eMudhra Reports 22.6% Revenue Growth in Q2, Integrates Cryptas Acquisition

eMudhra , a leading player in the digital trust and cybersecurity space, has reported a robust financial performance for the second quarter, marking significant growth and strategic expansions.

Financial Highlights

For Q2, eMudhra achieved:

Metric	Q2	YoY Growth
Total Income	174.95	22.6%
EBITDA	43.33	-
EBITDA Margin	24.8%	-
Net Profit	26.44	-
Net Profit Margin	15.1%	-

Note: Financial figures are in INR crores

For the first half, the company's total income reached 325.57 crores, representing a substantial 37% year-on-year growth.

Key Developments

Cryptas Acquisition: eMudhra consolidated the Cryptas acquisition from July 1, contributing approximately 22 crores to the quarterly revenue.
AI CyberForge Acquisition: The company completed the acquisition of AI CyberForge Inc., a US-based key and secrets management solutions company, enhancing its cybersecurity portfolio.
US Expansion: eMudhra established data centers in New Jersey and Salt Lake City, and created CERTInext Inc. as a separate US subsidiary, strengthening its presence in the North American market.
Project Wins: The company secured key project wins across North America, Malaysia, UAE, Qatar, and India, spanning government and BFSI sectors.

Management Outlook

eMudhra's management projects full-year revenue guidance of 675-700 crores with a PAT margin of 15.5-16%. The company expects Cryptas to turn profitable within the next two quarters as integration efforts continue.

Market Position and Strategy

Venkatraman Srinivasan, Executive Chairman of eMudhra, stated, "We have delivered another quarter of steady growth, supported by strong client traction and disciplined execution across markets." He highlighted the company's focus on expanding its global footprint and continued innovation in identity, security, and digital trust services.

The company's product portfolio, including emSigner, SecurePass, and CERTInext platforms, continues to gain traction among enterprise clients, particularly in regulated sectors such as banking and financial services.

Future Outlook

eMudhra is positioning itself for sustainable long-term growth through:

Integration of recent acquisitions
Expanding global footprint
Continued innovation in identity, security, and digital trust services
Focus on high-volume IoT use cases in private trust solutions

As eMudhra continues to strengthen its market position and expand its product offerings, it appears well-positioned to capitalize on the growing demand for digital trust and cybersecurity solutions globally.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.23%	-0.42%	-4.44%	-16.62%	-31.32%	+139.51%

eMudhra , a leading provider of digital security and trust services, has announced its financial results for the second quarter, showcasing robust growth across key metrics and completing two strategic acquisitions.

Financial Highlights

Metric	Q2 FY2026 (₹ in crores)	Q2 FY2025 (₹ in crores)	YoY Growth
Revenue	173.00	140.00	23.57%
EBITDA	41.25	32.30	27.71%
EBITDA Margin	23.86%	22.93%	93 bps
Net Profit	25.30	21.90	15.53%

eMudhra has demonstrated strong financial performance in the second quarter. The company's consolidated net profit increased by 15.53% year-over-year, reaching ₹25.30 crores compared to ₹21.90 crores in the same quarter of the previous year.

Revenue Growth and Operational Efficiency

The company's revenue saw a significant uptick, rising by 23.57% to ₹173.00 crores from ₹140.00 crores in the corresponding quarter last year. This substantial growth in revenue indicates a robust demand for eMudhra's digital security and trust services.

eMudhra's operational efficiency also improved, as evidenced by the increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The EBITDA rose to ₹41.25 crores, marking a 27.71% increase from ₹32.30 crores in Q2 of the previous fiscal year.

Margin Improvement

The company's EBITDA margin showed improvement, expanding by 93 basis points to reach 23.86% compared to 22.93% in the same quarter of the previous year. This margin expansion suggests that eMudhra has been successful in managing its costs while growing its revenue.

Strategic Acquisitions

During the quarter, eMudhra completed two significant acquisitions:

eMudhra BV acquired 51% ownership of Cryptas International GmbH, an Austria-based cybersecurity company, for EUR 5.0 million in cash. The deal includes potential additional upside payments based on enterprise value.
eMudhra Inc acquired 100% ownership of AI CyberForge Inc, a cybersecurity software provider, for USD 4.80 million in cash.

Both acquisitions were effective from July 1, 2025, and are expected to strengthen eMudhra's position in the global cybersecurity market.

Consolidated Financial Results

The consolidated financial results for the quarter ended September 30, 2025, include:

Revenue from operations: ₹1,749.48 million
Net profit: ₹157.23 million

For the half-year ended September 30, 2025:

Revenue from operations: ₹3,285.68 million
Net profit: ₹271.32 million

Board Meeting and Results Approval

The Board of Directors convened on November 4, 2025, to approve the unaudited financial statements for the quarter and half-year ended September 30, 2025. The board meeting, which commenced at 2:00 p.m., concluded at 4:45 p.m.

eMudhra's performance in Q2 FY2026 reflects its strong position in the digital security and trust services market. The company's ability to grow its revenue significantly while also improving profitability and operational efficiency, coupled with strategic acquisitions, positions it well for future growth. The company continues to maintain operations across multiple subsidiaries and step-down subsidiaries globally, further solidifying its international presence in the cybersecurity sector.