Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →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).
bullish
high
✓ Verified against BSE filing
2-Minute 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.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Middle East order delays due to geopolitical tensions
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Enterprise Solutions Revenue Growth
55%
+55% YoY
Enterprise solutions segment grew 55% YoY, with organic growth of 23% and acquisitive growth of 32%.
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.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
Selective bolt-on acquisitions in AI/cybersecurity
Open to small acquisitions in US for AI-based cybersecurity capabilities, but no active pipeline currently.
UPDATED
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%.
DROPPED
FY26 Revenue Guidance Maintained at INR 700 Crore
Management reiterated the full-year revenue target of INR 700 crore, implying Q4 revenue of ~INR 184 crore.
DROPPED
Capex of INR 60-65 Crore for FY26 (Excluding Data Center)
Capital expenditure for FY26 is planned at INR 60-65 crore, with ~75% already incurred, plus INR 15 crore for UAE data center.
DROPPED
No Acquisitions Expected in Next 6-9 Months
Management stated no immediate acquisition plans, focusing on integration of past acquisitions.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
RISK GONE
US Services Business Stagnation
US services revenue remained flat due to H1 visa issues and AI-related headwinds, with no near-term recovery visibility.
RISK GONE
Delays in US Deal Closures
A large US customer deal expected in Q3 shifted to Q4, indicating potential lumpiness in product revenue recognition.
RISK GONE
Elevated Capex Impacting Cash Flow
Capex of INR 60-65 crore plus INR 15 crore for UAE data center may pressure cash reserves, which stood at ~INR 100 crore.
RISK GONE
Stock Issue with Partners/Distributors
A stock issue with partners is causing ~INR 3 crore quarterly P&L impact, expected to normalize in 1-2 quarters.
Fast read
Guidance and risk preview
Management expects organic revenue growth of around 18% for FY27, with enterprise solutions growing 25-30% and trust services 20%.
Management noted that Middle East orders expected in March were delayed due to the war, impacting order book conversion.
View Risks →