Date: November 04, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27)

  • Total Income: ₹2,093 million, up 19.6% YoY from ₹1,749 million in Q2 FY26
  • EBITDA: ₹513 million, up 21.6% YoY from ₹422 million in Q2 FY26
  • EBITDA Margin: 24.5% (vs 24.1% in Q2 FY26)
  • Adjusted EBITDA: ₹535 million, up 17.2% YoY from ₹456 million in Q2 FY26
  • PAT: ₹334 million, up 26.3% YoY from ₹264 million in Q2 FY26
  • PAT Margin: 16.0% (vs 15.1% in Q2 FY26)
  • Adjusted PAT: ₹350 million, up 22.0% YoY from ₹287 million in Q2 FY26
  • Basic EPS: ₹3.99, up 29.2% YoY from ₹3.09 in Q2 FY26

Half-Yearly Performance (H1 FY27)

  • Total Income: ₹4,018 million, up 23.4% YoY from ₹3,256 million in H1 FY26
  • EBITDA: ₹1,017 million, up 27.2% YoY from ₹781 million in H1 FY26
  • EBITDA Margin: 25.3% (vs 24.0% in H1 FY26)
  • Adjusted EBITDA: ₹1,064 million, up 23.0% YoY from ₹864 million in H1 FY26
  • PAT: ₹654 million, up 27.1% YoY from ₹515 million in H1 FY26
  • PAT Margin: 16.3% (vs 15.8% in H1 FY26)
  • Adjusted PAT: ₹689 million, up 23.0% YoY from ₹560 million in H1 FY26
  • Basic EPS: ₹7.90, up 28.7% YoY from ₹6.14 in H1 FY26

Sequential Performance (QoQ)

  • Total Income increased 8.8% from ₹1,925 million in Q1 FY27
  • EBITDA increased 1.8% from ₹504 million in Q1 FY27
  • Adjusted EBITDA increased 1.1% from ₹529 million in Q1 FY27
  • PAT increased 4.3% from ₹320 million in Q1 FY27
  • Adjusted PAT increased 3.4% from ₹339 million in Q1 FY27
  • Basic EPS increased 1.8% from ₹3.91 in Q1 FY27

Business Segment Performance

Revenue Composition

  • Enterprise Solutions: 66% of total revenue (grew 36% year-on-year)
  • Trust Services: 16% of total revenue
  • Services: 18% of total revenue

Geographic Revenue Split

  • India: 34% of total revenue
  • International: 66% of total revenue

Management Commentary

Mr. V. Srinivasan, Executive Chairman, commented on the performance:

  • Q2 FY27 reflects steady progress across product platforms
  • Enterprise Solutions revenue grew 36% year-on-year
  • International markets contributed 66% of revenue
  • First wins secured in Kazakhstan and Nigeria
  • Cross-selling with Cryptas added three more large enterprise clients in Europe
  • Customers face time-bound requirements around post-quantum readiness, machine and AI agent identity, and data privacy

TLS Certificate Security Incident

  • In October 2026, encountered a certificate security incident in TLS business
  • Affected business represented approximately 1% of revenue
  • Revoked affected intermediary certificates
  • No end entity certificates issued out of the affected intermediary CAs
  • Infrastructure was not compromised, no data breached
  • All physical and logical security controls remain intact
  • Appointed KPMG as independent external reviewer
  • Decision to cease sale of TLS certificates and exit that line of business
  • Will sharpen focus on Core Enterprise Platforms, eSign, and Digital Signature offerings

Key Client Wins

Asia Pacific

  • CertiNext for the largest telecom operator in Indonesia
  • SecurePass for a large national utilities provider in the Philippines

Europe

  • CertiNext for a large motorcycle manufacturer
  • emSigner for Germany's national road toll collection operator

Middle East

  • Certificate lifecycle management for an Islamic bank in Qatar
  • emSigner for a large government agency in Abu Dhabi

Africa

  • National PKI for the Nigerian government authority that regulates CA operations (first entry into Nigerian market)

CIS

  • First win in Kazakhstan with SecurePass for a defence entity
  • Pipeline growing in Kazakhstan and Uzbekistan

Business and Product Updates

  • Three more large enterprise clients added through cross-product sales with Cryptas
  • UAE Trust Services pipeline continues to build while awaiting license from regulatory authority
  • Post-quantum capabilities expanded with hybrid post-quantum CAs in emCA
  • 33 hybrid PQC certificate combinations in CertiNext
  • New releases in SecurePass (Windows login MFA, facial authentication)
  • New releases in emSigner (AI document summaries, EU electronic seals)

Company Background

  • eMudhra is a digital trust company providing digital trust services, cybersecurity and paperless transformation solutions
  • Licensed Certifying Authority in India
  • Issues Digital Signature Certificates and eSign
  • Five proprietary platforms spanning certificate issuance and PKI, certificate lifecycle management, converged identity and access management, paperless transformation, and data privacy
  • 850+ employees across 15 offices
  • Serves customers in 35+ countries