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Swing Capital

eClerx Services Ltd

NSE: ECLERX BSE: 532927Finance

EClerx Services Ltd incorporated in 2000, provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure and technology companies[1]

₹1,475
52W: ₹1375 — ₹2498
PE 30.3 · Book ₹129 · +1043% vs book
Market Cap₹13,875 Cr
Stock P/E30.3Price to Earnings
ROCE41.7%Return on Capital
ROE35.6%Return on Equity
Div. Yield0.03%Face Value ₹10

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 28.3%
  • +Debtor days have improved from 79.3 to 60.8 days.

Weaknesses

  • −Stock is trading at 11.4 times its book value

Shareholding Pattern

Promoters54.53%
FIIs11.82%
DIIs23.95%
Public7.53%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.61%53.81%▲0.253.81%53.81%53.81%53.81%53.81%54.53%▲0.7
FIIs11.78%10.31%▼1.510.27%▼0.010.12%▼0.210.16%▲0.010.95%▲0.811.39%▲0.411.82%▲0.4
DIIs22.49%24.02%▲1.524.19%▲0.225.12%▲0.926.04%▲0.925.72%▼0.325.31%▼0.423.95%▼1.4
Public10.68%10.42%▼0.310.38%▼0.09.49%▼0.98.59%▼0.97.98%▼0.67.67%▼0.37.53%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales530561569612609642665691736766
Expenses395425465465481496522538562587
Operating Profit136136104148127146143153174179
OPM %26%24%18%24%21%23%21%22%24%23%
Net Profit969570988310893110126129
EPS ₹9.769.677.1710.248.7311.369.7511.5513.3913.72

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,858Cr, up 17.5% YoY. OPM at 23%.

Debt Position

Borrowings at ₹254Cr. Debt-to-equity ratio: 0.23x. Healthy balance sheet.

Institutional Flow

DIIs: 23.95% (+3.06pp change). FIIs: 11.82% (-0.80pp change). Promoters hold 54.53%.

Margin & Efficiency

ROCE declining from 46% (Mar 2015) to 42% (Mar 2026). Working capital days: 57.

Valuation

PE 30.3x with 41.7% ROCE. Price is 1043% above book value of ₹129. Dividend yield: 0.03%.

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