eClerx Services Limited (ECLERX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+226.2%

₹5,110.44

vs ₹1,566.50 price

Levered DCF

₹5,166.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

10.29

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.2×	11.99×	11.27×	6.53×	9.58×	13.51×	6.38×	19.06×
P/B	5.02×	5.73×	5.13×	3.72×	5.1×	2.54×	1.02×	3.15×
P/S	3.12×	3.93×	3.94×	2.41×	3.7×	2.44×	0.93×	3.11×
EV / EBITDA	10.84×	14.35×	13.65×	7.82×	11.29×	7.55×	3.74×	11.9×
Gross margin	32.2%	39.6%	41.2%	41.3%	43.5%	42.8%	57.4%	60.6%
Operating margin	21.3%	20.7%	22.5%	23.1%	26.0%	24.6%	17.9%	19.2%
Net margin	17.2%	16.1%	17.5%	18.5%	19.3%	18.1%	14.6%	16.3%
Current ratio	3.4×	4.56×	5.17×	3.92×	4.21×	4.21×	5.71×	7.87×
Debt / equity	0.15×	0.16×	0.12×	0.11×	0.1×	0.12×	0.12×	0.01×
Interest coverage	20.79×	19.34×	26.98×	27.57×	24.66×	17.97×	12.76×	210.21×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%	0.3%	0.1%
Payout ratio	0.7%	0.9%	0.9%	0.7%	0.8%	1.2%	2.1%	1.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.6%	23.5%	22.8%	28.5%	26.6%	18.8%	16.0%	16.5%
Return on invested capital	21.7%	19.1%	18.9%	23.1%	23.2%	16.3%	12.3%	13.5%
Return on assets	19.1%	17.2%	17.5%	21.4%	20.2%	14.1%	12.0%	14.3%
Free cash flow yield	5.8%	4.0%	4.0%	6.3%	4.8%	8.5%	22.4%	3.5%
Earnings yield	5.5%	4.1%	4.4%	7.7%	5.2%	7.4%	15.7%	5.2%
Enterprise value	₹125B	₹128.4B	₹114.4B	₹61.6B	₹77.4B	₹36.4B	₹13.2B	₹42.4B
Net debt / EBITDA	-0.31×	-0.43×	-0.11×	-0.28×	-0.38×	-0.36×	-0.05×	-0.31×
Cash conversion cycle (days)	77	72	91	81	78	80	90	97