eMudhra Inc, a subsidiary of eMudhra Limited, has entered into an agreement to acquire 100% stake in AI Cyber Forge Inc, USA, for $4.8 million in cash. The acquisition, announced on July 24, 2025, is set to bolster eMudhra's cybersecurity product offerings and strengthen its position in the global market.

Acquisition Details

AI Cyber Forge, promoted by technology entrepreneur Rishi Patel, specializes in secrets management, just-in-time credentials, PKI automation, and encryption services. The target company reported consolidated revenue of $600,000 (approximately ₹5.1 crore) for the year ended March 31, 2025.

The acquisition aims to expand eMudhra's cybersecurity product portfolio, particularly adding secrets management capabilities to complement its existing digital trust and security solutions. This strategic move is expected to enhance eMudhra's customer base in the USA and position it as a comprehensive provider of PKI-based cybersecurity products.

Strategic Implications

V. Srinivasan, Executive Chairman of eMudhra Limited, commented on the acquisition, stating, "The proposed acquisition of AI Cyberforge with a focus on vault and secrets engine further bolsters our product comprehensiveness in the intersection of data privacy and identity management space and helps us position differentiated capability in various markets we operate."

The deal is expected to close within 2-3 weeks and does not require regulatory approvals.

Financial Performance

Alongside the acquisition news, eMudhra Limited also released its financial results for Q1 FY26 ended June 30, 2025. The company reported strong performance with:

• Revenue from operations at ₹1,506.20 million, up 58.5% year-on-year
• EBITDA of ₹380.00 million, with an EBITDA margin of 25.2%
• Net profit of ₹250.20 million, with a net margin of 16.6%

Segment Performance

The company's consolidated segment information for Q1 FY26 shows:

Other Strategic Developments

eMudhra also highlighted other recent strategic moves:

1. Completion of the acquisition of Cryptas, headquartered in Austria, to bolster presence in the European Union.
2. Strategic partnerships with Lanka Pay and M/S Pacific Technology Pvt. Ltd for positioning trust services and paperless transformation in Sri Lanka and Nepal markets.
3. Launch of direct presence in the Central Asian region with operations in Kazakhstan.

These developments, along with the AI Cyber Forge acquisition, underscore eMudhra's commitment to expanding its global footprint and enhancing its cybersecurity capabilities.

The company's focus on innovation in areas such as Converged Identity, Data Privacy, and Generative AI is expected to drive future growth and maintain its competitive edge in the rapidly evolving digital landscape.

eMudhra Limited , a leading provider of digital trust, digital security, and paperless transformation solutions, has announced its financial results for the first quarter of the fiscal year, ending June 30. The company has demonstrated robust growth and improved profitability compared to the same period last year.

Financial Highlights

• Consolidated revenue reached Rs 1,472.99 crore, up 59% from Rs 924.42 crore in the same quarter of the previous year
• Net profit increased to Rs 250.24 crore, compared to Rs 181.97 crore in the previous year's quarter
• Earnings per share (EPS) improved to Rs 3.05 from Rs 2.20 year-over-year
• EBITDA margin stood at 25.2%, with EBITDA of Rs 380.00 crore
• Gross profit for the quarter was Rs 808.20 crore, representing a gross margin of 53.7%

Segment Performance

eMudhra's business is divided into three segments:

1. Trust Services India
2. Enterprise Solutions India
3. Enterprise Solutions Outside India

The Enterprise Solutions Outside India segment showed the strongest performance, contributing Rs 926.54 crore to the total revenue.

Key Business Developments

Acquisition of Cryptas International GmbH

eMudhra's subsidiary, eMudhra BV, has signed agreements to acquire a 51% stake in Cryptas International GmbH, a European encryption and trust services provider, for €5 million. This acquisition is expected to strengthen eMudhra's presence in the European Union, particularly in the DACH region (Germany, Austria, and Switzerland).

Acquisition of AI Cyberforge Inc

eMudhra Inc, another subsidiary, has entered into an agreement to acquire 100% of AI Cyberforge Inc, USA, for $4.8 million. This acquisition aims to expand eMudhra's product offerings in secrets management, just-in-time credentials, PKI automation, and encryption services.

Global Expansion

The company reported new client wins across the US, Middle East, India, and Asia Pacific, indicating strong international growth.

Product Development

eMudhra's emSigner platform remains the preferred choice for managing complex, multi-party signing workflows, especially in regulated industries such as Banking and Financial Services.

Management Commentary

V. Srinivasan, Executive Chairman of eMudhra Limited, commented on the results: "We are pleased to report a strong first quarter, driven by robust revenue growth and new client wins across the US, Middle East, India and Asia Pacific. This global momentum, together with disciplined operations, sets a solid foundation for sustained growth in the coming year."

He further added, "The proposed acquisition of AI Cyberforge with a focus on vault and secrets engine further bolsters our product comprehensiveness in the intersection of data privacy and identity management space and helps us position differentiated capability in various markets we operate."

Future Outlook

eMudhra is committed to advancing its R&D efforts, particularly in the areas of Converged Identity, Data Privacy, and Generative AI, to drive innovation and maintain its competitive edge in the rapidly evolving digital landscape. The company's strengthened innovation pipeline and enhanced go-to-market capabilities are expected to support future growth.

With its strategic acquisitions and focus on product development, eMudhra is well-positioned to capitalize on the growing demand for secure digital technologies globally. The company's strong performance in Q1 sets a positive tone for the rest of the fiscal year, as it continues to expand its presence in both domestic and international markets.