New deal wins (Q4)
$46M
+24% YoY
Annualized contract value (ACV) of new deals won in Q4, indicating strong pipeline conversion.
ECLERX
Other
15 May 2026
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.
✓ 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।
Key Numbers
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.
Management Guidance
Top-quartile revenue growth in FY27
Management expects eClerx to be in the top quartile of its peer group for revenue growth in FY27.
Management guidance growthEBITDA margin band of 24-28% for FY27
Management reaffirmed the EBITDA margin guidance range of 24-28% for FY27, consistent with FY26.
Management guidance marginsSequential EBITDA growth in FY27
Management expects to show sequential year-on-year EBITDA growth in FY27.
Management guidance marginsQ1 FY27 revenue stronger than Q4 FY26
Management expects Q1 FY27 to be stronger sequentially compared to Q4 FY26's performance over Q3.
Management guidance revenueKey Risks
NPRM on offshore call restrictions
Proposed US rule could limit offshore outsourcing for telecom/cable companies, impacting CMT vertical.
high · management_commentaryAI 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.
medium · analyst_questionRegulatory environment in financial services
Changes in financial regulation (e.g., new Fed chairman) could impact client spending on compliance and KYC.
medium · management_commentarySoftness in high-end fashion and luxury
CLX business had a sluggish year; management remains cautious on high-end fashion recovery.
low · management_commentaryNotable 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%.
Frequently Asked Questions
What was eClerx Services's revenue in Q4 FY26?
eClerx Services reported revenue of ₹1,107 Cr in Q4 FY26, representing a +24% change compared to the same quarter last year.
What guidance did eClerx Services management give for FY27?
Top-quartile revenue growth in FY27: Management expects eClerx to be in the top quartile of its peer group for revenue growth in FY27. EBITDA margin band of 24-28% for FY27: Management reaffirmed the EBITDA margin guidance range of 24-28% for FY27, consistent with FY26. Sequential EBITDA growth in FY27: Management expects to show sequential year-on-year EBITDA growth in FY27. Q1 FY27 revenue stronger than Q4 FY26: Management expects Q1 FY27 to be stronger sequentially compared to Q4 FY26's performance over Q3.
What are the key risks for eClerx Services in FY27?
Key risks include NPRM on offshore call restrictions — Proposed US rule could limit offshore outsourcing for telecom/cable companies, impacting CMT vertical.; 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.; Regulatory environment in financial services — Changes in financial regulation (e.g., new Fed chairman) could impact client spending on compliance and KYC.; Softness in high-end fashion and luxury — CLX business had a sluggish year; management remains cautious on high-end fashion recovery..
Did eClerx Services meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full eClerx Services Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.