New Risk • Jul 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Jul 17
Eclerx Services Limited Announces Appointment of Hoshi Mistry as Principal – Customer Experience, Effective July 10, 2026 eClerx Services Limited announced that the Company appointed Mr. Hoshi Mistry as the Principal – Customer Experience, part of senior management of the Company, effective July 10, 2026. Hoshi joined eClerx during its formative years in 2002 and went on to spend more than two decades with the firm. He played a pivotal role in building and scaling several of company businesses, helping shape the operational excellence and client-first culture that continue to define eClerx. Since leaving the firm in February 2023, Hoshi served as Chief Operating Officer at GeBBS Healthcare Solutions where he led Revenue Cycle Management operations for a portfolio spanning several healthcare providers and insurance payers across the United States. In this role, he drove operational excellence by streamlining processes, optimizing financial performance, and enhancing client outcomes at scale. He also championed technology-enabled transformation initiatives, spearheading workflow automation, digitalization, and software innovation programs that improved efficiency, accelerated performance, and delivered measurable business impact. Hoshi holds a Bachelor of Engineering (B.E.) in Computer Science from University of Mumbai and Master of Technology (M.Tech.) in Computer Science from Indian Institute of Technology, Bombay. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,713, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the Professional Services industry in India. Total returns to shareholders of 91% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,652 per share. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Amit Majmudar was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: ₹76.34 (up from ₹57.10 in FY 2025). Revenue: ₹42.2b (up 25% from FY 2025). Net income: ₹7.06b (up 31% from FY 2025). Profit margin: 17% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,667, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Professional Services industry in India. Total returns to shareholders of 152% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,308 per share. Announcement • May 06
eClerx Services Limited to Report Q4, 2026 Results on May 13, 2026 eClerx Services Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 13, 2026 Buy Or Sell Opportunity • May 06
Now 21% overvalued Over the last 90 days, the stock has fallen 30% to ₹1,585. The fair value is estimated to be ₹1,311, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Price Target Changed • Apr 07
Price target decreased by 10% to ₹2,093 Down from ₹2,336, the current price target is an average from 10 analysts. New target price is 40% above last closing price of ₹1,494. Stock is up 19% over the past year. The company is forecast to post earnings per share of ₹73.07 for next year compared to ₹57.10 last year. Buy Or Sell Opportunity • Apr 06
Now 20% overvalued Over the last 90 days, the stock has fallen 37% to ₹1,503. The fair value is estimated to be ₹1,252, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Mar 10
Now 23% overvalued Over the last 90 days, the stock has fallen 29% to ₹3,139. The fair value is estimated to be ₹2,543, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹3,988, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Professional Services industry in India. Total returns to shareholders of 171% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,658 per share. Reported Earnings • Jan 29
Third quarter 2026 earnings: EPS exceeds analyst expectations Third quarter 2026 results: EPS: ₹40.81 (up from ₹29.16 in 3Q 2025). Revenue: ₹11.0b (up 29% from 3Q 2025). Net income: ₹1.92b (up 40% from 3Q 2025). Profit margin: 17% (up from 16% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 21
eClerx Services Limited to Report Q3, 2026 Results on Jan 28, 2026 eClerx Services Limited announced that they will report Q3, 2026 results on Jan 28, 2026 Price Target Changed • Oct 28
Price target increased by 16% to ₹4,850 Up from ₹4,172, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of ₹4,708. Stock is up 65% over the past year. The company is forecast to post earnings per share of ₹144 for next year compared to ₹114 last year. Reported Earnings • Oct 25
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: ₹39.00 (up from ₹29.66 in 2Q 2025). Revenue: ₹10.3b (up 24% from 2Q 2025). Net income: ₹1.83b (up 31% from 2Q 2025). Profit margin: 18% (in line with 2Q 2025). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.9%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 25
