Sells digital trust, identity management, and cybersecurity products and services to enterprises, banks, governments, and universities. For the year ended 31 March 2026, segment revenue is split three ways: Enterprise Solutions – Outside India at Rs 437.572 crore (62.4% of segment revenue), Trust Services at Rs 140.008 crore (20.0%), and Enterprise Solutions – India at Rs 124.0 crore (17.7%). The Enterprise Solutions – Outside India segment sells the CertiNext certificate lifecycle management platform, SecurePass identity-and-access management software, and digital signature products through the European Cryptas business. Trust Services issues digital certificates under PKI, emSigner subscriptions, and CCA token supply to enterprises and certification authorities. Enterprise Solutions – India provides emSigner digital signature workflows to banks, government entities, and SMEs. International revenue was 64% of total in FY26. Acquired Cryptas contributed Rs 85 crore of revenue in FY26 at near break-even. The biggest cost is materials consumed at 39.5% of revenue, followed by employee costs at 19.8% and depreciation at 4.9%; capex was 26.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Enterprise Solutions – Outside India (62%), Trust Services (20%), Enterprise Solutions – India (18%). Product-led digital trust, identity, and cybersecurity, with growing international mix and acquisitions
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 183 | 249 | 373 | 519 | 702 |
| EBITDA (ex other income) | 68 | 87 | 110 | 124 | 159 |
| margin % | 37.1 | 35.1 | 29.4 | 23.9 | 22.7 |
| Owners' profit | 41 | 62 | 75 | 85 | 108 |
| EPS, as reported (₹) | 5.86 | 8.35 | 9.74 | 10.41 | 13.14 |
| ROE % · ROCE % | 26.8 · 29.4 | 15.6 · 19.0 | 11.5 · 14.2 | 11.7 · 14.1 | 12.1 · 12.9 |
| Debt / equity (x) | 0.38 | 0.06 | 0.01 | 0.00 | 0.03 |
| Cash from operations | 35 | 34 | 73 | 102 | 133 |
| Capex | (24) | (40) | (74) | (83) | (185) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 141 | 139 | 147 | 147 | 173 | 188 | 193 | 191 |
| Profit before tax | 27 | 25 | 31 | 31 | 33 | 34 | 33 | 38 |
| Net profit | 22 | 22 | 24 | 25 | 26 | 29 | 30 | 32 |
| EPS (₹) | 2.71 | 2.58 | 2.94 | 3.05 | 3.09 | 3.50 | 3.53 | 3.91 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trust services | 140 | 20.0 |
| Enterprise solutions- India | 124 | 17.7 |
| Enterprise solutions- Outside India | 438 | 62.4 |
| Total, before eliminations | 702 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 | 26.9 | 5.47 | 16.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Aug 2026 · eMudhra schedules one-on-one meet with Karma Capital on Sep 3 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · eMudhra schedules one-on-one meeting with Acacia on Sept 1 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · eMudhra schedules one-on-one meeting with Antique Stock Broking on Aug 31 | board shareholder meetings | low | — | — |
| 22 Aug 2026 · eMudhra to meet Bellweather Capital on Aug 26 | general | low | — | — |
| 20 Aug 2026 · eMudhra to meet OysterRock Capital on Aug 27, 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · eMudhra: Police complaint by 3i Infotech closed in company's favour | regulatory legal | high | — | — |
| 6 Aug 2026 · eMudhra to meet Vista Global analyst on Aug 12 | board shareholder meetings | low | — | — |
| 4 Aug 2026 · eMudhra to meet New Horizon Wealth Management on Aug 7 | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Q1 FY27 earnings transcript: revenue up 28%, EBITDA margin at 26.2% | investor communications | medium | — | — |
| 30 Jul 2026 · eMudhra Q1 FY27 results - Revenue up 28%, EBITDA up 40% YoY | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — | 15.7 |
| AFFLE 3I LIMITED | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.1 | 18.9 | 57 of 78 | 27% |
| P/B | 4.5 | 2.2 | 54 of 70 | 23% |
| ROCE | 12.4 | 9.7 | 35 of 87 | 61% |
| ROE | 12.1 | 9.4 | 27 of 72 | 63% |
| Debt / Equity | 0.0 | 0.0 | 35 of 72 | 52% |
| EBITDA margin | 26.9 | 13.0 | 15 of 69 | 79% |
| Revenue growth | 29.5 | 20.8 | 24 of 67 | 65% |
| Profit growth | 27.9 | 14.6 | 23 of 64 | 65% |
| Market cap | 4082 | 309 | 12 of 87 | 87% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
