Analysts/Institutional Investor Meet/Con. Call Updates

eClerx/SECD/SE/2026/173 November 3, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, Plot No. C/1, Phiroze Jeejeebhoy Towers, Block G, Bandra - Kurla Complex 25th Floor, Dalal Street, Bandra (East), Fort, Mumbai - 400 001 Mumbai – 400 051 Dear Sir/Madam, Sub: Compliance under Regulation 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Reg.: Transcript of the earnings call - financial results for the quarter/period ended September 30, 2026 Scrip Code: BSE - 532927 NSE – ECLERX Pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Transcript of earnings call held on October 29, 2026 with respect to the financial results of the Company for the quarter/period ended September 30, 2026. This is for your information and records. Thanking you, Yours truly, For eClerx Services Limited Pratik Bhanushali VP-Legal & Company Secretary F8538 Encl.: as above Registered office address Ph: +91 (022) 6614 83011 eClerx Services Limited Fax: +91 (022) 6614 8655 Sonawala Building, 1st Floor, 29 Bank Street, Fort, Email: Contact@eclerx.com Amplify Business Results Mumbai – 400 02 3 , M a h a r a s h t r a , I n d i a C I N : ( L 7 2 2 0 0MH2000PLC125319) www.eclerx.com eClerx Services Limited October 29, 2026 eClerx Services Limited Q2FY27 Earnings Conference Call October 29, 2026 ECLERX MANAGEMENT: KAPIL JAIN – MANAGING DIRECTOR AND GROUP CEO SRINIVASAN NADADHUR – CHIEF FINANCIAL OFFICER CONFERENCE CALL PARTICIPANTS: CHIRAG KACHHADIYA - MOTILAL OSWAL SECURITIES DIPESH KUMAR MEHTA - EMKAY GLOBAL SECURITIES GIRISH PAI - BOB CAPITAL MARKETS JINAL SHETH - AWRIGA CAPITAL ADVISORS MOKSH AMRISH MEHTA- AMBIT CAPITAL PULKIT CHAWLA – 360 ONE CAPITAL (B&K SECURITIES) RAHUL JAIN – DOLAT CAPITAL SANDEEP SHAH – EQUIRUS SECURITIES SAURABH DHOLE - TRUE BEACON INVESTMENT ADVISOR SHRADHA AGRAWAL - ASIAN MARKETS SECURITIES YASH GOENKA – AWRIGA CAPITAL ADVISORS eClerx Services Limited October 29, 2026 Asha Gupta: Hi, everyone. Good day, and welcome to Q2 FY '27 Earnings Call of eClerx Services Limited. Please note that this webinar will be recorded. To take us through the results today and to answer your questions, we have with us the top management of eClerx represented by Kapil Jain, Managing Director and Group CEO; and Srinivasan Nadadhur, Chief Financial Officer. We will start the call with brief opening remarks by Kapil, followed by Srinivasan, who will be sharing the financial update, and then we will open the floor for Q&A session. As usual, I would like to remind you that anything that is mentioned on this call that gives any outlook for the future or which can be construed as forward-looking statements must be viewed in conjunction with the risks and uncertainties that we face. These risks and uncertainties are included but not limited to what we have mentioned in the prospectus filed with the SEBI and subsequent annual reports, which you can find on our website. Having said that, I will now hand over the floor to Kapil. Over to you, Kapil. Kapil Jain: Thank you, Asha, and good evening, everyone. Welcome to our Q2 FY '27 earnings call. We continue to grow in a mixed demand environment while sustaining margins and investing in our AI and technology capabilities. Q2 operating revenue was USD 127.7 million, up 10.6% year-on-year and 12.9% in constant currency and 1.5% sequentially. This was our 13th consecutive quarter of sequential revenue expansion, demonstrating the underlying resilience and consistency of our operating model. INR revenue was INR 11,887 million, up 18% year-on-year. Operating EBITDA was INR 2,839 million at a margin of 23.9%. PAT was INR 1,804 million at a margin of 14.9%. EBITDA margin improved 90 basis points sequentially, supported by disciplined cost control, a more efficient offshore delivery mix and operational improvements across business units. First half EBITDA margin remained about 190 basis points below last year, reflecting continued investments in new locations, technology and AI. In absolute terms, first half EBITDA grew 11%. Headcount increased 3.4% compared with revenue growth of 1.5%. Utilization declined slightly to 74.9%, while attrition rose to 23.4%. New deal wins were USD 31 million compared with USD 41 million last quarter. First half deal wins totaled USD 72 million compared with USD 78 million in the same period last year. Clients remain selective, with tighter budgets and longer decision cycles as spending shifts towards AI-related investments. Analytics and automation grew 5% sequentially and 27% year-on-year, more than twice the company's growth rate. The business now has an annual revenue run rate of about USD 109 million and accounts for approximately 20% of revenue. Our technology team has 2,300 people, and we continue to invest in GenAI technology services and process automation to strengthen our capabilities. Vertical updates and client wins. Emerging business: this segment now accounts for 12.6% of revenue, up from 11.7%. Our FinOps offering spans the full finance cycle, and we continue to see opportunities for growth. Communication, Media and Telecom revenue was broadly flat sequentially. Cairo and Manila continued to grow, and we deployed QA 360 at a large client. The pipeline remains healthy. BFSI revenue grew about 3% sequentially, supported by short-term engagements. Easing financial crime compliance regulation in the U.S. has reduced refresh volumes at existing clients. We continue to see traction with new clients, including a payments company where we have begun providing AML and KYC services. Interest in document digitization and related services continues. eClerx Services Limited October 29, 2026 Hi-tech and M&D: we continue to see traction in Hi-tech driven by agentic AI and transformation services. Fashion, luxury and retail revenue was flat year-on-year. Q2 is seasonally lower because of the August holiday period in Italy. The luxury market continues to face headwinds with weak demand in China and Europe. Technology and Analytics. The growth in analytics and automation reflects the progress we are making with our investments. We continue to expand our AI team in the EU and the U.S. with a near-term focus on placing engineers closer to clients. More than 280 of our people have got Claude AI certifications. Awards and recognition. We won two awards at the NASSCOM BPM Excellence Awards 2026 in the medium-sized organization category. The first was for talent for building future-ready talent and ecosystems and the second for customer experience for transforming and delivering business outcomes. For the second consecutive year, we have been recognized as a Great Place to Work in India based entirely on employee feedback. This recognition reflects our continued focus on our people. We also received CSO 100 and CIO 100 recognition for our agentic AI use cases. The outlook in terms of the environment remains mixed and clients continue to be selective. We see momentum in emerging business and Hi-tech, new voice programs ramping up in communication, media and telecom and a seasonal recovery in fashion and luxury. These are offset by volume pressure in a few BFSI accounts. Our client relationships continue to deepen. We now have 25 clients above USD 3 million, up from 20 a year ago. We remain focused on disciplined cost management and cash conversion. I would like to thank our clients for their continued trust, our employees for their dedication and our investors for their support. Thank you. Over to Srini. Srinivasan Nadadhur: Thank you, Kapil, and good evening, everyone. I will recap some of the revenue and margin numbers and offer more color on other operating metrics. INR operating revenue, which includes the gain/loss on our hedge book, was INR 11,887 million at an implied FX of INR 93.1 for every dollar. In constant currenc [Showing first 8,000 characters — download PDF for full document]