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Last Updated: April 2, 2026, 2:51 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532927 | NSE: ECLERX

eClerx Services Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,063.91Overvalued by 28.31%vs CMP ₹1,484.00

P/E (20.9) × ROE (22.8%) × BV (₹279.00) × DY (0.03%)

₹780.89Overvalued by 47.38%vs CMP ₹1,484.00
MoS: -90% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,185.1422%Over (-20.1%)
Graham NumberEarnings₹665.0716%Over (-55.2%)
Earnings PowerEarnings₹412.4913%Over (-72.2%)
DCFCash Flow₹1,207.7413%Over (-18.6%)
Net Asset ValueAssets₹278.967%Over (-81.2%)
EV/EBITDAEnterprise₹765.979%Over (-48.4%)
Earnings YieldEarnings₹704.607%Over (-52.5%)
ROCE CapitalReturns₹622.389%Over (-58.1%)
Revenue MultipleRevenue₹357.845%Over (-75.9%)
Consensus (9 models)₹780.89100%Overvalued
Key Drivers: Wide model spread (₹279–₹1,208) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 11.4%

*Investments are subject to market risks

Investment Snapshot

74
eClerx Services Ltd scores 74/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 28.0% ExcellentROE 22.8% ExcellentD/E 0.11 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 1.77% (6mo) AccumulatingDII holding down 2.24% MF sellingPromoter increased by 0.72% Positive
Earnings Quality50/100 · Moderate
OPM contracting (29% → 26%) DecliningWorking capital: 59 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +21% YoY AcceleratingProfit (4Q): +29% YoY Strong
Industry Rank65/100 · Strong
P/E 20.9 vs industry 23.7 In-lineROCE 28.0% vs industry 19.3% Above peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:51 am

Market Cap 13,959 Cr.
Current Price 1,484
Intrinsic Value₹780.89
High / Low 2,498/1,058
Stock P/E20.9
Book Value 279
Dividend Yield0.03 %
ROCE28.0 %
ROE22.8 %
Face Value 10.0
PEG Ratio1.83

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for eClerx Services Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
eClerx Services Ltd 13,959 Cr. 1,484 2,498/1,05820.9 2790.03 %28.0 %22.8 % 10.0
Firstsource Solutions Ltd 15,193 Cr. 215 404/20121.6 61.82.56 %15.4 %15.0 % 10.0
AXISCADES Technologies Ltd 6,733 Cr. 1,584 1,779/72061.4 1630.00 %13.8 %12.7 % 5.00
eMudhra Ltd 3,257 Cr. 393 908/36531.7 98.20.32 %15.3 %12.1 % 5.00
Zaggle Prepaid Ocean Services Ltd 2,924 Cr. 217 470/18623.0 97.40.00 %13.0 %9.60 % 1.00
Industry Average5,854.87 Cr451.9723.74177.460.54%19.34%20.92%7.41

All Competitor Stocks of eClerx Services Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 6876936847227537677828328548989351,0051,070
Expenses 496486517517546571616616646680714734794
Operating Profit 191207167205207196166216207219221271276
OPM % 28%30%24%28%28%26%21%26%24%24%24%27%26%
Other Income 185814192321132132142730
Interest 56666688811101110
Depreciation 30322830343432333641374246
Profit before tax 173174141182187179148188184199188245250
Tax % 24%24%24%25%26%28%24%26%25%23%25%25%23%
Net Profit 131132107136139130112140137153142183192
EPS in Rs 25.8527.0421.6927.7328.2826.6222.7729.4328.7731.9329.7338.4440.29

Last Updated: February 6, 2026, 3:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 30, 2026, 6:30 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 8419421,3141,3301,3651,4311,4381,5642,1602,6482,9263,3663,908
Expenses 4866268338699981,1221,1111,1151,4981,9252,1502,5572,922
Operating Profit 355316482461368309326450662723776809986
OPM % 42%34%37%35%27%22%23%29%31%27%27%24%25%
Other Income 113236286149453424666487103
Interest 11121120212322243641
Depreciation 3350575248457182103114126141167
Profit before tax 332298460436380311281381560653689719882
Tax % 23%23%26%19%24%27%26%26%25%25%26%25%
Net Profit 256230342354290228209283418489512541669
EPS in Rs 21.1618.9027.9029.6525.0019.6618.8326.9941.0849.8352.1456.7870.46
Dividend Payout % 41%46%1%1%1%2%2%1%1%1%1%1%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-10.16%48.70%3.51%-18.08%-21.38%-8.33%35.41%47.70%16.99%4.70%5.66%
Change in YoY Net Profit Growth (%)0.00%58.85%-45.19%-21.59%-3.30%13.05%43.74%12.30%-30.72%-12.28%0.96%

eClerx Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:14%
5 Years:19%
3 Years:16%
TTM:16%
Compounded Profit Growth
10 Years:8%
5 Years:20%
3 Years:8%
TTM:10%
Stock Price CAGR
10 Years:18%
5 Years:55%
3 Years:46%
1 Year:53%
Return on Equity
10 Years:24%
5 Years:25%
3 Years:25%
Last Year:23%

