eClerx Services Limited — Quarter/year ended March 31, 2026
| Metrics |
FY26 Q4 |
Q-o-Q |
FY26 |
Y-o-Y |
| Revenue |
|
|
|
|
| OPG revenue (USD mm) |
$122.4 |
0.6% |
$468.9 |
17.9% |
| OPG revenue (INR mm) |
11,073 |
3.5% |
41,170 |
22.3% |
| Total revenue (INR mm) |
11,354 |
3.1% |
42,174 |
22.6% |
| Profit |
|
|
|
|
| OPG EBITDA (INR mm) |
2,841 |
2.8% |
10,523 |
28.2% |
| EBITDA (INR mm) |
3,121 |
1.5% |
11,526 |
28.8% |
| EBIT (INR mm) |
2,625 |
0.5% |
9,773 |
29.7% |
| Net profit (INR mm) |
1,894 |
-1.4% |
7,062 |
30.5% |
| Margin |
|
|
|
|
| OPG EBITDA (%) |
25.7% |
-15 bps |
25.6% |
117 bps |
| EBITDA (%) |
27.5% |
-42 bps |
27.3% |
132 bps |
| EBIT (%) |
23.1% |
-59 bps |
23.2% |
127 bps |
| Net profit (%) |
16.7% |
-75 bps |
16.7% |
101 bps |
| Fiscal Year |
Total Revenue (INR Mn) |
Q1 |
Q2 |
Q3 |
Q4 |
| FY21 |
15,645 |
– |
– |
– |
15,645 |
| FY22 |
21,603 |
– |
– |
– |
21,603 |
| FY23 |
26,479 |
– |
– |
– |
26,479 |
| FY24 |
29,225 |
– |
– |
– |
29,225 |
| FY25 |
33,659 |
7,819 |
8,318 |
8,538 |
8,983 |
| FY26 |
41,170 |
9,346 |
10,049 |
10,703 |
11,073 |
| Fiscal Year |
Total EBITDA |
Q1 |
Q2 |
Q3 |
Q4 |
| FY24 |
8,404 |
1,750 |
2,189 |
2,280 |
2,186 |
| FY25 |
8,946 |
1,873 |
2,288 |
2,281 |
2,505 |
| FY26 |
11,526 |
2,346 |
2,983 |
3,075 |
3,121 |
| Quarter/Fiscal Year |
ROE (%) |
| Q1 FY24 |
23.0% |
| Q2 FY24 |
27.5% |
| Q3 FY24 |
25.9% |
| Q4 FY24 |
23.2% |
| Q1 FY25 |
18.9% |
| Q2 FY25 |
27.4% |
| Q3 FY25 |
25.6% |
| Q4 FY25 |
26.4% |
| Q1 FY26 |
22.7% |
| Q2 FY26 |
27.9% |
| Q3 FY26 |
27.8% |
| Q4 FY26 |
29.5% |
| Fiscal Year |
Total PAT |
Q1 |
Q2 |
Q3 |
Q4 |
| FY24 |
5,115 |
1,063 |
1,360 |
1,386 |
1,305 |
| FY25 |
5,411 |
1,116 |
1,402 |
1,371 |
1,522 |
| FY26 |
7,062 |
1,417 |
1,832 |
1,920 |
1,894 |
| Fiscal Year |
Cash and Cash Equivalents |
Net Operating Cash Flow |
| FY22 |
6,805 |
4,482 |
| FY23 |
6,563 |
5,050 |
| FY24 |
10,839 |
5,259 |
| FY25* |
10,508 |
6,546 |
| FY26* |
12,810 |
8,729 |
| Fiscal Year |
Current Book Value per share |
Cash and Cash Equivalents per share |
| FY22 |
237 |
103 |
| FY23 |
179 |
68 |
| FY24 |
233 |
112 |
| FY25* |
246 |
112 |
| FY26* |
278 |
139 |
| Fiscal Year |
EBITDA Conversion |
| FY22 |
64.3% |
| FY23 |
62.4% |
| FY24 |
62.6% |
| FY25 |
73.2% |
| FY26 |
75.7% |
| Period |
Basic |
Diluted |
| FY25 |
57.1 |
56.0 |
| FY26 |
76.2 |
74.4 |
| Q4 FY26 |
20.5 |
20.0 |
| Fiscal Year |
Capex Components (Mn) |
Total |
| FY22 |
– |
533 |
| FY23 |
– |
684 |
| FY24 |
– |
864 |
| FY25 |
– |
1,202 |
| FY26 |
Light blue: 336
Brown: 267
Dark blue: 404 |
1,169 |
| Other Income |
FY26 Q4 |
FY26 Q3 |
FY26 Q2 |
FY26 Q1 |
FY25 Q4 |
| Investment Income |
122.1 |
124.0 |
108.4 |
105.5 |
100.7 |
| Revaluation Income* |
105.7 |
64.1 |
186.1 |
(32.1) |
(33.7) |
| Others |
53.0 |
125.3 |
9.4 |
31.9 |
115.5 |
| Total |
280.8 |
313.4 |
303.9 |
105.3 |
182.5 |
| Industry |
Q1’25 |
Q2’25 |
Q3’25 |
Q4’25 |
FY25 |
Q1’26 |
Q2’26 |
Q3’26 |
Q4’26 |
FY26 |
| BFSI |
41.8% |
43.8% |
43.7% |
43.7% |
43.3% |
43.2% |
