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eMudhra Ltd Q2 FY27 results are out (Jul–Sep 2026) →Revenue ₹207 Cr +19.7% YoYSee revenue, profit and what management said. You are viewing Q2 FY26.
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eMudhra Ltd

Q2 FY26IT - Services

eMudhra Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Revenue
₹173Cr
+22.7% YoY
+17.7% QoQ
Net profit
₹26Cr
+18.2% YoY
+4% QoQ
Margin
24%
+1 pp YoY
0 pp QoQ

eMudhra Ltd Q2 FY26 key numbers

Revenue
U.S. product business leads pipeline includes 5-6 major customers with deals of $1 million+ each, with some contracts expected to close imminently.

As stated in eMudhra Ltd's Q2 FY26 earnings call transcript · published 5 Aug 2026. Reported figures, not investment advice.

Price₹541
Market cap₹4.3K Cr
P/E37.7

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 from eMudhra Ltd's call on revenue

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Profitability & Margins

EMudhra expects overall revenue growth of around 25-30% year-over-year driven mainly by product business…

Locked: what eMudhra Ltd said on margins

Also locked on this page: fundraising

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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 from eMudhra Ltd's call on capex

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Top-ranked in IT - Services

Ranked on what management guided this quarter

Guidance-ranked
1Panache Digilife
Rev 1Mar 1
2Aurum Proptech
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 1Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

No acquisition payments or major cash outflow planned in the next 6 months.

Locked: what eMudhra Ltd said on fundraising

Also locked on this page: margins

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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 from eMudhra Ltd's call on order book

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eMudhra Ltd — Quarterly revenue & net profit

Revenue Net profit
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

eMudhra Ltd Q2 FY26 results — key figures

eMudhra Ltd Q2 FY26 reported results vs Q2 FY25, ₹ crore
₹ CrQ2 FY26Q2 FY25YoYQ1 FY26QoQ
Revenue173141+22.7%147+17.7%
Operating profit (EBITDA)4132+28.1%35+17.1%
Operating margin24%23%+1 pp24%0 pp
Profit before tax3327+22.2%31+6.5%
Net profit (PAT)2622+18.2%25+4%
EPS (₹)3.052.65+15.1%3.00+1.7%

Source: reported quarterly figures (Screener), ₹ crore.

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹207 Cr, net profit ₹33 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

Earlier calls (4)

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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.