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eMudhra Results: Latest Quarterly Results & Analysis

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eMudhra Ltd. 07 May 2026 12:47 PM
Result PDF

Q4FY26 & FY26 Result Announced for eMudhra Ltd.

Commercial Services company eMudhra announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Total income for Q4FY26 stood at Rs 1,966 million, reflecting a growth of 2.9% QoQ from Rs 1,911 million in Q3FY25 and a growth of 31.7% YoY from Rs 1,493 million in Q4FY25.
  • EBITDA for Q4FY26 reached Rs 441 million, up 2.1% QoQ from Rs 432 million in Q3FY25 and up 25.5% YoY compared to Rs 351 million in Q4FY25.
  • Profit After Tax (PAT) for Q4FY26 was Rs 296 million, representing an increase of 2.0% QoQ from Rs 290 million in Q3FY25 and a growth of 21.6% YoY from Rs 243 million in Q4FY25.
  • For the full year FY26, total income was Rs 7,132 million, showing a significant increase of 35.1% YoY compared to Rs 5,278 million in FY25.
  • Annual EBITDA for FY26 stood at Rs 1,654 million, registering a growth of 32.6% YoY from Rs 1,248 million in FY25.
  • Net profit for the full year FY26 grew by 26.2% YoY to reach Rs 1,100 million, compared to Rs 872 million in FY25.
  • Basic EPS for FY26 was Rs 13.14, an increase of 26.3% YoY from Rs 10.41 in FY25.
  • The company maintained a debt-free balance sheet with total cash and investments of Rs 1,269 million.
  • Cash flow from operations for FY26 was Rs 1,329 million, representing 101.2% of PBT.

Business Highlights

  • Segment-wise Performance:
    • Enterprise Solutions: This segment accounts for 59% of total revenue. It delivered 55% YoY growth in FY26, consisting of 23% organic growth and 32% inorganic growth. Within Enterprise Solutions, the revenue mix by segment was Cybersecurity (76%) and Paperless (24%).
    • Trust Services: This segment (retail DSC and eSign business) contributed 20% to the total revenue.
  • Services: This segment contributed 21% to the total revenue.
  • Geographic Performance: International revenue now constitutes 64% of total revenue, having grown 38.7% YoY. North America remains the company's largest international market.
  • Sector Performance (Enterprise Solutions): The revenue mix by sector was Enterprise (41%), Government & Defence (32%), and BFSI (27%).
  • Order Book: The order book for Enterprise Solutions reached Rs 2,380 million for FY2027, representing a growth of 24.8% YoY.
  • Customer Base: The company has 1,374 enterprise customers, with 25 customers contributing more than Rs 5 crore annually.
  • Revenue Stability: Recurring revenue accounts for 65% of the total revenue.
  • Operational Scale: In India, emSigner processes over 3.5 lakh transactions daily across BFSI and Capital Markets.
  • Research and Innovation: The company invested Rs 601 million in organic IP and Rs 762 million through acquisitions during FY26.

Srinivasan, Executive Chairman, eMudhra, said: “FY26 was a year of strong, broad-based growth for eMudhra. Total income rose 35.1% to Rs 7,132 million, EBITDA came in at Rs 1,654 million and PAT grew 26.2% to Rs 1,100 million. Our Enterprise Solutions segment, which now accounts for 59% of revenue, delivered 55% YoY growth (Organic 23%, Inorganic 32%), driven by large-scale Certificate Lifecycle Management and Identity & Access Management deployments across Defence, Banking and Government — a clear validation that our platforms are being chosen for the most mission-critical workloads globally. In India, emSigner continues to process over 3.5 lakh transactions daily in BFSI and Capital Markets, and the Government’s push towards eSign and eStamping adds a new and durable layer of volume growth. Trust Services, our retail DSC and eSign business remains a highly cash-generative anchor for the business.

Internationally, revenue grew 38.7% and now constitutes 64% of our total business. North America is our largest international market, where we are building out a recurring enterprise CLM install base across Education, IoT and Financial Services. In Europe, our Cryptas and Primesign acquisition is opening doors into the highly regulated EU market, with NIS2 and DORA mandates acting as strong demand catalysts. The Middle East, Asia Pacific and Africa are emerging growth frontiers — we closed meaningful wins at Central Banks, BFSI, customs authorities and critical infrastructure operators across these regions.

