eMudhra Limited, a leading provider of digital security and paperless transformation solutions, has reported a robust financial performance for the first quarter of fiscal year 2026, marked by significant revenue growth and strategic acquisitions.

Financial Highlights

eMudhra's total income for Q1 FY26 stood at INR 1,506.00 million, representing a substantial year-on-year growth of 58.5%. The company's EBITDA reached INR 380.00 million with a margin of 25.2%, while net profit rose to INR 250.00 million, reflecting a margin of 16.6%.

Segment Performance

Geographic Expansion and Strategic Acquisitions

eMudhra has made significant strides in expanding its global footprint:

• Completed the acquisition of Austria-based Cryptas, strengthening its presence in the DACH region (Germany, Austria, and Switzerland).
• Signed an agreement to acquire AI CyberForge, enhancing its capabilities in secure credential management.
• Expanded operations into Kazakhstan, marking its entry into Central Asia.
• Formed strategic partnerships with LankaPay and M/S Pacific Technology Private Limited for Sri Lanka and Nepal markets, respectively.

Key Project Wins

The company secured several notable projects across various sectors and geographies:

• Deployed Managed PKI and TLS solutions for a global FMCG company in North America.
• Implemented Certificate Lifecycle Management for a large bank in the UAE.
• Rolled out Identity and Access Management for a government tax platform in Asia.
• Continued acquisition of BFSI clients in India for emSigner, eSign, and eStamping solutions.
• Implemented the emCA platform for a wing of the Indian defense forces.
• Deployed eSignature workflow for a significant government platform in Asia-Pacific.

Product Innovation and Market Traction

eMudhra's flagship products continue to gain traction:

• emSigner: Increased adoption for automating complex multi-party signing workflows, particularly in the BFSI segment.
• SecurePass and CERTInext: Growing adoption, enabling enterprises to manage user and device identities under a unified framework.

Future Outlook

The company has provided revenue guidance of INR 675.00-700.00 crores for the full year FY26, maintaining PAT margin expectations around 16-16.5%. eMudhra remains focused on strengthening its innovation pipeline, with R&D efforts centered on Converged Identity, Data Privacy, and Generative AI.

Venkatraman Srinivasan, Executive Chairman of eMudhra, commented on the results, stating, "We began the financial year on a strong note. The strategic acquisitions and geographic expansions position us well to address the growing global demand for digital trust and cybersecurity solutions."

As eMudhra continues to expand its global presence and enhance its product offerings, the company appears well-positioned to capitalize on the increasing need for robust digital security solutions across various sectors and geographies.

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.