eMudhra Limited (EMUDHRA)
₹555.85 +3.92% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)eMudhra Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, eMudhra's revenue was ₹191 Cr (+29.5% year on year, -1.2% on the previous quarter), and net profit ₹32.0 Cr (+27.9% year on year); the operating margin was 26.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹191 | +29.5% | -1.2% |
| Operating profit | ₹49.6 | +43.0% | +18.1% |
| Net profit | ₹32.0 | +27.9% | +6.7% |
| EPS (₹) | 3.91 | +28.2% | +11.7% |
| Operating margin | 26.0% | — | — |
EMUDHRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.37% of the EMUDHRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.04%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 41.5% · 38.3% · 32.2% · 42.9% · 40.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
eMudhra Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by its Registrar and Transfer Agent MUFG Intime India Private Limited, confirms that dematerialisation requests received during the period were processed and securities were appropriately listed. This is a mandatory periodic regulatory filing with no material impact on earnings or business operations.
- Regulation 74(5) certificate submitted for the quarter and half-year ended September 30, 2026
- RTA certificate issued by MUFG Intime India Private Limited on October 03, 2026
- Company filing completed on October 05, 2026
- Confirmed that securities dematerialised were listed and physical certificates were mutilated within timelines
eMudhra Limited has announced a scheduled one-on-one virtual meeting with Dalal & Broacha Stock Broking Private Limited. The interaction is set for Thursday, September 24, 2026, at 03:00 P.M. IST pursuant to Regulation 30 of SEBI LODR Regulations. This is a routine institutional investor interaction intimation with no financial or operational disclosures made.
- One-on-one investor meeting scheduled for Thursday, September 24, 2026, at 03:00 P.M. (IST)
- Interaction to take place virtually with Dalal & Broacha Stock Broking Private Limited
- Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015
eMudhra Limited has been appointed as a Validation Agent of Legal Entity Identifier India Limited (LEIL), a GLEIF-accredited issuer and CCIL subsidiary. This allows eMudhra to integrate Legal Entity Identifier (LEI) issuance and renewal into its existing corporate digital identity and onboarding workflows. India became the jurisdiction with the highest active LEIs in January 2026 and posted the fastest growth globally in Q2 2026, driven partly by RBI's March 2026 master directions. While commercial fee terms were not disclosed, this integration broadens eMudhra's enterprise trust portfolio across 35+ countries.
- Appointed Validation Agent of LEIL, joining a group of over 20 Validation Agents globally across North America, Europe, China, and other regions
- India registered the highest active LEI base globally in January 2026 and recorded the fastest LEI growth rate in Q2 2026
- Complements RBI's March 2026 consolidated master directions requiring LEIs for specified debt, money market, and forex transactions
- Aligns with FATF revised Recommendation 16 for cross-border payment identifiers to be implemented globally by 2030
- eMudhra currently operates across 35+ countries with a TTM revenue base of Rs 745 Cr
eMudhra Limited has informed the stock exchanges that company officials are scheduled to hold a one-on-one virtual meeting with Karma Capital on Thursday, September 3, 2026, at 11:30 AM IST. The schedule remains subject to changes depending on exigencies from either party. Such institutional interactions are routine compliance disclosures under SEBI LODR Regulation 30. No operational or financial changes were disclosed in the filing.
- One-on-one virtual interaction scheduled with Karma Capital
- Meeting date and time set for Thursday, September 3, 2026, at 11:30 AM IST
- Filing submitted pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
eMudhra Limited has informed the exchanges that company officials are scheduled to participate in a virtual one-on-one meeting with Acacia on Tuesday, September 01, 2026, at 06:00 PM IST. This interaction is a routine investor relations update conducted under Regulation 30 of SEBI Listing Regulations. No unpublished price-sensitive information is expected to be shared during such standard interactions.
- One-on-one virtual meeting scheduled with Acacia on September 01, 2026, at 06:00 PM IST
- Intimation submitted in compliance with Regulation 30 of SEBI LODR Regulations
- Meeting schedule remains subject to change due to operational exigencies
eMudhra Limited has informed the exchanges of a scheduled one-on-one meeting with Antique Stock Broking pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. The meeting is scheduled for Monday, August 31, 2026, at 11:00 AM IST at the eMudhra Digital Campus in Bengaluru. This is a routine institutional interaction intimation with no financial, operational, or price-sensitive data disclosed.