We believe Artificial Intelligence is a structural tailwind for eMudhra. The rise of autonomous AI agents creates an entirely new class of machine identities that require cryptographic authentication, auditable signatures and certificate infrastructure — precisely what our platforms deliver. At the same time, AI is dramatically expanding the attack surface across enterprises, making Zero Trust and certificate lifecycle management non-negotiable rather than optional. eMudhra is one of very few vendors positioned to address these shifts in a unified platform. With our continued R&D focus, we are well placed to sustain growth and expand margins in the years ahead.”

Result PDF

Result PDF

Commercial Services company eMudhra announced Q3FY26 results

  • Revenue for the quarter was Rs 1,910.6 million, an increase of 35.6% from the previous year.
  • Operating expense for the quarter was Rs 891.9 million.
  • Gross profit for the quarter was Rs 1,018.7 million, representing a gross margin of 53.3%.
  • EBITDA for the quarter was Rs 441.4 million, with an EBITDA margin of 23.1%.
  • EBIT for the quarter was Rs 352.0 million, with an EBIT margin of 18.4%.
  • Net income for the quarter was Rs 290.0 million, with a net margin of 15.2%.
  • Earnings per share for the quarter was Rs 3.50, an increase of 35.0% from the previous year.

Srinivasan, Executive Chairman, eMudhra, said: “We are pleased to report a strong third quarter, marked by a more diversified revenue base across products and geographies. While the US services business is experiencing reduced growth and margins, this was offset by increased product-led revenues across markets and improved performance from Europe following the Cryptas acquisition, resulting in better overall margins.

Regulatory mandates such as NIS2, DORA, and related cybersecurity compliance frameworks continue to reinforce demand for our Certificate Lifecycle Management and Identity and Access Management solutions across markets. These regulations are driving more and more adoption of compliant trust and security infrastructure, positioning our platforms well for sustained growth.

In eSignature workflows, our focused differentiation in Banking and Financial Services is delivering strong results across India, MEA, and APAC, with exponential growth in transaction volumes across retail banking and capital markets use cases in India. This momentum is further supported by increasing partner-led revenues, as strategic alliances expand our reach and accelerate enterprise adoption globally.

Our R&D investments are translating into early market validation across Converged Identity, advanced Certificate Lifecycle Management, data discovery for privacy compliance, and Post-Quantum Cryptography (PQC). Initial deployments with regulated enterprises are testing these capabilities in live environments, strengthening compliance automation and providing clear pathways for product scaleup”

Result PDF

Commercial Services company eMudhra announced Q2FY26 results

  • Revenue for the quarter was Rs 1,749.5 million, an increase of 22.6% from the previous year.
  • Gross profit for the quarter was Rs 976.3 million, representing a gross margin of 55.8%.
  • Operating expense for the quarter was Rs 773.2 million.
  • EBITDA for the quarter was Rs 433.3 million, with an EBITDA margin of 24.8%.
  • EBIT for the quarter was Rs 339.3 million, with an EBIT margin of 19.4%.
  • Net income for the quarter was Rs 264.4 million, with a net margin of 15.1%.
  • Earnings per share for the quarter was Rs 3.09, an increase of 14.4% from the previous year.

V. Srinivasan, Executive Chairman, eMudhra, said: “We are pleased to report a strong second quarter, driven by robust revenue growth and new client wins across the US, Middle East, India and Asia Pacific. This quarter revenue also include revenue from Europe arising out of Cryptas acquisition. This global momentum, together with disciplined operations, sets a solid foundation for sustained growth in the coming year.

Regarding our product offerings, emSigner remains the preferred platform for managing complex, multi-party signing workflows as we seek to expand in regulated industries such as Banking and Financial Services. Furthermore, the growing use of our Securepass and Certinext certificate lifecycle management modules underscores our commitment to unifying user and device identity management—enabling organizations to implement seamless and comprehensive access controls that address both human and machine identities. Our recent acquisition of Key and Secrets Management solution complements our cyber security solution portfolio.

