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Revenue
₹188 Cr
verified against source
Revenue YoY
35.6%
reported change
EBITDA
₹44.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
eMudhra reported a strong Q3 FY26 with total income of INR 191.1 crore, up 35.6% YoY, driven by product-led revenue growth and the Kryptos acquisition. EBITDA came in at INR 44.1 crore (margin 23.1%), with adjusted margin at 25.8% after excluding one-time items. PAT grew 29.5% YoY to INR 29 crore. Growth was supported by regulatory tailwinds in Europe (NIST, DORA) and increased digital adoption in India, Middle East, and Asia Pacific. The US services business remained flat due to visa issues, but product pipeline is strong with an order book over INR 400 crore. Management maintained FY26 revenue guidance of INR 700 crore, implying a strong Q4. Risks include potential delays in US deal closures and elevated capex for data centers.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the full-year revenue target of INR 700 crore, implying Q4 revenue of ~INR 184 crore.
- Management guided for organic growth of 18-19% in FY27, driven entirely by product-led revenues.
- Capital expenditure for FY26 is planned at INR 60-65 crore, with ~75% already incurred, plus INR 15 crore for UAE data center.
- Management stated no immediate acquisition plans, focusing on integration of past acquisitions.
Risks flagged
- US services revenue remained flat due to H1 visa issues and AI-related headwinds, with no near-term recovery visibility.
- A large US customer deal expected in Q3 shifted to Q4, indicating potential lumpiness in product revenue recognition.
- Capex of INR 60-65 crore plus INR 15 crore for UAE data center may pressure cash reserves, which stood at ~INR 100 crore.
- A stock issue with partners is causing ~INR 3 crore quarterly P&L impact, expected to normalize in 1-2 quarters.
Key quotes
- Our revenue 65% is recurring revenue and the others are onetime revenue of license delivery.
- If you take out all these the adjusted margin is 25.8%.
- Next 12 months services revenue may marginally grow but product revenue can considerably grow which may give a better margin.
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