1. Opening Hook
Just when ChatGPTs were busy pretending to be lawyers, eMudhra quietly decided to own thelawfulside of digital trust. From signing billion-dollar contracts to authenticating bots, this Bengaluru-based cybersecurity monk is now whispering passwords into the ears of global enterprises. The company’s got new toys — Cryptas from Europe and AICyberForge from the U.S. — and says it’s building the future of identity, privacy, and post-quantum trust. Sounds heavy? It is. But wait till you see how they’re fighting H1B visa rules and integrating Austrian engineers into India’s digital chaos. Read on — this call had more buzzwords than a tech conference and more optimism than a crypto bull run.
2. At a Glance
- Revenue ₹175 cr, up 22.6% YoY:Clearly, trust sells.
- EBITDA ₹43.3 cr, up 28%:Margins encrypted at 24.8%.
- Net Profit ₹26.4 cr, up 18.6%:Profit grew despite visa laws and foreign accents.
- H1 Revenue ₹326 cr, up 37%:Halfway to their ₹700 cr FY target.
- PAT Margin 15.1%:Stability disguised as serenity.
- Cryptas revenue ₹22 cr:Europe joins the trust party, losses RSVP’d too.
- Cash balance ₹102 cr post-acquisitions:After burning ₹95 cr on global shopping.
- Revenue Guidance ₹675–700 cr:Still confident, even with AI writing job letters.
3. Management’s Key Commentary
“We delivered steady growth with strong client traction across geographies.”(Translation: Trust services may be boring, but boy, do they print cash.)
“Integration of Cryptas will take two quarters to profitability.”(Translation: Austrian engineers are still figuring out Indian Excel formats 😏.)
“AICyberForge strengthens our key and secrets management.”(A fancy way of saying they just bought a password locker.)
“We’ve set up U.S. data centers in New Jersey and Salt Lake City.”(So American banks can now trust an Indian certificate without a VPN.)
“Our enterprise product pipeline includes multiple $1 million+ deals.”(For once, “pipeline” doesn’t mean dreams — it’s actual contracts.)
“Visa issues are impacting the U.S. services business.”(Thanks, Trump. The CFO just added “immigration policy” to risk factors.)
“We’re now doing 3 lakh e-signatures a day.”(That’s more than the number of job offers Indian IT gives in a year.)
“No new acquisitions for the next six months.”(A polite way of saying the CFO locked the checkbook.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Change | Comment |
|---|---|---|---|---|
| Total Income (₹ cr) | 174.9 | 142.8 | +22.6% | Trust pays, literally. |
| EBITDA (₹ cr) | 43.3 | 33.8 | +28% | Margin at 24.8%, still elite. |
| PAT (₹ cr) | 26.4 | 22.3 | +18.6% | Cryptas loss shaved 1.5%. |
| H1 Revenue (₹ cr) | 326 | 238 | +37% | Powered by signatures and Europe. |
| H1 PAT (₹ cr) | 51.5 | 40.5 | +27% | Digital trust keeps compounding. |
| Cryptas Revenue (₹ cr) | 22 | NA | New | Integration pains allowed. |
| Cash Balance (₹ cr) | 102 | 188 (FY25 end) | -46% | Acquisitions ate ₹95 cr. |
| Operating Margin (%) | 24.8 | 23.6 | +1.2 pts | Tight ship. |
| Guidance FY26 Revenue (₹ cr) | 675–700 | 525 (FY25) | +30% est. | Still aiming for the cloud. |
Short take: growth steady, margins healthy, and expansion global — CFO’s pulse still stable.
5. Analyst Questions
Srinath (Bellwether):“Product vs service growth split?”Chairman:“Products booming, services sulking — blame U.S. visas.” (Classic scapegoat.)
Siddharth (Creaegis):“Organic vs inorganic growth?”Chairman:“Cryptas adds ₹22 cr, organic still grew ~18%.” (Translation: acquisitions add jazz.)
Jayshree (Trinetra):“Working capital dipped, cash down — concern?”CFO:“We spent ₹95 cr on acquisitions; still ₹100 cr left. Not broke, just global.”
Surbhi (Bellwether):“Cybersecurity revenue dipped — problem?”Chairman:“Quarterly fluctuation, not a hack.”
Srinivasu (TIA):“AI agents doing sign-offs — are you ready?”Chairman:“Regulators say no, but we’re coding yes.” (The future is one CCA approval away.)
6. Guidance & Outlook
Management reaffirmedFY26 revenue of ₹675–₹700 croreandPAT margins around 15.5–16%, including the impact of
