eMudhra Limited (NSE: EMUDHRA) Q3 2026 Earnings Call dated Feb. 03, 2026
Corporate Participants:
Venkatraman Srinivasan — Executive Chairman
Ritesh Raj Pariyani — Senior Vice President & Chief Financial Officer
Analysts:
Unidentified Participant
Jyoti Singh — Analyst
Rishi Maheshwari — Analyst
Akshat Mehta — Analyst
Samrat Jadav — Analyst
Aashray Vasa — Analyst
Presentation:
operator
Sa. Sam sa. Ladies and gentlemen, good day and hello and welcome to EMUDRA Limited Q3 and 9 months FY26 earnings conference call hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jyoti Singh from Arihant Capital Markets Limited. Thank you.
And over to you ma’. Am.
Jyoti Singh — Analyst
Thank you. Hello and good evening to everyone. On behalf of Arihant Capital, I thank you all for joining into the Q3 and 9 month FY26 earning conference call of Amudra Olymptech today. From the management side we have Mr. Venkatramansh Nimashan, he is the executive chairman Mr. Ritesh Rajani, he is the Chief Financial Officer. So without any further delay I will hand over the call for opening remark. Mr. Venkatraman, please go ahead. Over to you sir.
Venkatraman Srinivasan — Executive Chairman
Thank you. Good afternoon everyone and thank you for joining us today. It’s a pleasure to address you and share. Emudra’s performance for the third quarter and nine months ended FY 2026 along with the key business developments across our global digital trust and cybersecurity portfolio. During the quarter our performance reflected steady execution across products from geographies supported by a more balanced revenue mix. Total income for Q3FY26 was INR 1911 representing a year on year growth of 35.6%. EBITDA for the quarter was INR 441 million with a margin of 23.1% while net profit was 290 million translating into a net margin of 15.2%.
Growth during the quarter was driven by increased product led revenues across markets which helped offset softer growth and margin pressure in the US Services business. Europe contributed more meaningfully following the cryptos acquisition, improving overall margin quality from a regulatory and demand perspective. Global cybersecurity and compliance mandates continue to support adoption across our platforms. Frameworks such as Nistu and DORA are reinforcing demand for certificate life cycle management and identity and access management solutions, particularly among regulated enterprises. In Europe. These regulations are accelerating investments in compliant trust and security infrastructure, creating sustained opportunities for our offerings in E signature and paperless workflows.
Our focus to positioning in the banking and financial services segment is delivering consistent results across India, Middle east and Asia Pacific. Transaction volumes in India have increased across retail, banking and capital market use cases supported by wider digital onboarding and documentation programs. We are also seeing increased traction through partner led distribution of these solutions. On the infrastructure front, our US Data centers are now live and are enabling local tls, certificate issuance and life cycle management for North American customers. This improves turnaround time, supports local compliance requirements and strengthens enterprise adoption in that region. In the Middle east, recent changes in UAE trust service provider guidelines are increasing the need for in country trust infrastructure and we are progressing on setting up a local data center to support government and BFSA opportunities.
Integration efforts related to our recent acquisitions are also moving ahead. The Kryptos product portfolio is being aligned with our broader EIDAS focused trust stack and we are working on cross sell opportunities across European and non European markets. AI Cyber Force Secret Management engine has been integrated into our platforms strengthening our capabilities across certificate life cycle and identity environments and the entity has been amalgamated with our US Subsidiary Mudra Inc. Now let me share some of the key project wins and customer engagement during the quarter. Certificate lifecycle management win across IoT and enterprise authentication use cases in the US renewal and upsell of certificate lifecycle management with strong authentication across large energy, CPG and financial services customers in dashed region in Europe.
1st E Signature Workflow rollout for a large bank in Oman, then large scale CLM and identity and access management deployment across defense agencies in India, CLM implementations across central banks and leading banks in the Philippines and Indonesia. Continued increase in ESIGN and E stamping adoption in India across banking and financial services driven digitization programs. Overall, the quarter reflects continued progress across execution, product development and geographical expansion with improving contribution from Europe, growing product led revenues and sustained investments in identity security and compliance platforms. We remain focused on building scale in a disciplined manner while strengthening our global positioning.
Looking ahead, our product development roadmap continues to focus on converged identity, advanced certificate lifecycle management, privacy LED data discovery and post quantum cryptography. Early deployment of post quantum and privacy discovery capabilities are underway with regulated enterprises where these solutions are being tested in live environments for compliance and risk management use cases. With that, I would now like to invite Mr. Ritesh Raj Pariani, our CFO to take you through the financial performance in greater detail. Thank you.
