Claim Ledger
67% answered
Did management answer the analysts?
12 analyst questions audited, 3 evaded or deflected.
View Claim Ledger →
eClerx Services Ltd — Q4 FY26
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.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
eClerx ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई 1,135 करोड़ रुपये रही, जो पिछले साल की तुलना में 24% ज्यादा है। मुनाफा मार्जिन (EBITDA) 25.7% रहा, जो पिछली तिमाही से 280 आधार अंक बढ़ा। पूरे साल की कमाई 22% बढ़कर 4,217 करोड़ रुपये हुई, और शुद्ध मुनाफा (PAT) 30% बढ़कर 706 करोड़ रुपये हो गया। ग्रोथ मुख्य रूप से कम्युनिकेशन, मीडिया और टेक्नोलॉजी (CMT) सेक्टर, एनालिटिक्स और ऑटोमेशन, और पहली बड़ी AI डील से आई। कंपनी अगले साल भी अच्छी ग्रोथ की उम्मीद करती है, जिसमें मुनाफा मार्जिन 24-28% के बीच रहेगा। लेकिन एक जोखिम है: अमेरिका में ऑफशोर कॉल पर पाबंदी के प्रस्ताव से CMT सेक्टर पर असर पड़ सकता है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →
Risks
4 risks
Risk Intelligence
NPRM on offshore call restrictions
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
New deal wins (Q4)
$46M
+24% YoY
Annualized contract value (ACV) of new deals won in Q4, indicating strong pipeline conversion.
Analytics & automation revenue (FY26)
$90M
N/A
Full-year revenue from analytics and automation, a key growth driver and focus area.
Top 10 client concentration
59%
-400bps YoY
Reduced from 63-64% last year, reflecting successful portfolio diversification.
Attrition rate (Q4)
21%
N/A
Marginally up from Q2/Q3 but lower than historical levels; stable workforce.
What Changed vs Last Quarter
NEW
Top-quartile revenue growth in FY27
Management expects eClerx to be in the top quartile of its peer group for revenue growth in FY27.
NEW
Sequential EBITDA growth in FY27
Management expects to show sequential year-on-year EBITDA growth in FY27.
NEW
Q1 FY27 revenue stronger than Q4 FY26
Management expects Q1 FY27 to be stronger sequentially compared to Q4 FY26's performance over Q3.
UPDATED
EBITDA margin band of 24-28% for FY27
Management reaffirmed the EBITDA margin guidance range of 24-28% for FY27, consistent with FY26.
DROPPED
Q4 may be softer than first three quarters
Management cautioned that Q4 could see sequential decline due to quarterly volatility, but medium-term outlook remains positive.
DROPPED
Top-quartile growth among peers
Management aims to sustain growth in the top quartile of its peer group on a year-on-year basis.
DROPPED
ACV deal wins in FY26 to exceed FY25
Management expressed confidence that total ACV for FY26 will be higher than the previous fiscal year.
NEW RISK
NPRM on offshore call restrictions
Proposed US rule could limit offshore outsourcing for telecom/cable companies, impacting CMT vertical.
NEW RISK
AI deflationary pressure on contract values
Analyst raised concern that AI may reduce contract values; management acknowledged potential deflationary pressure but said it's early to quantify.
NEW RISK
Regulatory environment in financial services
Changes in financial regulation (e.g., new Fed chairman) could impact client spending on compliance and KYC.
NEW RISK
Softness in high-end fashion and luxury
CLX business had a sluggish year; management remains cautious on high-end fashion recovery.
RISK GONE
Geopolitical and macroeconomic uncertainty
Management cited cautious optimism due to global geopolitical and macroeconomic environment, which could impact client spending.
RISK GONE
Potential margin pressure from investments
Increased spending on sales, marketing, and AI/tech could compress margins, though management maintains 24-28% band.
RISK GONE
Q4 seasonal softness
Management flagged that Q4 may be softer than the first three quarters, partly due to fashion/luxury normalization and quarterly volatility.
RISK GONE
Agentic AI cannibalization risk
Analyst raised concern about AI-driven productivity reducing revenue per client; management downplayed near-term impact but acknowledged uncertainty.
Fast read
Guidance and risk preview
Management expects eClerx to be in the top quartile of its peer group for revenue growth in FY27.
Proposed US rule could limit offshore outsourcing for telecom/cable companies, impacting CMT vertical.
View Risks →