Our R&D efforts, particularly in the areas of Converged Identity, Data Privacy, and Generative AI, are continuing, to drive innovation and stay ahead in a rapidly evolving digital landscape. Our strengthened innovation pipeline and enhanced go-to-market capabilities set the stage for future growth”

Result PDF

Commercial Services company eMudhra announced Q1FY26 results

  • Revenue for the quarter was Rs 1,506.2 million, an increase of 58.5% from Q1FY25.
  • Gross profit for the quarter was Rs 808.2 million, representing a gross margin of 53.7%.
  • Operating expense for the quarter was Rs 698.0 million.
  • EBITDA for the quarter was Rs 380.0 million, with an EBITDA margin of 25.2%.
  • EBIT for the quarter was Rs 313.0 million, with an EBIT margin of 20.8%.
  • Net income for the quarter was Rs 250.2 million, with a net margin of 16.6%.
  • Earnings per share for the quarter was Rs 3.05, an increase of 38.6% from Q1FY25.

Srinivasan, Executive Chairman, eMudhra, said: “We are pleased to report a strong first quarter, driven by robust revenue growth and new client wins across the US, Middle East, India and Asia Pacific. This global momentum, together with disciplined operations, sets a solid foundation for sustained growth in the coming year.

A key highlight also is our strategic acquisition of Cryptas in Europe, which gives us a strong footprint in the DACH region (Austria, Germany and Switzerland) and accelerates our solutions and trust service presence in a mature digital trust ecosystem. Integrating eMudhra and Cryptas’s expertise with our client base, positions us at the forefront of digital identity and trust solutions, enabling us to bring European-grade compliance and innovation to other international markets, and vice versa, as global demand for secure digital technologies rises.

The proposed acquisition of AI Cyberforge with a focus on vault and secrets engine further bolsters our product comprehensiveness in the intersection of data privacy and identity management space and helps us position differentiated capability in various markets we operate.

Regarding our product offerings, emSigner remains the preferred platform for managing complex, multi-party signing workflows as we seek to expand in regulated industries such as Banking and Financial Services. Furthermore, the growing use of our Securepass and Certinext certificate lifecycle management modules underscores our commitment to unifying user and device identity management—enabling organizations to implement seamless and comprehensive access controls that address both human and machine identities.

We are committed to advancing our R&D efforts, particularly in the areas of Converged Identity, Data Privacy, and Generative AI, to drive innovation and stay ahead in a rapidly evolving digital landscape. Our strengthened innovation pipeline and enhanced go-to-market capabilities set the stage for future growth”

Result PDF

Commercial Services company eMudhra announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operation: Rs 1,492.6 million compared to Rs 1,031.0 million during Q4FY24, change 44.8%.
  • EBITDA: Rs 371.6 million compared to Rs 363.1 million during Q4FY24, change 2.4%.
  • EBITDA margin: 24.9% for Q4FY25.
  • PAT: Rs 243.4 million compared to Rs 212.0 million during Q4FY24, change 14.8%.
  • PAT margin: 16.3% for Q4FY25.
  • Basic EPS (Rs): Rs 2.92 for Q4FY25.

FY25 Financial Highlights:

  • Revenue for the year was Rs 5,278.4 million, an increase of 38.9% from the FY24.
  • Operating expense for the year was Rs 2,432.8 million.
  • Gross profit for the year was Rs 2,845.6 million, representing a gross margin of 53.9%.
  • EBITDA for the year was Rs 1,323.8 million, with an EBITDA margin of 25.1%.
  • EBIT for the year was Rs 1,085.6 million, with an EBIT margin of 20.6%.
  • Net income for the year was Rs 872.3 million, with a net margin of 16.5%.
  • The company had cash and cash equivalents of Rs 1 885.6 million at the end of the year and is debt free.
  • Dividend of 25% on equity shares is proposed to be paid.

Srinivasan, Executive Chairman, eMudhra, said: “We are pleased to report another year of robust growth in FY25, with revenue up over 38.9% yearon-year, EBITDA margins at 25.1%, and PAT margin at 16.5%. While our topline performance was in line with expectations, PAT margins was lower than last year’s levels, on account of Middle East taxation, increased provisioning for ESOP which are non-dilutive in nature, repurchase of DSC stock because of regulatory change, finder’s fee on acquisition and notional interest on acquisition liability. We anticipate these to normalize in the current year providing room for bottom line expansion in the coming year and for the future.