41.4% |
40.1% |
38.7% |
40.8% |
| CMT |
26.4% |
26.1% |
25.2% |
25.7% |
25.8% |
25.4% |
25.9% |
25.0% |
26.6% |
25.7% |
| HiTech and M&D |
16.8% |
16.7% |
16.2% |
16.1% |
16.4% |
16.5% |
16.7% |
16.8% |
16.0% |
16.5% |
| Fashion & Luxury and Retail |
10.3% |
8.7% |
9.3% |
8.8% |
9.3% |
9.0% |
8.4% |
8.7% |
8.4% |
8.6% |
| Emerging |
4.7% |
4.8% |
5.5% |
5.7% |
5.2% |
5.9% |
7.7% |
9.5% |
10.2% |
8.4% |
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
| Fiscal Year |
Total ACV (MM) |
| FY22 |
102.1 MM |
| FY23 |
82.4 MM |
| FY24 |
91.0 MM |
| FY25 |
137.4 MM |
| FY26 |
169.9 MM |
| Quarter |
FY22 |
FY23 |
FY24 |
FY25 |
FY26 |
| Q1 |
19.4 |
19.6 |
18.2 |
26.8 |
32.3 |
| Q2 |
24.4 |
22.9 |
29.3 |
28.9 |
46.0 |
| Q3 |
22.6 |
18.3 |
24.4 |
33.0 |
45.5 |
| Q4 |
35.7 |
21.6 |
19.0 |
48.6 |
46.1 |
| Contract |
Year |
Currency |
Amount (mm) |
Avg. Rate (INR) |
| Matured Forwards |
|
|
|
|
|
Total FY25 |
USD |
$195.0 |
84.54 |
|
FY26 Q1 |
|
$52.8 |
85.25 |
|
FY26 Q2 |
|
$52.8 |
85.94 |
|
FY26 Q3 |
|
$52.8 |
86.22 |
|
FY26 Q4 |
|
$47.6 |
87.38 |
|
Total FY26 |
USD |
$206.0 |
$86.17 |
| Outstanding Forwards |
|
|
|
|
|
FY27 Q1 |
|
$60.4 |
88.26 |
|
FY27 Q2 |
|
$56.0 |
89.92 |
|
FY27 Q3 |
|
$42.6 |
89.93 |
|
FY27 Q4 |
|
$42.6 |
92.11 |
|
Total FY27 |
USD |
$201.6 |
89.89 |
|
FY28 Q1 |
|
$30.4 |
93.07 |
|
FY28 Q2 |
|
$19.7 |
94.56 |
|
FY28 Q3 |
|
$9.3 |
95.44 |
|
FY28 Q4 |
|
$4.5 |
97.39 |
|
Total FY28 |
USD |
$63.9 |
94.18 |
| Total Outstanding |
|
USD |
$265.5 |
$90.92 |
| Operating P&L |
FY26 |
OPR% |
FY25 |
OPR% |
FY26 Q4 |
OPR (%) |
FY26 Q3 |
OPR (%) |
| Operating Revenue $ |
$468.9 |
|
$397.6 |
|
$122.4 |
|
$121.7 |
|
| Total Revenue* |
42,174 |
|
34,396 |
|
11,354 |
|
11,017 |
|
| Operating Revenue |
41,170 |
|
33,659 |
|
11,073 |
|
10,703 |
|
| Cost of Revenues |
|
|
|
|
|
|
|
|
| Delivery and Support Employees Cost |
21,841 |
53.1% |
17,898 |
53.2% |
5,851 |
52.8% |
5,598 |
52.3% |
| General and Administrative Expenses |
|
|
|
|
|
|
|
|
| Facilities (Rent and Electricity) |
597 |
1.5% |
632 |
1.9% |
154 |
1.4% |
159 |
1.5% |
| Technological Services (Communications, AMC) |
961 |
2.3% |
809 |
2.4% |
237 |
2.1% |
243 |
2.3% |
| Administrative Services (Transport, HK, Security) |
444 |
1.1% |
380 |
1.1% |
115 |
1.0% |
118 |
1.1% |
| Legal and Professional Fees |
701 |
1.7% |
579 |
1.7% |
183 |
1.7% |
190 |
1.8% |
| Provision / Written off for Bad Debt |
1 |
0.0% |
7 |
0.0% |
(14) |
-0.1% |
(7) |
-0.1% |
| CSR & Donation |
107 |
0.3% |
104 |
0.3% |
28 |
0.3% |
23 |
0.2% |
| Others |
687 |
1.7% |
631 |
1.9% |
199 |
1.8% |
167 |
1.6% |
| Total G&A |
3,499 |
8.5% |
3,142 |
9.3% |
902 |
8.1% |
894 |
8.3% |
| Selling and Distribution |
5,306 |
12.9% |
4,409 |
13.1% |
1,478 |
13.4% |
1,450 |
13.5% |
| Operating EBITDA |
10,523 |
25.6% |
8,209 |
24.4% |
2,841 |
25.7% |
2,762 |
25.8% |
| EBITDA^ |
11,526 |
27.3% |
8,946 |
26.0% |
3,121 |
27.5% |
3,075 |
27.9% |
| Depreciation and Amortization (Inc. rent as per IND AS116) |
**1, |
|
|
|
|
|
|
|
