NSE: EMUDHRA · BSE: 543533
EMUDHRA LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.2 | 17.5 | 49 of 76 | 36% |
| P/B | 3.1 | 2.2 | 50 of 70 | 29% |
| ROCE | 12.4 | 9.6 | 34 of 86 | 61% |
| ROE | 12.1 | 9.2 | 25 of 70 | 65% |
| Debt / Equity | 0.0 | 0.0 | 33 of 70 | 54% |
| 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 | 2816 | 296 | 14 of 87 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · ICRA assigns stable A/A1 rating to Rs 35 crore bank limits | credit debt | medium | — | — |
| 22 Oct 2026 · eMudhra to exit global SSL/TLS certificate business to sharpen core focus | compliance | low | — | — |
| 21 Oct 2026 · eMudhra reports distrust of select global web security certificates | business updates | high | — | — |
| 19 Oct 2026 · eMudhra Q2 FY27 earnings call scheduled for November 5 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board meeting on Nov 4 to consider Q2 FY27 results | results | low | — | — |
| 5 Oct 2026 · eMudhra files Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · eMudhra to meet Alturas Investment Management on Sept 24, 2026 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · eMudhra schedules analyst meeting with Dalal and Broacha on Sep 24 | board shareholder meetings | low | — | — |
| 13 Sept 2026 · eMudhra appointed as Validation Agent by GLEIF for LEI services in India | business updates | medium | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.