- One-on-one institutional investor meeting scheduled with Antique Stock Broking
- Meeting date and time set for Monday, August 31, 2026, at 11:00 AM IST
- Meeting venue: eMudhra Digital Campus, Bengaluru
- Filing submitted in compliance with Regulation 30 of SEBI LODR Regulations
eMudhra Limited has scheduled a one-on-one virtual interaction with Bellweather Capital on Wednesday, August 26, 2026, at 02:00 PM IST. This filing complies with Regulation 30 disclosure requirements under SEBI LODR. No presentation materials or price-sensitive information were shared in this intimation. The meeting schedule remains subject to change based on mutual exigencies.
- One-on-one virtual meeting scheduled with Bellweather Capital
- Interaction date and time fixed for Wednesday, August 26, 2026, at 02:00 P.M. (IST)
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
eMudhra Limited has informed the stock exchanges regarding a scheduled one-on-one analyst/institutional investor meeting. Company officials are set to meet with OysterRock Capital virtually on Thursday, August 27, 2026, at 11:00 AM IST. This is a routine investor interaction under Regulation 30 of SEBI LODR Regulations, with no material unpublished financial information expected to be shared.
- One-on-one virtual meeting scheduled with OysterRock Capital
- Meeting date set for Thursday, August 27, 2026, at 11:00 A.M. (IST)
- Intimation filed pursuant to Regulation 30 of SEBI LODR Regulations
The Economic Offence Wing (EOW), Navi Mumbai Police Commissionerate, has officially closed the criminal complaint filed by 3i Infotech Limited against eMudhra. The complaint, originally lodged on February 03, 2026, alleged financial fraud, cheating, and criminal breach of trust regarding the historical disinvestment of 3i Consumer Services (now eMudhra) and redemption of preference shares. Following preliminary inquiry and evidence review, the EOW determined the matter is not criminal in nature and closed the case, noting it could at most be a civil dispute. This removes a notable corporate governance overhang for the ₹4,284 Cr market-cap company.
- EOW Navi Mumbai closed the criminal complaint filed by 3i Infotech against eMudhra
- Complaint was originally filed on February 03, 2026 alleging fraud in preference share redemption
- EOW ruled the dispute is not criminal in nature after preliminary inquiry
- Company was formally intimated by legal counsel of the closure on August 18, 2026
eMudhra Limited has scheduled a one-on-one virtual meeting with Vista Global for August 12, 2026, at 03:00 P.M. IST. This is a routine regulatory filing under SEBI (LODR) Regulations, 2015. The company, which reported a TTM revenue of ₹701 Cr and an operating profit margin of 22.6% for FY26, continues its regular institutional engagement. No specific agenda or unpublished price-sensitive information was disclosed in the filing.
- Meeting scheduled for August 12, 2026, at 03:00 P.M. IST
- One-on-one virtual interaction with Vista Global
- Company reported TTM revenue of ₹701 Cr for FY26
- Promoter holding remains stable at 54.4% as of March 2026
eMudhra reported a strong Q1 FY27 with total income rising 27.8% YoY to ‡192.5 cr, driven by a 50% surge in the Enterprise Solutions segment. EBITDA margins expanded significantly to 26.2% from approximately 23.8% in the previous year, while PAT grew 27.9% to ‡32 cr. The Cryptas acquisition contributed ‡20 cr (approx. 10.4% of quarterly revenue), marking its first cross-sell wins in Europe. Management maintained its FY27 guidance of 18% organic revenue growth and 25% PAT growth.
- Total income grew 27.8% YoY to ‡192.5 cr, representing 27.5% of TTM revenue.
- EBITDA increased by 40.4% YoY to ‡50.4 cr, with margins expanding to 26.2%.
- International markets now contribute 66% of total revenue, up from 64% in the previous quarter.
- Enterprise Solutions segment grew 50% YoY, now contributing 65% of total income.
- Cryptas acquisition contributed ‡20 cr to the top line during a seasonally weak European quarter.
eMudhra reported a strong Q1 FY27 with total income rising 28% YoY to Rs 192.5 Cr, driven by a 50% surge in Enterprise Solutions. EBITDA margins expanded to 26.2% from 23.8% in the previous year, while PAT grew 28% to Rs 32 Cr. The Cryptas acquisition contributed Rs 20 Cr to revenue, validating the company's international expansion strategy which now accounts for 66% of total sales. Management maintained its full-year guidance of 18% organic growth and 25% PAT growth.
- Total income grew 28% YoY to Rs 192.5 Cr, with Q1 revenue representing ~27.5% of TTM revenue.
- Enterprise Solutions segment grew 50% YoY, increasing its revenue contribution to 65%.
