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eMudhra Results: Latest Quarterly Results & Analysis

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eMudhra Ltd. 05 Nov 2026 15:18 PM
Result PDF

Q2FY27 Quarterly Result Announced for eMudhra Ltd.

Commercial Services company eMudhra announced Q2FY27 results

Standalone Financial Highlights:

  • Revenue from operations / Income: Standalone income from operations for Q2FY27 stood at Rs 713.86 million, showing an increase of 7.98% QoQ from Rs 661.13 million in Q1FY27 and a growth of 15.11% YoY from Rs 620.13 million in Q2FY26. For H1FY27, operational standalone income reached Rs 1,374.99 million, representing a 17.00% YoY increase over Rs 1,175.26 million in H1FY26.
  • Total income: Standalone total income stood at Rs 730.99 million in Q2FY27, expanding by 8.51% QoQ compared to Rs 673.69 million in Q1FY27 and growing by 15.24% YoY from Rs 634.30 million in Q2FY26. For H1FY27, total income reached Rs 1,404.68 million, up 15.83% YoY from Rs 1,212.74 million in H1FY26.
  • Profit Before Tax (PBT): For Q2FY27, standalone PBT stood at Rs 120.51 million, recording a decline of 27.38% QoQ against Rs 165.95 million in Q1FY27 but increasing by 34.19% YoY over Rs 89.80 million in Q2FY26. For H1FY27, PBT increased by 67.68% YoY to Rs 286.47 million from Rs 170.84 million in H1FY26.
  • Profit After Tax (PAT): Standalone PAT recorded Rs 86.02 million in Q2FY27, denoting a contraction of 30.73% QoQ from Rs 124.18 million in Q1FY27 and a rise of 28.46% YoY compared to Rs 66.96 million in Q2FY26. For H1FY27, standalone PAT reached Rs 210.21 million, posting a 67.87% YoY increase from Rs 125.22 million in H1FY26.
  • Earnings Per Share (EPS): Standalone basic and diluted EPS came in at Rs 1.04 in Q2FY27, lower by 30.67% QoQ from Rs 1.50 in Q1FY27 and up 28.40% YoY against Rs 0.81 in Q2FY26. For H1FY27, standalone EPS grew by 68.21% YoY to Rs 2.54 against Rs 1.51 in H1FY26.

Consolidated Financial Highlights:

  • Revenue from operations / Income: Consolidated operational income reached Rs 2,069.89 million in Q2FY27, displaying a growth of 8.53% QoQ over Rs 1,907.15 million in Q1FY27 and a growth of 19.73% YoY from Rs 1,728.75 million in Q2FY26. For H1FY27, consolidated revenue reached Rs 3,977.04 million, marking a 24.21% YoY growth against Rs 3,201.74 million in H1FY26.
  • Total income: Consolidated total income stood at Rs 2,093.05 million in Q2FY27, rising by 8.75% QoQ from Rs 1,924.58 million in Q1FY27 and expanding by 19.63% YoY from Rs 1,749.48 million in Q2FY26. For H1FY27, it reached Rs 4,017.63 million, showing a 23.40% YoY surge from Rs 3,255.68 million in H1FY26.
  • Profit Before Tax (PBT): Consolidated PBT was recorded at Rs 389.83 million in Q2FY27, reflecting a slight increase of 2.12% QoQ against Rs 381.73 million in Q1FY27 and an increase of 18.07% YoY over Rs 330.16 million in Q2FY26. For H1FY27, consolidated PBT grew by 20.39% YoY to Rs 771.56 million compared to Rs 640.88 million in H1FY26.
  • Profit After Tax (PAT): Consolidated profit for the period came in at Rs 334.78 million in Q2FY27, representing an increase of 4.63% QoQ from Rs 319.97 million in Q1FY27 and expanding by 26.61% YoY over Rs 264.42 million in Q2FY26. For H1FY27, consolidated PAT reached Rs 654.75 million, representing a 27.22% YoY increase from Rs 514.66 million in H1FY26.
  • Earnings Per Share (EPS): Basic EPS was Rs 3.99 in Q2FY27 (up 2.05% QoQ from Rs 3.91 and up 29.13% YoY from Rs 3.09). For H1FY27, consolidated basic EPS was Rs 7.90, reflecting a 28.66% YoY increase from Rs 6.14 in H1FY26. Consolidated diluted EPS stood at Rs 3.96 in Q2FY27 and Rs 7.84 for H1FY27.

Segment-wise Performance:

  • Trust Services: In Q2FY27, segment external sales stood at Rs 336.91 million, an increase of 18.57% QoQ from Rs 284.15 million in Q1FY27 but a decline of 5.90% YoY from Rs 358.02 million in Q2FY26. For H1FY27, segment revenue recorded Rs 621.06 million, falling by 4.42% YoY against Rs 649.79 million in H1FY26. Segment results achieved Rs 119.18 million in Q2FY27 (down 0.63% QoQ and 7.22% YoY) and Rs 239.12 million for H1FY27 (up 10.71% YoY).
  • Enterprise Solutions: Total segment external sales grew to Rs 1,732.98 million in Q2FY27 (comprising India at Rs 390.38 million and Outside India at Rs 1,342.60 million), increasing by 6.78% QoQ from Rs 1,623.00 million in Q1FY27 and up 26.43% YoY over Rs 1,370.73 million in Q2FY26. For H1FY27, segment sales hit Rs 3,355.98 million (comprising India at Rs 758.74 million and Outside India at Rs 2,597.24 million), higher by 31.51% YoY against Rs 2,551.95 million in H1FY26. Segment results stood at Rs 453.54 million in Q2FY27 and Rs 917.73 million for H1FY27.

