eMudhra Q1 FY27 Revenue Surges 27.8% YoY to ₹1,925 Million; EBITDA Up 40.4%
eMudhra Limited reported Q1 FY27 results with total income up 27.8% YoY to ₹1,925 million. EBITDA grew 40.4% to ₹504 million, and PAT rose 27.9% to ₹320 million. Enterprise Solutions revenue increased 50% YoY. The company expects to launch Trust Services in the UAE in Q2/Q3 FY27.
Significant year-on-year revenue and profit growth, coupled with strategic international expansion plans and new product launches, are expected to have a substantial impact on the company's future performance.
The company reported strong year-on-year growth in revenue, EBITDA, and PAT, along with positive commentary on business expansion and new product developments.
eMudhra Limited announced its unaudited financial results for the first quarter of FY27 ended June 30, 2026. The company reported a consolidated total income of ₹1,925 million, marking a 27.8% year-on-year increase from ₹1,506 million in Q1 FY26. Gross profit stood at ₹1,103 million, a 36.4% rise YoY, with a gross margin of 57.3%. EBITDA for the quarter was ₹504 million, up 40.4% YoY, resulting in an EBITDA margin of 26.2%. Adjusted EBITDA was ₹529 million, a 29.5% increase YoY. Profit After Tax (PAT) was ₹320 million, a 27.9% rise YoY, with a PAT margin of 16.6%. Adjusted PAT was ₹339 million, up 24.1% YoY. Basic Earnings Per Share (EPS) was ₹3.91, an increase from ₹3.05 in the corresponding quarter last year, while diluted EPS stood at ₹3.88.
International revenue constituted 66% of the total revenue. Enterprise Solutions revenue accounted for 65% of total revenue, growing approximately 50% year-on-year. Trust Services revenue represented 15% of total revenue, experiencing a slight decrease of approximately 3% year-on-year due to a temporary token supply-chain issue. Services revenue contributed 20% of total revenue, with a 5% year-on-year growth.
Executive Chairman V. Srinivasan highlighted strong growth in the Enterprise Solutions business, driven by product-led expansion in international markets, particularly in Europe with the Cryptas platform facilitating emSigner and Certinext adoption. The company plans to launch Trust Services in the UAE in Q2/Q3 FY27 and is in advanced discussions for SecurePass and Certinext in Kazakhstan. eMudhra also noted the increasing demand for PKI and trust infrastructure due to advancements in AI and the upcoming transition to post-quantum cryptography.
In India, the Trust Services business experienced a temporary impact from a CCA-mandated shift to a higher token security standard, expected to normalize from Q3 FY27. The eSign business continued its penetration. The announcement also emphasized the relevance of eMudhra's products in light of India's Digital Personal Data Protection (DPDP) Act, with the Consent Manager framework becoming operational in November 2026 and full compliance required by May 2027. The company's data-privacy platform, PrivaTrust, is well-positioned to assist organizations in meeting these requirements.
Product enhancements during the quarter included Certinext adding Cryptography Bill of Materials (CBOM) analysis, emCA shipping PQC-ready issuance support, SecurePass adding cross-cloud federation, and emSigner introducing AI-based document summarization and risk scoring. PrivaTrust's consent management and vendor-consent modules are now live. The company also mentioned its roadmap includes adaptive risk scoring for SecurePass and data discovery/classification for PrivaTrust, aligning with DPDP Act timelines.
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