Over the past twelve months, our direct presence in many international markets has translated into several high-impact wins. In the USA, we continue to serve a leading ERP vendor with managed services for cyber security. Similarly, we saw wins across Education, Gaming and Utility where both our paperless and certificate lifecycle management platforms got implemented. In the Middle East our emSigner solution went live with a major customs authority. Back home in India, we closed a landmark deal to underpin a national citizen-services portal with our PKI and digital signature infrastructure—underscoring our stickiness with large enterprises and our ability to scale for missioncritical workloads.

On the product front, emSigner remains the platform of choice for complex, multi-party signing workflows in regulated industries such as BFSI and Pharma. Upsells of our Securepass and Certinext platforms further deepened our share of wallet, as enterprises realized the value of identity and access controls over both users and devices.

Looking ahead, our roadmap is focused on converged identity, generative AI and a comprehensive data-privacy stack. We plan to launch a unified identity fabric that seamlessly blends user, device and IoT identities; embed generative-AI agents to automate document validation and risk-scoring as part of signing workflows; and introduce an end-to-end data-privacy suite for consent management, data discovery and classification and dynamic data-governance. These initiatives build on our existing products and ensure that we not only address today’s zero-trust demands but also pre-empt tomorrow’s security paradigm shifts.

The macro tailwinds for digital transformation and zero-trust architecture remain strong. As cyber threats proliferate and regulatory mandates tighten, organizations are compelled to move beyond password-only models and point-solutions. That shift underpins our confidence in continued market share gains for our converged identity and certificate management offerings. A new guideline mandating the movement towards shorter certificate expiry is providing ample impetus in developed markets to pursue replacement opportunities for an integrated offering combining certificates and their lifecycle management across public and private trust.

We continue to invest in R&D and sales initiatives to fuel growth, while maintaining disciplined profitability. Although this year included certain one-off expenditures, our strong innovation pipeline and go-to-market capabilities set the stage for growth in profitability ahead. At eMudhra, our ongoing focus on enhancing product innovation, elevating service excellence, and extending our global reach will underpin sustainable, long-term shareholder value.”

Result PDF

Commercial Services company eMudhra announced Q3FY25 results

  • Revenue for the quarter was Rs 1408.9 million, an increase of 41.6% YoY.
  • Operating expense for the quarter was Rs 694.5 million.
  • Gross profit for the quarter was Rs 714.3 million, representing a gross margin of 50.7%.
  • EBITDA for the quarter was Rs 319.4 million, with an EBITDA margin of 22.7%.
  • Net income for the quarter was Rs 224.0 million, with a net margin of 15.9%.
  • Earnings per share for the quarter was Rs 2.58.

V. Srinivasan, Executive Chairman, eMudhra, said: “We are pleased to report third quarter results for FY25 with a revenue growth of 41.6% YoY, EBITDA growth of 19.4% YoY and PAT growth of 11.9% YoY.

During the quarter, deal closures and healthy growth in the Americas, MEA region and Asia Pacific resulted in strong performance in overseas markets. Global opportunities continue to be characterized by need for usage of identity backed digital signatures and increased usage of automation in public key infrastructure as part of user and device security. In India, the last quarter was particularly healthy in terms of deal wins for our Identity and Access management solution.

We continue to see favourable tailwinds in terms of global standards and regulatory mandates pushing for adoption of public key infrastructure in areas such as user authentication, secure payments and device identity management in electric vehicles.

Our R&D efforts in Post Quantum Cryptography and Mobile PKI continue to give an impetus as US security standards body NIST has recommended timelines for deprecation of current algorithms thereby forcing large organizations in regulated sectors to plan for transition. Recent standards in European Union also mandate the usage of Mobile PKI for issuing Digital ID and Digital Signatures.

As tools around GenAI continue to evolve at a rapid pace, we continue to invest in reimagining our products in the context of deeply integrating GenAI capabilities. Some of the use cases include assessing deep fakes as part of user identity vetting, document summarizing and risk assessment, security analytics and operations and building agentic AI workflows for a range of internal process automation.

