eClerx Services (ECLERX) Q4 25/26 earnings summary

Executive summary

• FY26 total revenue reached INR 4,217.4 crore, up 22.6% year-over-year; Q4 new deal wins totaled $46 million, reflecting strong client confidence and a robust pipeline heading into FY 2027.

• Net profit attributable to shareholders for FY26 was INR 706.2 crore, up 30.5% year-over-year; Q4 FY26 net profit was INR 189.4 crore.

• Analytics and automation reached a $90 million book, with significant progress in AI, including the first large-scale Agentic AI win and new platform launches.

• Expansion in Adobe partnership and geographic diversification, with new client expansions in Manila, Cairo, and Fayetteville.

• Recognized as a leader in digital shelf analytics and client lifecycle management by Gartner and Chartis.

Financial highlights

• Q4 FY26 operating revenue in USD was $122.4 million, up 0.6% sequentially and 16.8% year-over-year; total revenue for Q4 was INR 11,354 million, up 3.1% sequentially and 23% for the full year.

• FY26 EBITDA was INR 11,526 million, up 28.8% year-over-year; Q4 FY26 EBITDA was INR 3,121 million, up 1.5% sequentially.

• Net operating cash flow for the quarter was INR 2,833 million; OCF to EBITDA ratio at 90%.

• Full year EBITDA margin expanded by 132 bps; utilization in Q4 was 74%.

• FY26 cash from operations was INR 8,729 million, free cash flow INR 7,560 million, up 33% and 41% YoY respectively.

Outlook and guidance

• FY 2027 guidance targets top quartile revenue growth relative to peers and EBITDA margin between 24%-28%.

• Q1 FY 2027 expected to be stronger sequentially than Q4.

• Wage increments to be effective from April 1, 2026.

• Management notes forward-looking statements are subject to risks and uncertainties, including integration of acquisitions and economic conditions.

• Strong pipeline and healthy ACV conversions support confidence in full-year growth.