Shares of eClerx Services Ltd. fell 8% on Friday, following an 11% slide Thursday, marking the third straight day of losses and a 20% decline for the week – the worst since March 2026.
The quarter‑on‑quarter operating revenue ticked up 1.5% in USD terms and 3.2% in rupee terms, while EBITDA margin rose 120 basis points to 12.0%, beating the 10.8% margin reported in the prior quarter.
BFSI, the company’s top revenue‑generating segment, recorded 38.1% growth, down from 43.2% in the first quarter of FY26, showing a gradual slowdown in the segment’s momentum.
The firm’s hedging ledger stands at $282.7 million, all in forwards, with an average forward rate of 95.46 against the dollar, indicating a cautious stance amid currency volatility.
Technical indicators underline the sell‑off: the 200‑day moving average sits at ₹1,743, well above the current price of ₹1,540, and the RSI is 24, signalling oversold conditions. Kotak and Ambit maintain sell ratings, citing a ₹1,450 target – a 6% downside from today’s level.
Analysts’ consensus points to a 19% upside potential, yet the stock’s YTD decline of 36% suggests a prolonged correction might be underway.
Looking ahead, eClerx has not yet released guidance for the next quarter; investors will be watching the upcoming earnings release on November 15 for any shift in margin expectations or revenue trajectory.