ECLERX
eClerx Services Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
ECLERX
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹1,846 today
BEAR
₹1,168
-37%
15.1% a year · 13.5x exit
BASE
₹1,844
-0%
26.2% a year · 19.5x exit
BULL
₹2,361
+28%
35.6% a year · 23.2x exit
Where the market has priced it
6x25x today — outside the range24x
- the guided figure reached earnings through a low-confidence bridge
- at 25x its FY26 earnings the stock already trades above the top of its own ten-year range (23x)
- this company's own median multiple sits 40% below its filed-industry peers; the scenario uses its own
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹75.09 (screener) |
|---|---|
| Guided growth | 26.2% a year, said on the call of 19-May-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — low confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 13.51x / 19.46x / 23.19x, this company’s own p20 / median / p80 across 10 filed years |
| Filed-industry peers | median 32.4x across 19 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 24%
I think what I had said was that for the full year, we will be in the top quartile on the growth and 24% to 28% on EBITDA, and we will show a sequential growth in EBITDA.
Call 19-May-2026 · bridge confidence low · transcript PDF