ECLERX · Services
eClerx Services Ltd. reported revenue of ₹1,005 cr for July to September 2025, +20.8% on the year and +7.5% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹3,692 cr, +17.8% on the four before.
Operating profit (EBITDA) was ₹271 cr, a margin of 27.0%, +100 bps on the year and +301 bps on the quarter. Over the last 8 quarters the margin has ranged from 21.2% to 27.5%, averaging 25.0%. Operating costs grew +19.2% against revenue growth of +20.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹183 cr, +30.7% on the year and +28.9% on the quarter, with earnings per share of ₹19.22. Profit before other income, one-offs and tax grew 24.6%, so 6 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹615 cr, +18.0% on the four before.
On earnings per share of ₹64.44 over the last four quarters, the stock at ₹1,527.50 trades at 23.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹722 cr | ₹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 |
| YoY | — | — | — | +14% | +15% | +13% | +17% | +20% | +21% | +25% | +23% | +23% |
| EBITDA margin | 28.4% | 27.5% | 25.6% | 21.2% | 26.0% | 24.2% | 24.4% | 24.0% | 27.0% | 25.8% | 25.6% | 23.0% |
| Other income, % of PBT | 8% | 10% | 13% | 14% | 7% | 11% | 16% | 6% | 11% | 12% | 12% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 28% | 24% | 26% | 25% | 23% | 25% | 25% | 23% | 25% | 25% |
| Net profit | ₹136 cr | ₹139 cr | ₹130 cr | ₹112 cr | ₹140 cr | ₹137 cr | ₹153 cr | ₹142 cr | ₹183 cr | ₹192 cr | ₹190 cr | ₹164 cr |
| YoY | — | — | — | +5% | +3% | −1% | +18% | +27% | +31% | +40% | +24% | +15% |
| Core profit YoY | — | — | — | −5% | +4% | −3% | +7% | +39% | +25% | +35% | +33% | +14% |
| EPS | ₹13.86 | ₹14.13 | ₹13.31 | ₹11.38 | ₹14.72 | ₹14.38 | ₹15.97 | ₹14.87 | ₹19.22 | ₹20.40 | ₹20.13 | ₹17.47 |
| Flags | · | · | · | 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 ₹1,005 cr (+20.8% on the year) and net profit of ₹183 cr (+30.7% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +24.6% on the year, against +30.7% for reported profit.
None of the 7 checks that could run raised a question.
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