On trust services, volume and value remained consistent with previous quarter adjusted for seasonality of tax filings. eSign volumes continue to increase as we win more deals in Capital Markets and Banking.

We remain optimistic about the opportunities in global markets and remain committed to investing in R&D as public key infrastructure becomes a critical element in the convergence of user and device identity”

Result PDF

Commercial Services company eMudhra announced Q2FY25 results

Financial Highlights:

  • Revenue for the quarter was Rs 1,426.7 million, an increase of 47.5% YoY.
  • Operating expense for the quarter was Rs 708.3 million.
  • Gross profit for the quarter was Rs 718.4 million, representing a gross margin of 50.4%.
  • EBITDA for the quarter was Rs 338.3 million, with an EBITDA margin of 23.7%.
  • Net income for the quarter was Rs 223.0 million, with a net margin of 15.6%.
  • Earnings per share for the quarter was Rs 2.70, an increase of 12% YoY.

Other Highlights:

  • Significant revamp of technology platforms for trust services to enable better partner relations management.
  • Recognized as a leader in G2 (Largest Authentic peer review marketplace) in the Small Business eSignature category for Asia.
  • Awarded Medium Enterprise of the Year in Digital Transformation as part of HSBC and CNBC TV-18 SME Champion awards.
  • Significant upskilling of employees on new and emerging technologies in partnership with AWS.

V. Srinivasan, Executive Chairman, eMudhra said: “We are pleased to report second quarter results for FY25 with a revenue growth of 47.5% YoY, EBITDA growth of 18.0% YoY and PAT growth of 18.9% YoY.

The second quarter saw continued traction in both domestic and overseas markets for our enterprise solutions and services because of our one stop shop positioning for zero trust with user and device identity management solutions. In India, we continue to see deal momentum in BFSI for integrated eSign/eStamping usage via emSigner for customer onboarding, lending workflows. We also won several projects relating to cyber security suite for critical digital transformation projects in eGovernment.

To effectively address the positioning for opportunities in Zero Trust, we are embarking on a strategy that bundles our security solutions as a managed services offering built on competences in Cloud and GenAI.

On trust services, regulatory changes resulted in the implementation of a new business model which came into effect on July 15, 2024. In the new model, Certifying Authorities are now mandated to invoice end customers based on a transparent pricing policy and pay partners a referral commission. This is in lieu of the earlier model where we invoiced partners who then sold to end customers. This resulted in sales numbers reflecting consumption against stock purchase. Further, the usage of digital signature certificates was made optional for non-corporates with tax audits. Both of these developments resulted in a significant volume decrease for digital signature certificates in India which was offset by a higher gross and net realization.

We see improved opportunity for our suite of solutions in enabling secure digital transformation and continue to make investments into expanding sales, positioning and reworking our partnership approach to enable accelerated adoption”.

Result PDF

Commercial Services company eMudhra announced Q1FY25 results:

Financial Highlights: 

  • Revenue for the quarter was Rs 950.2 million, an increase of 17.7% YoY
  • Gross profit for the quarter was Rs 631.0 million, representing a gross margin of 66.4%
  • Operating expense for the quarter was Rs 319.2 Million
  • EBITDA for the quarter was Rs 294.5 Million, with an EBITDA margin of 31.0%
  • Net income for the quarter was Rs 182.0 million, with a net margin of 19.1%
  • Earnings per share for the quarter was 2.2, an increase of 6.6% YoY

Business Highlights: 

  • Revenue split between India and International is 41:59
  • Enterprise Revenue split between Partner and Direct is 25:75
  • Enterprise Revenue split between Cyber Security and Paperless segments is 66:34
  • Trust Service Revenue split between Retail, Channel and New Products (eSign/SSL) is 22:48:31 

Commenting on the first quarter results, V. Srinivasan, Executive Chairman, eMudhra Limited said, “We are pleased to report first quarter results for FY25 with a revenue growth of 17.7% YoY, EBITDA growth of 19.0% YoY and PAT growth of 11.2% YoY.

