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eMudhra Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤2nd Feb 26

Summary : eMudhra Limited reported strong consolidated financial results for Q3 and 9M FY26, with significant revenue and profit growth, and completed a strategic acquisition, while addressing new regulatory provisions.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Total Expenses Q3 FY26: INR 1,569.61 million.
  2. Consolidated Total Expenses 9M FY26: INR 4,184.41 million.
  3. Standalone Total Expenses Q3 FY26: INR 594.73 million.
  4. Consolidated Employee benefits expense Q3 FY26: INR 378.95 million.
  5. Consolidated Total Income from operations (Net) Q3 FY26: INR 1,910.61 million.
  6. Consolidated Total Income from operations (Net) 9M FY26: INR 5,166.29 million.
  7. Standalone Total Income from operations (Net) Q3 FY26: INR 743.18 million.
  8. Consolidated Segment Revenue Q3 FY26: Trust Services INR 353.14 million, Enterprise Solutions India INR 369.45 million, Enterprise Solutions Outside INR 1,157.51 million.
  9. Consolidated Paid-up equity share capital Q3 FY26: INR 409.29 million.
  10. Standalone Paid-up equity share capital Q3 FY26: INR 414.06 million.
  11. Consolidated Other Equity (FY25 Audited): INR 7,046.64 million.
  12. Company publishes both standalone and consolidated financial results.
  13. Segment information is disclosed in consolidated results.

Corporate Overview

  1. India
  2. Outside (International operations)
  3. Impact of new Labour Codes requiring incremental provision of INR 14.92 million for Q3 and 9M FY26.
  4. Global organization empowering secure digital transformation.
  5. Offers trust services, identity, authentication, digital signatures.
  6. Largest certifying authority in India.
  7. Board Member of Cloud Signature and Asia PKI Consortia.
  8. Trust Services
  9. Enterprise Solutions (India)
  10. Enterprise Solutions (Outside)
  11. Acquisition of Al Cyber Forge Inc. by eMudhra Inc, merged on December 06, 2025.

Risk Factors

  1. Impact of new labor codes.
  2. Unreviewed subsidiary financial data.
  3. Reliance on management certified information.
  4. Potential future regulatory changes.

Key Drivers

  1. Strong consolidated revenue growth.
  2. Improved profitability quarter-on-quarter.
  3. Strategic acquisition of Al Cyber Forge.
  4. Robust performance in Enterprise Solutions.

Auditor’s Report

  1. Limited Review Report, no material misstatement found for consolidated and standalone financial results.
  2. Unaudited financial information of 7 subsidiaries and 1 associate not reviewed by auditors, deemed not material to the Group.

Board Commentary

  1. Uncertainty regarding the final impact of new Labour Codes on the company.
  2. Incremental provision of INR 14.92 million for Q3 and 9M FY26 due to new Labour Codes.
  3. Acquisition and merger of Al Cyber Forge Inc. with eMudhra Inc.

Corporate Governance

  1. Audit Committee reviewed results before Board approval.

Management Discussion & Analysis

Risk Control Measures

  1. Impact to be re-assessed and finalised based on final rules and industry practices.

Critical Risks

  1. Impact of new Labour Codes on group level operations and financials.
eMudhra Ltd (EMUDHRA) Quarterly Report Analysis & Insights | Dhanarthi