Event Type: Q2 FY2027 Earnings Conference Call held post-announcement of financial results.

Event Date/Time: The call was held on Thursday, November 05, 2026, at 16:00 Hrs IST.

Event Duration: 43 minutes and 53 seconds.

Purpose: To discuss the company's financial results for the quarter and half year ended September 30, 2026, and provide a business update, including details on a recent TLS certificate security incident.

Management Participants:

  • Mr. Venkatraman Srinivasan - Executive Chairman
  • Mr. Kaushik Srinivasan - Whole Time Director
  • Mr. Arvind Srinivasan - Director
  • Mr. Ritesh Raj Pariyani - Chief Financial Officer

Availability of Materials: The audio recording of the earnings call, along with the transcript, has been uploaded on the Company's website (www.emudhra.com).

Compliance Language: The document is a regulatory filing submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript itself is a record of the discussion and does not contain separate compliance language regarding UPSI.

Financial Period Discussed: Q2 and H1 FY2027 (Quarter and Half Year ended September 30, 2026).

Financial Highlights from Call:

  • Q2 FY27 Performance: Total Income was INR 2,090 million (up 19.6% YoY), EBITDA was INR 513 million (up 21.6% YoY) with a margin of 24.5%, and Profit After Tax (PAT) was INR 334 million (up 26.3% YoY) with a margin of 16%.
  • H1 FY27 Performance: Total Income was INR 4,018 million (up 23.4% YoY), EBITDA was INR 1,017 million (up 30.2% YoY) with a margin of 25.3%, and PAT was INR 654 million (up 27% YoY) with a margin of 16.3%.
  • Growth was driven by enterprise solutions (up 36% YoY), which now constitutes two-thirds of revenue. International markets also contribute two-thirds of total revenue.

Business Update & Forward-Looking Statements:

  • TLS Certificate Incident: On October 17, 2026, an independent researcher reported weak keys in eight intermediate certificates within a public TLS hierarchy from a key-generation ceremony in April 2025. All eight were revoked the next day. No end-customer certificates were issued from them, and root keys were unaffected. No infrastructure compromise or data breach occurred. Browser programs have distrusted the related root as a precaution. KPMG has been appointed for an independent external review.
  • Business Impact & Guidance Revision: The incident affected the publicly trusted TLS business (~1% of revenue). The company has decided to exit this business. FY27 guidance is revised: Revenue is now expected to be ~INR 800 crore (down from ~INR 825 crore), and PAT is expected to be ~INR 125 crore (down from ~INR 137 crore). The impact is estimated to last for two quarters.
  • Other Business Highlights: The company won the national PKI project for Nigeria's certifying authority regulator and secured its first client in Kazakhstan. Pipeline growth was noted in Kazakhstan, Uzbekistan, Indonesia, The Philippines, Germany, Qatar, and Abu Dhabi. The DPDP (Data Privacy) product has seen its first win with an NBFC, and more deals are expected. The CRYPTAS subsidiary had a revenue run rate of ~INR 30 crore for the quarter.
  • Investor Meet: The company proposed to hold an investor meet at Trident Hotel, Mumbai, on December 2nd, 2026.

Additional Notes Section

  • The document is an official submission to BSE Limited and the National Stock Exchange of India Limited, enclosing the transcript of the earnings call.
  • The transcript has been edited for readability, with blanks representing inaudible or incomprehensible words.
  • No financial data beyond what was discussed in the call and presented in the initial results announcement was disclosed in this specific transcript submission.