Financial Performance Summary

Quarterly Financial Highlights (Consolidated, INR million):

| Metric | Q1 FY27 | Q4 FY26 | QoQ % | Q1 FY26 | YoY % | FY2026 |

| Total Income | 1,925 | 1,966 | -2.1% | 1,506 | +27.8% | 7,132 |

| Gross Margin | 1,103 | 1,037 | +6.3% | 808 | +36.4% | 3,840 |

| Gross Margin % | 57.3% | 52.8% | - | 53.7% | - | 53.8% |

| EBITDA | 504 | 441 | +14.3% | 359 | +40.4% | 1,654 |

| EBITDA % | 26.2% | 22.4% | - | 23.8% | - | 23.2% |

| Adj. EBITDA | 529 | 478 | +10.8% | 408 | +29.5% | 1,835 |

| EBIT | 384 | 349 | +10.0% | 292 | +31.7% | 1,312 |

| PAT | 320 | 296 | +8.2% | 250 | +27.9% | 1,100 |

| PAT % | 16.6% | 15.0% | - | 16.6% | - | 15.4% |

| Adj. PAT | 339 | 324 | +4.6% | 273 | +24.1% | 1,218 |

| Basic EPS (INR) | 3.91 | 3.53 | +10.8% | 3.05 | +28.1% | 13.14 |

| Diluted EPS (INR) | 3.88 | 3.50 | +10.9% | 3.00 | +29.2% | 13.02 |

Additional Financial Details:

  • Revenue from operations: ₹1,907 million, up 29.5% YoY
  • Adjusted EBITDA margin: 27.5%
  • Adjusted PAT margin: 17.6%
  • International revenue accounted for 66% of total revenue

Segment Performance

Revenue Mix by Business Line:

  • Enterprise Solutions: 65% of total revenue (~50% YoY growth)
  • Trust Services: 15% of total revenue (~3% YoY decline)
  • Services: 20% of total revenue (~5% YoY growth)

Enterprise Solutions Breakdown:

  • Partner vs Direct split: 36% / 64%
  • Cybersecurity vs Paperless segments: 80% / 20%

Performance Drivers and Business Highlights

Enterprise Solutions Growth Drivers:

  • Product-led growth across international markets
  • Continued momentum in India
  • Cryptas platform opening doors for emSigner and Certinext in Europe

Trust Services Challenges:

  • Temporary impact from CCA-mandated shift to higher token security standard
  • Retail token supply-chain gap expected to normalize from Q3 FY27

International Expansion:

  • UAE data center completed, QTSP services nearing license application with TDRA
  • Planned UAE Trust Services launch in Q2/Q3 FY27
  • Advanced conversations in Kazakhstan with large regulated public sector and defense entities
  • Established presence across CIS region

Key Project Wins

North America:

  • Deeper penetration into Higher Education network
  • Value-added services layered onto initial Enterprise Solutions footprint

India:

  • Large Government Tax Department signed up for SecurePass
  • Large Indian bank onboarded emSigner

Middle East:

  • Large certificate lifecycle management deal with UAE Police Authority
  • emSigner deployment for large hospital

Europe:

  • First emSigner enterprise customer in Austria (government entity)
  • Large German data-center client for certificate lifecycle management and workforce identity

Africa:

  • Sale of CA, certificate lifecycle management, SecurePass, Cryptas and emSigner to Kenyan regulator
  • emSigner purchase by large African hospital group

Asia Pacific:

  • Large government insurer and Department of Social Welfare adopted emSigner

Research and Innovation Updates

Product Enhancements:

  • Certinext: Added Cryptography Bill of Materials (CBOM) analysis and S/MIME email signing
  • SecurePass: Cross-cloud federation for converged identity across multi-cloud environments
  • emSigner: AI-based document summarization and risk scoring within signing workflows
  • PrivaTrust: Consent management and vendor-consent modules live (first commercial milestone)

Roadmap Items:

  • SecurePass: Adaptive risk scoring building on converged identity fabric
  • PrivaTrust: Data discovery, classification and DSAR automation; early conversations with large regulated entities
  • Across Stack: Agent and machine identity issuance and agentic signing/authorization trails

Regulatory and Market Opportunities

India DPDP Act Impact:

  • DPDP Rules notified in November 2025
  • Consent Manager framework operational from November 2026
  • Full substantive compliance required by May 2027
  • PrivaTrust positioned to help organizations meet compliance timelines

Other Regulatory Developments:

  • Regulatory reform in Kenya driving PKI demand with mandate for licensed CA for critical government services

Management Commentary

V. Srinivasan, Executive Chairman, highlighted:

  • Healthy start to FY27 with good growth in Enterprise Solutions
  • Cryptas platform creating synergies in European markets
  • UAE Trust Services launch on track for Q2/Q3 FY27
  • Enterprise demand driven by agentic AI, 47-day certificate validity, and post-quantum migration trends
  • DPDP Act adding relevance to products with defined compliance timeline
  • Focus on disciplined execution across five-platform stack (emCA, Certinext, SecurePass, emSigner, PrivaTrust)

Recognitions and Corporate Information

Awards and Certifications:

  • Recognized as "Competitive Strategy Leader" in Global PKI-as-a-Service market by Frost & Sullivan (2025)
  • Certified as Great Place to Work for fourth consecutive year

CSR Initiatives:

  • Continued focus on upskilling in Digital Public Infrastructure

Company Overview:

  • Global trust service provider and largest certifying authority in India
  • Managed over 60 million digital identities
  • Board Member of Cloud Signature Consortium, Chair of Asia PKI Consortium, principal member of CA/Browser Forum
  • Fortune 100 clients and over 1,000 large enterprises
  • 850 employees across 15 locations, serving 35+ countries