Enterprise Solutions Revenue Growth
55%
+55% YoY
Enterprise solutions segment grew 55% YoY, with organic growth of 23% and acquisitive growth of 32%.
EMUDHRA
Other
15 May 2026
eMudhra Limited — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
International Revenue Share
64%
+39% YoY
International revenue now 64% of total, growing 39% YoY, with North America at 34%.
US Product Revenue
$9.5M
+36% YoY
US product revenue grew from ~$7M to ~$9.5M, driven by new TLS certificate order for a university consortium.
Order Book
₹238 crore
N/A
Order book of ₹238 crore, largely product-based, with management expecting 2.2-2.3x revenue conversion next year.
Management Guidance
FY27 organic revenue growth of ~18%
Management expects organic revenue growth of around 18% for FY27, with enterprise solutions growing 25-30% and trust services 20%.
Management guidance revenueFY27 PAT growth of 27-28%
PAT expected to grow 27-28% in FY27, driven by higher-margin product mix, with a goal to double PAT in three years.
Management guidance marginsCryptos to contribute ~$1M profit in FY27
Management expects Cryptos to generate over $1 million profit in FY27, contingent on successful cross-selling of CLM platform.
Management guidance growthSelective bolt-on acquisitions in AI/cybersecurity
Open to small acquisitions in US for AI-based cybersecurity capabilities, but no active pipeline currently.
Management guidance ai_strategyKey Risks
Middle East order delays due to geopolitical tensions
Management noted that Middle East orders expected in March were delayed due to the war, impacting order book conversion.
medium · management_commentaryLegal dispute with 3i Infotech unresolved
The dispute with 3i Infotech remains unresolved; no police or SEBI complaints received yet, but legal notices have been exchanged.
medium · analyst_questionSlow sales cycle in Europe for Cryptos cross-selling
Cross-selling CLM platform into Cryptos' customer base faces long sales cycles typical of European banks, delaying expected profits.
low · management_commentaryPotential impact of Google root certificate policy change
Google's policy change on multi-purpose certificates could affect US product business, though management downplayed near-term impact.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was eMudhra's revenue in Q4 FY26?
eMudhra reported revenue of ₹193 Cr in Q4 FY26, representing a +35.1% change compared to the same quarter last year.
What guidance did eMudhra management give for FY27?
FY27 organic revenue growth of ~18%: Management expects organic revenue growth of around 18% for FY27, with enterprise solutions growing 25-30% and trust services 20%. FY27 PAT growth of 27-28%: PAT expected to grow 27-28% in FY27, driven by higher-margin product mix, with a goal to double PAT in three years. Cryptos to contribute ~$1M profit in FY27: Management expects Cryptos to generate over $1 million profit in FY27, contingent on successful cross-selling of CLM platform. Selective bolt-on acquisitions in AI/cybersecurity: Open to small acquisitions in US for AI-based cybersecurity capabilities, but no active pipeline currently.
What are the key risks for eMudhra in FY27?
Key risks include Middle East order delays due to geopolitical tensions — Management noted that Middle East orders expected in March were delayed due to the war, impacting order book conversion.; Legal dispute with 3i Infotech unresolved — The dispute with 3i Infotech remains unresolved; no police or SEBI complaints received yet, but legal notices have been exchanged.; Slow sales cycle in Europe for Cryptos cross-selling — Cross-selling CLM platform into Cryptos' customer base faces long sales cycles typical of European banks, delaying expected profits.; Potential impact of Google root certificate policy change — Google's policy change on multi-purpose certificates could affect US product business, though management downplayed near-term impact..
Did eMudhra meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full eMudhra Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.