eMudhra 's Executive Chairman Venkatraman Srinivasan has categorically dismissed fraud allegations made by 3I Infotech as "pure imagination and fiction," providing detailed explanations during an investor conference call held to address the accusations.

Management's Detailed Response

During the conference call, Srinivasan outlined the historical relationship between the companies and systematically addressed each allegation. The Executive Chairman emphasized that all transactions were conducted through proper procedures with appropriate valuations and board approvals.

Historical Background and Divestment Details

Srinivasan served as Managing Director and CEO of 3I Infotech from 1999 until 2012. eMudhra was originally promoted as a wholly owned subsidiary of 3I Infotech Consumer Services Limited. In 2010, the 3I Infotech Board decided to divest the company as it was primarily in retail digital signature business while the parent focused on enterprise software.

Preference Share Redemption Dispute

The second allegation concerns preference share redemption. The ₹25 crores preference shares were scheduled for redemption in 2015, but the company negotiated a structured payment plan with 3I Infotech due to insufficient accumulated profits.

Legal and Procedural Compliance

Srinivasan highlighted that the original divestment involved eminent board members including H.N. Sinor (former AMFI Chairman) and Vishakha Mulye (ICICI Bank Executive Director). The transaction was based on a Deloitte valuation report and followed all ICICI Limited procedures.

The company maintains that preference share redemption was completed according to the agreed terms, with 3I Infotech accepting the redemption and returning the shares in 2017. All necessary forms were filed with company law authorities.

Current Management Changes at 3I Infotech

The Executive Chairman attributed the current allegations to new management at 3I Infotech, which is now predominantly retail-owned with SREI Infrastructure holding 10-12%. The new management, unfamiliar with historical transactions, has raised questions about deals completed 15-17 years ago.

eMudhra expressed confidence in defending its position through legal proceedings, stating it possesses all necessary evidence including the Deloitte valuation report, preference share redemption documentation, and proof of proper board procedures.

eMudhra has released the official transcript of its Q3FY26 earnings call held on February 3, 2026, providing comprehensive insights into the company's strong financial performance and strategic developments. The company submitted the transcript to BSE Limited on February 6, 2026, under SEBI Regulation 30 compliance requirements.

Earnings Call Transcript Availability

Following the earnings call conducted on February 3, 2026, eMudhra has made both the audio recording and complete transcript accessible to investors through its official website at emudhra.com/investors.jsp. Johnson Xavier, Company Secretary & Compliance Officer (Membership No. A28304), digitally signed the regulatory filing confirming compliance with SEBI disclosure requirements.

Q3FY26 Financial Performance Highlights

During the earnings call, Executive Chairman Venkatraman Srinivasan and CFO Ritesh Raj Pariyani presented strong financial results for the quarter. The company delivered impressive year-on-year growth across key financial metrics:

Nine-Month Performance Overview

For the nine months ended December 31, 2025, eMudhra demonstrated consistent growth momentum with total income reaching ₹5,166.00 million, representing a 36.50% year-over-year growth. The Enterprise Solutions segment generated revenue of ₹4,079.00 million, while Trust Services contributed ₹1,003.00 million.

Strategic Business Developments and Market Expansion

The earnings call highlighted several key business achievements including Certificate Lifecycle Management wins across IoT and Enterprise Authentication use cases in the USA, successful renewals in the DACH region in Europe, and significant traction in eSign & eStamping services in India's Banking and Financial Services sector. The company's US data centers are now operational, enabling local TLS certificate issuance and lifecycle management.

CRYPTAS Acquisition Performance

Management disclosed that CRYPTAS, the European acquisition, contributed ₹34.00 crores in Q3FY26 revenue compared to ₹24.00 crores in Q2FY26. The subsidiary turned profitable with ₹1.25 crores PAT in Q3FY26, compared to a loss of ₹1.60 crores in Q2FY26, demonstrating successful integration efforts.

Future Outlook and Guidance

The company maintained its revenue guidance of ₹700.00 crores for the full year, with management expressing optimism about growth prospects in Middle East, Africa, and European markets. The focus remains on product-led growth to improve margins, with 65% of revenue being recurring in nature and 35% from one-time implementations.