eMudhra (EMUDHRA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income rose 19.6% YoY to INR 2,093.05 million; profit was INR 334.78 million, up 26.3%.

• H1 FY27 total income grew 23.4% to INR 4,018 million; consolidated operating revenue was INR 3,977.04 million and profit was INR 654.75 million.

• Enterprise Solutions grew 36% YoY and contributed 66% of revenue; the certificate incident led to a voluntary exit from publicly trusted SSL/TLS sales.

Financial highlights

• Q2 FY27 operating revenue was INR 2,069.89 million, up 19.6% YoY and 8.8% QoQ; total income was INR 2,093.05 million.

• Q2 EBITDA was INR 513 million, up 21.6% YoY; PAT was INR 334 million, up 26.3%.

• H1 FY27 EBITDA rose 30.2% to INR 1,017 million; PAT increased 27.1% to INR 654.75 million.

• Standalone H1 FY27 revenue was INR 1,404.68 million and profit was INR 210.21 million, versus INR 1,212.74 million and INR 125.22 million a year earlier.

Outlook and guidance

• FY27 revenue guidance was revised from ~INR 825 crore to ~INR 800 crore and PAT from ~INR 137 crore to ~INR 125 crore; estimated incident impact is INR 20–25 crore income and INR 10–12 crore PAT, mainly in H2.

• Incident-related revenue decline is estimated at 5-6% in H2 FY27; management expects the effect to last up to two quarters, with business returning to normal thereafter.

• EBITDA margin target is ~25%, supported by a focus on higher-gross-margin solutions business.

• DPDP opportunity target is 40–50 clients in the first year, with typical deal values of INR 40–50 lakh to INR 1–2 crore for larger entities.