Last Updated: September 5, 2025, 3:20 am

Balance Sheet

Last Updated: December 10, 2025, 2:37 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 30304140383836343348484747
Reserves 5596851,0521,1761,1671,3441,2701,4671,5341,6672,1992,2592,577
Borrowings 004162157175163194266358395
Other Liabilities 201242192182208201260315324365406475511
Total Liabilities 7909571,2881,3981,4191,5841,7231,9912,0552,2742,9193,1393,530
Fixed Assets 1551673653253433484807287137738439741,040
CWIP 11020010221104
Investments 115155219252165286437229196275406309439
Other Assets 5186347048209109508061,0331,1451,2061,6691,8562,048
Total Assets 7909571,2881,3981,4191,5841,7231,9912,0552,2742,9193,1393,530

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 195243418312305206333365444493526655
Cash from Investing Activity + -129-62-167-17526-23024-244-55-483143
Cash from Financing Activity + -84-115-165-245-304-54-308-188-416-440-107-610
Net Cash Flow -176686-10828-774917471-2-64188
Free Cash Flow 174182366283264154299326383403462539
CFO/OP 77%98%87%68%83%67%102%81%92%93%90%101%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow355.00316.00478.00460.00362.00307.00169.00275.00499.00529.00510.00451.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 434952596262606856618886
Inventory Days
Days Payable
Cash Conversion Cycle 434952596262606856618886
Working Capital Days 122252747270444647466159
ROCE %65%46%51%38%30%24%21%24%34%36%32%28%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters 53.61%53.61%53.61%53.61%53.61%53.81%53.81%53.81%53.81%53.81%53.81%54.53%
FIIs 12.62%12.13%11.81%12.19%11.78%10.31%10.27%10.12%10.16%10.95%11.39%11.93%
DIIs 20.89%21.64%22.91%22.75%22.49%24.02%24.19%25.12%26.04%25.72%25.31%23.80%
Government 0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Public 11.14%10.92%10.04%9.78%10.68%10.42%10.38%9.49%8.59%7.98%7.67%7.75%
Others 1.72%1.68%1.63%1.66%1.43%1.42%1.33%1.44%1.39%1.52%1.80%1.97%
No. of Shareholders 53,48449,71552,63949,1571,46,68058,04868,02569,42466,30065,92770,29669,313

