eMudhra (EMUDHRA) Q4 24/25 earnings summary

Executive summary

• Total income for FY25 increased 38.9% year-over-year to INR 5,278 million, with 62% of revenue from international markets and significant contributions from acquisitions and organic growth.

• Adjusted EBITDA grew 15.7% YoY to INR 1,413 million (26.8% margin), and adjusted PAT rose 17.3% YoY to INR 946 million (17.9% margin).

• Maintained a debt-free status, robust cash flows, and announced a final dividend of Rs. 1.25 per share, subject to AGM approval.

• Major customer wins and global scalability achieved through strategic acquisitions and partnerships, especially in North America, Europe, and Asia Pacific.

• Product innovation included GenAI features, post-quantum cryptography, and enhanced identity management.

Financial highlights

• Q4 FY25 total income was INR 1,493 million, up 44.8% YoY; Q4 EBITDA INR 372 million (+2.4% YoY), Q4 PAT INR 243 million (+14.8% YoY).

• FY25 EBITDA was INR 1,324 million (13.7% growth, 25.1% margin); PAT INR 872 million (14.3% growth, 16.5% margin).

• Cash flow from operations reached INR 1,131.7 million, exceeding PBT.

• Dividend declared at Rs. 1.25 per share (12% of EPS).

• Adjusted results exclude ESOP/finder's fee and digital certificate buyback due to regulatory changes.

Outlook and guidance

• FY26 revenue growth targeted at 25%-30%, with focus on European expansion, SMB reseller network in India, and deeper AI/cybersecurity automation.

• Order book for enterprise solutions at INR 1,907 million (28.3% YoY growth expected).

• EBITDA and PAT margins expected to be maintained, with recurring one-off expenses.

• R&D spend projected at 7-9% of revenue; ongoing ESOP provisioning and stock repurchase expected.