eClerx Services Limited (NSEI:ECLERX) announces an Equity Buyback for 666,666 shares, representing 1.4% for INR 3,000 million. eClerx Services Limited (NSEI:ECLERX) announces a share repurchase program. Under the offer, the company will repurchase up to 666,666 shares, representing 1.4% of its share capital for INR 3,000 million worth of its shares. The shares will be repurchased at a price not exceeding INR 4,500 per share. The repurchases will be funded via cash. The share repurchase program is subject to approval of shareholders by way of a special resolution through a postal ballot. As of October 17, 2025, the company had 47,650,359 issued and outstanding shares. Announcement • Oct 18
eClerx Services Limited to Report Q2, 2026 Results on Oct 24, 2025 eClerx Services Limited announced that they will report Q2, 2026 results on Oct 24, 2025 Upcoming Dividend • Aug 15
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 22 August 2025. Payment date: 10 October 2025. Payout ratio is a comfortable 0.9% and this is well supported by cash flows. The company last paid an ordinary dividend in May 2015. The average dividend yield among industry peers is 1.2%. Price Target Changed • Jul 31
Price target increased by 7.4% to ₹4,059 Up from ₹3,780, the current price target is an average from 9 analysts. New target price is 7.8% above last closing price of ₹3,766. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₹134 for next year compared to ₹114 last year. Price Target Changed • Jul 29
Price target increased by 7.5% to ₹4,026 Up from ₹3,746, the current price target is an average from 9 analysts. New target price is 8.0% above last closing price of ₹3,729. Stock is up 56% over the past year. The company is forecast to post earnings per share of ₹135 for next year compared to ₹114 last year. Reported Earnings • Jul 25
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: ₹30.16 (up from ₹23.13 in 1Q 2025). Revenue: ₹9.35b (up 20% from 1Q 2025). Net income: ₹1.42b (up 27% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 17
eClerx Services Limited to Report Q1, 2026 Results on Jul 24, 2025 eClerx Services Limited announced that they will report Q1, 2026 results on Jul 24, 2025 Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹3,408, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 32x in the Professional Services industry in India. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,016 per share. Price Target Changed • May 16
Price target increased by 7.5% to ₹3,430 Up from ₹3,191, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ₹3,300. Stock is up 45% over the past year. The company is forecast to post earnings per share of ₹132 for next year compared to ₹114 last year. Reported Earnings • May 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹114 (up from ₹106 in FY 2024). Revenue: ₹34.5b (up 18% from FY 2024). Net income: ₹5.41b (up 5.8% from FY 2024). Profit margin: 16% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 12
Now 25% overvalued Over the last 90 days, the stock has fallen 15% to ₹2,590. The fair value is estimated to be ₹2,079, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • May 08
eClerx Services Limited to Report Fiscal Year 2025 Results on May 14, 2025 eClerx Services Limited announced that they will report fiscal year 2025 results at 4:00 PM, Indian Standard Time on May 14, 2025 Buy Or Sell Opportunity • Apr 21
Now 22% overvalued Over the last 90 days, the stock has fallen 20% to ₹2,581. The fair value is estimated to be ₹2,115, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Mar 27
eClerx Services Limited Announces Appointment of Asma Sultana as Head - Human Resources eClerx Services Limited announced appointment of Asma Sultana as Head - Human Resources with effect from March 26, 2025. Asma is a seasoned Global HR Leader with over two decades of experience in Human Resources. She has successfully led the transformation of multiple global HR and Talent teams, driving strategies to attract and retain top talent. With a strong focus on people-centric, performance-driven programs, she has played a pivotal role in enhancing talent acquisition and retention. Asma joins us from Alorica, where she served as Head of HR for India and led Global Talent Management. Before Alorica, she was Senior Vice President of Leadership Hiring at Accenture (BPO). Earlier in her career, she also served as an HR Business Partner and Talent Strategist for Accenture (Technology), supporting multiple regions. Asma holds a Law degree from University Law College, Bangalore, and a Post Graduation in HR from XLRI Jamshedpur. Reported Earnings • Jan 30
