ECLERX · Services
eClerx Services Ltd. reported revenue of ₹1,152 cr for April to June 2026, +23.2% on the year and +4.1% on the quarter. That is faster than this quarter has grown in recent years (+16.9% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,334 cr, +23.2% on the four before.
Operating profit (EBITDA) was ₹265 cr, a margin of 23.0%, −95 bps on the year and −256 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 23.0% to 27.0%). Operating costs grew +24.8%, faster than revenue at +23.2%, so operating profit grew less than sales.
Net profit was ₹164 cr, +15.5% on the year and −13.7% on the quarter, with earnings per share of ₹17.47. Profit before other income, one-offs and tax grew 13.6%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹729 cr, +27.4% on the four before.
On earnings per share of ₹77.22 over the last four quarters, the stock at ₹1,527.50 trades at 19.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹753 cr | ₹767 cr | ₹782 cr | ₹832 cr | ₹854 cr | ₹898 cr | ₹935 cr | ₹1,005 cr | ₹1,070 cr | ₹1,107 cr | ₹1,152 cr | ₹1,189 cr |
| YoY | — | — | +14% | +15% | +13% | +17% | +20% | +21% | +25% | +23% | +23% | +18% |
| EBITDA margin | 27.5% | 25.6% | 21.2% | 26.0% | 24.2% | 24.4% | 24.0% | 27.0% | 25.8% | 25.6% | 23.0% | 23.9% |
| Other income, % of PBT | 10% | 13% | 14% | 7% | 11% | 16% | 6% | 11% | 12% | 12% | 8% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 28% | 24% | 26% | 25% | 23% | 25% | 25% | 23% | 25% | 25% | 24% |
| Net profit | ₹139 cr | ₹130 cr | ₹112 cr | ₹140 cr | ₹137 cr | ₹153 cr | ₹142 cr | ₹183 cr | ₹192 cr | ₹190 cr | ₹164 cr | ₹181 cr |
| YoY | — | — | +5% | +3% | −1% | +18% | +27% | +31% | +40% | +24% | +15% | −1% |
| Core profit YoY | — | — | −5% | +4% | −3% | +7% | +39% | +25% | +35% | +33% | +14% | −2% |
| EPS | ₹14.13 | ₹13.31 | ₹11.38 | ₹14.72 | ₹14.38 | ₹15.97 | ₹14.87 | ₹19.22 | ₹20.40 | ₹20.13 | ₹17.47 | ₹19.18 |
| Flags | · | · | 1 | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
eClerx Services Ltd. reported revenue of ₹1,152 cr (+23.2% on the year) and net profit of ₹164 cr (+15.5% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +13.6% on the year, against +15.5% for reported profit.
None of the 7 checks that could run raised a question.
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