The first quarter saw continued traction in both domestic and overseas markets for our enterprise solutions. In India, we continue to see deal momentum in BFSI for integrated eSign/eStamping usage via emSigner for customer onboarding, lending workflows. We also participated in a number of critical digital transformation projects in eGovernment. In view of central elections there has been a delay in respect of government projects. Further, in view of change in methodology of selling digital signatures announced by Controller of Certifying Authorities in April 2024, which was to take effect from July 2024, the partners of Indian trust services business bought lesser stock resulting in lower revenue in Indian Trust Services.

Our traction in the United States continues to improve with penetration into certain key accounts for Certificate Lifecycle Management/PKI offerings. We have also been able to win deals in the Education sector via Ikon’s relationship serving end customers in that sector. Europe is going through an interesting change in landscape where Identity is being harmonized through the deployment of European Identity Wallet. This is likely to result in better opportunities for trust services and enterprise solutions. To capitalize on this opportunity, we have appointed Carmine Auletta as Head of Europe for eMudhra. Carmine was Chief Operating Officer at Infocert, a large Certifying Authority in Europe.

We have made meaningful strides in penetrating emerging markets such as Philippines, Malaysia where we now have a local presence to tap into digital transformation opportunities. Our investments into Kenya are bearing fruits as there is a strong digital transformation push at a country level. We also participated in several PKI deployment opportunities as part of “Digital Public Infrastructure” rollouts in other African countries.

We also continue to make investments into building services capability, to not only address professional services needs for our product implementation but also be able to upsell into target customer spends on cyber security in areas such as security operations, data privacy, threat intelligence and generative AI. In line with this, we are acquiring Two95 International based in New Jersey to bolster services capabilities and give us market access into a new set of customers for our products. The acquisition is likely to be completed very soon.

On trust services, regulatory changes resulted in the implementation of a new business model which came into effect on July 15, 2024. In the new model, Certifying Authorities are now mandated to invoice end customers based on a transparent pricing policy and pay partners a referral commission. This is against the earlier model where we invoiced partners who then sold to end customers. The anticipation of implementation of the new business model resulted in a decline in purchase of our certificates by the partners in Q1. However, this is likely to be offset by better realizations in the coming quarters as a result of end customer invoicing.

To summarize, we see continued opportunities across our lines of business because of opportunities in new markets and upselling potential into existing customers. We continue to pursue these through a combination of both an organic and inorganic growth strategy”.

Result PDF

Commercial Services company eMudhra announced FY24 results:

Financial Highlights:

  • Revenue for the year was Rs 3,800.4 million, an increase of 49.6% from the previous year
  • Gross profit for the year was Rs 2,576.4 million, representing a gross margin of 67.8%
  • Operating expense for the year was Rs 1,224.0 million
  • EBITDA for the year was Rs 1,164.8 million, with an EBITDA margin of 30.6%
  • EBIT for the year was Rs 956.7 million, with an EBIT margin of 25.2%
  • Net income for the year was Rs 763.5 million, with a net margin of 20.1%
  • Earnings per share for the year was 9.7, an increase of 16.6% from the previous year
  • The company had cash and cash equivalents of Rs 2,494.6 million at the end of the year and is debt free
  • Dividend of 25% of face value has been declared

Commenting on the full year results, V. Srinivasan, Executive Chairman, eMudhra Limited said, “We are pleased to report another quarter of consistent performance and a strong full year result with revenue growth of 49.6% YoY, EBITDA growth of 25.8% YoY and PAT growth of 24.8% YoY.

Over the last year, we have made significant strides in penetrating our solutions into various international markets aiding businesses in their transition towards zero trust. Traceability, verifiability and security are becoming central themes as businesses continue to adopt digital technologies as a way of doing business. In this context, public key infrastructure and digital signature certificates embed “Identity” and “Security” allowing a far more robust security architecture as part of any digital data or document exchange.

We continue to address mission critical use cases as part of our Enterprise Solutions business consisting of our “Paperless Office” and “Cyber Security” suite of offerings. As we continue to address use cases across sectors and industries, we have been able to “Land” and “Expand” into existing/new customers as they mature through their journey of digital adoption and enhancing cyber security posture.

