eMudhra (EMUDHRA) Q4 25/26 earnings summary

Executive summary

• FY 2026 total income reached INR 7,132 million, up 35% year-over-year, with PAT up 26% to INR 1,100 million.

• International revenue accounted for 64% of total, with significant expansion in North America, Europe, and Middle East, and presence in 35+ countries.

• Enterprise solutions led growth, especially in North America and Europe, with key project wins across banking, government, and critical infrastructure.

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

• Recognized with industry awards for PKI, digital transformation, and workplace excellence.

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.

• Dividend of Rs. 1.25 per share proposed; net cash position of INR 1,268 million.

• Basic EPS (consolidated) for FY 2025-26 was Rs. 13.14, up from Rs. 10.41 in the previous year.

Outlook and guidance

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

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

• Ambition to double PAT over the next three years, driven by product-led growth and expanding international presence.

• Strategic focus on organic growth across four platforms and selective bolt-on acquisitions to enhance AI capabilities.

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