eClerx Services Limited – Investor Presentation Summary

Key Operational Highlights

  • Operating revenue (USD) reached $127.7 million in Q2 FY27, up 1.5% QoQ and 12.8% YoY for H1 FY27
  • Total delivery headcount stood at 23,151 as of September 2026, representing 8.7% YoY growth
  • Staff utilization (delivery) was 74.9% in Q2 FY27 compared to 75.5% in Q1 FY27
  • Offshore voluntary attrition was 23.4% in Q2 FY27, up from 18.1% in Q1 FY27
  • India seat count increased to 16,824 in Q2 FY27 from 15,420 in Q1 FY27

Key drivers of operational performance: Growth in emerging industries segment and expansion of delivery capacity

Segment-wise Performance

  • BFSI: 38.1% of revenue in Q2 FY27 (37.6% in Q1 FY27)
  • CMT (Telecom, Media & Entertainment): 25.8% of revenue in Q2 FY27 (26.2% in Q1 FY27)
  • HiTech and M&D: 16.0% of revenue in Q2 FY27 (16.3% in Q1 FY27)
  • Fashion & Luxury and Retail: 7.5% of revenue in Q2 FY27 (8.2% in Q1 FY27)
  • Emerging: 12.6% of revenue in Q2 FY27 (11.7% in Q1 FY27)

Explanation of significant changes in segment performance: Emerging segment showed continued growth momentum, increasing from 11.7% to 12.6% of revenue QoQ

Financial Highlights

Revenue: ₹12,126 million

EBITDA: ₹3,079 million

PAT: ₹1,804 million

EPS: ₹19.63

Margins: OPG EBITDA Margin 23.9%, EBITDA Margin 25.4%, EBIT Margin 20.8%, PAT Margin 14.9%

YoY/QoQ comparison: Q2 FY27 revenue grew 3.6% QoQ and 17.1% YoY; PAT grew 9.8% QoQ

Drivers of financial performance: Revenue growth, operational efficiency improvements, and forex gains from INR depreciation

Key Risks: Currency volatility, client concentration (top 10 clients contribute 60% of revenue)

Geographical Revenue Split

Domestic vs Export/Regional Revenue:

  • North America: 82% of revenue in Q2 FY27 (78% in Q1 FY27)
  • Europe: 14% of revenue in Q2 FY27 (16% in Q1 FY27)
  • ROW: 4% of revenue in Q2 FY27 (6% in Q1 FY27)

Currency Contribution: USD 88%, EURO 7%, GBP 3%, Others 2%

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: ₹28,234 million as of September 30, 2026 (14% increase from March 31, 2026)

Current Assets/Liabilities: Net Current Assets & Investments ₹21,073 million (18% increase from March 31, 2026)

Working Capital/Leverage Metrics: DSO (Days Sales Outstanding) at 79 days

Financial Health Insights: Strong balance sheet growth with total shareholder funds increasing 14% to ₹29,181 million

Capex & Cash Flow Health

Capital Expenditure: Fixed assets increased 7% to ₹7,699 million from March 31, 2026

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Capacity expansion and technology infrastructure development

Strategic & R&D Initiatives

Investments in Innovation: Expansion of AI-powered analytics, digital operations services, automation, and business process management capabilities

Expected impact on growth: Continued market share gains in emerging industries and digital transformation services

Strategic Rationale: Positioning as global leader in intelligent operations and insights for Fortune 500 enterprises

Industry Trends & Business Environment

Macro/Industry Trends: Global demand for AI-powered analytics and digital operations services

Impact on Company: Benefiting from digital transformation trends across financial services, telecom, media & entertainment, luxury, retail & fashion, and manufacturing sectors

Management Commentary & Growth Outlook

Strategic Outlook: Company positioned as "global leader in AI-powered analytics, digital operations, automation, and business process management"

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Forward-looking statements subject to assumptions, risks, uncertainties including ability to successfully conclude and integrate potential acquisitions