eMudhra Ltd
P&L
Quarterly Consolidated
vs Q3 FY26
eMudhra FY26: Revenue Up 35.1% to ₹7,132 Mn, PAT at ₹1,100 Mn
06 May 2026 · 6 May, 8:52 pm
Summary
eMudhra Limited announced strong financial results for Q4 FY2026 and the full year FY2026, with total income for FY2026 rising significantly by 35.1% to Rs. 7,132 Mn. Full-year EBITDA grew 32.6% to Rs. 1,654 Mn, while Profit After Tax increased by 26.2% to Rs. 1,100 Mn, reflecting solid margins of 23.2% for EBITDA and 15.4% for PAT. V. Srinivasan, Executive Chairman, highlighted broad-based growth, particularly in the Enterprise Solutions segment which saw 55% year-on-year growth and now constitutes 59% of revenue. The company also noted strong international revenue growth of 38.7%, contributing 64% to the total business, and anticipates Artificial Intelligence to be a structural tailwind for sustained growth and margin expansion.
Key Highlights
- 1
eMudhra Limited reported a strong full-year FY2026 total income of Rs. 7,132 Mn, marking a significant 35.1% increase year-on-year.
- 2
For Q4 FY2026, total income stood at Rs. 1,966 Mn, representing a 31.7% growth compared to the previous year.
- 3
The company's EBITDA for FY2026 reached Rs. 1,654 Mn, growing by 32.6% year-on-year, with an EBITDA margin of 23.2%.
- 4
Profit After Tax (PAT) for FY2026 increased by 26.2% to Rs. 1,100 Mn, achieving a PAT margin of 15.4%.
- 5
Basic Earnings Per Share (EPS) for FY2026 improved by 26.3% to INR 13.14.
- 6
The Enterprise Solutions segment, contributing 59% of total revenue, posted robust 55% year-on-year growth, driven by large-scale deployments across key sectors.
- 7
International revenue demonstrated strong growth of 38.7% in FY2026, now comprising 64% of the total business.
Management Comments
V. Srinivasan
FY2026 was a year of strong, broad-based growth for eMudhra. Total income rose 35.1% to Rs. 7,132 Mn, EBITDA came in at Rs. 1,654 Mn and PAT grew 26.2% to Rs. 1,100 Mn. Our Enterprise Solutions segment, which now accounts for 59% of revenue, delivered 55% year-on- year growth (Organic 23%, Inorganic 32%), driven by large-scale Certificate Lifecycle Management and Identity & Access Management deployments across Defence, Banking and Government — a clear validation that our platforms are being chosen for the most mission- critical workloads globally. In India, emSigner continues to process over 3.5 lakh transactions daily in BFSI and Capital Markets, and the Government’s push towards eSign and eStamping adds a new and durable layer of volume growth. Trust Services, our retail DSC and eSign business remains a highly cash-generative anchor for the business. Internationally, revenue grew 38.7% and now constitutes 64% of our total business. North America is our largest international market, where we are building out a recurring enterprise CLM install base across Education, IoT and Financial Services. In Europe, our Cryptas and Primesign acquisition is opening doors into the highly regulated EU market, with NIS2 and DORA mandates acting as strong demand catalysts. The Middle East, Asia Pacific and Africa are emerging growth frontiers — we closed meaningful wins at Central Banks, BFSI, customs authorities and critical infrastructure operators across these regions. We believe Artificial Intelligence is a structural tailwind for eMudhra. The rise of autonomous AI agents creates an entirely new class of machine identities that require cryptographic authentication, auditable signatures and certificate infrastructure — precisely what our platforms deliver. At the same time, AI is dramatically expanding the attack surface across enterprises, making Zero Trust and certificate lifecycle management non-negotiable rather than optional. eMudhra is one of very few vendors positioned to address these shifts in a unified platform. With our continued R&D focus, we are well placed to sustain growth and expand margins in the years ahead.
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