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Eclerx Q4 Results Review: Dolat Capital Upgrades Rating To 'Buy' On Highest-Ever Deal Wins, Sees 33% Upside
With growth accelerating Dolat Capital sees Eclerx is poised for re-rating; thus, revises rating to ‘Buy’ with target price to Rs 4,200 valuing at 28x FY27E EPS.
16 May 2025, 10:30 AM IST 
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Eclerx reaffirmed its wide FY26 Ebitda margin guidance of 24-28%, with similar wage hikes as last year in Q1 may see pressure from wage hikes.
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Eclerx reported impressive deal wins, totalling $51.2 million for Q4 and $140 million for FY25, marking a robust YoY growth of ~54%. Management conveyed strong confidence in the deal pipeline for FY26, noting it is already stronger than what they had entering FY25. Roll-off impact is expected to be stable with no major changes.
