eMudhra (EMUDHRA) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 total income reached INR 1,506 million, up 58.5% year-over-year, with strong contributions from the U.S., Middle East, India, and Asia-Pacific.

• Achieved diversified revenue growth and sustained margins, supported by a healthy deal pipeline in North America and steady revenues from India, Asia Pacific, and MEA.

• EBITDA was INR 380 million (25.2% margin), and net profit was INR 250 million (16.6% margin), reflecting robust profitability.

• Strategic acquisitions of Kryptos/Cryptas (Austria, DACH region) and agreement to acquire AI CyberForge/Al Cyberforge to enhance digital trust and secrets management capabilities.

• Product innovation and international expansion, including new operations in Central Asia and partnerships in Sri Lanka and Nepal, underpin long-term growth.

Financial highlights

• Total income for Q1 FY26: INR 1,506.2 million, up 58.8% year-over-year; gross margin at 53.7%.

• EBITDA: INR 380 million, up 29% year-over-year (25.2% margin); adjusted EBITDA INR 408 million (27.1% margin).

• Net profit: INR 250.2 million, up 37.5% year-over-year (16.6% margin); adjusted net profit INR 273 million (18.1% margin).

• Basic EPS increased 38.6% YoY to INR 3.05; diluted EPS up 39.4% YoY to INR 3.00.

• Consolidated revenue for Q1 FY26 was INR 1,472.99 million, with consolidated net profit at INR 250.24 million.

Outlook and guidance

• FY26 revenue guidance raised to INR 650–700 crore, with potential to exceed INR 700 crore including Kryptos acquisition.

• Margin guidance maintained at 16–16.5% PAT margin, with short-term dilution possible from Kryptos integration.

• Focus on expanding presence in North America, Europe, and Central Asia, with continued product innovation in identity and data security.

• Organic and inorganic growth expected to continue in similar proportions over the next 2–3 years.

• Acquisition of 51% in Cryptas International GmbH, Austria, expected to close in 3-4 weeks, expanding European presence.