Our paperless office product emSigner continues to see strong demand from several large customers globally as it is seen as a platform of choice for solving complex document signing workflows in industries such as BFSI, Pharma etc. Similarly, as customers try to move away from passwords to more secure forms of authentication, they adopt emAS for multi-factor authentication. Incremental sales come from upselling emCA and emDiscovery where they adopt PKI and Digital Signature Certificate based authentication/authorization for ensuring stronger access control.

We have been able to significantly grow our international business owing to strong focus on sales and marketing. Broadly these efforts have been focussed on establishing a strong direct market presence in regions such as North America which are either mature in their adoption of digital technologies or countries in Middle East and Africa where there is a strong eGovernance agenda focussed on digital transformation and cyber security based on principles of zero trust. Our acquisition of Ikon has also worked well as the teams continue to win and work on cross-selling and up-selling opportunities for both Ikon’s and eMudhra’s set of offerings across the client base. For the India market, while we continue to see robust demand, we shifted our strategy to unbundle hardware as part of our contracts to reduce 3rd party dependency and mitigate delays in project delivery and receivables.

On trust services, we continue to enjoy a strong brand in India resulting in healthy growth and stickiness for our retail and direct to consumer sale of digital signature certificates. This resulted in strong growth for trust services as partners and customers want to work with a reliable digital signature provider who can provide quick identity vetting and strong support particularly during peak issuance periods. eSign continues to see traction along with other offerings such as eStamping as BFSI, Capital Markets embark on paperless transformation. We continue to place focus on SSL/TLS certificates as part of our Certificate Lifecycle Management product emDiscovery helping us differentiate from pure play SSL/TLS players.

Our R&D efforts are focussed on reimagining security in the context of Quantum computers, Edge computing and Data privacy. In line with this, we have already embarked on R&D in Post Quantum Cryptography, Fully Homomorphic Encryption and Mobile PKI.

To summarize, we see continued opportunity in our space as digital transformation and movement to zero trust as a result of cyber threats continue to be top of the mind agenda for many large organizations. At eMudhra, we will continue to invest in building product depth, service capabilities and market reach to effectively address these opportunities”.

Result PDF

Miscellaneous Services company eMudhra announced Q1FY24 results:

  • Income for Q1FY24 was Rs 807.30 million, an increase of 2.2% from Q4FY23.
  • Gross profit for Q1FY24 was Rs 594.99 million, representing a gross margin of 73.7%.
  • EBITDA for Q1FY24 was Rs 247.53 million, with an EBITDA margin of 30.7%.
  • EBIT for Q1FY24 was Rs 200.40 million, with an EBIT margin of 24.8%.
  • Profit after tax for Q1FY24 was Rs 163.73 million, with a net margin of 20.3%.
  • Basic earnings per share for Q1FY24 was Rs 2.07, an increase of 0.6% from Q4FY23.

Commenting on the first quarter results, V. Srinivasan, Executive Chairman, eMudhra said, “We are pleased to report first-quarter results demonstrating healthy performance with revenue growth of 52.9% YoY, EBITDA growth of 16.9% YoY and PAT growth of 19.4% YoY.

The concept of zero trust is gaining momentum globally with many large enterprises and governments looking to embrace technology to enhance their cyber security posture. Similarly, digital identity-enabled digital trust is becoming a building block for digital transformation. eMudhra has been looking to take elements of both Zero Trust and the concept of Digital Public Infrastructure to other geographies which is starting to yield good results.

During the first quarter, we saw significant growth in international business aided by certain large deals in North America, the Middle East, and Africa regions for enterprise solutions and deals for trust services particularly in SSL/TLS space. To further build the international business, we continue to invest in sales teams and bring onboard people with relevant industry experience. We also completed the acquisition of Ikon Tech and have gradually started positioning our solutions to their customer base in Education and Financial Services in North America."

 

 

Result PDF

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Published on 15-May-2026 09:15

HAL Q4 PAT rises 5.5% to ₹4,196cr; full-year FY26 net profit hits ₹9,116cr

HAL reported Q4FY26 revenue of ₹13,942 crore (+1.8% YoY and +81.1% QoQ), led by healthy execution across key aerospace and defence programmes during the quarter. 

Published on 15-May-2026 09:14

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