eMudhra Limited reported a 58.5% year-on-year increase in total income to ₹1,506.2 million for the quarter ended June 30, 2025. The company's net profit for the quarter rose by 37.5% YoY to ₹250.2 million.
| Metric | Q1 FY26 | Q4 FY25 | QoQ Growth(%) | Q1 FY25 | YoY Growth(%) |
|---|---|---|---|---|---|
| Total Income | 1,506.2 | 1,492.6 | 0.9% | 950.2 | 58.5% |
| Gross Margin | 808.2 | 781.8 | 3.4% | 631.0 | 28.1% |
| EBITDA | 380.0 | 371.6 | 2.3% | 294.5 | 29.0% |
| Adjusted EBITDA | 408.4 | 403.4 | 1.2% | 303.5 | 34.6% |
| PAT | 250.2 | 243.4 | 2.8% | 182.0 | 37.5% |
| Adjusted PAT | 272.9 | 269.4 | 1.3% | 188.7 | 44.6% |
| Basic EPS (INR) | 3.05 | 2.92 | 4.6% | 2.20 | 38.6% |
| Diluted EPS (INR) | 3.00 | 2.88 | 4.2% | 2.16 | 39.4% |
Financial Performance
The company reported strong revenue growth, driven by a healthy deal pipeline in the North American market and steady revenue from India, Asia Pacific, and MEA regions. However, EBITDA and PAT margins were impacted by a partner stock buyback in the Indian trust services business, amounting to ₹22.6 million. Adjusted margin figures account for the impact of ESOP and notional interest expenses of ₹28.38 million and ₹1.85 million, respectively.
Business Review and Update
eMudhra has secured several key project wins, including:
- Managed PKI/TLS implementation for a large global FMCG company in North America.
- Implementation of Certificate Lifecycle Management for a large bank in UAE.
- Rollout of Identity and Access Management platform for a Direct Tax authority platform in Asia.
- Continued acquisition of BFSI clients in India for emSigner, eSign, and eStamping.
- Rollout of emCA platform for a wing of the Defence Forces in India.
- Implementation of eSignature workflow for a significant eGovernment platform in Asia Pacific.
Other Business Highlights
- Completed acquisition of Cryptas, headquartered in Austria.
- Signed agreement for acquisition of Al Cyberforge, headquartered in North America.
- Strategic partnership with Lanka Pay and M/S Pacific Technology Pvt. Ltd for positioning trust services in Sri Lanka and Nepal.
- Launched eMudhra direct presence in the Central Asian region with presence in Kazakhstan.
Products and Services
eMudhra is focused on building product specialization in user and device identity space with emCA and emSigner. The company is developing a core PKI platform for large-scale issuance of eSign and emSigner for eSignature-based paperless transformation across sectors. They are also working on Identity & Access Management through Securepass Single Sign-On and Identity Governance capabilities for enterprises.
Cyber Security
eMudhra unifies user and device identities, bridging the gap between application access and data security. Their User + Device Identity Platforms include Citizen/Customer IAM, Workforce IAM, and Device IAM. The company's roadmap includes Multi-Factor Authentication, Single Sign-On, Identity and Access Management, Converged Identity, Privileged Access, and Access Graphs.
Paperless (eSignatures)
emSigner is a platform for enterprise-wide eSignature deployments in regulated industries. It supports verified identities and Qualified Electronic Signatures for legal non-repudiation with complex workflow routing. The company focuses on R&D for GenAI-enabled signing workflows for document intelligence and risk assessment, as well as voice and mobile authentication-based PKI for signing on the go.
