eMudhra Limited reported a consolidated net profit of ₹319.97 million for the quarter ended June 30, 2026, marking a 27.9% increase from ₹250.24 million in the corresponding period of FY26. This top-line expansion was primarily driven by robust growth in its international Enterprise Solutions business, which saw external sales surge 35.4% to ₹1,254.64 million. The strong performance highlights the company's successful pivot towards higher-margin digital trust services abroad, offsetting a temporary supply-chain disruption in its domestic Trust Services segment.

The Board of Directors approved the unaudited standalone and consolidated financial statements at a meeting held on July 29, 2026. The results were reviewed by the statutory auditor, Suri & Co., pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also filed an earnings presentation pursuant to Regulation 30 read with Schedule III of the same regulations. On July 30, 2026, eMudhra published the unaudited financial results in the English newspaper 'Financial Express' and the vernacular newspaper 'Udayavani', in compliance with Regulations 30 and 47 of the SEBI LODR Regulations, 2015.

Consolidated Financial Performance

Consolidated income from operations stood at ₹1,907.15 million, compared to ₹1,472.99 million in Q1FY26. Other income decreased to ₹17.43 million from ₹33.21 million in the prior year quarter. Total expenses were ₹1,542.85 million, an increase from ₹1,195.48 million in Q1FY26, primarily due to higher employee benefits expense of ₹386.50 million and depreciation and amortisation of ₹119.78 million. The key consolidated financial metrics are summarised below:

Standalone net profit rose sharply to ₹124.19 million from ₹58.26 million in Q1FY26, a 113.2% year-on-year increase. Standalone revenue grew 19.1% to ₹661.13 million. Adjusted figures, which exclude ESOP provisioning of ₹15.53 million and notional interest on acquisition liability, showed an adjusted EBITDA of ₹529 million and adjusted PAT of ₹339 million.

Segment-wise Breakdown

The Enterprise Solutions segment contributed significantly to the revenue growth, accounting for approximately 65% of total revenue. External sales from Enterprise Solutions outside India surged 35.4% to ₹1,254.64 million from ₹926.54 million in Q1FY26. This segment includes five proprietary platforms: emCA, SecurePass, Certinext, emSigner, and PrivaTrust. International revenue now constitutes 66% of total revenue.

Trust Services revenue declined slightly to ₹284.15 million from ₹291.77 million, reflecting a temporary supply-chain gap for retail tokens following a Controller of Certifying Authorities (CCA)-mandated shift to a higher security standard. No tokens were ready for sale in Q1 due to this disruption. Services revenue accounted for approximately 20% of total revenue, growing approximately 5% year-on-year, supported by new account additions in the US.

What the Numbers Show

The disproportionate rise in standalone net profit (113.2%) compared to consolidated net profit (27.9%) indicates that the holding company's operational efficiency or cost structure improved significantly more than its subsidiaries during the quarter. While consolidated revenue grew nearly 30%, the enterprise solutions segment outside India accounted for the bulk of this expansion, suggesting continued international demand for digital trust services. Conversely, the Trust Services segment saw a marginal decline in external sales, highlighting a shift in revenue mix towards higher-growth international enterprise contracts. The gross margin expanded to 57.3% from 53.7% in the prior year, indicating effective cost management despite higher employee benefits.

Strategic Developments and Outlook

V. Srinivasan, Executive Chairman, noted that the company began FY27 with good growth in Enterprise Solutions, powered by product-led growth across international markets. In Europe, the Cryptas platform is driving synergies for emSigner and Certinext. The company expects to launch Trust Services in the UAE in Q2/Q3 FY27, providing an opening to sell eSign offerings in that market. Additionally, advanced conversations are underway with large regulated public sector and defense entities in Kazakhstan.

In India, the Trust Services business saw a temporary impact due to the token supply-chain gap, which management expects to normalize from Q3FY27. The eSign business continued steady penetration across new and existing customer segments. The Digital Personal Data Protection (DPDP) Act is adding relevance to the company's products, with the Consent Manager framework due to become operational in November 2026 and full substantive compliance required by May 2027. This timeline validates the development of PrivaTrust, the company's data-privacy platform.

eMudhra Limited has notified the stock exchanges of a scheduled group meeting with institutional investors and analysts, to be held on Monday, August 03, 2026, at 08:30 AM IST in Mumbai, Maharashtra. The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was communicated via an official filing dated July 29, 2026, signed by Company Secretary & Compliance Officer Johnson Xavier.

Meeting Details

The upcoming analyst and institutional investor meeting brings together representatives from four prominent financial institutions. The following table outlines the key details of the scheduled interaction:

Participating Institutions

The group meeting is scheduled to include the following institutional investors and analysts:

• Nippon MF
• Pinebridge
• UTI MF
• Bandhan MF

Regulatory Compliance

The filing was submitted to both BSE Limited and the National Stock Exchange of India Limited in accordance with applicable listing regulations. eMudhra has noted that the schedule and participants mentioned are subject to change, which may occur due to exigencies on the part of the analyst, investor, or the company.