eMudhra Q1: consolidated PAT ₹32 Cr, +28% YoY as Cryptas lifts revenue 29%

eMudhra reported consolidated Q1 FY27 revenue of ₹190.7 Cr, up 29.5% YoY from ₹147.3 Cr, with net profit of ₹32.0 Cr, up 27.9% YoY from ₹25.0 Cr — a clean print with no exceptional items on either side. Sequentially revenue slipped 1.4% off a seasonally strong ₹193.4 Cr March quarter, but PAT rose 8.2% QoQ, and basic EPS improved to ₹3.91 from ₹3.05 a year ago. The bulk of the topline lift is inorganic: the international Enterprise-Trust business (which now houses the consolidated Cryptas/European entities) contributed ₹125.5 Cr of the ₹190.7 Cr revenue, and the newly folded-in subsidiaries show up in a 6x jump in finance costs (₹1.2 Cr vs ₹0.2 Cr) and a 78% rise in depreciation (₹12.0 Cr vs ₹6.7 Cr).

That integration cost is where the margin story sits: operating margin compressed to ~20.6% from ~23.5% a year ago (and 21.7% in Q4), even as net margin held roughly flat at ~16.8% (vs 16.6% YoY) — so the squeeze is at the operating line from acquired-business D&A and interest, not at the bottom line. The standalone entity (India parent) grew more modestly — revenue ₹66.1 Cr (+14.4% YoY) and PAT ₹12.4 Cr (+21.3% YoY) — underlining that the consolidated growth is being driven by the overseas/subsidiary stack rather than the core India CA business.

The stock went into the print at ₹454.4, up 3% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters.

Results unaudited, limited-review by Suri & Co with unmodified conclusion — approved by board July 29, 2026

Against management's May guidance of 15-18% organic revenue growth and 25-30% PAT growth for FY27, the ₹32 Cr PAT (+28%) lands squarely inside the profit band, confirming the confident tone from the Q4 concall; the reported +29.5% revenue is flattered by the Cryptas consolidation, so the organic pace needs the July 30 earnings call to verify. No brokerage consensus is published for this small/mid-cap, so the print can't be graded against a formal Street number. The board approved the results on July 29; a dividend record date was set for June 18 earlier in the quarter, and the company picked up ESG scores (SES 68, Crisil ESG 60) during Q1.