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ₹29.16. Revenue: ₹8.54b (up 13% from 3Q 2024). Net income: ₹1.37b (down 1.1% from 3Q 2024). Profit margin: 16% (down from 18% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Professional Services industry in India. Announcement • Jan 22
eClerx Services Limited to Report Q3, 2025 Results on Jan 29, 2025 eClerx Services Limited announced that they will report Q3, 2025 results on Jan 29, 2025 Reported Earnings • Nov 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹29.66 (up from ₹28.20 in 2Q 2024). Revenue: ₹8.45b (up 17% from 2Q 2024). Net income: ₹1.40b (up 3.1% from 2Q 2024). Profit margin: 17% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 30
eClerx Services Limited to Report Q2, 2025 Results on Nov 05, 2024 eClerx Services Limited announced that they will report Q2, 2025 results on Nov 05, 2024 Price Target Changed • Oct 02
Price target increased by 8.6% to ₹2,878 Up from ₹2,650, the current price target is an average from 8 analysts. New target price is 6.6% below last closing price of ₹3,080. Stock is up 66% over the past year. The company is forecast to post earnings per share of ₹109 for next year compared to ₹106 last year. Announcement • Sep 19
eClerx Services Limited Declares Dividend for the Year Ended March 31, 2024 eClerx Services Limited announced that at its AGM held on September 19, 2024, shareholders declared INR 1 dividend per share for the year ended March 31, 2024. Upcoming Dividend • Aug 30
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 06 September 2024. Payment date: 19 October 2024. Payout ratio is a comfortable 0.9% and this is well supported by cash flows. The company last paid an ordinary dividend in May 2014. The average dividend yield among industry peers is 1.0%. Declared Dividend • Aug 16
Dividend of ₹1.00 announced Dividend of ₹1.00 is the same as last year. Ex-date: 6th September 2024 Payment date: 19th October 2024 Dividend yield will be 0.04%, which is lower than the industry average of 1.1%. Payout Ratios Payout ratio: 0.9421%. Cash payout ratio: 1%. Announcement • Aug 14
eClerx Services Limited, Annual General Meeting, Sep 19, 2024 eClerx Services Limited, Annual General Meeting, Sep 19, 2024, at 12:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: ₹23.13 (up from ₹22.12 in 1Q 2024). Revenue: ₹8.03b (up 17% from 1Q 2024). Net income: ₹1.12b (up 5.0% from 1Q 2024). Profit margin: 14% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 16% per year and the company’s share price has also increased by 16% per year. Buy Or Sell Opportunity • Aug 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.6% to ₹2,484. The fair value is estimated to be ₹2,045, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • May 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹106 (up from ₹98.76 in FY 2023). Revenue: ₹29.3b (up 11% from FY 2023). Net income: ₹5.11b (up 4.6% from FY 2023). Profit margin: 18% (down from 19% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 18
eClerx Services Limited Recommends Dividend eClerx Services Limited announced a dividend of INR 1, subject to shareholder approvals. Announcement • May 17
eClerx Services Limited (NSEI:ECLERX) announces an Equity Buyback for 1,375,000 shares, representing 2.8% for INR 3,850 million. eClerx Services Limited (NSEI:ECLERX) announces a share repurchase program. Under the offer, the company will repurchase up to 1,375,000 shares, representing 2.8% of its share capital for INR 3,850 million worth of its shares. The shares will be repurchased at a price not exceeding INR 2,800 per share. The share repurchase program is subject to approval of shareholders by way of a special resolution through a postal ballot. As of May 10, 2024, the company had 49,025,359 issued and outstanding shares. Announcement • May 11
eClerx Services Limited to Report Q4, 2024 Results on May 16, 2024 eClerx Services Limited announced that they will report Q4, 2024 results on May 16, 2024 Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Amit Majmudar was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Apr 25
Now 22% overvalued Over the last 90 days, the stock has fallen 6.0% to ₹2,454. The fair value is estimated to be ₹2,008, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Apr 10
