eMudhra (EMUDHRA) Q1 26/27 earnings summary

Executive summary

• Total income for Q1 FY 2027 grew 28% year-over-year to INR 1,925 million, with EBITDA up over 40% to INR 504 million and PAT up 28% to INR 320 million, maintaining a PAT margin of 16.6%.

• International markets contributed 66% of revenue, with strong momentum in Europe, North America, Middle East, and Africa.

• Growth was driven by both organic expansion and the CRYPTAS acquisition, with enterprise solutions contributing 65% of total income and growing 50% year-over-year.

• Expanded customer base with key wins across government, banking, healthcare, and regulatory sectors in multiple regions.

• R&D investments focused on cybersecurity innovation, including post-quantum cryptography readiness and AI-powered product enhancements.

Financial highlights

• Gross profit for Q1 FY 2027 was INR 1,103 million, up 36.4% year-over-year, with a margin of 57.3%.

• EBITDA margin stood at 26.2%, and PAT margin at 16.6%.

• Basic EPS for Q1 FY 2027 was INR 3.91, with diluted EPS at INR 3.88.

• CRYPTAS contributed INR 200 million (INR 20 crore) in revenue during the quarter.

• Service revenue accounted for 19-20% of total quarterly revenue.

Outlook and guidance

• Guidance remains unchanged: targeting 18% organic revenue growth and 25% PAT growth for FY 2027.

• Focus areas include profitable product-led growth, international expansion, UAE trust service launch, and disciplined margin management.

• Three-year vision is to double PAT by 2029, with enterprise solutions as the main growth driver.

• Ongoing R&D in quantum-safe cryptography, converged identity, and data privacy automation to support future growth.

• UAE Trust Services launch expected in Q2, with QTSP services nearing license application.