automation, and business process management to Fortune 500 enterprises across financial services, telecom, retail, and luxury sectors. In FY26 the company reported operating revenue of USD 469 million, with over 22,500 employees across 17 countries. eClerx is recognised as a Leader and Star Performer in Everest Group's Capital Markets and Financial Crime & Compliance operations assessments.^[1][2][3]

Business segments

BFSI accounted for 37.6% of revenue in Q1 FY27, down from 43.2% a year earlier, serving financial services clients on capital markets, compliance, and client lifecycle work.^[4]
Communication, Media & Telecom (CMT) grew across international delivery centres; management cited it as a strong-growth vertical with multi-quarter momentum through Q1 FY27.^[4][1]
Fashion & Luxury (CLX Europe subsidiary) was flat QoQ and up only 2% YoY in Q1 FY27; full-year FY27 growth guided at 0 - 2%.^[4]
Emerging vertical (led by Finance & Accounting) rose to 11.7% of revenue mix in Q1 FY27 from 5.9% a year earlier, marking four consecutive quarters of strong growth.^[4]
Analytics & Automation (A&A) crossed a USD 100 million annual run rate in Q1 FY27, growing 7% sequentially, well ahead of the company average.^[4]

Products and platforms

Proprietary platforms include QA360 for AI-powered quality assurance, FLUiiD4® and Merchandiser+ for content management, and Roboworx for Robotic Process Automation.^[2]
eClerx launched Roboworx CogniFlows, an Enterprise AI orchestration platform featuring a pre-built agentic workbench and integrations with leading frontier AI models.^[2]
CLX Europe subsidiary delivers fashion and luxury digital solutions including eCommerce campaigns, virtual try-ons, AR lookbooks, and digital asset management.^[2]
eClerx was one of the first five companies globally to receive ISO 42001:2023 certification, the world's first international standard for AI Management Systems.^[2]

Delivery operations and capacity

As of March 2026, the delivery footprint spans approximately 17,300 seats across facilities in India, the USA, the Philippines, Egypt, and Peru.^[2]
Offshore seat count was 15,420 in Q1 FY27; eClerx is adding ~1,600 seats across Mumbai, Pune, Chandigarh, Mohali, and Coimbatore in a staggered manner over Q2 FY27.^[4]
Coimbatore operations commenced in Q1 FY27; Manila headcount doubled in the 15 months to Q1 FY27; Cairo and Lima centres were set up 12 - 15 months prior.^[4]
eClerx operates across 17 countries with offices in Australia, Canada, France, Egypt, Germany, India, Italy, Netherlands, Middle East, Philippines, Peru, Singapore, Switzerland, Thailand, UK, and the USA.^[2]

Key operating metrics

Q1 FY27 USD operating revenue was $125.9 million, up 15.2% YoY and 2.8% QoQ, the 12th consecutive quarter of sequential growth; constant-currency YoY growth was 15.1%.^[4]
New deal ACV (excluding CLX) was $41 million in Q1 FY27, up 25% YoY; FY26 full-year ACV was $169.9 million versus $137.4 million in FY25.^[4][1]
Utilisation (staff, delivery) was 75.5% in Q1 FY27; offshore voluntary attrition was 18.1% on an LTM basis in Q1 FY27.^[4]
Total headcount was 22,499 in Q1 FY27, up 10% YoY (delivery); tech services headcount was 2,261 in Q1 FY27, up from 2,109 in Q4 FY26.^[4]
BPaaS billing mix was 19% of revenue in Q1 FY27; DSO was 79 days in Q1 FY27.^[4]
Exports represented 92% of total turnover in FY26.^[2]

Customers and concentration

Top-10 client revenue concentration was 60% in Q1 FY27, down from 63 - 64% in earlier periods, reflecting portfolio diversification as non-top-10 clients grew faster.^[4][5]
eClerx serves Fortune 500 enterprises across financial services, telecom, media & entertainment, luxury, retail & fashion, and manufacturing.^[2]
eClerx was recognised as Partner of the Year for a second consecutive year by one of the world's largest telecommunications providers.^[2]
Finance & Accounting expanded into APAC for one client in Q1 FY27 and is moving from SMB into mid-market client segments.^[4]

Expansion and capex

FY27 full-year capex guidance is INR 130 - 150 crore, supporting seat additions across Indian delivery centres and new international locations.^[4]
Approximately 1,600 additional seats to come online across Mumbai, Pune, Chandigarh, Mohali, and Coimbatore within 3 - 4 months of Q1 FY27.^[4]
Management is actively evaluating M&A targets, with discipline applied on capability fit, synergy, culture, and price.^[4]

Recent developments

In Q4 FY26, eClerx secured its first large-scale Agentic AI engagement win, with deployments planned from Q1 FY27; it also launched an agentic data sourcing platform and a KYC orchestrator live across clients.^[1]
In January 2026, eClerx completed a buyback extinguishing 625,000 shares; the Board had separately approved a INR 300 crore tender buyback at a floor price of INR 4,500 per share.^[5][6]
Over 10,000 employees completed a GenAI certification through a firm-wide upskilling programme delivered in partnership with the Technical University of Munich.^[2]
eClerx established foundational partnerships with Databricks and Adobe in FY26 to strengthen end-to-end AI capabilities and ecosystem reach.^[2]
eClerx received Forrester Notable Provider status for AI Consulting and Gartner Market Guide recognition for Market360 in FY26.^[2]

Market Cap

₹18,045 Cr

High / Low

₹2,493 / 1,319

Stock P/E

24.4

Price / Book

6.9

Book Value

₹272

EPS

₹75.1

No. of Shares

9.41 Cr

ROCE

35.3%

ROE

29.0%

OPM

23.2%

Debt / Equity

0.00

Sales

₹4,117 Cr

Net Profit

₹706 Cr

Promoter holding

54.5%

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