eMudhra (EMUDHRA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 total income reached INR 1,911 million, up 35.6% year-over-year, with EBITDA at INR 441 million (23.1% margin) and net profit at INR 290 million (15.2% margin).

• Growth was driven by increased product-led revenues, especially in Europe post-Cryptas acquisition, and supported by a robust deal pipeline in both domestic and international markets.

• Regulatory mandates in Europe (NIS2, DORA) and digital adoption in India, Middle East, and Asia Pacific supported demand.

• U.S. and UAE data centers are operational or being set up to meet local compliance and support growth.

• Integration of Cryptas and Ikon Tech is progressing, enhancing cross-sell and platform capabilities.

Financial highlights

• Q3 FY26 gross profit grew 42.6% year-over-year to INR 1,090 million (53.4% margin).

• EBITDA for Q3 was INR 441 million, up 38.2% year-over-year, with a margin of 23.1%; adjusted EBITDA was INR 493 million (25.8% margin).

• PAT for Q3 was INR 290 million, up 29.5% year-over-year (15.2% margin); adjusted PAT was INR 334 million (17.5% margin).

• Nine-month FY26 total income was INR 5,166 million, up 36.5% year-over-year.

• Basic EPS for Q3 FY26 was INR 3.50, up 35.0% year-over-year.

Outlook and guidance

• Confident of achieving FY26 revenue guidance of INR 700 crore, with no revision planned.

• Product-led revenues expected to grow faster than services, especially in the U.S.

• Focus remains on converged identity, advanced certificate lifecycle management, privacy-led data discovery, and post-quantum cryptography.

• Regulatory changes and digitalization initiatives are expected to drive further demand for trust services and digital workflows, especially in banking, financial services, and government sectors.

• Order book pipeline exceeds INR 400 crore, supporting future growth.