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eMudhra Q2 FY27 results: net profit up 26.6% to ₹33.48 crore, revenue up 19.7%
eMudhra Limited reported consolidated revenue of ₹206.99 crore for Q2 FY27, up 19.7% from Q2 FY26. Net profit rose 26.6% to ₹33.48 crore and basic EPS increased to ₹3.99, while EBITDA margin was 24.0% against 23.9% a year earlier.
Key points
- Consolidated revenue was ₹206.99 crore in Q2 FY27, up 19.7% from ₹172.88 crore in Q2 FY26.
- EBITDA rose 20.6% to ₹49.74 crore from ₹41.25 crore, with margin at 24.0% against 23.9%.
- Net profit increased 26.6% to ₹33.48 crore from ₹26.44 crore, and basic EPS rose 29.1% to ₹3.99.
- Against Q1 FY27, revenue rose 8.5% to ₹206.99 crore, while EBITDA was ₹49.74 crore and margin fell 2.0 percentage points to 24.0%.
- H1 FY27 revenue was ₹397.7 crore, up 24.2% from ₹320.17 crore in H1 FY26, while PAT rose 27.2% to ₹65.47 crore.
How did eMudhra perform in Q2 FY27?
eMudhra reported consolidated revenue of ₹206.99 crore for Q2 FY27, up ₹34.11 crore or 19.7% from ₹172.88 crore in Q2 FY26. EBITDA rose to ₹49.74 crore from ₹41.25 crore, while the margin increased 0.1 percentage point to 24.0%. Profit before tax was ₹38.98 crore, up from ₹33.02 crore.
Net profit for the quarter was ₹33.48 crore, up ₹7.04 crore or 26.6% from ₹26.44 crore in Q2 FY26. Basic EPS increased 29.1% to ₹3.99 from ₹3.09, and the net profit margin rose 0.9 percentage points to 16.2%.
Compared with Q1 FY27, revenue rose ₹16.27 crore or 8.5% to ₹206.99 crore. EBITDA was ₹49.74 crore against ₹49.60 crore, while margin fell 2.0 percentage points from 26.0%. Net profit rose ₹1.48 crore or 4.6% to ₹33.48 crore, and basic EPS increased to ₹3.99 from ₹3.91. On a standalone basis, revenue was ₹71.39 crore and PAT was ₹8.6 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 206.99 | 190.72 | 172.88 | +19.7% | +8.5% |
| Other income | 2.32 | 1.74 | 2.07 | +12.1% | +33.3% |
| Total expenses | 170.32 | 154.28 | 141.93 | +20.0% | +10.4% |
| EBITDA | 49.74 | 49.60 | 41.25 | +20.6% | +0.3% |
| EBITDA margin | 24.0% | 26.0% | 23.9% | +0.1 pp | −2.0 pp |
| Profit before tax | 38.98 | 38.17 | 33.02 | +18.0% | +2.1% |
| Tax | 5.58 | 6.16 | 6.58 | −15.2% | −9.4% |
| Net profit | 33.48 | 32 | 26.44 | +26.6% | +4.6% |
| EPS (₹) | 3.99 | 3.91 | 3.09 | +29.1% | +2.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in eMudhra's costs and profit?
Total expenses increased ₹28.39 crore or 20.0% to ₹170.32 crore in Q2 FY26 comparison. Cost of materials rose ₹10.56 crore or 16.1% to ₹76.08 crore, employee cost increased ₹6.50 crore or 17.9% to ₹42.88 crore, and depreciation rose ₹2.62 crore or 27.9% to ₹12.02 crore.
Other expenses increased ₹2.81 crore or 15.7% to ₹20.72 crore, while finance costs rose ₹0.14 crore or 15.4% to ₹1.05 crore. Other income increased ₹0.25 crore or 12.1% to ₹2.32 crore. There was no exceptional item, and tax declined ₹1 crore or 15.2% to ₹5.58 crore. The filing did not state reasons for the changes in these cost lines.
The figures show that the increase in expenses was accompanied by higher revenue and other income, with EBITDA rising ₹8.49 crore to ₹49.74 crore. Profit before tax increased ₹5.96 crore to ₹38.98 crore, and net profit increased ₹7.04 crore to ₹33.48 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 76.08 | 65.52 | +10.56 | +16.1% |
| Employee cost | 42.88 | 36.38 | +6.50 | +17.9% |
| Finance costs | 1.05 | 0.91 | +0.14 | +15.4% |
| Depreciation | 12.02 | 9.40 | +2.62 | +27.9% |
| Other expenses | 20.72 | 17.91 | +2.81 | +15.7% |
| Total expenses | 170.32 | 141.93 | +28.39 | +20.0% |
| Other income | 2.32 | 2.07 | +0.25 | +12.1% |
| Tax | 5.58 | 6.58 | −1 | −15.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, eMudhra reported consolidated revenue of ₹397.7 crore, up ₹77.53 crore or 24.2% from ₹320.17 crore in H1 FY26. Total income rose 23.4% to ₹401.76 crore from ₹325.57 crore, while profit before tax increased 20.4% to ₹77.16 crore from ₹64.09 crore.
