eMudhra Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,951 Cr
- P/E
- 24.09
- ROE
- 12.63%
- PEG
- 1.25
- Price to sales
- 3.78
- Debt to equity
- 0.02
- 52W high / low
- ₹662 / ₹318
- Sales growth (5Y)
- 39.76%
- EBITDA margin
- 23.41%
- Net profit margin
- 15.22%
- Promoter holding
- 54.40%
- Sales (last year)
- ₹779 Cr
Emudhra is a licensed certifying authority involved in issuing digital signature certificates in India under its eMudhra brand. The company is licensed by the Controller of Certifying Authorities (CCA), Ministry of Information Technology, and operates under the guidelines set by the Information technology Act.[1]
Guidance scorecard · Q2 FY27 call
What eMudhra's management guided
and where it ranks in IT - Services
IT - Services
RevenueQ2 FY27 call
10–20%- Core business grew 23% in H1 FY27; enterprise solutions on own product platforms grew 36%, making up two-thirds of revenue.
- International markets contribute two-thirds of total revenue.
- Trust services projected modest growth of 8-10%; eSign and remote signing products expected to grow strongly.
- Private PKI business in the US and in device/IoT security anticipated to grow significantly over next 3-5 years.
- DPDP (Data Privacy) business gaining momentum with ongoing POCs and deals; expected to see larger traction from FY28 onwards.
- Post-quantum cryptography (PQC) is an active area, with POCs converting to orders and increased market adoption expected from 2027-2029.
2 more points from eMudhra's call on revenue
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MarginsQ2 FY27 call
FlatSee what eMudhra said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- EMudhra Limited has planned an incremental CapEx of INR 23 crore.
- This investment is mainly directed towards completing the data privacy stack, including developing a few remaining modules.
- Additional improvements in the emSigner product will be made, incorporating certain AI capabilities.
2 more points from eMudhra's call on capex
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FundraisingQ2 FY27 call
Ask what eMudhra said on fundraising →
Full Q2 FY27 analysisOrder bookQ2 FY27 call
- The company has ongoing POCs (Proof of Concepts) in the post-quantum cryptography (PQC) space, with some already converted into orders and more expected next year.
- In the data privacy domain (DPDP), several POCs are underway, particularly with B2C banks, NBFCs, and private sectors; deal sizes for large entities range from INR 40-50 lakhs to INR 1-2 crore.
- Momentum in DPDP deals is building, with expectations of many more wins in the current and next quarters, especially as DPDP enforcement deadlines approach.
- The private PKI business (outside the TLS segment) shows a positive outlook, focusing on device identity, IoT, and wearables.
2 more points from eMudhra's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Services
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
IT - Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,121 Cr | 40.6 | |
| 2 | 40%+ | Flat | ₹1,531 Cr | 130.9 | |
| 3 | 40%+ | Flat | ₹588 Cr | 18.6 | |
| 4 | 40%+ | Flat | ₹380 Cr | 22.0 | |
| 5 | 40%+ | Flat | ₹71 Cr | 7.0 | |
| 6 | 20–40% | Up 2%+ | ₹22,753 Cr | 45.8 |
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Pro shows every company guiding 40%+ revenue growth →Full IT - Services rankingeMudhra announcements
All announcements →- Financial resultsNotableeMudhra Limited announces unaudited financial results for Q2 & H1 FY 2026-27
Financials of eMudhra
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
eMudhra
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 57.70% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% | 54.40% |
| FIIs + | 3.85% | 4.20% | 4.17% | 4.40% | 5.04% | 4.23% | 4.20% | 4.15% | 4.16% | 3.13% | 3.92% | 3.54% |
| DIIs + | 9.12% | 14.45% | 14.36% | 15.03% | 14.85% | 15.98% | 16.01% | 16.74% | 16.75% | 13.33% | 10.55% | 8.74% |
| Public + | 29.35% | 26.94% | 27.08% | 26.17% | 25.72% | 23.60% | 23.76% | 23.37% | 23.54% | 28.21% | 31.12% | 32.52% |
| Others + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.80% | 1.64% | 1.35% | 1.15% | 0.93% | 0.00% | 0.80% |
| No. of Shareholders | 70,561 | 73,650 | 78,824 | 80,884 | 82,175 | 80,017 | 79,507 | 79,353 | 76,826 | 69,646 | 70,010 | 72,887 |
Financials of eMudhra