- International markets now contribute 66% of total revenue, up from previous levels.
- EBITDA increased 40.4% YoY to Rs 50.4 Cr, reflecting improved operational efficiency.
- Cryptas acquisition contributed Rs 20 Cr in revenue during a seasonally weak quarter in Europe.
eMudhra has published the audio recording of its earnings call held on July 30, 2026, for the quarter ended June 30, 2026. This follows the company's recent financial performance where TTM revenue reached ‑701 Cr with an operating margin of 22.6%. The call likely covers management's strategy regarding its 35% expected growth rate and the integration of US-based acquisitions which contributed 28% to FY2025 revenue. Investors can access the recording on the company's website for detailed management commentary.
- Earnings call conducted on July 30, 2026, following Q1 FY2027 results.
- Recording covers the performance for the quarter ended June 30, 2026.
- Company maintains a healthy order book of ‑190 Cr as per latest context.
- International revenue mix stood at 64% in Q2 FY2026.
- Acquisitions (Ikon Tech, Two95, Sendrcrypt) added 28% to FY2025 revenue.
eMudhra reported a robust Q1 FY27 with total income growing 27.8% YoY to ₹192.5 Cr, driven by a 50% surge in Enterprise Solutions. Net profit increased 27.9% YoY to ₹32 Cr, maintaining a PAT margin of 16.6%. International markets now contribute 66% of total revenue, reflecting successful global expansion. However, Trust Services saw a 3% YoY decline to ₹28.4 Cr due to supply chain disruptions in security tokens mandated by the CCA.
- Total Income grew 27.8% YoY to ₹192.5 Cr, representing approximately 27.4% of TTM revenue.
- Enterprise Solutions revenue surged 50% YoY, now accounting for 65% of the total revenue mix.
- International revenue contribution reached 66%, up from 62% in the year-ago quarter.
- EBITDA margins improved to 26.2% from 23.8% in Q1 FY26, despite ESOP provisioning of ₹1.55 Cr.
- Trust Services revenue declined 3% YoY due to a lack of ready-for-sale tokens following a CCA security level mandate.
eMudhra reported a strong Q1 FY27 with total income of ₹192.5 cr, up 27.8% YoY, driven by a 50% surge in Enterprise Solutions. EBITDA margins expanded to 26.2% from 23.8% YoY, while PAT grew 27.9% to ₹32.0 cr. International revenue now constitutes 66% of the mix, reflecting successful global expansion despite a 3% dip in domestic Trust Services due to temporary token supply issues. The company is also positioning for India's DPDP Act with its new PrivaTrust platform.
- Enterprise Solutions revenue grew ~50% YoY, now representing 65% of total revenue
- International revenue contribution reached 66% of the total quarterly income
- EBITDA increased 40.4% YoY to ₹50.4 cr, with margins improving to 26.2%
- Trust Services revenue fell 3% YoY due to a CCA-mandated security standard shift causing a token supply gap
- PrivaTrust platform reached its first commercial milestone with live consent management modules
Financial Performance
Revenue Growth by Segment
The company reported a 39% YoY revenue growth in FY2025 and 50% in FY2024. In Q2 FY2026, the Solutions & Services segment contributed 77% of revenue, while Trust Services contributed 23%. The Enterprise Solutions segment is further split into Cybersecurity (62%) and Paperless (38%) products.
Geographic Revenue Split
As of Q2 FY2026, International markets contribute 64% of total revenue, while India accounts for 36%. This reflects a significant shift toward global markets compared to previous years, supported by the acquisition of three US-based firms.
Profitability Margins
Gross profit margin for Q2 FY2026 stood at 55.8% (INR 97.63 Cr). Net profit margin was 15.1% (INR 26.44 Cr) in Q2 FY2026, compared to 20.5% in FY2024 and 16.8% in FY2025. The decline in net margins is attributed to higher execution and marketing costs in export markets.
EBITDA Margin
EBITDA margin was 24.8% (INR 43.33 Cr) in Q2 FY2026. This follows a moderation in FY2025 to 23.9% from 29.8% in FY2024, primarily due to one-time acquisition expenses, ESOP provisioning, and DSC stock repurchases necessitated by CCA regulatory changes.
Capital Expenditure
The company raised INR 200 Cr through a QIP in January 2024, which was fully utilized by March 31, 2025, for product development and inorganic growth. There are no major debt-funded capex plans as growth is funded through internal accruals and surplus liquidity.
