eMudhra Limited's Board of Directors, at its meeting held on May 06, 2026, approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The Board recommended a final dividend of Rs. 1.25 per share for FY2025-26, subject to shareholder approval at the 18th Annual General Meeting scheduled for June 25, 2026. The record date for determining dividend entitlement is June 18, 2026. The company also released its earnings presentation for Q4 FY26 on May 7, 2026, detailing its performance and strategic focus on the AI economy.
Consolidated Financial Performance
eMudhra delivered a strong performance on a consolidated basis for FY26, with total income from operations rising to INR 7,131.79 million from INR 5,278.36 million in FY25. Revenue from operations grew to INR 7,015.80 million from INR 5,193.85 million in the prior year. Net profit for the year stood at INR 1,100.38 million compared to INR 872.34 million in FY25. The company reported an Adjusted PAT of Rs. 1,218 Mn for the year, excluding ESOP provisioning and notional interest on acquisition liability.
| Metric: |
FY26 (Audited) |
FY25 (Audited) |
| Income from Operations: |
INR 7,015.80 million |
INR 5,193.85 million |
| Other Income, Net: |
INR 115.99 million |
INR 84.51 million |
| Total Income from Operations (Net): |
INR 7,131.79 million |
INR 5,278.36 million |
| Total Expenses: |
INR 5,818.66 million |
INR 4,204.38 million |
| Profit Before Tax: |
INR 1,313.13 million |
INR 1,073.98 million |
| Tax Expenses (incl. deferred tax): |
INR 212.66 million |
INR 201.64 million |
| Net Profit for the Year: |
INR 1,100.38 million |
INR 872.34 million |
| Total Comprehensive Income: |
INR 1,602.60 million |
INR 930.70 million |
| Basic EPS (Rs.): |
13.14 |
10.41 |
| Diluted EPS (Rs.): |
13.02 |
10.22 |
For Q4 FY26, consolidated total income from operations stood at INR 1,965.50 million, compared to INR 1,492.59 million in Q4 FY25. Quarterly net profit came in at INR 295.74 million versus INR 243.38 million in the corresponding quarter of the previous year. On an operational efficiency basis, Q4 EBITDA grew to Rs. 421 million from Rs. 348 million in Q4 FY25, while EBITDA margin stood at 21.40% compared to 23.69% in the year-ago quarter. Adjusted EBITDA for Q4 was Rs. 478 Mn with a margin of 24.3%.
| Metric: |
Q4 FY26 |
Q4 FY25 |
| Revenue: |
INR 1.97B |
INR 1.5B |
| Net Profit: |
INR 295.74 million |
INR 243.38 million |
| EBITDA: |
Rs. 421 million |
Rs. 348 million |
| EBITDA Margin: |
21.40% |
23.69% |
Consolidated Segment Performance
eMudhra operates across two primary business segments — Trust Services and Enterprise Solutions (India and Outside India). For FY26, the Enterprise Solutions (Outside India) segment contributed the largest share of revenue at INR 4,375.72 million, followed by Trust Services at INR 1,400.08 million and Enterprise Solutions (India) at INR 1,240.00 million. International revenue accounted for 64% of total revenue, growing 38.7% YoY.
| Segment: |
FY26 Revenue (INR million) |
FY25 Revenue (INR million) |
| Trust Services: |
1,400.08 |
1,058.53 |
| Enterprise Solutions – India: |
1,240.00 |
972.11 |
| Enterprise Solutions – Outside India: |
4,375.72 |
3,163.21 |
| Total: |
7,015.80 |
5,193.85 |
Consolidated operating profit for FY26 was INR 1,363.82 million, up from INR 1,085.56 million in FY25. Total segment assets grew to INR 12,134.33 million as at March 31, 2026, from INR 8,681.35 million as at March 31, 2025.
Strategic Outlook and Business Developments
The company highlighted that Artificial Intelligence is a structural tailwind, driving demand for its core products such as emCA, Certinext, SecurePass and emSigner. For FY27, the strategic focus remains on organic product growth across four platforms, complemented by selective bolt-on acquisitions. The order book stands at Rs. 2,380 Mn, representing a 24.8% YoY growth. Estimated R&D spend for FY27 is expected to be 7–8% of revenue.
During FY26, eMudhra completed two significant acquisitions: AI Cyber Forge Inc for USD 4.80 million and a 51% stake in Cryptas International GmbH for EUR 5.0 million. Additionally, the company made an incremental provision of INR 14.92 million (consolidated) towards the estimated impact of new Labour Codes notified by the Government of India.
Balance Sheet Highlights
On a consolidated basis, total assets as at March 31, 2026, stood at INR 12,134.33 million, compared to INR 8,681.35 million as at March 31, 2025. Total equity increased to INR 9,125.90 million from INR 7,472.80 million. The company reported a net cash balance of Rs. 1,268 Mn. Cash and cash equivalents at the end of the year were INR 582.33 million, compared to INR 1,012.52 million at the start of the year. Net cash flow from operating activities for FY26 was INR 1,328.49 million, versus INR 1,016.16 million in FY25.
Regulatory Disclosure
In compliance with SEBI LODR requirements, the audited financial results were published in the newspapers as detailed below. Pursuant to Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the Q4 FY26 earnings call held on May 07, 2026, is available on the company's website.
| Parameter: |
Details |
| English Newspaper: |
Financial Express (nationwide circulation) |
| Vernacular Newspaper: |
Udayavani |
| Publication Date: |
May 07, 2026 |
| Earnings Call Date: |
May 07, 2026 |
| Earnings Call Recording: |
Available on company website |
| Applicable Regulations: |
Regulations 30 and 47 of SEBI LODR, 2015 |
| Signed By: |
Johnson Xavier, Company Secretary & Compliance Officer (Membership No. A28304) |
| Results Available At: |
www.emudhra.com/investors |