eMudhra Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The company achieved a 19.6% year-over-year growth in total income, reaching INR 2,093 million. EBITDA stood at INR 513 million with a 24.5% margin, and Profit After Tax (PAT) was INR 334 million, a 26.3% increase year-over-year, reflecting a 16.0% PAT margin. The company also highlighted strategic wins and business updates, including exiting the TLS certificate business to focus on core platforms.
eMudhra Announces Q2 FY27 Financial Highlights
eMudhra Limited has released its financial results for the second quarter and first half of the fiscal year ending September 30, 2026. The company reported a robust 19.6% year-over-year increase in total income, amounting to INR 2,093 million for the quarter. This strong performance was complemented by an EBITDA of INR 513 million, resulting in an EBITDA margin of 24.5%. Profit After Tax (PAT) for the quarter stood at INR 334 million, demonstrating a significant 26.3% growth compared to the previous year, with a PAT margin of 16.0%.
First Half Performance
For the first half of FY27, eMudhra’s total income grew by 23.4% year-over-year to INR 4,018 million. The company’s H1 PAT also saw substantial growth, increasing by 27.1% year-over-year to INR 654 million.
Management Commentary and Strategic Outlook
Mr. V. Srinivasan, Executive Chairman, commented on the company’s steady progress, noting that Enterprise Solutions revenue grew by 36% year-on-year and now constitutes 66% of total revenue. International markets contributed 66% of revenue, with new client wins in Kazakhstan and Nigeria. The company is aligning its platforms to address increasing customer demands for post-quantum readiness, machine and AI agent identity, and data privacy.
eMudhra acknowledged a certificate security incident in its TLS business, which represented approximately 1% of revenue. Following this, the company will cease the sale of TLS certificates and exit this line of business to sharpen its focus on Core Enterprise Platforms, eSign, and Digital Signature offerings. This strategic shift aims to enhance the business potential and Return on Investment (ROI).
Key Business and Product Updates
The company secured new enterprise clients through cross-product sales with Cryptas. Updates include expanded post-quantum capabilities with hybrid post-quantum CAs and new releases in SecurePass and emSigner. Revenue is segmented as 66% from Enterprise Solutions, 16% from Trust Services, and 18% from Services. The revenue split between India and international markets is 34:66.
Key Client Wins
Notable client wins across various regions include CertiNext for a major telecom operator in Indonesia and SecurePass for a national utilities provider in the Philippines. In Europe, eMudhra secured CertiNext for a motorcycle manufacturer and emSigner for Germany’s national road toll operator. The Middle East saw wins for certificate lifecycle management for an Islamic bank in Qatar and emSigner for a government agency in Abu Dhabi. The company also marked its entry into the Nigerian market with a National PKI contract.
Source: BSE
