eClerx Services LimitedQ2 FY27 Results & Financial Update
eClerx Services Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,188.66 Cr, PAT ₹180.60 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore eClerx Services Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended September 30, 2026 (Q2 FY27), eClerx Services reported consolidated operating revenue of INR 1,188.66 crore, marking an increase compared to INR 1,004.85 crore in the corresponding period of the previous year and INR 1,152.36 crore in the preceding quarter. Total income for the period stood at INR 1,212.65 crore.
Consolidated profit after tax (PAT) for Q2 FY27 reached INR 180.60 crore, reflecting growth compared to INR 164.24 crore in Q1 FY27, while remaining close to INR 183.46 crore posted in Q2 FY25. Basic earnings per share (EPS) for the quarter was recorded at INR 17.86.
Operating performance during the quarter was influenced by scaling delivery headcount, which reached 23,269 employees across global centres, alongside stable offshore staff utilization rates averaging 74.9% during the period.
The company's top-line growth was supported by steady demand across its key industry verticals, with the banking, financial services, and insurance (BFSI) sector accounting for 38.1% of revenue mix, followed by communications, media, and technology (CMT) at 25.8%.
Geographic concentration remained anchored in North America, which represented 82% of total revenues during Q2 FY27, while Europe and rest-of-the-world markets contributed 14% and 4% respectively.
The company maintained a robust balance sheet with total shareholder funds standing at INR 29,181.36 million as of September 30, 2026, supported by strong net current assets and active management of hedge portfolios covering USD exposures.
01 · Business model
What does eClerx Services do?
eClerx Services Limited operates as a specialized global provider of AI-powered analytics, digital operations, automation, and business process management (BPM) solutions. The company assists Fortune 500 enterprises in streamlining core workflows, managing complex data operations, and deriving actionable insights across multiple industry verticals.
The enterprise delivers services across major global markets including the Americas, Europe, and the Asia-Pacific region. Its operations span multiple delivery hubs, leveraging a blend of offshore and onshore delivery models tailored to enterprise clients in financial services, communications, high-tech, retail, and manufacturing.
The business revenue model relies on long-term client engagements across digital operations, analytics, and automation platforms (BPaaS). Service delivery is structured around strategic client relationships, with a significant concentration of revenues driven by top-tier enterprise accounts across major currencies.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,188.66 Cr | ₹1,004.85 Cr | ₹1,152.36 Cr |
| Total income | ₹1,212.65 Cr | ₹1,035.22 Cr | ₹1,170.22 Cr |
| Profit before tax | ₹236.88 Cr | ₹245.00 Cr | ₹218.61 Cr |
| Profit after tax | ₹180.60 Cr | ₹183.46 Cr | ₹164.24 Cr |
| EPS | ₹17.86 | ₹19.50 | ₹17.61 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 15.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 19.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹23.99 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
BFSI contributed 38.1% of Q2 FY27 revenue, CMT accounted for 25.8%, Hi-Tech and M&D represented 16.0%, Fashion & Luxury and Retail contributed 7.5%, and Emerging sectors represented 12.6%.
The top 10 clients contributed 60% of total revenue in Q2 FY27, showing stable account management and continued reliance on core enterprise relationships.
What drove margins
Employee benefit expenses for the consolidated group were reported at INR 7,411.38 million for Q2 FY27, reflecting ongoing investments in talent to support delivery scale.
Total expenses for the quarter included technical sub-contractor costs of INR 281.05 million, depreciation and amortization of INR 496.07 million, and finance costs of INR 148.79 million.
04 · Demand, customers & order book
Where demand is coming from
Clients generating between USD 500k-1mm in TTM revenue numbered 41, those in the USD 1mm-3mm tier stood at 32, and clients with over USD 3mm numbered 25 during Q2 FY27.
BPaaS billing mix stood at 19% of revenue, while onshore revenue accounted for 17% in Q2 FY27.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group continues to operate under a single reportable segment encompassing data management, analytics solutions, and process outsourcing services.
Geography and market mix
Operations span 17 countries with an overall delivery headcount of 23,269 employees as of September 30, 2026, up from 21,415 employees a year ago.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Delivery staff utilization was recorded at 74.9% for Q2 FY27, with India seat count expanding to 16,824 seats.
07 · Reported developments
What changed operationally
Consolidated operating revenue for Q2 FY27 grew to INR 1,188.66 crore compared to INR 1,004.85 crore in Q2 FY25.
Total delivery headcount grew to 23,269 employees, reflecting an 8.7% year-over-year increase in operational capacity.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Days Sales Outstanding (DSO) stood at 79 days at the end of Q2 FY27, consistent with levels seen in the previous quarter.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Review
The consolidated financial results for Q2 FY27 were reviewed by the Audit Committee and approved by the Board of Directors on October 28, 2026, with an unmodified review report issued by the statutory auditors.
10 · Previous-quarter changes
What changed since the previous quarter
Consolidated operating revenue increased from INR 1,152.36 crore in Q1 FY27 to INR 1,188.66 crore in Q2 FY27.
Consolidated PAT rose sequentially from INR 164.24 crore in Q1 FY27 to INR 180.60 crore in Q2 FY27.
11 · Key Q&A
The quarter, answered directly
What does eClerx Services do?
eClerx Services Limited operates as a specialized global provider of AI-powered analytics, digital operations, automation, and business process management (BPM) solutions. The company assists Fortune 500 enterprises in streamlining core workflows, managing complex data operations, and deriving actionable insights across multiple industry verticals.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026 (Q2 FY27), eClerx Services reported consolidated operating revenue of INR 1,188.66 crore, marking an increase compared to INR 1,004.85 crore in the corresponding period of the previous year and INR 1,152.36 crore in the preceding quarter. Total income for the period stood at INR 1,212.65 crore.
What drove revenue or demand?
BFSI contributed 38.1% of Q2 FY27 revenue, CMT accounted for 25.8%, Hi-Tech and M&D represented 16.0%, Fashion & Luxury and Retail contributed 7.5%, and Emerging sectors represented 12.6%.
What mattered most for margins or profitability?
Employee benefit expenses for the consolidated group were reported at INR 7,411.38 million for Q2 FY27, reflecting ongoing investments in talent to support delivery scale.
What changed operationally beyond the headline numbers?
Delivery staff utilization was recorded at 74.9% for Q2 FY27, with India seat count expanding to 16,824 seats.
What should the next disclosure help confirm?
Monitor the revenue contribution from top 10 enterprise clients and movement in the USD 3mm+ client tier.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of Large Enterprise Accounts: Monitor the revenue contribution from top 10 enterprise clients and movement in the USD 3mm+ client tier.
- 02
Utilization and Attrition Trends: Track offshore delivery staff utilization rates and offshore voluntary attrition trends across global delivery hubs.
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