1. At a Glance
eMudhra is cooking up cybersecurity certificates faster than your bank OTPs can expire. With Q1 FY26 revenue up 58.5% YoY and PAT at ₹25 Cr, they’ve also bagged two international acquisitions in the last 30 minutes—because, why not?
The only signature they don’t support? Writing off losses. This one’s profitable and expanding globally like a caffeinated Excel sheet.
2. Introduction with Hook
Imagine if DocuSign went to IIT, married an IT Act clause, and then had twins named “Enterprise PKI” and “Zero Trust.”
That’s eMudhra.
- Q1 FY26 Revenue: ₹150.6 Cr
- Q1 Net Profit: ₹25 Cr
- Global Expansion: Signed deals in Austria (Cryptas) and USA (AI Cyber Forge) faster than most people sign NDAs.
Basically, it’s not just signing certificates—it’s signing borderless deals with a keyboard and a cape.
3. Business Model (WTF Do They Even Do?)
eMudhra makes digital signatures sexy. Sort of.
Two pillars:
- Enterprise Solutions (77%)
- Cyber Security: CertiNext, emCA, SecurePass—big words, bigger invoices.
- Identity & Access: Helping corporates sleep at night while their servers don’t get pwned.
- Digital Trust Services (23%)
- Basically, the official digital notary of the internet.
So yeah, they sell trust. Literally. Like a crypto project—except this one’s audited.
4. Financials Overview
| Metric | Q1 FY26 | YoY Growth |
|---|---|---|
| Revenue | ₹150.6 Cr | +58.5% |
| Net Profit | ₹25 Cr | +39% |
| EBITDA | ₹35 Cr | ~Flat |
| OPM | 24% | Decent margin zone |
Commentary:
Solid growth. Margins holding. No funny business. Just good old digital paperwork with a side of acquisitions.
5. Valuation
CMP: ₹816
Market Cap: ₹6,764 Cr
Fair Value Range: ₹700 – ₹900
Method 1: P/E Multiple
- EPS TTM = ₹11
- Sector P/E: ~35x
- FV = 11 x 35 = ₹385 (LOL no thanks, it’s growing faster)
- Adjusted for growth (50% YoY rev): 60x = ₹660
Method 2: PEG Valuation
- Growth rate: 38%
- PEG = 1 → P/E = 38 → FV = ₹418
- But wait: it’s already trading at 74x → Overvalued? Or just cloud-confident?
Verdict: Valuation is like their encryption—hard to break unless you have the keys (aka future deal flow).
6. What’s Cooking – News, Triggers, Drama
- Cryptas Austria (51%) acquired: Adds EU cybersecurity pedigree.
- AI Cyber Forge (USA): For $4.8M. Because AI + Cybersecurity = buzzword bingo.
- Debt-free now: CFO just deleted the loan Excel tab.
- Revenue up 58%: If you’re not impressed, your firewall probably blocked good news too.
This quarter’s had more action than an Avengers sequel. With less CGI.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹41 Cr |
| Reserves | ₹705 Cr |
| Borrowings | ₹0 Cr |
| Total Liabilities | ₹868 Cr |
| Net Worth | ₹746 Cr |
| Cash & Investments | ₹80 Cr+ |
Key Take:
Company has more reserves than your CA’s WhatsApp backup. Clean, cash-positive, and free of debt hangovers.
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY23 | ₹34 Cr | ₹-102 Cr | ₹127 Cr | ₹59 Cr |
| FY24 | ₹73 Cr | ₹-90 Cr | ₹176 Cr | ₹158 Cr |
| FY25 | ₹102 Cr | ₹-204 Cr | ₹-21 Cr | ₹-124 Cr |
They spent big on assets in FY25. Probably signing deals on Bluetooth scanners and Swiss-hosted servers.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 12.1% |
| ROCE | 15.3% |
| OPM | 24% |
| D/E | 0.00 |
| P/E | 73.8x |
Valuation’s on the premium side—like buying antivirus for a Chromebook. But returns are healthy, and margins mean business.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹249 Cr | ₹87 Cr | ₹61 Cr |
| FY24 | ₹373 Cr | ₹110 Cr | ₹76 Cr |
| FY25 | ₹519 Cr | ₹124 Cr | ₹87 Cr |
This is what a clean P&L looks like. Three years of consistent jumps without a single “exceptional item” to hide behind.
11. Peer Comparison
| Company | Revenue (Cr) | PAT (Cr) | P/E | ROE |
|---|---|---|---|---|
| LTTS | 11,074 | 1,265 | 36 | 22.1% |
| Tata Tech | 5,144 | 685 | 42 | 19.9% |
| Netweb Tech | 1,149 | 114 | 97 | 24.0% |
| eMudhra | 574 | 94 | 74 | 12.1% |
High growth, smaller base. Think of it as the nerdy younger cousin—less muscle, but 5x caffeine and zero liabilities.
12. Miscellaneous – Shareholding, Promoters
| Holder | Mar ’24 | Jun ’25 |
|---|---|---|
| Promoters | 54.40% | 54.40% |
| FIIs | 4.23% | 4.20% |
| DIIs | 15.98% | 16.01% |
| Public | 23.60% | 23.76% |
Stable hands all around. Promoters steady, DIIs inching up, and retail holding the rest—presumably after reading a few LinkedIn cybersecurity posts.
13. EduInvesting Verdict™
eMudhra is digitizing trust like a caffeinated legal clerk with a blockchain fetish. Profitable, expanding, and clean as a CBI-audited WhatsApp group.
Valuation may be rich, but fundamentals are richer. It’s not hype—just plain hardcoded growth.
A solid firewall of fundamentals. Just don’t expect early-stage unicorn thrills.
Written by EduInvesting Team | 24 July 2025
Tags: eMudhra, Digital Signature, Cybersecurity, Q1 FY26, EduInvesting Premium
