eMudhra Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Income reached ₹2,093 Mn in Q2 FY27, representing 19.6% YoY growth
  • Enterprise Solutions segment grew 36% YoY and represents 66% of revenue
  • Trust Services segment declined 6% YoY and represents 16% of revenue
  • Services segment showed 0% YoY growth and represents 18% of revenue
  • Publicly trusted SSL/TLS represented approximately 1% of revenue and is being discontinued

Segment-wise Performance

  • Trust Services: 16% of revenue, -6% YoY growth (Digital Signature Certificates and eSign)
  • Enterprise Solutions: 66% of revenue, 36% YoY growth (emCA, CertiNext, SecurePass, emSigner, PrivaTrust)
  • Services: 18% of revenue, 0% YoY growth (Consulting and product integration services)

Financial Highlights

Q2 FY27 Performance:

  • Total Income: ₹2,093 Mn (YoY 19.6%)
  • EBITDA: ₹513 Mn (YoY 21.6%, Margin 24.5%)
  • EBIT: ₹393 Mn (YoY 19.7%, Margin 18.8%)
  • Net Profit: ₹334 Mn (YoY 26.3%, Margin 16.0%)
  • Basic EPS: ₹3.99 (YoY 29.2%)

Adjusted Figures (excluding ESOP provisioning and notional interest):

  • Adjusted EBITDA: ₹535 Mn (YoY 17.2%, Margin 25.5%)
  • Adjusted EBIT: ₹414 Mn (YoY 14.5%, Margin 19.9%)
  • Adjusted Net Profit: ₹350 Mn (YoY 22.0%, Margin 16.7%)

H1 FY27 Performance:

  • Total Income: ₹4,018 Mn (YoY 23.4%)
  • EBITDA: ₹1,017 Mn (YoY 30.2%, Margin 25.3%)
  • Net Profit: ₹654 Mn (YoY 27.1%, Margin 16.3%)
  • Basic EPS: ₹7.90 (YoY 28.7%)

Margins:

  • Gross Margin: 55.8% in Q2 FY27 (vs 55.8% in Q2 FY26)
  • H1 FY27 Gross Margin: 56.5% (vs 54.8% in H1 FY26)

Key Risks

  • Certificate security incident expected to cause 5-6% decline in H2 FY27 estimated revenue
  • Discontinuation of publicly trusted SSL/TLS certificate sales

Balance Sheet Snapshot (as of 30 Sep 2026)

Assets:

  • Total Assets: ₹12,678 Mn
  • Non-Current Assets: ₹7,988 Mn (Property, plant and equipment: ₹1,248 Mn; Goodwill: ₹2,974 Mn; Other intangible assets: ₹2,850 Mn)
  • Current Assets: ₹4,690 Mn (Trade receivables: ₹2,283 Mn; Cash and cash equivalents: ₹879 Mn)

Equity and Liabilities:

  • Total Equity: ₹9,802 Mn (Equity share capital: ₹411 Mn; Other equity: ₹9,391 Mn)
  • Non-Current Liabilities: ₹1,432 Mn
  • Current Liabilities: ₹1,444 Mn

Capex & Cash Flow Health

H1 FY27 Cash Flow:

  • Net Cash from Operating Activities: ₹431 Mn
  • Cash used in investing activities: ₹(71) Mn
  • Net cash from/(used in) financing activities: ₹(211) Mn
  • Net Increase in Cash: ₹236 Mn
  • Cash at end of period: ₹818 Mn
  • Cash Balance Available: ₹1,113 Mn (including investments)

Strategic & R&D Initiatives

Product Recent Releases:

  • emCA: Hybrid post-quantum CAs and CRLs, Offline root CA creation, Common Criteria EAL 4+ certified
  • CertiNext: 33 hybrid PQC certificate combinations, Secrets discovery across Azure/AWS/GCP, xBOM with CVE traceability
  • SecurePass: Windows login MFA and facial authentication, Header-based SSO for legacy apps, SSH key rotation and command audit
  • emSigner: AI document summaries, EU electronic seals, SLA and department-level reporting
  • PrivaTrust: Consent/DSAR/vendor governance, PII discovery across 50+ connectors, UAE PDPL and Kenya DPA packs

Product Roadmap:

  • emCA: Pure ML-DSA/ML-KEM issuance, Machine and agent identity
  • CertiNext: SPIFFE workload and AI agent identity, 47-day readiness (ACME ARI)
  • SecurePass: Passkeys and passwordless, AI-agent identity governance
  • emSigner: Agentic signing via MCP, AI contract review
  • PrivaTrust: In-perimeter SLM classification, AI governance (ISO 42001)

Industry Trends & Business Environment

Market Trends:

  • Post-quantum readiness deadlines approaching (NSA CNSA 2.0 from Jan 2027, Indian DST migration by 2029/2030)
  • CA/Browser Forum: 47-day TLS certificate validity by Mar 2029
  • Growing machine-to-machine communication requiring cryptographic identity
  • Increasing use of AI agents requiring identity and delegated authority
  • Greater focus on data privacy and sovereignty with stricter enforcement

Management Commentary & Growth Outlook

Expected Business Impact:

  • 5-6% decline in H2 FY27 estimated revenue due to certificate security incident
  • Continued growth in Enterprise Solutions driven by regulatory requirements

Global Expansion:

  • Asia Pacific: CertiNext for largest telecom operator in Indonesia; SecurePass for national utilities provider in Philippines
  • Europe: CertiNext for large motorcycle manufacturer; emSigner for Germany's national road toll collection operator
  • Middle East: Certificate lifecycle management for Islamic bank in Qatar; emSigner to government agency in Abu Dhabi
  • Africa: National PKI for Nigerian government authority that regulates CA operations
  • CIS: First win in Kazakhstan with SecurePass for defense entity; Pipelines growing in Kazakhstan and Uzbekistan

Other Business Highlights:

  • UAE Trust Services pipeline building awaiting regulatory licence
  • Market opening in CIS countries through first deal in Kazakhstan
  • Cross-product sales with Cryptas growing with three more large enterprise clients
  • Entry into Nigerian market by providing national PKI for the country's PKI regulator

Awards and Recognition

  • eMudhra SecurePass mentioned in Gartner report on identity hygiene
  • Executive member of Africa PKI Consortium and Chair of Technology and Standards Committee
  • Great Place to Work® certified for four consecutive years
  • emSigner recognized with G2 Leader badges including Leader in Small Business eSignature (Asia)
  • emSigner rated 4.6/5 by verified users in Gartner Peer Insights Electronic Signature market
  • Recognized by Frost & Sullivan for competitive strategy leadership in global PKI-as-a-Service market