eClerx Services Limited Appoints Manish Sharma as Its Chief Revenue Officer eClerx Services Limited announced the appointment of Manish Sharma as its new Chief Revenue Officer. Manish will play a pivotal role in driving the company's growth agenda while serving as a strategic business partner across the senior management team. He will be based in New York. With a focus on scalable and sustainable revenue generation, Manish will leverage his extensive experience to identify and capitalize on market trends, optimize eClerx's offerings, and expand capabilities. Drawing upon his proven leadership and deep understanding of various industries, Manish will build and nurture relationships to drive growth with clients and prospects. Prior to joining eClerx, Manish held key leadership positions at Infosys BPM, where he most recently served as the Head of Banking and Financial Services for the Americas. During his tenure, Manish achieved remarkable success, overseeing significant business growth, winning multiple deals, and enhancing client relationships through integrated solutions. Before his time at Infosys, Manish spent 13 years at Citigroup, where he held various leadership roles. His diverse background and comprehensive industry knowledge make him a valuable addition to the eClerx leadership team. Buy Or Sell Opportunity • Apr 01
Now 21% overvalued Over the last 90 days, the stock has fallen 5.0% to ₹2,379. The fair value is estimated to be ₹1,968, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Mar 27
eClerx Services Ltd Announces the Appointment of Karolina Kocalevski as Chief Marketing Officer eClerx Services Ltd. has announced the appointment of Karolina Kocalevski as its new Chief Marketing Officer. In her role, Karolina will serve as the chief brand ambassador for the company and will be responsible for the overall development and execution of the global brand, marketing, and PR strategy. Her role will be instrumental in elevating the company's brand positioning and accelerating growth initiatives. She will be based in New York City. Karolina has spent over 20 years in the global B2B marketing sphere, including seven years on leadership teams in the US. She has demonstrated experience in building brand equity and successfully driving growth through account-based-marketing (ABM) and demand generation initiatives. Karolina brings a wealth of experience from large global enterprises such as PwC, Thomson Reuters, McGraw-Hill and Deloitte, along with mid-sized private equity backed companies. She most recently served on the leadership team of Orion Innovation as VP, Global Head of Marketing and Communications, overhauling the company's corporate brand and marketing function. Karolina holds an MBA from the Johnson School at Cornell University and a Bachelor of Business (Accounting, International Marketing) from the University of Technology, Sydney. Her diverse background and track record of success make her a valuable addition to the eClerx leadership team. Announcement • Mar 21
eClerx Services Ltd. Welcomes Michael Hutchison as Principal of Customer Operations eClerx Services Ltd. announced the appointment of Michael Hutchison as Principal of its Customer Operations division. With his diverse industry background and extensive leadership experience, Michael brings a wealth of expertise and fresh perspectives to eClerx's dynamic business landscape. In his new role, Michael will oversee the customer operations client portfolio, with focus on sustaining organic growth and fostering new client acquisitions globally. eClerx's Customer Operations division currently serves multiple industries, including leading global communications, media and technology clients. It delivers holistic hyper-focused customer support services including frontline CX, field technical operations, omnichannel customer support, analytics services and technology solutions. Michael will be based in Austin Texas, one of the world's most vibrant tech hubs. Michael holds a BA in Management from Tecnológico de Monterrey (ITESM) and an MBA from INSEAD in France. In his impressive 17-year tenure at Teleperformance, he consistently demonstrated exceptional leadership and the ability to steer a company towards growth and innovation. From pioneering strategic initiatives as Chief Business Development Officer for the Nearshore Footprint division to driving business advancements as EVP of Strategic Account Management for the US and EMEA Markets, Michael has consistently delivered excellence throughout his career. His senior roles at McKinsey and Co, HEB and L'Oreal further highlight his leadership skills. Buy Or Sell Opportunity • Mar 14