Shareholding Pattern Chart

No. of Shareholders

eClerx Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Small Cap Fund 3,001,989 3.78 1396.293,141,2442026-02-23 03:29:50-4.43%
Nippon India Small Cap Fund 1,712,794 1.21 796.651,637,1362025-12-08 07:42:134.62%
DSP Small Cap Fund 1,105,918 3.19 514.381,571,1122025-12-07 00:37:57-29.61%
HSBC Small Cap Fund 763,808 2.36 355.26730,5812026-01-26 03:05:134.55%
HDFC Childrens Fund 713,844 3.2 332.02746,9572026-02-23 05:11:46-4.43%
HSBC Midcap Fund 469,329 1.79 218.29339,0872026-01-25 02:07:3338.41%
Motilal Oswal Small Cap Fund 266,872 2.25 124.13263,3362026-02-22 02:17:511.34%
Tata Digital India Fund 240,437 0.93 111.83N/AN/AN/A
ICICI Prudential Technology Fund 225,991 0.68 105.11257,4162026-02-22 02:17:51-12.21%
Axis Multicap Fund 222,950 1.14 103.7230,3512026-01-25 02:07:33-3.21%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 114.19106.1598.76123.8181.61
Diluted EPS (Rs.) 112.07104.3897.15121.5781.29
Cash EPS (Rs.) 145.33132.17125.58157.40107.16
Book Value[Excl.RevalReserv]/Share (Rs.) 491.01466.38357.36473.99441.60
Book Value[Incl.RevalReserv]/Share (Rs.) 491.01466.38357.36473.99441.60
Revenue From Operations / Share (Rs.) 716.75606.56551.25652.71460.06
PBDIT / Share (Rs.) 190.51174.25164.09207.02141.88
PBIT / Share (Rs.) 160.44148.17140.35175.84117.89
PBT / Share (Rs.) 153.01142.92135.94169.34111.93
Net Profit / Share (Rs.) 115.26106.10101.84126.2283.17
NP After MI And SOA / Share (Rs.) 115.22106.04101.77126.1183.09
PBDIT Margin (%) 26.5728.7229.7631.7130.83
PBIT Margin (%) 22.3824.4225.4526.9425.62
PBT Margin (%) 21.3423.5624.6625.9424.32
Net Profit Margin (%) 16.0817.4918.4719.3318.07
NP After MI And SOA Margin (%) 16.0717.4818.4619.3218.06
Return on Networth / Equity (%) 23.4622.7528.5026.6218.82
Return on Capital Employeed (%) 27.8528.0034.7932.9123.27
Return On Assets (%) 17.2017.4621.3620.1614.07
Long Term Debt / Equity (X) 0.000.000.000.000.09
Total Debt / Equity (X) 0.000.000.000.000.11
Asset Turnover Ratio (%) 1.111.121.220.870.71
Current Ratio (X) 4.565.173.924.214.21
Quick Ratio (X) 4.565.173.914.214.21
Inventory Turnover Ratio (X) 7719.870.000.000.000.00
Dividend Payout Ratio (NP) (%) 0.860.940.670.811.20
Dividend Payout Ratio (CP) (%) 0.680.750.540.650.93
Earning Retention Ratio (%) 99.1499.0699.3399.1998.80
Cash Earning Retention Ratio (%) 99.3299.2599.4699.3599.07
Interest Coverage Ratio (X) 25.6435.7937.2431.8423.79
Interest Coverage Ratio (Post Tax) (X) 16.5122.8724.1220.4114.95
Enterprise Value (Cr.) 12309.0310667.555774.257360.723440.89
EV / Net Operating Revenue (X) 3.663.652.183.412.20
EV / EBITDA (X) 13.7612.697.3310.747.13
MarketCap / Net Operating Revenue (X) 3.883.882.343.632.40
Retention Ratios (%) 99.1399.0599.3299.1898.79
Price / BV (X) 5.665.053.625.012.50
Price / Net Operating Revenue (X) 3.883.882.343.632.40
EarningsYield 0.040.040.070.050.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

eClerx Services Ltd. is a Public Limited Listed company incorporated on 24/03/2000 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L72200MH2000PLC125319 and registration number is 125319. Currently Company is involved in the business activities of Data processing, hosting and related activities; web portals. Company's Total Operating Revenue is Rs. 2431.52 Cr. and Equity Capital is Rs. 46.96 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Enabled ServicesSonawala Building, 1st Floor, 29 Bank Street, Mumbai Maharashtra 400023Contact not found
Management
NamePosition Held
Mr. Shailesh KekreChairman & Ind.Dire (Non-Exe)
Mr. Kapil JainManaging Director & Group CEO
Mr. Priyadarshan MundhraExecutive Director
Mr. Anjan MalikNon Executive Director
Mr. Naval Bir KumarInd. Non-Executive Director
Ms. Bala C DeshpandeInd. Non-Executive Director
Mr. Amit MajmudarInd. Non-Executive Director
Mr. Srinjay SenguptaInd. Non-Executive Director
Mr. Naresh Chand GuptaInd. Non-Executive Director

FAQ

What is the intrinsic value of eClerx Services Ltd and is it undervalued?

As of 12 April 2026, eClerx Services Ltd's intrinsic value is ₹780.89, which is 47.38% lower than the current market price of ₹1,484.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (22.8 %), book value (₹279), dividend yield (0.03 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of eClerx Services Ltd?

eClerx Services Ltd is trading at ₹1,484.00 as of 12 April 2026, with a FY2026-2027 high of ₹2,498 and low of ₹1,058. The stock is currently in the middle of its 52-week range. Market cap stands at ₹13,959 Cr..

How does eClerx Services Ltd's P/E ratio compare to its industry?

eClerx Services Ltd has a P/E ratio of 20.9, which is below the industry average of 23.74. This is broadly in line with or below the industry average.

Is eClerx Services Ltd financially healthy?

Key indicators for eClerx Services Ltd: ROCE of 28.0 % indicates efficient capital utilization; ROE of 22.8 % shows strong shareholder returns. Dividend yield is 0.03 %.

Is eClerx Services Ltd profitable and how is the profit trend?

eClerx Services Ltd reported a net profit of ₹541 Cr in Mar 2025 on revenue of ₹3,366 Cr. Compared to ₹418 Cr in Mar 2022, the net profit shows an improving trend.

Does eClerx Services Ltd pay dividends?

eClerx Services Ltd has a dividend yield of 0.03 % at the current price of ₹1,484.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in eClerx Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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