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eClerx Services Limited (532927) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of eClerx Services Limited ₹3,190, price ₹1,803, upside +77.0%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Services · IN · ISIN INE738I01010

ES Broad data Sep 24, 2026

eClerx Services Limited

532927 · BSE

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value ₹3,190 · Strongly undervalued (+77.0%)
✓Quality 69/100
✓Healthy Growth (revenue 5y +18.5 %/yr)
✓Solidly profitable · 16.7% net margin (TTM)
✓Low debt
✓0.1% dividend yield · Well covered
✓Wide moat 72/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹2,473 ₹372.67 Fair Value ₹3,190 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹372.67 – ₹2,473 · fair‑value band ₹1,920 – ₹4,079 · the ₹1,803 price screens below the ₹3,190 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

eClerx Services Limited provides data management, analytics, and process outsourcing services in the United States, the United Kingdom, Europe, and the Asia Pacific.

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eClerx Services Limited provides data management, analytics, and process outsourcing services in the United States, the United Kingdom, Europe, and the Asia Pacific. The company offers customer experience solutions for business process optimization and customer interaction monitoring; field technical operations services for avoidable truck roll, dispatch services, connected homes, return merchandise authorization, and revenue assurance; omnichannel customer support services; advanced and digital analytics, and enterprise business intelligence solutions; and robotic process automation, Q-clips, workforce manager solutions, as well as chatbots and QA testing with test assure. It also provides digital solutions, such as A/B testing and optimization, campaign operations, computer generated imagery, creative services, data management, digital analytics, digital asset management, forecasting solutions, intelligent automation, personalization, pricing and competitive intelligence, replatforming, search engine optimization, social media services, tag management, and Website search optimization. In addition, the company offers derivative trade support, cash securities operations, regulatory compliance and data, document management, and analytics solutions, as well as technology products. It serves financial services, cable and telecommunications, retail, fashion, media and entertainment, manufacturing, travel and leisure, software, and high-tech industries. The company was founded in 2000 and is based in Mumbai, India.

Stock analysis

eClerx Services Limited (532927) currently trades at ₹1,803, while our model-based Fair Value estimate is ₹3,190, implying the stock looks roughly 43.5% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹3,190 per share, and 21 of the 26 models we run sit above the ₹1,803 price.

Bear case: the Asset-Based group reads lowest at ₹454.29, and 5 of the 26 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹1,920 (bear) to ₹4,079 (bull), the price of ₹1,803 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 69/100 (solid quality), in the Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

eClerx Services Limited reported revenue of ₹33.7B in FY2025 versus ₹15.6B in FY2021, a compound +21.1%/yr. Reported net income was ₹5.4B in FY2025, compounding +17.6%/yr from FY2021.

Key figures

Market cap ₹24.4B (≈ $253M) · P/E ratio 10.7 · P/S ratio 1.73 · EPS (TTM) ₹66.74 · Dividend yield 0.1% · Net margin 16.1% · Return on equity 19.1% · Return on assets (EBIT) 23.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).

What moves the price

The share trades about 27% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Services peers we cover trades at −30% fair-value upside, at 77%, 532927 screens cheaper than that median.

Fair Value models

Bear ₹1,920 Fair Value ₹3,190 Bull ₹4,079
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹65.74 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF ₹1,655 ₹2,619 ₹4,048 79
Growth DCF ₹1,619 ₹2,434 ₹3,547 78
Owner Earnings ₹1,732 ₹2,747 ₹4,250 75
All 26 models by family
DCF Models
FCF DCF ₹1,655 ₹2,619 ₹4,048 79
Owner Earnings ₹1,732 ₹2,747 ₹4,250 75
5Y Revenue Exit ₹1,484 ₹2,406 ₹3,654 71
5Y EBITDA Exit ₹2,040 ₹3,575 ₹5,529 73
5Y P/E Exit ₹2,122 ₹3,749 ₹5,642 69
10Y Revenue Exit ₹1,497 ₹2,323 ₹3,583 65
10Y EBITDA Exit ₹1,848 ₹3,064 ₹4,950 66
10Y P/E Exit ₹1,895 ₹3,174 ₹5,033 62
Earnings-Based
Graham-Dodd ₹1,082 ₹5,405 ₹7,458 64
Lynch FV ₹1,461 ₹2,088 ₹2,714 61
PEG = 1.0 ₹1,461 ₹2,088 ₹2,714 57
EPV ₹1,433 ₹1,586 ₹1,711 74
Dividend Discount
Gordon GGM ₹9.62 ₹16.11 ₹20.91 68
DDM Multi-Stage ₹9.62 ₹15.28 ₹17.33 67
Multiples
P/E Multiple ₹2,506 ₹3,341 ₹4,177 63
P/S Multiple ₹1,485 ₹1,980 ₹2,474 58
P/B Multiple ₹2,029 ₹2,705 ₹3,381 55
EV/EBIT ₹2,705 ₹3,555 ₹4,405 66
EV/EBITDA ₹2,510 ₹3,294 ₹4,079 67
EV/Revenue ₹1,402 ₹1,937 ₹2,471 54
Asset-Based
NCAV (Graham) ₹339.02 ₹454.29 ₹678.05 54
Growth DCF
Growth DCF ₹1,619 ₹2,434 ₹3,547 78
Rev-Margin DCF ₹1,484 ₹2,389 ₹3,587 71
Economic Profit
Residual Income ₹793.35 ₹1,078 ₹1,865 73
ROIC Compounder ₹1,562 ₹1,884 ₹2,247 72
Growth Earnings
Growth-Adj P/E ₹2,233 ₹3,190 ₹4,147 67