Now 24% overvalued Over the last 90 days, the stock has fallen 4.1% to ₹2,443. The fair value is estimated to be ₹1,970, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Mar 07
eClerx Services Limited Appoints Amit Majmudar as Director in the Capacity of Non-Executive Independent Director eClerx Services Limited at the AGM, the shareholders approved appointment of Mr. Amit Majmudar (DIN: 00565425) as a Director in the capacity of Non-Executive Independent Director (with effect from April1, 2024). Buy Or Sell Opportunity • Feb 20
Now 22% overvalued Over the last 90 days, the stock has fallen 8.1% to ₹2,402. The fair value is estimated to be ₹1,963, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Price Target Changed • Feb 06
Price target increased by 10% to ₹2,841 Up from ₹2,576, the current price target is an average from 6 analysts. New target price is 6.1% above last closing price of ₹2,677. Stock is up 77% over the past year. The company is forecast to post earnings per share of ₹107 for next year compared to ₹98.76 last year. Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: ₹28.76 (up from ₹26.41 in 3Q 2023). Revenue: ₹7.74b (up 13% from 3Q 2023). Net income: ₹1.39b (up 5.7% from 3Q 2023). Profit margin: 18% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 26
eClerx Services Limited to Report Q3, 2024 Results on Feb 01, 2024 eClerx Services Limited announced that they will report Q3, 2024 results on Feb 01, 2024 Price Target Changed • Nov 13
Price target increased by 11% to ₹2,189 Up from ₹1,966, the current price target is an average from 6 analysts. New target price is 5.6% below last closing price of ₹2,319. Stock is up 64% over the past year. The company is forecast to post earnings per share of ₹107 for next year compared to ₹98.76 last year. Reported Earnings • Nov 11
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ₹28.20 (up from ₹25.35 in 2Q 2023). Revenue: ₹7.22b (up 11% from 2Q 2023). Net income: ₹1.36b (up 8.0% from 2Q 2023). Profit margin: 19% (in line with 2Q 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
eClerx Services Limited to Report Q2, 2024 Results on Nov 09, 2023 eClerx Services Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Price Target Changed • Nov 01
Price target increased by 8.1% to ₹1,966 Up from ₹1,818, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ₹1,980. Stock is up 51% over the past year. The company is forecast to post earnings per share of ₹104 for next year compared to ₹98.76 last year. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹2,150, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Professional Services industry in India. Total returns to shareholders of 351% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,697 per share. Announcement • Sep 15
eClerx Services Limited Declares Dividend for the Year Ended March 31, 2023 eClerx Services Limited at its AGM held on September 14, 2023, declared dividend for the year ended March 31, 2023 amounting to INR 1.00 per share. Announcement • Aug 24
eClerx Services Limited Proposes Dividend for the Year Ended March 31, 2023 The AGM of eClerx Services Limited will be held on September 14, 2023, proposed to declare dividend for the year ended March 31, 2023 amounting to INR 1/- per share. Upcoming Dividend • Aug 24
Upcoming dividend of ₹1.00 per share at 0.1% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 14 October 2023. Payout ratio is a comfortable 1.0% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.4%). Announcement • Aug 10
eClerx Services Limited, Annual General Meeting, Sep 14, 2023 eClerx Services Limited, Annual General Meeting, Sep 14, 2023, at 12:30 Indian Standard Time. Reported Earnings • Aug 10
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: ₹22.12 (up from ₹19.98 in 1Q 2023). Revenue: ₹6.92b (up 12% from 1Q 2023). Net income: ₹1.06b (up 7.2% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
eClerx Services Limited to Report Q1, 2024 Results on Aug 09, 2023 eClerx Services Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Board Change • Jun 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Independent Non-Executive Director Bala Deshpande was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 27
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹98.76 (up from ₹82.54 in FY 2022). Revenue: ₹27.1b (up 26% from FY 2022). Net income: ₹4.89b (up 17% from FY 2022). Profit margin: 18% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 26
