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Press Release on the unaudited financial results of the company for the quarter and half year ended September 30, 2026
eMudhra Ltd · 543533
✦ AI Summary▲ PositiveResults
eMudhra Ltd reported Q2 FY2027 results with Total Income growth of 19.6% y-o-y, EBITDA margin of 24.5% and PAT margin of 16.0%. The company secured its first wins in Kazakhstan and Nigeria, and cross-selling with Cryptas added three more large enterprise clients in Europe.
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eMudhra Ltd - 543533 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
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EL/SEC/2026-27/69
November 04, 2026
Corporate Relationship Department The Manager, Listing Department
BSE Limited National Stock Exchange of India Limited
1st Floor, New Trading Ring Rotunda “Exchange Plaza”, C-1, Block G,
Building, P J Towers, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 001 Mumbai - 400 051
Script Code: 543533 Symbol: EMUDHRA
Dear Sir/Madam,
Sub: Press Release on the unaudited financial results of the company for the quarter and half year
ended September 30, 2026
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, please find enclosed herewith the press release on the
unaudited financial statements of the company for the quarter and half year ended September 30,
2026.
This is for your information and records.
Thanking you
Yours faithfully,
For eMudhra Limited
Johnson Xavier
Company Secretary & Compliance Officer
Membership No. A28304
Encl.: As Above
eMudhra Limited
eMudhra Digital Campus, 12-Pl-A & 12-Pl-B, Hi-Tech Defence and Aerospace Park (IT sector), Jala Hobli, B.K. Palya,
I I I
Bengaluru, Karnataka 562149 Phone: +91 80 4848 4001 Email: corporate@emudhra.com Web: www.emudhra.com
CIN -L72900KA2008PLC060368
eMudhra Limited reports Q2 FY2027 results with Total Income growth of
19.6% y-o-y, EBITDA margin of 24.5% and PAT margin of 16.0%
Bengaluru, India, November 04, 2026: eMudhra Limited (BSE: 543533 | NSE: EMUDHRA), a provider of
digital trust services, cybersecurity and paperless transformation solutions, today announced the
unaudited financial results for the quarter and half year ended September 30, 2026, as approved by its
Board of Directors.
Key Consolidated Financial Highlights (INR Million)
Particulars Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY H1 FY27 H1 FY26 YoY FY26
Total Income 2,093 1,925 8.8% 1,749 19.6% 4,018 3,256 23.4% 7,132
EBITDA 513 504 1.8% 422 21.6% 1,017 781 27.2% 1,654
EBITDA Margin 24.5% 26.2% 24.1% 25.3% 24.0% 23.2%
Adjusted EBITDA 535 529 1.1% 456 17.2% 1,064 864 23.0% 1,835
PAT 334 320 4.3% 264 26.3% 654 515 27.1% 1,100
PAT Margin 16.0% 16.6% 15.1% 16.3% 15.8% 15.4%
Adjusted PAT 350 339 3.4% 287 22.0% 689 560 23.0% 1,218
Basic EPS (INR) 3.99 3.91 1.8% 3.09 29.2% 7.90 6.14 28.7% 13.14
Adjusted figures exclude ESOP provisioning and notional interest on acquisition liability.
Management Commentary
Commenting on the performance, Mr. V. Srinivasan, Executive Chairman, eMudhra Limited, said:
“Q2 FY27 reflects steady progress across our product platforms. Enterprise Solutions revenue grew 36%
year-on-year and now accounts for 66% of revenue, with international markets also contributing 66% of
revenue. During the quarter we secured our first wins in Kazakhstan and Nigeria, and cross-selling with
Cryptas added three more large enterprise clients in Europe.
Customers increasingly face time-bound requirements around post-quantum readiness, machine and AI
agent identity, and data privacy, and we continue to align our platforms to these needs.
In October, we encountered a certificate security incident in our TLS business, which represented
approximately 1% of revenue. We revoked the affected intermediary certificates. There were no end entity
certificates issued out of the affected intermediary CA’s. Our infrastructure was not compromised, no data
was breached, and all physical and logical security controls remain in-tact. We appointed KPMG as
independent external reviewer.
The SSL/TLS business contributes to approximately 1% of eMudhra’s global revenue. The business potential
and RoI of this line of business has considerably reduced for eMudhra when measured against our
cumulative revenue base. Hence, as announced earlier, eMudhra will cease the sale of TLS certificates and
exit that line of business and sharpen the focus on our Core Enterprise Platforms, eSign, and Digital
Signature offerings.
Q2 FY27 Highlights
Total Income of INR 2,093 Mn, up 19.6% y-o-y; EBITDA of INR 513 Mn at a 24.5% margin; PAT of INR
334 Mn at a 16.0% margin, up 26.3% y-o-y.
H1 FY27 Total Income of INR 4,018 Mn, up 23.4% y-o-y; H1 PAT of INR 654 Mn, up 27.1% y-o-y.
Revenue by line of business: Enterprise Solutions 66%, Trust Services 16% and Services 18%. India vs.
International revenue split of 34:66.
Key Client Wins
Asia Pacific: CertiNext for the largest telecom operator in Indonesia; SecurePass for a large national
utilities provider in the Philippines.
Europe: CertiNext for a large motorcycle manufacturer; emSigner for Germany’s national road toll
collection operator.
Middle East: Certificate lifecycle management for an Islamic bank in Qatar; emSigner for a large
government agency in Abu Dhabi.
Africa: National PKI for the Nigerian government authority that regulates CA operations, marking
eMudhra’s entry into the Nigerian market.
CIS: First win in Kazakhstan, with SecurePass for a defence entity; pipeline growing in Kazakhstan and
Uzbekistan.
Business and Product Updates
Three more large enterprise clients added through cross-product sales with Cryptas.
UAE Trust Services pipeline continues to build while the company awaits the license from the
regulatory authority.
Post-quantum capabilities expanded, with hybrid post-quantum CAs in emCA and 33 hybrid PQC
certificate combinations in CertiNext.
New releases in SecurePass (Windows login MFA, facial authentication) and emSigner (AI document
summaries, EU electronic seals).
About eMudhra
eMudhra is a digital trust company that enables enterprises and consumers to engage, exchange
information and transact securely in the digital world. As a licensed Certifying Authority in India, eMudhra
issues Digital Signature Certificates and eSign, and its five proprietary platforms span certificate issuance
and PKI, certificate lifecycle management, converged identity and access management, paperless
transformation, and data privacy. eMudhra has 850+ employees across 15 offices and serves customers in
35+ countries.
For further information, please contact
Kaushik Srinivasan | Kaushik@eMudhra.com | Investorrelations@emudhra.com