eMudhra Q3 FY26 Revenue Surges 35.6% YoY to ₹1,910.6 Million; PAT Grows 29.5% to ₹290 Million
eMudhra reported strong Q3 FY26 results with revenue up 35.6% YoY to ₹1,910.6 million. PAT increased 29.5% YoY to ₹290.0 million. EBITDA margin was 23.1%. The company noted diversified revenue streams and strong demand driven by regulatory mandates. New data centers in the US and plans for UAE are underway.
Significant revenue and profit growth, alongside strategic business developments like new data centers and market expansion initiatives, are likely to have a material positive impact on the company's financial performance and market position.
The company reported strong year-on-year growth in revenue, EBITDA, and PAT, along with positive commentary from the Executive Chairman about diversified revenue streams and market positioning due to regulatory tailwinds.
eMudhra Limited has announced its unaudited financial results for the third quarter of Fiscal Year 2026, ending December 31, 2025. The company reported a significant year-on-year increase in revenue from operations, which grew by 35.6% to ₹1,910.6 million (191.06 crore) for the quarter.
EBITDA for the quarter stood at ₹441.4 million (44.14 crore), marking a 38.2% year-on-year increase, with an EBITDA margin of 23.1%. Profit After Tax (PAT) saw a substantial rise of 29.5% year-on-year, reaching ₹290.0 million (29.0 crore), resulting in a PAT margin of 15.2%. Basic Earnings Per Share (EPS) increased by 35.0% to ₹3.50.
Executive Chairman V. Srinivasan highlighted a more diversified revenue base across products and geographies, with product-led revenues and improved performance from Europe following the Cryptas acquisition offsetting reduced growth in the US services business. He noted that regulatory mandates like NIS2 and DORA are reinforcing demand for their Certificate Lifecycle Management and Identity and Access Management solutions. The company also sees strong growth in eSignature workflows, particularly in the Banking and Financial Services sector across India, MEA, and APAC.
Key financial metrics for the quarter included a gross profit of ₹1,018.7 million (101.87 crore) with a gross margin of 53.3%, and EBIT of ₹352.0 million (35.20 crore) with an EBIT margin of 18.4%. The company's enterprise revenue split was 37:63 between India and International, and 40:60 between Partner and Direct channels. The Cyber Security segment accounted for 70% of enterprise revenue, with the Paperless segment at 30%.
Significant project wins were reported across the USA, DACH region in Europe, Oman, and India, focusing on Certificate Lifecycle Management, Strong Authentication, and eSignature workflows. Other business highlights include the launch of US data centers, integration of Cryptas product, amalgamation of AI Cyber Forge Inc. with eMudhra Inc., and advancements in R&D for data discovery and classification for DPDP compliance. eMudhra is also establishing a UAE data center to support local compliance and expand engagements.
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