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View Risks →eClerx Services Limited — Q3 FY26
eClerx delivered a strong Q3 FY26 with operating revenue of INR 1,073 million (up 5.4% QoQ in USD), EBITDA margin of 28% (up 190 bps YoY), and PAT of INR 192 million (17.5% margin).
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eClerx delivered a strong Q3 FY26 with operating revenue of INR 1,073 million (up 5.4% QoQ in USD), EBITDA margin of 28% (up 190 bps YoY), and PAT of INR 192 million (17.5% margin). Growth was broad-based across verticals, with particular strength in emerging businesses (FAO, order management) and high-tech/M&D. Deal wins totaled $45 million in ACV, and top-10 client concentration improved to 60%. Management noted healthy demand but flagged potential Q4 softness due to quarterly volatility. Agentic AI pilots are progressing, with no cannibalization observed. Risks include geopolitical/macroeconomic headwinds and potential margin pressure from investments in sales and AI.
ईक्लर्क्स ने वित्त वर्ष 2026 की तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई 1,073 करोड़ रुपये रही, जो पिछली तिमाही से 5.4% बढ़ी। मुनाफा 192 करोड़ रुपये (17.5% मार्जिन) रहा। कंपनी ने हर क्षेत्र में अच्छा काम किया, खासकर नए कारोबार (जैसे ऑर्डर प्रबंधन) और टेक्नोलॉजी में। 4.5 करोड़ डॉलर के नए सौदे जीते। शीर्ष 10 ग्राहकों पर निर्भरता 60% रही। प्रबंधन ने कहा कि मांग अच्छी है, लेकिन अगली तिमाही में उतार-चढ़ाव हो सकता है। एआई परीक्षण चल रहे हैं, लेकिन अभी नौकरियों पर कोई असर नहीं दिखा। जोखिमों में भू-राजनीतिक अनिश्चितता और बिक्री/एआई में निवेश से मुनाफे पर दबाव शामिल है।
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Read Transcript →Quarter Snapshot
Deal wins (ACV)
$45M
+12.5% YoY
Total annual contract value of deals won in Q3, indicating strong sales momentum.
Top 10 client concentration
60%
-2pp YoY
Reduced concentration reflects successful diversification across client base.
Utilization rate
1.4%
+1.4pp QoQ
Sequential improvement in utilization, contributing to delivery cost efficiencies.
DSO
78 days
+2 days QoQ
Slight increase in days sales outstanding, but remains within manageable range.
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Guidance and risk preview
Management cautioned that Q4 could see sequential decline due to quarterly volatility, but medium-term outlook remains positive.
Management cited cautious optimism due to global geopolitical and macroeconomic environment, which could impact client spending.
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