India · Delayed Price · Currency is INR eMudhra Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw 35% revenue growth, led by enterprise solutions and international expansion, with strong product wins in the U.S. and Europe. FY 2027 guidance targets 18% organic revenue and 27-28% PAT growth, driven by product mix and global demand for cybersecurity and identity solutions.
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Allegations of undervaluation and conflict of interest in a 2010 divestment and preference share redemption were addressed, with management citing independent valuation, board oversight, and documented compliance. Recent complaints stem from new management unfamiliar with historical context.
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Q3 FY26 saw 35.6% revenue growth, driven by product-led expansion and strong European performance post-Cryptas acquisition. Margins remained robust, with adjusted EBITDA at 25.8%, and recurring revenues at 65%. FY26 guidance is maintained, supported by a strong order pipeline and continued regulatory-driven demand.
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Q2 FY 2026 saw 22.6% year-over-year revenue growth, with strong margins and broad-based geographic contributions. Product business is driving growth, while services face visa-related headwinds. Integration of CRYPTAS and AI CyberForge, plus U.S. data center launches, position the company for continued expansion.
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Q1 FY26 saw 58.8% year-over-year income growth, strong margins, and robust international expansion, driven by strategic acquisitions and product innovation. FY26 revenue guidance is INR 650–700 crore, with stable margins expected despite short-term integration impacts.
Fiscal Year 2025
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A 51% stake in Cryptas International is being acquired to expand digital trust services into Europe, leveraging eIDAS accreditation and client-side solutions. The deal includes immediate and performance-based payments, with significant cost synergies and margin improvements expected over two years.
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FY2025 saw 38.9% revenue growth, with strong international and partner-led expansion, and significant product innovation in AI and cybersecurity. FY2026 targets 25%-30% revenue growth, stable margins, and continued investment in R&D and European expansion.
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Q3 FY25 saw 41.6% year-over-year income growth, with strong overseas traction and robust margins. Guidance for FY25 and FY26 remains positive, with continued R&D investment and key wins in cybersecurity and digital trust. Cash reserves are stable, and acquisition opportunities are being explored.
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Q2 FY25 saw 47.5% year-over-year income growth, strong margins, and robust expansion in enterprise and trust services. Regulatory changes impacted certificate volumes but improved realizations, while new acquisitions and product integrations drove growth across regions.
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Revenue from operations surged 70.7% year-on-year in Q1 FY25, led by enterprise solutions and international expansion. Regulatory changes caused a temporary dip in trust services, but improved realization is expected ahead. Major project wins and acquisitions support a strong growth outlook.