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eMudhra (EMUDHRA) investor relations material

eMudhra Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary5 Nov, 2025

Executive summary

  • Q2 FY26 total income reached INR 1,749.5 million, up 22.6% year-over-year, with EBITDA at INR 433.3 million (24.8% margin) and net profit at INR 264.4 million (15.1% margin).

  • Growth was broad-based across North America, Middle East, India, Asia-Pacific, and Europe, with European contribution rising post-CRYPTAS acquisition.

  • Integration of CRYPTAS and AI CyberForge is underway, enhancing cybersecurity and identity management offerings, with CRYPTAS expected to turn profitable within two quarters.

  • Key project wins included implementations in North America, Malaysia, UAE, India, and Qatar, spanning security, certificate management, and eSignature solutions.

  • Unaudited standalone and consolidated financial statements for the quarter and half year ended September 30, 2025, were approved by the Board on November 4, 2025.

Financial highlights

  • Q2 FY26 consolidated revenue was INR 1,749.5 million, up 22.6% year-over-year; net profit was INR 264.4 million (15.1% margin), up 18.6% year-over-year.

  • Gross profit: INR 976.3 million (55.8% margin), up 35.9% year-over-year.

  • EBITDA: INR 433.3 million (24.8% margin), up 28.1% year-over-year; adjusted EBITDA was INR 456 million (26.1% margin).

  • H1 FY26 total income: INR 3,255.7 million, up 37% year-over-year; EBITDA: INR 813.2 million (25% margin), up 28.5%; PAT: INR 514.7 million (15.8% margin), up 27.1%.

  • Basic EPS for Q2 FY26 was INR 3.09 (+14.4% YoY); diluted EPS was INR 3.05 (+15.3% YoY).

Outlook and guidance

  • Revenue guidance for FY26 is INR 675-700 crore, with PAT margin expected at 15.5%-16%, including CRYPTAS top line but not expecting CRYPTAS to be profitable this year.

  • Product business expected to drive growth, especially in the U.S., Middle East, and Africa, with a strong pipeline of large deals.

  • Cryptas acquisition is expected to turn profitable within the next two quarters as integration progresses.

  • Continued investments in overseas market growth while maintaining sustained margins.

  • Fourth quarter typically stronger due to seasonality; full-year revenue target seen as achievable.

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Q3 25/2628 Jan, 2026
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Frequently asked questions

eMudhra Limited is an India-based company specializing in digital identity and cybersecurity solutions. The company provides a range of services, including digital signature certificates, identity management solutions, and public key infrastructure (PKI) services. eMudhra also offers enterprise solutions such as document signing, authentication, and secure digital workflows to enhance operational efficiency and data security. The company is headquartered in Bengaluru, India, and its shares are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

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