H1 FY27 net profit was ₹65.47 crore, up ₹14.0 crore or 27.2% from ₹51.47 crore in H1 FY26. Basic EPS rose 28.7% to ₹7.9 from ₹6.14. The board approved the unaudited consolidated and standalone financial statements for the quarter and half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 397.70 | 320.17 | +24.2% |
| Profit before tax | 77.16 | 64.09 | +20.4% |
| Net profit | 65.47 | 51.47 | +27.2% |
| EPS (₹) | 7.90 | 6.14 | +28.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,267.84 crore against ₹1,213.43 crore at 31 March 2026. Total equity rose to ₹980.19 crore from ₹912.59 crore, while borrowings fell to ₹14.56 crore from ₹23.87 crore and cash increased to ₹81.84 crore from ₹58.23 crore.
Trade receivables increased to ₹228.33 crore from ₹189.21 crore, inventories declined to ₹3.04 crore from ₹3.9 crore, and trade payables rose to ₹64.62 crore from ₹60.09 crore. For H1 FY27, operating cash flow was ₹43.06 crore, compared with ₹54.48 crore in H1 FY26.
Investing cash flow was negative ₹7.06 crore in H1 FY27 against negative ₹120.86 crore in H1 FY26, while financing cash flow was negative ₹21.1 crore compared with ₹7.86 crore. Capital expenditure was ₹43.11 crore against ₹101.6 crore in the earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,268 | 1,213 |
| Total equity | 980.19 | 912.59 |
| Borrowings | 14.56 | 23.87 |
| Cash and equivalents | 81.84 | 58.23 |
| Inventories | 3.04 | 3.90 |
| Trade receivables | 228.33 | 189.21 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 43.06 | 54.48 |
| Cash from investing | −7.06 | −120.86 |
| Cash from financing | −21.10 | 7.86 |
| Capital expenditure | 43.11 | 101.60 |
Source: Company's results filing (XBRL).
How has eMudhra done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters, and profit also rose year on year in each of the last eight quarters. Revenue increased from ₹138.85 crore in Q3 FY25 to ₹206.99 crore in Q2 FY27, while PAT rose from ₹22.4 crore to ₹33.48 crore over the same period.
The highest revenue in the reported series was ₹206.99 crore in Q2 FY27, and the lowest was ₹138.85 crore in Q3 FY25. PAT reached its high of ₹33.48 crore in Q2 FY27 and its low of ₹22.4 crore in Q3 FY25. EBITDA margin peaked at 26.0% in Q1 FY27 and was lowest at 21.5% in Q3 FY25, before easing to 24.0%.
Which businesses drove the quarter?
Enterprise solutions outside India reported revenue of ₹134.26 crore in Q2 FY27, up 23.5% from ₹108.73 crore in the year-ago quarter, with EBIT of ₹26.16 crore against ₹22.23 crore. Its EBIT margin was 19.5%.
Enterprise solutions in India recorded revenue of ₹39.04 crore, up 37.7% from ₹28.35 crore in Q2 FY26. EBIT rose to ₹19.19 crore from ₹15.13 crore, and the segment EBIT margin was 49.2%.
Trust services reported revenue of ₹33.69 crore, down 5.9% from ₹35.8 crore in the year-ago quarter. EBIT was ₹11.92 crore against ₹12.85 crore, while the segment EBIT margin was 35.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Trust services | 33.69 | −5.9% | 11.92 | 35.4% |
| Enterprise solutions- India | 39.04 | +37.7% | 19.19 | 49.2% |
| Enterprise solutions- Outside India | 134.26 | +23.5% | 26.16 | 19.5% |
Source: Company's results filing (XBRL segment data).
How did other IT Enabled Services companies do?
Among 28 IT Enabled Services companies that filed for the quarter, the median revenue growth was 22.5%. Twelve peers grew more slowly than eMudhra, while 16 grew faster than the company’s 19.7% revenue growth in the quarter.
Of the 25 peers for which profit was compared, 19 reported higher profit. The peer comparison was recorded as of 5 November 2026.
| eMudhra revenue growth (YoY) | +19.7% |
|---|---|
| Median of 28 other IT Enabled Services companies | +22.5% |
| Companies with slower revenue growth than eMudhra | 12 of 28 |
| Companies with faster revenue growth than eMudhra | 16 of 28 |
| Companies whose net profit rose | 19 of 25 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was eMudhra's revenue in Q2 FY27?
Revenue from operations was ₹206.99 crore, up 19.7% from ₹172.88 crore in Q2 FY26 (consolidated).
Did eMudhra make a profit in Q2 FY27?
Yes. Net profit was ₹33.48 crore, against a net profit of ₹26.44 crore in Q2 FY26.
What was eMudhra's EPS in Q2 FY27?
Basic earnings per share were ₹3.99, against ₹3.09 in Q2 FY26.
When did eMudhra announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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