Transcript of the Earning Call held on July 30, 2026

EL/SEC/2026-27/46 August 4, 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, July 30, 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, July 30, 2026, post announcement of the financial results of the Company for the quarter ended as on June 30, 2026. The audio recording of the Earnings call, along with the transcript, has been uploaded on the Company’s website https://emudhra.com/investors.jsp. 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 Q1 FY27 Earnings Conference Call Event Date/Time : 30/07/2026, 16.00 Hrs IST Event Duration : 47 minutes 56 seconds MANAGEMENT DETAILS: Mr. Venkatraman Srinivasan Executive Chairman Mr. Kaushik Srinivasan Whole Time Director Mr. Arvind Srinivasan Director Mr. Ritesh Raj Pariyani Chief Financial Officer eMudhra Limited Q1 FY27 Earnings Conference Call 30.07.2026 Q&A PARTICIPANTS: 1. Surbhi Soni : Bellwether Capital Private Limited 2. Pankaj Sachdeva : Avis Capital 3. Srinath V : Bellwether Capital Private Limited 4. Amit Chandra : HDFC Securities 5. Kanishk Gupta : SS Family Office 6. Sanjyot Khare : Vision Finance 7. Ravi Mehta : One Up Financial Consultants eMudhra Limited Q1 FY27 Earnings Conference Call 30.07.2026 Moderator Good afternoon, ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to eMudhra Limited Q1 and FY27 Earnings Conference Call. We have with us today, Mr. Venkatraman Srinivasan, Executive Chairman; Mr. Kaushik Srinivasan, Whole Time Director; Mr. Arvind Srinivasan, Director; and 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 * and then 0 on your touch-tone telephone. Please note this conference is recorded. I would now like to hand over the floor to Mr. Venkatraman Srinivasan. Thank you and over to you sir. Venkatraman Srinivasan Thank you. Good afternoon, everyone, and thank you for joining Q1 Investor and Analyst Call today. We are pleased to report a strong start to FY27. During the quarter, our total income grew by 28% YoY to INR 1,925 million, while EBITDA increased by over 40% to INR 504 million, taking our EBITDA margin to 26.2%. Profit after tax grew 28% YoY to INR 320 million, with PAT margin remaining healthy at 16.6%. Of the 28% growth in total income, approximately 13% was contributed by the Cryptas acquisition, while the balance reflects healthy organic growth across our core businesses led by continued strength in our Enterprise Solution portfolio. Enterprise Solutions remained our primary growth engine, growing approximately 50% YoY, and contributing 65% of total income, while our Services Business also delivered growth of around 5% YoY, supported by new customer additions in the United States. International markets now contribute 66% of our revenue, and we continue to see encouraging momentum across Europe, North America, the Middle East and Africa. Europe was particularly encouraging this quarter. Through Cryptas, we achieved our first sale of eMudhra's CertiNext certificate lifecycle management platform to a large German data center customer, while also securing the first mSigner deployment integrated with PrimeSign Trust Services for an Austrian city municipality. This is an important milestone as it validates product-market fit and demonstrates our ability to successfully cross-sell the broader eMudhra platform into the Cryptas customer base. Cryptas contributed approximately INR 200 million of revenue during what is typically a seasonally weak quarter in Europe. Our Trust Service business saw a temporary decline during the quarter following the transition to a new global security standard for digital signature tokens, which comes into effect in September. As customers and channel partners prepared for this transition, demand for legacy tokens reduced, resulting in a temporary impact on Trust Service revenue during the quarter. eMudhra Limited Q1 FY27 Earnings Conference Call 30.07.2026 We expect this to normalize as the industry completes the transition. On the innovation front, our R&D investment remained tightly aligned with the evolving cybersecurity landscape. During the quarter, we introduced Cryptographic Bill of Materials or CBOM analysis within CertiNext, enabling enterprises to discover where cryptography is deployed across their IT environment and helping them prepare for the transition to post quantum cryptography. We believe increasing regulatory and industry focus on post-quantum readiness, together with the need for organization to inventory and modernize their cryptographic assets, create a significant long-term opportunity for our certificate lifecycle management and the PKA platform. We also continue to strengthen our broader product portfolio with AI-powered capabilities in emSigner and the commercial launch of PrivaTrust Consent Management Modules. Looking ahead, we continue to believe that cybersecurity and AI are becoming increasingly interconnected. As enterprises deploy AI at scale, trust, identity, and cryptography become a foundational infrastructure. Our five-platform strategy positions us well to capitalize on these structural trends while continuing to expand internationally. Finally, from an outlook perspective, our guidance remains unchanged from what we shared in the previous quarter, that is to achieve an organic growth of 18% and work towards achieving a PAT growth of 25%. We remain focused on driving profitable product-led growth, expanding our international footprint, executing our UAE Trust Service launch, and maintaining disciplined EBITDA and PAT margin while continuing to invest in innovation. With that, let me hand over to our CFO, Mr. Ritesh Pariyani, to walk you through the quarter's numbers. Ritesh Raj Pariyani Thank you, Chairman. Good afternoon, everyone. I'm pleased to share the highlights of our Q1 FY27 financial performance. Our total income for Q1 FY27 was INR 1,925 million, marking a 27.8% YoY growth. Gross profit for the quarter grew 36.4% YoY to INR 1,103 billion with a margin of 57.3%. EBITDA for the quarter was INR 504 billion, registering a 40.4% over YoY growth with a margin of 26.2%. Profit after tax for the quarter was INR 320 million, reflecting a 27.9% YoY growth with a margin of 16.6%. Now, coming to segment performance. The Enterprise Solutions segment generated revenue of INR 1,623 while the Trust Service revenue was INR 284 million. That concludes my remarks. Thank you, and we may now open the floor for the question-and-answer session. eMudhra Limited Q1 FY27 Earnings Conference Call 30.07.2026 Moderator Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question please press * and 1 on your telephone keypad and wait for your turn to ask your question. If you would like to withdraw your request, you may do so by pressing * and 1 again. Ladies and gentlemen, if you have any question please press * and 1 on your telephone keypad. Ritesh Raj Pariyani I think there are some questions. Moderator The first question comes from the line of Sur [Showing first 8,000 characters — download PDF for full document]