eClerx Services Limited Recommends Dividend for the Financial Year Ended March 31, 2022 eClerx Services Limited at its Board Meeting Held on May 25, 2023 Recommended Dividend of INR 1/- per equity share of INR 10/- each for the financial year ended March 31, 2023, subject to the approval of the shareholders at the upcoming Annual General Meeting of the Company. Announcement • May 19
eClerx Services Limited to Report Q4, 2023 Results on May 25, 2023 eClerx Services Limited announced that they will report Q4, 2023 results on May 25, 2023 Reported Earnings • Feb 05
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: ₹26.41 (up from ₹21.15 in 3Q 2022). Revenue: ₹6.87b (up 23% from 3Q 2022). Net income: ₹1.31b (up 23% from 3Q 2022). Profit margin: 19% (in line with 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.8%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 26
eClerx Services Limited to Report Q3, 2023 Results on Feb 02, 2023 eClerx Services Limited announced that they will report Q3, 2023 results on Feb 02, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹25.35 (up from ₹19.67 in 2Q 2022). Revenue: ₹6.50b (up 24% from 2Q 2022). Net income: ₹1.26b (up 25% from 2Q 2022). Profit margin: 19% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.7%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹25.35 (up from ₹19.67 in 2Q 2022). Revenue: ₹6.50b (up 24% from 2Q 2022). Net income: ₹1.26b (up 25% from 2Q 2022). Profit margin: 19% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.7%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 11
eClerx Services Limited (NSEI:ECLERX) announces an Equity Buyback for INR 3,000 million worth of its shares. eClerx Services Limited (NSEI:ECLERX) announces a share repurchase program. Under the program, the company will repurchase up to INR 3,000 million worth of its shares. The shares will be repurchased at a price of INR 1,900 per share. The share repurchase program is subject to approval of shareholders by way of a special resolution through a postal ballot. Announcement • Nov 04
eClerx Services Limited to Report Q2, 2023 Results on Nov 10, 2022 eClerx Services Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Announcement • Sep 22
eClerx Services Limited Declares Dividend for the Year Ended March 31, 2022 eClerx Services Limited at its annual general meeting held on September 21, 2022 declared dividend for the year ended March 31, 2022 amounting to INR. 1/- per share. Announcement • Sep 10
eClerx Services Limited Announces Resignation of Ms. Roshini Bakshi as Additional (Non-Executive Independent) Director eClerx Services Limited informed that Ms. Roshini Bakshi has vide her resignation letter dated September 9, 2022, tendered her resignation from the position of Additional (Non-Executive Independent) Director of the company with effect from September 9, 2022, for the below mentioned reason; She is the Managing Director of the Private Equity Business of Everstone Capital Asia Pte Ltd. There are investments that the Everstone Group is evaluating that she is asked to lead, and this could lead to conflict with her role at eClerx as she will have access to confidential information that could compromise her position. She has therefore decided to step down from the eClerx Board. The Board of Directors also approved re-constitution of the following Committees of which Ms. Bakshi was a Member: Ms. Roshini Bakshi is also resigned as member of Stakeholders Relationship Committee. Composition of committee: Mr. Biren Gabhawala - Chairperson, Mr. Anish Ghoshal - Member and Mr. PD Mundhra - Member. Ms. Roshini Bakshi is also resigned as member of Nomination and Remuneration Committee. Composition of committee: Ms. Deepa Kapoor - Chairperson, Mr. Anjan Malik - Member, Mr. Shailesh Kekre - Member, Mr. Anish Ghoshal - Member and Mr. Srinjay Sengupta - Member. Announcement • Aug 10
eClerx Services Announces Resignation of Alok Goyal as Non-Executive Independent Director eClerx Services Limited at the board meeting approved Mr. Alok Goyal (DIN: 05255419) has vide his resignation letter dated August 9, 2022, as attached,resigned from the position of Non-Executive Independent Director of the Company with effect from close of business hours on August 9, 2022, due to his increasing engagement in other professional activities and responsibilities. The said resignation letter also confirms that there is no other material reason for his resignation other than that are mentioned in the letter. The Board of Directors of the Company took note of the above resignation at its meeting held i.e. August 9, 2022. Mr. Goyal was associated with eCierx since May 2012 and the Company has benefited significantly from his invaluable contribution. During his stint, he has always