V. Srinivasan, Executive Chairman, eMudhra Limited, said: “Q2FY27 reflects steady progress across our product platforms. Enterprise Solutions revenue grew 36% YoY and now accounts for 66% of revenue, with international markets also contributing 66% of revenue. During the quarter, we secured our first wins in Kazakhstan and Nigeria, and cross-selling with Cryptas added three more large enterprise clients in Europe.

Customers increasingly face time-bound requirements around post-quantum readiness, machine and AI agent identity, and data privacy, and we continue to align our platforms to these needs.

In October, we encountered a certificate security incident in our TLS business, which represented approximately 1% of revenue. We revoked the affected intermediary certificates. There were no end-entity certificates issued out of the affected intermediary CA’s. Our infrastructure was not compromised, no data was breached, and all physical and logical security controls remain intact. We appointed KPMG as an independent external reviewer.

The SSL/TLS business contributes to approximately 1% of eMudhra’s global revenue. The business potential and RoI of this line of business have considerably reduced for eMudhra when measured against our cumulative revenue base. Hence, as announced earlier, eMudhra will cease the sale of TLS certificates and exit that line of business and sharpen the focus on our Core Enterprise Platforms, eSign, and Digital Signature offerings.

Result PDF

Result PDF

Commercial Services company eMudhra announced Q1FY27 results

Consolidated Financial Highlights

  • Total Income from operations (Net) for Q1FY27 stood at Rs 1,924.58 million, representing a decrease of 2.08% QoQ compared to Rs 1,965.50 million in Q4FY26 and an increase of 27.78% YoY from Rs 1,506.20 million in Q1FY26.
  • Revenue from operations for the quarter Q1FY27 was reported at Rs 1,907.15 million, reflecting a marginal decline of 1.39% from Rs 1,933.96 million in Q4FY26 (QoQ) and a growth of 29.47% from Rs 1,472.99 million in Q1FY26 (YoY).
  • Profit before share of net profit/(loss) of associate and tax for Q1FY27 was Rs 381.73 million, an increase of 15.24% QoQ from Rs 331.25 million in Q4FY26 and an increase of 22.85% YoY from Rs 310.72 million in Q1FY26.
  • Net Profit for the period Q1FY27 stood at Rs 319.97 million, showing a growth of 8.19% QoQ from Rs 295.74 million in Q4FY26 and a growth of 27.87% YoY compared to Rs 250.24 million in Q1FY26.
  • Net Profit attributable to the owners of the company reached Rs 321.46 million in Q1FY27, compared to Rs 289.64 million in Q4FY26 and Rs 248.84 million in Q1FY26.
  • Total Comprehensive Income for Q1FY27 was Rs 348.83 million, as against Rs 800.87 million in Q4FY26 and Rs 318.99 million in Q1FY26.
  • Basic Earnings Per Share (EPS) for Q1FY27 stood at Rs 3.91, compared to Rs 3.53 in Q4FY26 and Rs 3.05 in Q1FY26.

Standalone Financial Highlights:

  • Total Income from operations (Net) for Q1FY27 was Rs 673.69 million, showing a decrease of 17.10% QoQ from Rs 812.65 million in Q4FY26, while recording a YoY growth of 16.47% from Rs 578.44 million in Q1FY26.
  • Revenue from operations stood at Rs 661.13 million in Q1FY27, reflecting a decline of 15.51% QoQ from Rs 782.48 million in Q4FY26 and a growth of 19.09% YoY from Rs 555.13 million in Q1FY26.
  • Profit before tax for the quarter Q1FY27 reached Rs 165.96 million, an increase of 43.59% QoQ compared to Rs 115.58 million in Q4FY26 and an increase of 104.79% YoY compared to Rs 81.04 million in Q1FY26.
  • Net Profit for Q1FY27 was reported at Rs 124.19 million, marking an increase of 51.51% QoQ from Rs 81.97 million in Q4FY26 and an increase of 113.17% YoY from Rs 58.26 million in Q1FY26.
  • Total Comprehensive Income for the period Q1FY27 stood at Rs 124.74 million, compared to Rs 82.64 million in Q4FY26 and Rs 57.33 million in Q1FY26.
  • Basic Earnings Per Share (EPS) for Q1FY27 was Rs 1.50, as against Rs 0.99 in Q4FY26 and Rs 0.70 in Q1FY26.

Business Highlights:

  • Segment Performance:
    • Trust Services: Reported revenue of Rs 284.15 million in Q1FY27, compared to Rs 291.77 million in Q1FY26.
    • Enterprise Solutions: Total external sales reached Rs 1,623.00 million in Q1FY27. Within this segment, revenue from India was Rs 368.36 million and revenue from Outside India was Rs 1,254.64 million.
  • Personnel Changes: Mr. Shrikanth Manohar Shitole, Chief Executive Officer of the company, tendered his resignation effective from the closing of business hours on July 31, 2026.
  • Equity Allotment: The Board approved the allotment of 1,23,280 equity shares of face value Rs 2 each to eligible employees who exercised their stock options under the iValue Employee Stock Option Plan 2024.
  • Internal Auditors: The Board approved the reappointment of M/s. S G S K & Company, Chartered Accountants, as Internal Auditors of the company for FY27.
  • Share of Associate: The Group’s share of net loss from associates accounted under the equity method was Rs 0.18 million for Q1FY27.

Result PDF

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

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”.

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