eMudhra (EMUDHRA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 total income reached INR 1,911 million, up 35.6% YoY, with EBITDA at INR 441 million (23.1% margin) and net profit at INR 290 million (15.2% margin); unaudited results for the quarter and nine months ended December 31, 2025, were approved by the Board.

• Growth was driven by product-led revenues, especially in Europe post-Cryptas acquisition, and supported by regulatory mandates in Europe (NIS2, DORA) and digital adoption in India, Middle East, and Asia Pacific.

• U.S. and UAE data centers are operational or being set up to meet local compliance and support regional growth.

• Integration of Cryptas and Ikon Tech is progressing, enhancing cross-sell and platform capabilities, with advanced R&D in data discovery and compliance.

• The group includes multiple subsidiaries and associates across India and international markets.

Financial highlights

• Q3 FY26 gross profit grew 42.6% YoY to INR 1,090 million (53.4% margin); EBITDA grew 38.2% YoY to INR 441 million (23.1% margin); adjusted EBITDA was INR 493 million (25.8% margin); net profit was INR 290 million (15.2% margin); adjusted net profit was INR 334 million (17.5% margin).

• Nine-month FY26 total income was INR 5,166 million, up 36.5% YoY; EBITDA INR 1,255 million (24.3% margin); PAT INR 805 million (15.6% margin).

• Cryptas contributed INR 340 million revenue in Q3, with PAT turning positive at INR 10-12.5 million.

• Basic EPS for Q3 FY26 was INR 3.50, up 35.0% YoY.

• Consolidated revenue for the quarter ended December 31, 2025, was INR 1,880.10 million, up from INR 1,388.50 million YoY.

Outlook and guidance

• FY26 revenue guidance of INR 7,000 million is maintained, with management confident of achieving it.

• Regulatory changes and digitalization initiatives are expected to drive further demand for trust services and digital workflows, especially in BFSI and government sectors.

• Organic growth (excluding Cryptas) for nine months was 21% YoY; with Cryptas, 36%.

• Product-led revenues expected to outpace services in the U.S. over the next year, improving margins.

• The company assessed the impact of new Indian labour codes and made an incremental provision of INR 14.92 million for the quarter and nine months ended December 31, 2025.