eMudhra (EMUDHRA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 total income reached INR 1,911 million, up 35.6% year-over-year, with EBITDA at INR 441 million (23.1% margin) and net profit at INR 290 million (15.2% margin).

• Growth was driven by increased product-led revenues, especially in Europe post-Cryptas acquisition, and supported by a robust deal pipeline in both domestic and international markets.

• Regulatory mandates in Europe (NIS2, DORA) and digital adoption in India, Middle East, and Asia Pacific supported demand.

• Key project wins included deployments in U.S., DACH region, Oman, India, Philippines, and Indonesia.

• Expanded presence in North America and Europe, with new data centers and regulatory-driven demand for trust services.

Financial highlights

• Q3 FY26 gross profit grew 42.6% year-over-year to INR 1,090 million (53.4% margin); basic EPS for Q3 FY26 was INR 3.50, up 35.0% YoY.

• Nine-month FY26 total income was INR 5,166 million, up 36.5% year-over-year.

• Nine-month EBITDA was INR 1,255 million (24.3% margin), PAT at INR 805 million (15.6% margin).

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

• 68% of revenue is recurring, with the remainder from one-time license sales.

Outlook and guidance

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

• Product-led growth expected to outpace services, especially in the U.S. and Europe.

• Order book pipeline exceeds INR 4,000 million, supporting future growth.

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

• Organic growth (excluding acquisitions) for the year is 18-19%, with product segment driving future margin expansion.