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
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered3Evaded / deflected12Questions auditedConsistentNumbers vs filing
Evasive
High priority
Will FY27 growth momentum be lower than FY26 given softer exit?
Asked by Sepa, Equia Securities
Management declined to say whether FY27 growth would be lower or higher than FY26.
refused to compare growth ratesno specific guidance
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Question
last year for you was a very good exit on the run rate of the revenue plus the order book on a y while last year has grown at 50%. This time we are exiting slightly at a softer revenue growth with almost 23 24% growth in new ACV. So in this scenario you believe FI27 growth momentum could be lower versus FI26.
Capri (CEO)
for the full year we will be in the top quartile on the growth and 24 to 28% on aa and we will show a sequential growth in AIA for 27 also we are saying that we will be in the top quartile of the growth U in terms of whether it'll be lower or higher I think uh I wouldn't want to comment at this stage.
Answered
High priority
Will Q1 FY27 bounce back in growth trajectory?
Asked by Sepa, Equia Securities
Management explicitly stated Q1 should be better sequentially than Q4.
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Question
we very well called out Q4 being softer in Q3 call. Uh but now you believe one Q can bounce back in terms of growth trajectory and that could be true across one Q to 4Q.
Capri (CEO)
our pipeline is strong sep and our ACV conversions that we have reported are healthy and uh quarter and quarter abration may be there but I think given a good ACV closure in Q4 we expect that it should definitely be better than what we did in Q4 if you look at the sequential growth.
Answered
Medium priority
Will revenue ramp from large Agentic AI deal start in Q4 FY27?
Asked by Sepa, Equia Securities
Management confirmed the revenue ramp is expected to start from Q4 FY27.
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Question
you said in Q4 we had one of the large aentic AI deal which seems in consumer and retail but we won it in Q4 FY26. Do you believe revenue ramp up may start from Q4 FY27? Is it the right way of looking at it?
Capri (CEO)
I think we in F sorry sorry that is the right way. However we are seeing good traction on Agentic AI across our industry segments and we are having uh both we are building capability.
Answered
High priority
Was Q4 softer than expected and margin guidance for FY27?
Asked by Girish P, BB Capital Markets
Management confirmed margin guidance unchanged and Q4 was in line with expectations.
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Question
was 4Q softer than you had expected at the beginning of the quarter that's uh point number one. Second is the margin guidance for next year similar to that of FI26.
Capri (CEO)
on margin yes we would like to retain the same guidance between 24 to 28%. uh I think it was in line with what we had expected uh like and which is what we had told you guys uh during our Q3 results. So uh no it was not a surprise for us.
Answered
Medium priority
How is Agentic AI contract different from normal contracts?
Asked by Girish P, BB Capital Markets
Management stated the contractual nature is not very different.
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Question
On this agentic AI project that you kind of you said the deployment is going to start from one Q from a commercial structure structuring perspective. How is this different from the normal contracts that you you currently executing?
Capri (CEO)
the contractual nature is not very different in terms of what the other contracts have been.
Answered
Medium priority
Will rolloffs change due to AI?
Asked by Jimit
Management clearly stated rolloffs will not meaningfully change due to AI.
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Question
the rolloffs are generally in the band of 15 to 20% of revenue. So how do we expect this to uh say due to AI or say any potential inflation due to AI any questions are 15% of the typical will that change because of AI?
Capri (CEO)
We don't think that number is going to meaningfully change because um uh AI is another productivity tool um and it takes time to implement.
Answered
Medium priority
Why did subcon expenses increase as a percentage of revenue?
Asked by Rohit Toad
Management explained the increase was due to reclassification, not underlying trend.
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Question
your subcon expenses as a percentage of revenue has seen a significant increase uh on a sequential basis and currently it is at a multi-quarter high level. So what is driving the increase in subcon and how should the trajectory uh go from next few quarters?
CFO (name not stated)
There is a recclass of uh some expenses from um business promotion into subcon uh in this quarter uh which is for the full year which is why that number is appearing high but um on a BAU basis um if we exclude that then there is um no meaningful um change.
Evasive
High priority
How does ACV/TCV and margins change with Agentic AI?
Asked by Sepa, Equia Securities
Management avoided giving specific ACV/TCV or margin impact, instead gave a general answer.
refused to break down componentsno specific numbers
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Question
as you are gaining traction on the agentic AI and is there an instance where you were executing a process on a traditional input base where you have now transformed into agentic AI. So how does ACV TCV is changing and at a level or gross margin level is it margins also changing if you can give us some example it will help.
Capri (CEO)
these are not like mutually exclusive things. See our biggest advantage and I've been saying this I I think if you look at these in discrete manner agent tech domain IP a process headcount I'm sure companies who are looking it in that manner will never get it right.
Declined
Medium priority
Can you share scale of Agentic AI revenue?
Asked by Sepa, Equia Securities
Management said it's too early to share Agentic AI revenue scale.
declined to share revenue scale
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Question
Is it possible to share some scale up of agent revenue or it's too early and right now it's immaterial?
Capri (CEO)
It's it's little too early. I think see the point is if clients have to we have to stay relevant for clients business and get clients mind share right in terms of the share of the wallet.
Answered
High priority
What was the margin walk from FY25 to FY26?
Asked by Girish P, Dob Capital
Management provided detailed margin walk and wage hike impact.
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Question
what was the margin walk for FI26 versus FI25? What are the drivers of various drivers of margins and the wage hike? Will it be similar in impact for FI27 versus 26?
CFO (name not stated)
the wage hike impact in Q1 will be similar uh so typically about 300 to 350 basis points. The margin walk from uh 25 to 26 roughly is you know that on delivery and support uh employees cost it was uh broadly flat. GNA and SND costs is where uh most of the margin improvement showed up.
Partial answer
Medium priority
Will growth be even across quarters in FY27?
Asked by Girish P, Dob Capital
Management gave Q1 sequential view but refused to compare H1 vs H2.
declined to comment on half-year comparison
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Question
for fi27 uh do you think growth is going to be even across various quarters or do you think 1 H is going to be stronger than 2 H or vice versa?
Capri (CEO)
Q1 we expect to be stronger than Q4 uh quarter on quarter volatility uh may continue. I think I won't want to comment which half will be stronger whether H1 or H2.
Partial answer
High priority
Will FY27 deal bookings grow YoY?
Asked by Abhishek Bandari, Namura
Management expressed aspiration but did not commit to YoY growth in bookings.
aspirational languageno commitment
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Question
last year you had indicated that the deal bookings for FI 206 would be better than FI25 which actually turned out to be true. This year's deal booking are up almost 24% if I look at trading 12 month. Do you have any similar thoughts for FI27 in terms of deal booking?
Capri (CEO)
on the operating revenue we'll be in the top quartile on the bookings our aspiration is to definitely show year-on-year growth but it's a little difficult to predict uh because uh we showed a 24% growth and I I think we are optim like we are working towards showing an increase on y on y on the bookings as well
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| ACV bookings grew 24% in FY26 | 24% | 24% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.