NOMURA ON ECLERX ; NEUTRAL | TP ₹1,710 (EARLIER ₹1,850)

• Nomura maintains Neutral rating on eClerx and cuts target price to ₹1,710 from ₹1,850. • Q2 constant-currency revenue grows 1.4% QoQ, while EBITDA margin contracts 310 bps YoY to 23.9%. • Annual Contract Value (ACV) declines 33% YoY to $30.8 million amid weak deal wins. • Cuts FY27–28 EPS estimates by 7–8%, reflecting weaker growth expectations. • Client budget pressures and longer decision-making cycles expected to weigh on deal conversions and revenue growth.

ECLERX SERVICES LTD

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