eMudhra Q1 FY26 Net Profit Surges 37.5% to ₹250.2 Mn Amid Global Expansion Moves

Mumbai, 25 July 2025: eMudhra Limited has kicked off FY26 with a robust first-quarter performance, posting a 37.5% year-on-year (YoY) rise in net profit to ₹250.2 million, backed by strong international revenue growth and major strategic acquisitions. The Bengaluru-headquartered digital trust and paperless transformation company also unveiled its recent acquisition of Austrian cybersecurity firm Cryptas and signed an agreement to acquire North America-based AI Cyberforge, signalling its aggressive push into global markets.

Following the announcement of its robust Q1 FY26 results and strategic global acquisitions, eMudhra Ltd’s share price rose by ₹9.20, marking a 1.13% increase to reach ₹825.60 as of 9:39 am IST on 25 July. The stock opened at ₹824.00, touched a high of ₹836.55, and dipped to a low of ₹818.65 during early trading hours. With a market capitalisation of ₹6,720 crore, the stock currently trades at a P/E ratio of 80.78 and a dividend yield of 0.15%.

Strong Revenue and Profit Growth Reflects Expanding Global Demand

For the quarter ended 30 June 2025, eMudhra’s revenue from operations stood at ₹1,506.2 million, marking a 58.5% YoY increase, while quarter-on-quarter (QoQ) growth remained steady at 0.9%. The company’s EBITDA rose to ₹380 million, reflecting a 28.1% increase from the same period last year, and Adjusted EBITDA climbed to ₹408.4 million, up 34.6% YoY.

Despite global expansion investments, eMudhra maintained a stable EBITDA margin of 25.2%, while net profit margin stood at 16.6%. On an adjusted basis, PAT reached ₹272.9 million, a 44.6% YoY growth. Earnings per share also improved significantly, with Basic EPS rising to ₹3.05 and Diluted EPS to ₹3.00, both reflecting over 38% YoY growth.

Global Expansion Strategy Fuels Revenue and Operational Diversity

The company’s international strategy delivered tangible results. Of the enterprise revenue, 64% came from international markets, while India contributed 36%. The business channel mix was also weighted toward direct enterprise engagements, with 62% of enterprise revenue generated through direct channels and the remaining 38% via partners.

In terms of services, Cybersecurity remained the dominant segment, contributing 64% of revenue, whereas paperless solutions accounted for 36%. This shift underscores the increasing global demand for robust identity and cybersecurity frameworks.

Compared to industry peers, eMudhra’s margins and revenue growth are significantly above average. While EBITDA margins for tech-enabled digital service firms in the sector average around 18-20%, eMudhra maintained a 25.2% margin. The 58.5% YoY revenue growth also places it ahead of industry players who typically report growth in the range of 20-30% for similar quarters.

Key Leadership Highlights, Major Deals and Future Growth Levers

Commenting on the results, V. Srinivasan, Executive Chairman, expressed satisfaction with the quarterly performance, citing solid revenue growth and new client wins across the US, Middle East, India, and Asia Pacific. He credited the strong operational discipline and global presence as key enablers for sustainable long-term growth.

He also highlighted the completed acquisition of Cryptas, an Austrian provider of digital identity and trust services. This strategic buy expands eMudhra’s reach into the DACH region-Germany, Austria, and Switzerland-strengthening its digital trust ecosystem.

Additionally, the proposed acquisition of AI Cyberforge is expected to boost the company’s capabilities in secure credential management, privacy, and machine-human access controls, areas critical to digital infrastructure and cyber resilience.

Major Project Wins Anchor Presence in Key Global Markets

eMudhra reported notable project wins in the first quarter that spanned sectors and geographies:

• North America: Successfully implemented Managed PKI/TLS for a global FMCG leader
• UAE: Delivered Certificate Lifecycle Management solutions to a major banking institution
• Asia: Deployed Identity and Access Management (IAM) systems for a direct tax authority and supported digital transformation in a public healthcare platform
• India: Provided emCA solutions to defence forces and expanded BFSI adoption of emSigner and eStamping platforms

Strategic Partnerships and Regional Footprint Expansion

The company is actively pursuing new regional markets and alliances. It has signed agreements with Lanka Pay and Pacific Technology Pvt. Ltd. to scale operations in Sri Lanka and Nepal, while also establishing a direct operational presence in Kazakhstan, marking its official entry into Central Asia.

A Trusted Global Leader in Digital Identity Services

With over 50 million digital identities managed, eMudhra is India’s largest certifying authority and a global trust service provider. The company supports over 1,000 large enterprises, including several Fortune 100 firms across 35+ countries. Its global influence is further validated by its roles as a principal member of the CA/Browser Forum, Chair of the Asia PKI Consortium, and Board Member of the Cloud Signature Consortium.

REF:https://nsearchives.nseindia.com/corporate/EMUDHRA2008_24072025194556_50.pdf

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