Transcript of the Earnings Call held on November 05, 2026

EL/SEC/2026-27/74 November 09, 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: Transcript of the Earnings Call held on Thursday, November 05, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, please find enclosed herewith the transcript of the Earnings Call held on Thursday, November 05, 2026, post announcement of the financial results of the Company for the quarter and half year ended September 30, 2026. The audio recording of the Earnings call, along with the transcript, has been uploaded on the Company’s website www.emudhra.com 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 Trust Delivered eMudhra Limited Q2 FY27 Earning Call Event Date/Time : 05/11/2026, 16:00 Hrs IST Event Duration : 43 mins 53 secs CORPORATE PARTICIPANTS: Mr. Venkatraman Srinivasan Executive Chairman Mr. Kaushik Srinivasan Whole Time Director Mr. Arvind Srinivasan Director Mr. Ritesh Raj Pariyani Chief Financial Officer eMudhra Limited Q2 FY27 Earning Call 05.11.2026 Q&A PARTICIPANTS: 1 Surbhi Soni : Bellwether Capital. 2 Sagarika Chetty : Antique Stockbroking. 3 Pankaj Sachdeva : Avis Capital. 4 Deepak Kumar : IGP India Family Office. 5 Pranay Jain : Banyan Tree Advisors. 6 Shubham Sahani : RSPN Ventures. 7 Amit Chandra : HDFC Securities. eMudhra Limited Q2 FY27 Earning Call 05.11.2026 Moderator Ladies and gentlemen, good day, and welcome to the eMudhra Limited Q2 FY2027 Earnings Conference Call. We have with us today from the management of eMudhra Limited, Mr. Venkatraman Srinivasan, Executive Chairman; Mr. Kaushik Srinivasan, Whole Time Director; Mr. Arvind Srinivasan, Director; Mr. Ritesh Raj Pariyani, Chief Financial Officer. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing * then 0 on your touch-tone telephone. Please note, this conference is recorded. I now hand over the conference over to Mr. Venkatraman Srinivasan, Executive Chairman. Thank you, and over to you, sir. Venkatraman Srinivasan Thank you. Good afternoon, everyone, and thank you for joining us for eMudhra's Q2 and First Half FY2027 Earnings Call. Today, I want to speak about two things. The first is a strong quarter for our core business. The second is a certificate security incident in our TLS business which took place in October after the quarter closed. I will walk you through our results, what happened, what it means for the rest of this year, and why our long-term direction is unchanged. Let me start with the numbers. In the second quarter, total income was INR 209 crore, up nearly 20% over last year. The EBITDA was INR 51.3 crore at a margin of 24.5%; and profit after tax was INR 33.4 crore, up 26% on YoY basis. For the first half, the total income was INR 402 crores, up 23%, and PAT was INR 65.4 crores, up 27%. The margins YoY expanded on both lines which tell us we are going with discipline. It is important to note that the growth is coming from enterprise solutions built on our own five product platform that grew 36% and now makes up two-thirds of our revenue. International markets also contribute two-thirds of our revenue. This is a more product-led and more global eMudhra, less dependent on any single market or single line of business. As our scale has increased, so have our working capital needs. Receivables have grown in line with the business; however, in terms of the number of days, it remains around the same level. Though the revenue has increased, we have paid the creditors without delay resulting in decline in creditors in spite of the increase in revenue. And this has weighed on the operating cash flow in the first half. Our incremental planned CapEx for the year is around INR 23 crore. We continue to open new doors this quarter. In Africa, we won the national PKI for Nigeria's certifying authority regulator; our entry into that market. In CAS, we secured our first win in Kazakhstan with a defense entity and our pipeline in Kazakhstan and Uzbekistan is growing. We added significant clients in Indonesia, The Philippines, Germany, Qatar, and Abu Dhabi. Cross selling with cryptos brought in three eMudhra Limited Q2 FY27 Earning Call 05.11.2026 more large enterprise clients in Europe. And in the UAE, our trust services pipeline keeps building as we await our license. The market is moving in our direction. Customers now face fixed deadlines on post-quantum migration, on identity for machines and AI agents, and on data privacy. These are now board level topics, especially in banking and regulated industries. We have moved yearly. Our platforms already support hybrid post- quantum certificate authorities and dozens of hybrid post-quantum certificate types. Because we own all our IP, we move at our own pace without depending on anyone else's roadmap. Now, let me turn to the incident. On October 17th, an independent researcher reported weak keys in eight intermediate certificates within one of our public TLS hierarchies created during a key-generation ceremony in April 2025. We revoked all eight the very next day. None of them had been used to issue any certificate to end customers and our root keys were not affected. Our infrastructure was not compromised, no data was breached, and security controls remained intact. As a precaution, the browser programs have distrusted the related route. We moved potentially affected customers to replacement certificates from other trusted providers at no cost to them. We have appointed KPMG as an independent external reviewer and a full review of our ceremony procedures is underway. We take this seriously, and we will share what we learned. In the last two weeks, we did see some impact on our reputation as customers sought to understand what the incident meant for them. The impact has not been as pronounced as it might have been, thanks to our diversification across geographies, across product, across service lanes and brands, and it is slowly settling down. We continue to be transparent about what happened, what we have learned, and how we are committed to improving ourselves. I also want to be clear about the scope. This affected only our publicly trusted TLS business, which was about 1% of our revenue. Our digital signatures, e sign, and all five enterprise platforms are not affected. Given the limited returns from TLS relative to our overall business, we have decided to exit the sale of publicly trusted TLS certificates and focus fully on our core platform. In the US, the only customer, University Federation, who will be directly affected was using our CertiNext product and TLS certificate. They have decided to continue to work with us and asked us to provide the TLS certificate to any other TLS vendor on a subcontract model. This is a big morale boost for us, and this is likely to considerably reduce our reputation risk in The US market. We are actively working with the University Federation to transition its members smoothly. We had to walk away from a couple of deals that were directly [Showing first 8,000 characters — download PDF for full document]