Credit Rating & Borrowing
Ratings were upgraded in June 2025 to [ICRA]A (Stable) and [ICRA]A1. The company maintains a debt-free status with strong debt protection metrics, including an interest coverage ratio of 37.0x in FY2024.
Operational Drivers
Raw Materials
As a digital service provider, primary costs are not traditional raw materials but include Digital Signature Certificate (DSC) stock (impacted by CCA regulation changes), human capital (ESOP provisioning), and technology infrastructure costs.
Import Sources
Not applicable for software services; however, technology infrastructure and global operations span the US, Middle East, and Asia-Pacific regions.
Key Suppliers
Not specifically named, but the company relies on technology vendors for data center infrastructure and hardware security modules (HSMs).
Capacity Expansion
Expansion is focused on market reach rather than physical units. The company has expanded its global footprint to 11+ locations including New Jersey, Dubai, Singapore, and Amsterdam to support its 35% revenue CAGR.
Raw Material Costs
Direct costs related to DSC stock repurchases and ESOPs contributed to a margin compression of approximately 5.9% between FY2024 and FY2025.
Manufacturing Efficiency
Not applicable. Operational efficiency is measured by EBITDA margins, which remained healthy at 24.8% despite increased overseas investments.
Logistics & Distribution
Distribution is primarily digital; however, the company uses a partner-led channel for 39% of its Enterprise Solutions business to manage global reach efficiently.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Growth is driven by a three-pronged strategy: Inorganic growth through US acquisitions (Ikon Tech, Two95, Sendrcrypt which added 28% to FY2025 revenue), expansion in the US and European markets, and product innovation in Certificate Lifecycle Management and IoT security.
Products & Services
Digital Signature Certificates (DSC), emSigner (paperless office), emAuth (multi-factor authentication), emDiscovery (certificate lifecycle management), and PKI solutions for IoT.
Brand Portfolio
eMudhra, emSigner, emAuth, emDiscovery.
New Products/Services
New product rollouts in IoT security and enhanced certificate lifecycle management are expected to drive future revenue, supported by a healthy order book of INR 190 Cr.
Market Expansion
Targeting increased penetration in the US and Europe; international revenue grew to 64% of the mix in Q2 FY2026.
Market Share & Ranking
eMudhra is the leading licensed certifying authority in India for Digital Signature Certificates.
Strategic Alliances
The company utilizes a partner-driven model for 39% of its enterprise sales to scale in foreign jurisdictions.
External Factors
Industry Trends
The cybersecurity industry is growing rapidly but faces shifts toward automated certificate management and passwordless authentication. eMudhra is positioning itself by moving from pure trust services (23%) to broader solutions (77%).
Competitive Landscape
Key competitors include Digicert Corporation, Entrust Corporation, Sify Communications Ltd, and Capricorn Identity Services.
Competitive Moat
The primary moat is the Certifying Authority license from the CCA, which has high entry barriers. This is sustained by an established track record and a 35% 5-year revenue CAGR.
Macro Economic Sensitivity
Sensitive to global cybersecurity spending trends and digital transformation initiatives in the BFSI and Government sectors.
Consumer Behavior
Increasing demand for paperless workflows and secure remote authentication is driving the 38% contribution of paperless solutions to enterprise revenue.
Geopolitical Risks
Operations in multiple countries (US, UAE, Singapore) expose the company to varying data residency laws and trade policies.
Regulatory & Governance
Industry Regulations
Operates under the Information Technology Act, 2000 and guidelines from the Controller of Certifying Authorities (CCA). Compliance includes strict audit requirements for DSC issuance.
Environmental Compliance
Focusing on energy-efficient data center equipment to reduce carbon footprint; specific ESG spending in INR is not disclosed.
Taxation Policy Impact
The effective tax rate is reflected in the PAT margin of 15.1% on a total income of INR 174.95 Cr in Q2 FY2026.
Legal Contingencies
The company faces potential liabilities or fines related to data breaches or cyberattacks given the volume of customer data managed, though no specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Changes in the CCA regulatory framework could impact margins by 5-6% as seen in FY2025. Technological shifts in PKI standards represent a high-impact risk.
Geographic Concentration Risk
64% of revenue is concentrated in international markets, primarily the US, following recent acquisitions.
Third Party Dependencies
Dependency on resellers/partners for 39% of enterprise solution sales.
Technology Obsolescence Risk
High risk due to the nature of cybersecurity; mitigated by continuous R&D and inorganic acquisition of new tech capabilities.
Credit & Counterparty Risk
High receivable risk from Government sector and export clients, leading to a high working capital intensity (33% NWC/OI).
