eClerx Services provides business process management, automation and analytics services, and heads into its September 2026 quarter print after Q1 FY27 delivered its 12th consecutive quarter of sequential USD revenue growth but its first sequential EBITDA and PAT decline in the reported window. The print will speak to whether margins recover from the wage-increment hit toward the guided 24-28% band, and whether deal wins keep pace with the over $170 Mn FY27 ACV target.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 11,524 Mn (OPG revenue $125.9 Mn) |
| Previous quarter PAT | Rs. 1,643 Mn |
| Previous quarter EBITDA margin | 24.2% |
| Market cap | Rs. 17,603.47 Cr |
| CMP | Rs. 1,871.7 |
The board meets on Wednesday, Oct 28, 2026 to approve un-audited standalone and consolidated results for the quarter ended Sep 30, 2026. The trading window has been closed since Oct 1, 2026 until 48 hours after the announcement.
The earnings call is scheduled for Oct 29, 2026, 4:00-5:00 PM IST via Zoom, with Kapil Jain (MD & Group CEO) and Srinivasan Nadadhur (CFO).
The quarter's central test is margin recovery: Q1 FY27 EBITDA margin of 24.2% sat within the guided 24-28% band while OPG EBITDA margin of 23.0% fell below it, and the CFO has guided that margins will improve from Q2 FY27 onwards assuming revenue growth, with the wage-increment drag (about 300-350 bps) now in the base. Revenue momentum is supported by the rupee weakening past 96/$ by late September against a hedge book of $273.6 Mn at Rs. 93.41/$, though the forwards cap realized FX upside on the 86% USD-billed revenue. Demand remains cautious rather than contracting for a company with 78% North America exposure and BFSI at 37.6% of revenue, with management expecting BFSI momentum to build from H2FY27 and Fashion & Luxury to show gradual improvement in Q2. The Q2 deal-wins print against the roughly $42.5 Mn quarterly average implied by the over $170 Mn FY27 ACV target, and the depreciation and interest drag from the ~1,600-seat capacity addition, will be the other markers to track on the call.
Performance vs guidance tracking: Management's FY27 markers and their latest status:
Capacity addition and margin mix
Agentic AI and AI-led revenue
U.S. NPRM and FX sensitivity
The CFO has guided that margins will improve from Q2 FY27 onwards assuming revenue growth, since the wage increments were given in Q1. Q1 FY27 EBITDA margin was 24.2% (down 330 bps QoQ) and OPG EBITDA margin was 23.0%.
Q1 FY27 deal wins were $41 Mn, up 25% YoY, against the roughly $42.5 Mn quarterly average implied by the over $170 Mn FY27 target. Management has pointed to securing large deals and noted quarterly aberrations when asked about the ACV trend.
Management expects BFSI momentum to build with benefits starting in H2FY27, saying 'BFSI, we have to turn the tide, it's a large segment for us'. BFSI was flattish in Q1 FY27 at 37.6% of revenue after negative growth in the prior quarter.
Management is closely monitoring the proposed NPRM on offshore call restrictions and maintaining active dialogue with clients on contingency planning. As of Q1 FY27, it reported no change in the regulation's status in either direction.
OPG revenue rose to $125.9 Mn in Q1 FY27, up 15.2% YoY and 2.8% QoQ, which management called the 12th consecutive quarter of sequential growth. INR revenue was Rs. 11,524 Mn, up 23% YoY.