eMudhra Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The company reported strong financial performance for FY26, with total income from operations rising to INR 7,132 million, a 35.1% increase year-on-year. Net profit for the year stood at INR 1,100 million, reflecting a 26.2% year-on-year growth. The Board recommended a final dividend of Rs. 1.25 per share for FY2025-26, subject to shareholder approval.
Consolidated Financial Performance
For the full year FY26, revenue from operations grew to INR 7,016 million from INR 5,194 million in FY25. EBITDA for the year was INR 1,654 million, registering a 32.6% growth with a margin of 23.2%. The company reported an Adjusted PAT of Rs. 1,218 million, excluding ESOP provisioning and notional interest on acquisition liability. The Enterprise Solution and Service segment generated revenue of INR 5,616 million, while Trust Services revenue stood at INR 1,400 million.
| Metric |
FY26 (Audited) |
FY25 (Audited) |
| Income from Operations |
INR 7,015.80 million |
INR 5,193.85 million |
| Total Income from Operations (Net) |
INR 7,131.79 million |
INR 5,278.36 million |
| Net Profit for the Year |
INR 1,100.38 million |
INR 872.34 million |
| Basic EPS (Rs.) |
13.14 |
10.41 |
In Q4 FY26, total income from operations stood at INR 1,966 million, a 31.7% increase compared to Q4 FY25. Gross profit for the quarter grew 32.6% year-on-year to INR 1,037 million with a margin of 52.8%. Quarterly EBITDA grew to INR 441 million from INR 348 million in Q4 FY25, with an EBITDA margin of 22.4%. Quarterly net profit came in at INR 296 million versus INR 243 million in the corresponding quarter of the previous year, reflecting a 21.6% year-on-year growth with a PAT margin of 15.1%.
Segment Performance
Enterprise Solutions accounted for 59% of revenue, growing 55% year-on-year — comprising organic growth of 23% and acquisitive growth of 32%. Trust Services represented 20% of revenue, up 32%, while the Pure Services business accounted for 21% of revenue and remained flat, largely in line with industry trends. International revenue constituted 64% of total revenue, growing nearly 39% year-on-year. The company's order book stands at Rs. 2,380 million, representing a 24.8% YoY growth.
| Geography |
Revenue Share |
| India |
36% |
| North America |
34% |
| Europe |
12% |
| Middle East and Africa |
11% |
| Asia-Pacific |
7% |
Earnings Call Highlights
During the Q4 FY26 Earnings Conference Call held on May 07, 2026, Executive Chairman Venkataraman Srinivasan highlighted that eMudhra has compounded PAT at 30.5% per annum over a 5-year horizon. A notable win during the year was a large TLS certificate order for the InCommon university consortium in the United States, comprising approximately 700 universities. Management noted that the US product business grew from approximately USD 6.5–7 million to more than USD 9.5 million year-on-year, and expects 25%–30% growth in the US product segment in FY27. Cryptas International GmbH contributed INR 85 crores in revenue for the full year, with near break-even profitability; management expects over USD 1 million in profit from Cryptas in FY27, contingent on cross-selling eMudhra's CLM solution into the Cryptas customer base.
On the Post-Quantum Cryptography (PQC) front, management confirmed that several proof-of-concept (POC) deployments are underway, primarily in BFSI — particularly large banks — as well as Defence and critical government agencies. Regulatory mandates require many critical infrastructure operators to transition to PQC algorithms by 2029–2030. Regarding the 3i Infotech dispute, management stated that no police complaint or SEBI inquiry has been received, and that eMudhra has issued a legal notice to 3i Infotech and its directors; the matter has not materially progressed since two months prior to the call.
FY27 Guidance and Strategic Outlook
Management provided guidance for FY27, expecting organic revenue growth of 15% to 18%, with 18% considered achievable. Bottom-line growth is projected at 25% to 30%, driven by a higher mix of product-led revenue which carries superior margins. Trust Services growth is estimated at approximately 20% for FY27, while Enterprise Solutions growth is projected at 25%–30%. The company aims to double its PAT over the next three years, supported by tailwinds in AI, data sovereignty, and post-quantum cryptography.
| FY27 Guidance Metric |
Outlook |
| Organic Revenue Growth |
15%–18% |
| PAT Growth |
25%–30% |
| Trust Services Growth |
~20% |
| Enterprise Solutions Growth |
25%–30% |
| R&D Spend (% of Revenue) |
7%–8% |
Strategic Developments
During FY26, eMudhra completed the acquisition of AI Cyber Forge Inc for USD 4.80 million and a 51% stake in Cryptas International GmbH for EUR 5.0 million. The company operates from 15 offices across five regions and serves customers in more than 35 countries. On future acquisitions, management indicated no active pipeline currently, but remains open to bolt-on acquisitions of small AI-focused cybersecurity companies, most likely in the US. The company continues to invest in R&D at an estimated 7%–8% of revenue for FY27, focusing on post-quantum cryptography and embedding agentic AI capabilities across its platforms. In FY26, eMudhra renewed or maintained CMMI Level 5, WebTrust, ISO 27001, and SOC 2 Type 2 certifications, and remains the only Indian certifying authority listed in all major browser trust stores.
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