eMudhra (EMUDHRA) Q4 25/26 earnings summary

Executive summary

• FY 2026 total income reached INR 7,132 million, up 35.1% year-over-year, with EBITDA up 32.6% and PAT up 26.2%.

• International revenue accounted for 64% of total, with significant expansion in North America, Europe, and Middle East.

• Recurring revenue comprised 65% of total, reflecting a stable and diversified business model.

• Key project wins across banking, government, education, and critical infrastructure in multiple regions, including a major U.S. university consortium TLS certificate order.

• Strategic focus on cybersecurity, AI integration, and expansion in emerging markets like Africa and the Middle East.

Financial highlights

• Q4 FY 2026 total income was INR 1,966 million, up 31.7% year-over-year.

• FY 2026 EBITDA was INR 1,654 million (margin 23.2%), PAT INR 1,100 million (margin 15.4%), and adjusted PAT at INR 1,218 million (margin 17.1%).

• Cash flow from operations was INR 1,329 million, 101.2% of PBT; net cash position of INR 1,268 million.

• Dividend of Rs. 1.25 per share proposed for FY 2025-26.

• Enterprise solution and service revenue was INR 5,616 million; trust service revenue INR 1,400 million.

Outlook and guidance

• FY 2027 organic revenue growth expected at 18%, with PAT growth projected at 27-28%.

• FY2027 order book at Rs. 2,380 million, up 24.8% YoY for Enterprise Solutions.

• Ambition to double PAT over the next three years, driven by product mix and global expansion.

• Enterprise product segment expected to grow 25-30%, trust services by 20%, services segment to remain flat.

• Estimated R&D spend to remain at 7-8% of revenue.