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Revenue
₹1,107 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹284.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
eClerx delivered a strong Q4 FY26 with revenue of INR 1,135 crore, up 24% YoY, and EBITDA margin of 25.7%, expanding 280bps sequentially. Full-year revenue grew 22% in INR terms to INR 4,217 crore, with PAT up 30% to INR 706 crore. Growth was driven by CMT (7% QoQ), analytics & automation reaching USD 90 million, and a first large agentic AI win. Management guides for top-quartile growth in FY27 with EBITDA margin band of 24-28% and expects Q1 to be stronger sequentially. Key risk: proposed NPRM on offshore call restrictions could impact CMT vertical if enacted.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects eClerx to be in the top quartile of its peer group for revenue growth in FY27.
- Management reaffirmed the EBITDA margin guidance range of 24-28% for FY27, consistent with FY26.
- Management expects to show sequential year-on-year EBITDA growth in FY27.
- Management expects Q1 FY27 to be stronger sequentially compared to Q4 FY26's performance over Q3.
Risks flagged
- Proposed US rule could limit offshore outsourcing for telecom/cable companies, impacting CMT vertical.
- Analyst raised concern that AI may reduce contract values; management acknowledged potential deflationary pressure but said it's early to quantify.
- Changes in financial regulation (e.g., new Fed chairman) could impact client spending on compliance and KYC.
- CLX business had a sluggish year; management remains cautious on high-end fashion recovery.
Key quotes
- Analytics and automation is now a USD 90 million book. That is a significant milestone and this area will continue to attract focused investment and management attention.
- We are not shying away in cannibalizing our own revenue. There are instances where whether it's client paid or our own investment. We are in here for long-term.
- We will be in the top quartile of growth in FY27. We would be in the EBITDA range of 24 to 28%.
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