eClerx Services (ECLERX) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 operating revenue was $115.5M (USD), INR 10,352M, up 5.7% sequentially and 20% year-over-year; H1 FY26 consolidated revenue reached INR 19,394.07M, up from INR 16,137.58M in H1 FY25.

• EBITDA margin for Q2 FY26 expanded to 28.8%, with EBITDA at INR 2,983M, up 27% sequentially; net profit for Q2 was INR 1,832M, up 29% sequentially, and H1 FY26 consolidated net profit was INR 3,250.10M.

• Deal wins for Q2 totaled $46M, with strong growth in analytics, automation, and emerging business segments; ACV of new deals (excluding CLX) was $24.4M.

• Recognized as a leader in Everest Group's Capital Market Operations Services and as a Great Place to Work.

• Board approved a major share buyback program of up to INR 3,000M at INR 4,500 per share, subject to shareholder approval; promoters will not participate.

Financial highlights

• Q2 FY26 operating revenue: $115.5M (USD), INR 10,049M; H1 FY26 operating revenue: $225M (USD), INR 19,394M.

• Q2 EBITDA: INR 2,983M (28.8% margin), PAT: INR 1,832M (17.7% margin); H1 FY26 PAT: INR 3,249M, up 29% year-over-year.

• Total Q2 revenue (including other income): INR 10,352M, up 9.5% sequentially.

• Consolidated net profit for H1 FY26 was INR 3,250.10M, up from INR 2,515.43M in H1 FY25; basic EPS (consolidated) for H1 FY26 was INR 69.16.

• Net operating cash flow: INR 3,137M; EBITDA conversion at 105%.

Outlook and guidance

• Q3 margins expected to be lower than Q2 due to INR appreciation and planned investments in analytics, automation, and technology.

• Margin guidance for FY26 remains at 24%-28%.

• Pipeline remains robust; cautious optimism for Q3 and Q4.

• Forward-looking statements highlight risks from acquisitions, regulatory, and economic conditions.

• Board approved a buyback of equity shares up to INR 3,000M at INR 4,500 per share, subject to shareholder approval.