performed his duties diligently, and the Board places on record his va luable contribution and support. The Board of Directors also approved re-constitution of the following Committees on which Mr. Alok Goyal served as Chairperson/Member, as applicable: Name of Committee: Nomination and Remuneration Committee: Existing Composition: Ms. Deepa Kapoor - Chairperson: M r. Anish Ghosha l - Member: Mr. Alok Goyal - Member: Mr. Anjan Malik- Member: Mr. Shailesh Kekre- Member: Mr. Srinjay Sengupta - Member. Revised Composition: Ms. Deepa Kapoor - Chairperson; Mr. Anish Ghoshal- Member; Mr. Anjan Ma lik - Member; Mr. Shailesh Kekre- Member; Mr. Srinjay Sengupta - Member. Reported Earnings • Aug 10
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: ₹29.97 (up from ₹26.84 in 1Q 2022). Revenue: ₹6.40b (up 32% from 1Q 2022). Net income: ₹992.0m (up 8.6% from 1Q 2022). Profit margin: 16% (down from 19% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 13%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 10
eClerx Services Limited, Annual General Meeting, Sep 21, 2022 eClerx Services Limited, Annual General Meeting, Sep 21, 2022, at 12:30 Indian Standard Time. Announcement • Aug 03
eClerx Services Limited to Report Q1, 2023 Results on Aug 09, 2022 eClerx Services Limited announced that they will report Q1, 2023 results on Aug 09, 2022 Announcement • May 26
eClerx Services Limited Recommends Dividend for the Financial Year Ended March 31, 2022 eClerx Services Limited at its board meeting held on May 24, 2021 recommended Dividend of INR 1 per equity share of INR 10 each for the financial year ended March 31, 2022, subject to the approval of the shareholders at the upcoming Annual General Meeting (AGM) of the company. The Company shall inform the Stock Exchange(s) in due course about the date of AGM for financial year ended March 31, 2022, dates of book closure for purpose of entitlement of final dividend and date from which the dividend will be paid, if approved by shareholders. Reported Earnings • May 25
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: ₹124 (up from ₹81.61 in FY 2021). Revenue: ₹21.8b (up 40% from FY 2021). Net income: ₹4.17b (up 48% from FY 2021). Profit margin: 19% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year and the company’s share price has also increased by 31% per year. Announcement • May 18
eClerx Services Limited to Report Q4, 2022 Results on May 24, 2022 eClerx Services Limited announced that they will report Q4, 2022 results on May 24, 2022 Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Additional Non-Executive Independent Director Srinjay Sengupta was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₹2,469, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 30x in the IT industry in India. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,181 per share. Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹31.73 (up from ₹20.89 in 3Q 2021). Revenue: ₹5.63b (up 43% from 3Q 2021). Net income: ₹1.07b (up 50% from 3Q 2021). Profit margin: 19% (in line with 3Q 2021). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 14%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹2,414, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 31x in the IT industry in India. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,008 per share. Price Target Changed • Jan 18
Price target increased to ₹2,736 Up from ₹2,498, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹2,814. Stock is up 192% over the past year. The company is forecast to post earnings per share of ₹118 for next year compared to ₹81.61 last year. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₹2,793, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 33x in the IT industry in India. Total returns to shareholders of 162% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,250 per share. Price Target Changed • Dec 16
Price target increased to ₹2,498 Up from ₹2,331, the current price target is an average from 8 analysts. New target price is 11% above last closing price of ₹2,244. Stock is up 179% over the past year. The company is forecast to post earnings per share of ₹118 for next year compared to ₹81.61 last year. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Additional Non-Executive Independent Director Srinjay Sengupta was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS ₹29.50 (vs ₹17.74 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹5.24b (up 45% from 2Q 2021). Net income: ₹1.01b (up 65% from 2Q 2021). Profit margin: 19% (up from 17% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth.