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Revenue
₹193 Cr
verified against source
Revenue YoY
35.1%
reported change
EBITDA
₹165.4 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 delivered a strong FY26 with total income of ₹713.2 crore (+35% YoY) and PAT of ₹110 crore (+26% YoY), driven by enterprise solutions which grew 55% YoY (23% organic, 32% from Cryptos acquisition). International revenue now constitutes 64% of total, with North America product revenue rising to ~$9.5M from $7M. The company guided for FY27 organic revenue growth of ~18% and PAT growth of 27-28%, aiming to double PAT in three years. Key growth drivers include agentic AI integration, post-quantum cryptography mandates, and expanding DPA deployments in Africa and Middle East. A notable win was a TLS certificate order for a US university consortium of 700 institutions. Risks include potential delays in Middle East orders due to geopolitical tensions and the ongoing legal dispute with 3i Infotech, which remains unresolved.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects organic revenue growth of around 18% for FY27, with enterprise solutions growing 25-30% and trust services 20%.
- PAT expected to grow 27-28% in FY27, driven by higher-margin product mix, with a goal to double PAT in three years.
- Management expects Cryptos to generate over $1 million profit in FY27, contingent on successful cross-selling of CLM platform.
- Open to small acquisitions in US for AI-based cybersecurity capabilities, but no active pipeline currently.
Risks flagged
- Management noted that Middle East orders expected in March were delayed due to the war, impacting order book conversion.
- The dispute with 3i Infotech remains unresolved; no police or SEBI complaints received yet, but legal notices have been exchanged.
- Cross-selling CLM platform into Cryptos' customer base faces long sales cycles typical of European banks, delaying expected profits.
- Google's policy change on multi-purpose certificates could affect US product business, though management downplayed near-term impact.
Key quotes
- Our ambition is to double PAT over the next 3 years. The tailwinds are clear: AI, data sovereignty, PQC transition and tightening compliance requirements are all driving demand for the products we build.
- We always want to estimate in a reasonable way and then think that almost if you see last four five years whatever guidance we have given we have achieved 100%. So we don't want to overestimate anything.
- Our products sit at the heart of many of their core workflows. For instance, the authentication system for a large bank essentially powers customer authentication when you log into internet banking. So that way we are more core to the system than peripheral.
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