KOTAK ON ECLERX ; SELL | TP ₹1,450

• Kotak maintains Sell rating on eClerx with a target price of ₹1,450. • Expects revenue growth to slow to high single digits in H2 FY27. • Weak deal wins and smaller AI-related contracts raise concerns over the sustainability of double-digit revenue growth. • Kotak cuts FY28–29 EPS estimates by 5–6%. • Flags structural profitability pressures amid slowing growth and weaker deal momentum.

ECLERX SERVICES LTD

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