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 96 | 97 | 100 | 92 | 141 | 139 | 147 | 147 | 173 | 188 | 193 | 191 | 207 |
| YoY Sales growth | +65% | +59% | +30% | +16% | +47% | +43% | +47% | +59% | +22% | +35% | +32% | +29% | +20% |
| Expenses + | 68 | 73 | 67 | 66 | 109 | 109 | 112 | 113 | 132 | 147 | 151 | 141 | 157 |
| Operating Profit | 28 | 25 | 33 | 27 | 32 | 30 | 35 | 35 | 41 | 41 | 42 | 50 | 50 |
| OPM % | 29% | 25% | 33% | 29% | 23% | 22% | 24% | 24% | 24% | 22% | 22% | 26% | 24% |
| Other Income + | 0 | 2 | 3 | 3 | 1 | 2 | 2 | 3 | 2 | 3 | 3 | 2 | 2 |
| Interest | 0 | 1 | 1 | 0 | 1 | 0 | -0 | 0 | 1 | 1 | 3 | 1 | 1 |
| Depreciation | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 7 | 9 | 9 | 9 | 12 | 12 |
| Profit before tax | 23 | 20 | 29 | 24 | 27 | 25 | 31 | 31 | 33 | 34 | 33 | 38 | 39 |
| Tax % | 19% | 2% | 28% | 23% | 18% | 12% | 22% | 19% | 20% | 15% | 11% | 16% | 14% |
| Net Profit + | 19 | 20 | 21 | 18 | 22 | 22 | 24 | 25 | 26 | 29 | 30 | 32 | 33 |
| EPS in Rs | 2.35 | 2.58 | 2.54 | 2.16 | 2.65 | 2.53 | 2.88 | 3.00 | 3.05 | 3.46 | 3.50 | 3.88 | 3.96 |
Financials of eMudhra
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 102 | 116 | 132 | 183 | 249 | 373 | 519 | 702 | 779 |
| Sales growth | +15% | +13% | +39% | +36% | +50% | +39% | +35% | +29% | |
| Expenses + | 69 | 85 | 92 | 116 | 161 | 263 | 395 | 542 | 597 |
| Operating Profit | 32 | 32 | 40 | 67 | 87 | 110 | 124 | 159 | 182 |
| OPM % | 32% | 27% | 30% | 37% | 35% | 29% | 24% | 23% | 23% |
| Other Income + | -2 | 0 | 1 | 1 | 5 | 7 | 8 | 12 | 10 |
| Interest | 0 | 1 | 1 | 5 | 3 | 3 | 1 | 5 | 6 |
| Depreciation | 8 | 9 | 9 | 13 | 16 | 21 | 24 | 34 | 42 |
| Profit before tax | 22 | 23 | 31 | 50 | 73 | 93 | 107 | 131 | 144 |
| Tax % | 19% | 20% | 19% | 18% | 17% | 18% | 19% | 16% | |
| Net Profit + | 17 | 18 | 25 | 41 | 61 | 76 | 87 | 110 | 124 |
| EPS in Rs | 2.49 | 2.37 | 2.49 | 5.90 | 7.90 | 9.06 | 10.22 | 13.02 | 14.80 |
| Dividend Payout % | 0% | 0% | 0% | 21% | 15% | 13% | 12% | 10% |
Financials of eMudhra
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 35 | 35 | 35 | 35 | 37 | 40 | 41 | 41 | 41 |
| Reserves | 41 | 57 | 72 | 118 | 354 | 616 | 705 | 870 | 937 |
| Borrowings + | 29 | 42 | 51 | 67 | 25 | 8 | 0 | 29 | 18 |
| Other Liabilities + | 15 | 25 | 33 | 39 | 43 | 86 | 123 | 274 | 271 |
| Total Liabilities | 120 | 159 | 192 | 259 | 460 | 750 | 868 | 1,213 | 1,268 |
| Fixed Assets + | 62 | 62 | 125 | 117 | 162 | 253 | 419 | 727 | 754 |
| CWIP | 22 | 40 | 4 | 43 | 47 | 51 | 17 | 29 | 24 |
| Investments | 0 | 0 | 14 | 0 | 21 | 4 | 81 | 46 | 7 |
| Other Assets + | 36 | 56 | 49 | 99 | 230 | 443 | 351 | 411 | 483 |
| Total Assets | 120 | 159 | 192 | 259 | 460 | 750 | 868 | 1,213 | 1,268 |
Financials of eMudhra
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 17 | 23 | 41 | 22 | 34 | 73 | 102 | 133 |
| Cash from Investing Activity + | -32 | -29 | -47 | -37 | -102 | -90 | -204 | -198 |
| Cash from Financing Activity + | 10 | 12 | 5 | 16 | 127 | 176 | -21 | 22 |
| Net Cash Flow | -5 | 7 | -1 | 1 | 59 | 158 | -124 | -43 |
| Free Cash Flow | -15 | -5 | 6 | -25 | -28 | -1 | 18 | -52 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 62% | 86% | 110% | 39% | 56% | 76% | 91% | 93% |
Financials of eMudhra
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 77 | 73 | 41 | 88 | 99 | 101 | 102 | 98 |
| Inventory Days | 5 | 22 | 14 | 26 | 13 | 32 | 16 | 27 |
| Days Payable | 83 | 115 | 68 | 177 | 223 | 261 | 358 | 420 |
| Cash Conversion Cycle | -1 | -20 | -13 | -62 | -111 | -128 | -240 | -294 |
| Working Capital Days | 42 | 29 | 9 | 15 | 107 | 112 | 100 | 88 |
| ROCE % | 20% | 21% | 28% | 24% | 18% | 15% | 16% |
Guidance history
How eMudhra's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q4 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
3 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | −42.3% | 6% |
| Last 6 months | −24.3% | 8% |
| Last 3 months | −31.4% | 2% |
The price is 63.5% below its all-time high of ₹976.15 (17 Jan 2025). Stocks more than 20% below their peak have their score halved, so 6 became 3.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For eMudhra: 0.4 × 6 + 0.4 × 8 + 0.2 × 2 = 6, halved to 3 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What eMudhra's management said in earlier quarters
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