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Quality Score breakdown

Overall quality 69/100

Of which business quality 70 · Market factors (momentum, volatility) 48

Profitability 85
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 47
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 50
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.5%
Start year 2020 (pandemic). Over 10 years: +13.6% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.4%
Dividend (yield on the price)0.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 20%

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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Business Services” was too small, so the broader sector is used.)Industrials · 5328 stocks

Beats the sector median on 9/12 measures
Overall it ranks above its sector peers.
Valuation
Quality Score 69 · Top 25%
Fair Value upside +16.1% · Above median
Profitability
Return on equity (TTM) 19.1% · Top 25%
Return on assets 11.3% · Top 25%
Net margin (TTM) 16.7% · Top 25%
Operating margin (TTM) 20.6% · Top 25%
Growth and dividend
Revenue growth 1.2% · Below median
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiplesvs Industrials median · lower = cheaper

P/E (TTM) 10.7× · Cheapest 25%
P/B 1.06× · Cheaper than median
P/S (TTM) 1.71× · Pricier than median
EV/EBITDA 5.8× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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eClerx Services Limited · Fair Value
₹3,190 +43%Fair Value
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Cite: Fair Value Calculator (2026). "eClerx Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/532927

Frequently asked questions

Is eClerx Services Limited (532927) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹3,190 versus a price of ₹1,803, about +77% upside (undervalued).
What is the fair value of 532927?
Our model-based fair value for eClerx Services Limited is ₹3,190 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹1,803.
What is the quality score of 532927?
eClerx Services Limited has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for eClerx Services Limited (532927)?
Our model-based price target is the fair value of ₹3,190 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹1,920, optimistic scenario ₹4,079. It is a calculation from audited fundamentals, not an analyst target.
What is the eClerx Services Limited stock forecast for 2026?
Our models put fair value at ₹3,190, about +77% upside versus a price of ₹1,803 (undervalued). Cautious scenario ₹1,920, optimistic scenario ₹4,079. The calculation is refreshed regularly with new filings.
What is the revenue of eClerx Services Limited (532927)?
eClerx Services Limited reported trailing-twelve-month revenue of about ₹14.2B (latest available figure, as of Sep 24, 2026).
Does eClerx Services Limited pay a dividend?
eClerx Services Limited currently shows a dividend yield of about 0.06% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of eClerx Services Limited (532927)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For eClerx Services Limited it is ₹3,190 per share (as of Sep 24, 2026), against a price of ₹1,803. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is eClerx Services Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532927 trades below its calculated fair value: price ₹1,803, fair value ₹3,190, a gap of about +77% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532927?
No. The price is what the market pays today (₹1,803); the fair value is what the company's own numbers justify (₹3,190). For eClerx Services Limited the two are ₹1,387 per share apart. That gap is exactly why we show both numbers side by side.
How much is eClerx Services Limited worth?
The market values eClerx Services Limited at about ₹24.4B (market capitalisation, as of Sep 24, 2026). Per share that is ₹1,803; our models calculate a fair value of ₹3,190 per share.
What do the bullish and bearish scenarios say about 532927?
Our models span a range for eClerx Services Limited: cautious scenario ₹1,920, base ₹3,190, optimistic ₹4,079 per share (as of Sep 24, 2026, price ₹1,803). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532927?
eClerx Services Limited trades at a price-to-earnings ratio of 10.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹3,190 is built from several models across several years. Other multiples: P/B 1.1, P/S 1.7, EV/EBITDA 5.8.
How solid is the balance sheet of eClerx Services Limited (532927)?
Balance-sheet figures for eClerx Services Limited (as of Sep 24, 2026): return on equity 19.1%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 532927 from its 52-week high?
eClerx Services Limited trades at ₹1,803, about 27% below its 52-week high of ₹2,473 and 36% above the low of ₹1,322 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹3,190 is for.
Which stocks are comparable to eClerx Services Limited?
From the same area (Services) we also value Inducto Steels Limited, VADILENT, DLTNCBL, Oriental Veneer Products Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is eClerx Services Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹1,803, calculated fair value ₹3,190 (+77%), Quality Score 69/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532927 calculated?
We run eClerx Services Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹3,190, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. eClerx Services Limited currently trades 43 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of eClerx Services Limited (532927)?
The closing price on Oct 1, 2026 was ₹1,803. Our model-based fair value is ₹3,190, about +77% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with eClerx Services Limited right now?
The price is below even our cautious bear case (₹1,920). The market is more pessimistic than our downside scenario. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (₹1,920 to ₹4,079) leaves room in how you read the outcome.

Key figures of eClerx Services Limited

How large is the market capitalisation of eClerx Services Limited (532927)?
The market capitalisation of eClerx Services Limited is ₹24.4B (≈ $253M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of eClerx Services Limited (532927)?
The price-to-sales ratio of eClerx Services Limited is 1.73 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of eClerx Services Limited (532927)?
Earnings per share at eClerx Services Limited are ₹66.74 (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of eClerx Services Limited (532927)?
The dividend yield of eClerx Services Limited is 0.1% (payout 1.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of eClerx Services Limited (532927)?
The net margin of eClerx Services Limited is 16.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of eClerx Services Limited (532927)?
The return on equity (ROE) of eClerx Services Limited is 19.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of eClerx Services Limited (532927)?
On an EBIT basis the return on assets of eClerx Services Limited is 23.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of eClerx Services Limited (532927)?
The operating margin of eClerx Services Limited is 20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at eClerx Services Limited (532927)?
Revenue at eClerx Services Limited is growing +1.2% versus a year earlier (3y avg +15.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at eClerx Services Limited (532927)?
Earnings per share at eClerx Services Limited are growing +45.6% versus a year earlier. How much earnings per share grew versus a year earlier.
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