eMudhra Ltd
eMudhra Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Company expects overall growth of around 25%-30% year-over-year, driven primarily by product business growth despite services business stagnation. - U.S. eMudhra expects overall revenue growth of around 25-30% year-over-year driven mainly by product business growth, while service and trust segments may remain stagnant or have modest growth. - For FY 2026, the company targets total revenues around INR 675-700 crores, with a stronger second half expected due to deal closures and seasonal impact on trust services. - Profit margins improved, with Q2 EBITDA margin at 24.8% and PAT margin at 15.1%, and similar or better margins expected going forward. - Integration of recent acquisitions (Cryptas, AICyberForge) is expected to enhance product offerings and profitability within 2 quarters. - U.S.
From eMudhra Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Company expects overall growth of around 25%-30% year-over-year, driven primarily by product business growth despite services business stagnation.
- U.S. product business leads pipeline includes 5-6 major customers with deals of $1 million+ each, with some contracts expected to close imminently.
- Service business, especially in the U.S., is expected to remain flat due to visa and local hiring challenges.
- Trust services revenue projected to grow from INR 100 crores to INR 120-130 crores annually, supported by increased e-signature volumes.
- Expansion in regions like Middle East, Africa, and APAC (especially Philippines) contributing to product business growth.
- Upcoming product launches (e.g., data privacy stack, voice authentication) expected by March-April to enhance competitiveness.
2 more points management made on revenue & sales performance
Profitability & Margins
See what eMudhra Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- eMudhra has incurred around INR 30 crores in capital expenditure on three product developments, funded from cash accruals.
- For the full year, approximately INR 54-55 crores is being capitalized predominantly for these three product developments.
- No acquisition payments are planned in the next 6 months, supporting stable cash flows.
- Strategic investments include hiring localized teams in the U.S. and South America to support sales and certificate issuance, ensuring timely service due to time zone differences.
- Marketing investments focused on hosting 4-5 key events annually, including eCAB, RSA Conference, and Black Hat, with event costs ranging from $30,000 to $50,000.
2 more points management made on capital expenditure plans
Top-ranked in IT - Services
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what eMudhra Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Current status of contracts:
- First contract has been signed; volume yet to pick up.
- Expected to sign two more contracts in the current month if things progress well.
2 more points management made on order book & pipeline
eMudhra Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹193 Cr, net profit ₹30 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What eMudhra's management said in earlier quarters
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Frequently Asked Questions
What were eMudhra Ltd Q2 FY26 results?
Company expects overall growth of around 25%-30% year-over-year, driven primarily by product business growth despite services business stagnation. - U.S. eMudhra expects overall revenue growth of around 25-30% year-over-year driven mainly by product business growth, while service and trust segments may remain stagnant or have modest growth. - For FY 2026, the company targets total revenues around INR 675-700 crores, with a stronger second half expected due to deal closures and seasonal impact on trust services. - Profit margins improved, with Q2 EBITDA margin at 24.8% and PAT margin at 15.1%, and similar or better margins expected going forward. - Integration of recent acquisitions (Cryptas, AICyberForge) is expected to enhance product offerings and profitability within 2 quarters. - U.S.
What is eMudhra Ltd share price analysis?
eMudhra Ltd currently shows a neutral. The stock trades at a P/E of 37.6 with a market cap of ₹4,332 Cr. Investors should review the full earnings analysis for detailed insights.
Is eMudhra Ltd planning capital expenditure?
eMudhra has incurred around INR 30 crores in capital expenditure on three product developments, funded from cash accruals. - For the full year, approximately INR 54-55 crores is being capitalized predominantly for these three product developments. - No acquisition payments are planned in the next 6 months, supporting stable cash flows. - Strategic investments include hiring localized teams in the U.S.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.