ECLERX · Services
eClerx Services Ltd. reported revenue of ₹1,189 cr for July to September 2026, +18.3% on the year and +3.2% on the quarter. That is in line with how this quarter has grown in recent years (+18.0% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,518 cr, +22.4% on the four before.
Operating profit (EBITDA) was ₹284 cr, a margin of 23.9%, −308 bps on the year and +88 bps on the quarter. Over the last 8 quarters the margin has ranged from 23.0% to 27.0%, averaging 24.7%. Operating costs grew +23.3%, faster than revenue at +18.3%, so operating profit grew less than sales.
Net profit was ₹181 cr, −1.1% on the year and +10.4% on the quarter, with earnings per share of ₹19.18. Profit before other income, one-offs and tax fell 2.3%, so the profit growth came from the business itself. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹727 cr, +18.2% on the four before.
Of the 11 companies in Services that have reported Q2 FY27 so far, eClerx Services Ltd. ranks 7th on revenue growth; the sector median is +21.0%. Its margin moved −308 bps on the year against a sector median of +109 bps.
On earnings per share of ₹77.18 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 filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
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.
| 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 ₹1,189 cr (+18.3% on the year) and net profit of ₹181 cr (−1.1% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −2.3% on the year, against −1.1% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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