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Data analytics and process outsourcing company serving financial services, cable/telecom and retail clients globally.
Data analytics and process outsourcing company serving financial services, cable/telecom and retail clients globally.
Provides teams of analysts and process workers, mostly based in India, and is paid by clients on fixed-price, per-transaction or time-and-effort contracts, so revenue grows with the number of people it deploys. A few big banks and cable companies have historically been a large part of sales.
In one line: India's niche KPO peer, akin to a smaller WNS for analytics-heavy outsourcing.
Moat: narrow (process know-how, switching costs). Deep process/domain expertise in niche analytics-heavy outsourcing builds sticky, long-term client relationships.
Headquarters: Mumbai, India · Founded: 2000 · Employees: 22,600
Size eClerx Services (ECLERX.NS) is an India Industrials company (Miscellaneous Commercial Services) with a market value of $1.59B, the 442nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,601 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against -11.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 22.4% over the last twelve months (peer median +3.7%); the operating margin is 20.1% (peer median 9.7%).
Valuation It trades at 19.4× forward earnings against a peer median of 20.6× (9th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.3 points above its cost of capital (14.7% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹45.2B | ₹41.2B | ₹33.7B | ₹29.3B | ₹26.5B |
| Revenue growth | — | +22% | +15% | +10% | — |
| Gross profit | ₹14.0B | ₹12.5B | ₹10.2B | ₹9.49B | ₹8.84B |
| EBITDA | ₹11.1B | ₹10.7B | ₹8.32B | ₹7.85B | ₹7.30B |
| Net income | ₹7.26B | ₹7.06B | ₹5.41B | ₹5.11B | ₹4.89B |
| Free cash flow | n/a | ₹7.44B | ₹5.25B | ₹4.56B | ₹4.08B |
| Capital expenditure | n/a | ₹1.19B | ₹1.21B | ₹674M | ₹908M |
| Total debt | ₹5.11B | ₹3.85B | ₹3.58B | ₹2.66B | ₹1.94B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| eClerx Services ECLERX.NS | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% |
| Genpact G | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% |
| Firstsource Solutions FSL.NS | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ECLERX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.6% | -0.7% | 5th lowest of 21 |
| 6-month return | +0.4% | -11.4% | 8th highest of 21 |
| Distance from 52-week high | -35.9% | -36.5% | 10th highest of 21 |
| Revenue growth (TTM) | +22.4% | +3.7% | 4th highest of 21 |
| Operating margin | 20.1% | 9.7% | 2nd highest of 21 |
| Forward P/E | 19.4× | 20.6× | 9th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 17.2% | 3.9% | 4th most demanding of 16 |
| Growth delivered (Del g) | +21.4% | +7.3% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | -4.1 pp | -9.0 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +15.3 pp | +1.1 pp | 2nd highest of 19 |
| EV / EBITDA | 13.0× | 8.6× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.6× | 1.4× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| eClerx Services ECLERX.NS | India | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% | +21.4% |
| PharmaBlock Sciences (Nanjing) 300725.SZ | China | $1.61B | +16% | +11% | 11% | 44.6× | 27.8% | +14.1% |
| MEITEC 9744.T | Japan | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% | +7.3% |
| Offcn Education Technology 002607.SZ | China | $1.56B | -36% | -2% | 13% | 38.8× | 17.7% | -27.6% |
| Healthcare Services HCSG | United States | $1.64B | +5% | +4% | 6% | 20.6× | 3.4% | +0.9% |
| AEM AWX.SI | Singapore | $1.55B | -18% | +15% | 11% | 23.4× | 15.4% | -5.1% |
| Kruk KRU.WA | Poland | $1.65B | -22% | +8% | 77% | 6.9× | -2.1% | +16.8% |
| Yangzhou Tinfulong 603406.SS | China | $1.53B | -25% | -4% | 12% | n/a | 7.5% | +10.6% |
| Moltiply MOL.MI | Italy | $1.53B | +6% | +32% | 15% | 14.6× | 10.8% | +21.0% |
| Guangdong Feinan Resources Recycling 301500.SZ | China | $1.68B | -31% | +42% | 7% | n/a | n/a | n/a |
| AFRY AFRY.ST | Sweden | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% | +6.3% |
| Foxtron Vehicle Technologies 2258.TW | Taiwan | $1.50B | +1% | -50% | -132% | n/a | n/a | n/a |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |
| Visual China 000681.SZ | China | $1.71B | -25% | -9% | 4% | 44.0× | n/a | n/a |
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| GRG Metrology & Test 002967.SZ | China | $1.72B | -16% | +13% | 13% | 22.7× | 3.9% | +14.4% |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Ipsos IPS.PA | France | $1.74B | -3% | +3% | 12% | 7.0× | -10.8% | +6.6% |