Ritesh Raj Pariyani — Senior Vice President & Chief Financial Officer
Thank you Chairman Good afternoon everyone. I am pleased to share the highlights of our Q3 and 9 month financial year 2026 financial performance. Our total income for quarter 3 financial year 2026 was INR 1911 million making a 35.6% year over year growth Gross profit for the quarter grew 42.6% year over year to INR10.19 million with a margin of 53.4%. EBITDA for the quarter was INR441 million, resisting a 38.2% year over year growth with a margin of 23.1%. Profit after tax for the quarter was INR219 million, reflecting a 29.5% year over year growth with a Margin of 15.2%.
Now turning to the nine months financial year 2026 performance total income reach INR5166 million representing a 36.5% year over year growth. The Enterprise Solution segment generated a revenue of INR4079 million while the trust service revenue is1.3 million. EBITDA was INR1255 million, resisting a 31.8% year over year growth with a margin of 24.3% while PAT was INR805 million, growing 28% year over year with a margin of 15.6%. That concludes my remarks. Thank you and we may now open the floor for the question and answer session.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rishi Maheshwari from AXA Capital. Please go ahead.
Rishi Maheshwari
Hi, congratulations to the management. Good set of numbers. I had two questions. Firstly to understand that US has in your prepared remarks it mentioned reduced growth. And margins from the US now in. The last quarter call you had indicated that you were chasing seven big customers and signed five six major customers. Two three of them would have come in this quarter itself. So what had changed during the quarter along with if you can also highlight the quarterly numbers that you have aggregated. From Cryptas as well as AI Cyber Forge.
Venkatraman Srinivasan
Yeah, US has not declined. US almost remained the same compared to last quarter it did not decline. So that is. That is one thing. Then the customers what we have signed they continue but over a period they will earn the revenue. Revenue will not come immediately because lot of use cases are some are on premise use cases, some are usage based use cases. So that way there is no reduction and we are still working with a number of large customers. So 2, 3 customers came one of the customer we expected last this quarter Q3 quarter might shift to Q4 quarter.
So that is where it is. So there is no loss in the US business it continues the same. But the services US services business there is no growth. It almost remains stagnant because of the A and because of the H1 visa problem. As I indicated in the last quarter then coming to the cryptos revenue, the last quarter cryptos revenue in Q2 that is ending September cryptos revenue was around 24 crore or something like that. Now it has become 34 crore in the in the Q3 revenue. So that is the revenue contribution from cryptos. And we had also indicated there was a loss of 1.6 crore in captas in Q2 instead of it it is now positive at 1 crore or 1.25 crore crypto spat which is included in the overall consolidated accounts.
A cyber for J cyber for we are not selling separately, that is integrated. Even earlier the turnover was very little of the product we acquired the company. So the company has been integrated and amalgamated with Emudra Inc. So that product is also. That secret engine is also combined with our MCA solution. And the next solution, There’s no separate tracking of the revenue of the A saber force.
Rishi Maheshwari
Okay, so that if I have to remove cryptos revenue from this quarter’s total revenue which is about 139 crores I would see that organic growth, organic revenue posted in this this quarter would be about 105 crores. So which is not substantial growth over last year. Q3FY20. Sorry, so sorry, so sorry. I’m reading the wrong numbers. About 188 crores you posted in this. If you have to remove 39 months remainment,
Venkatraman Srinivasan
we will compare both. We will do nine month to nine month comparison. With cryptos it is almost a 36% growth. Without cryptos it is a 21% growth. Even if you compare three months to three months with cryptos it is around 35% growth. Without cryptos itself it is 11 to 12% growth. I see, I see, I see.
Rishi Maheshwari
So given this scenario it seems like you should be able to comfortably beat your initial organic guidance or initial guidance of about 700 crores. Would you like to revise that number?
Venkatraman Srinivasan
No, no, no. This will not revise. You’ll achieve that. 715.
Rishi Maheshwari
700 is already in the bag. Given that you’ve already done about 550. 560 crores of revenue within the nine months, not 550.
Venkatraman Srinivasan
Now we are in 516 so still 190 if we do, then we will reach. Yeah. So still 180, 190 is required. So that way if you see Q3, Q3 there were two things. One is it was a year end for crypto. So there is a little more revenue in cryptos in in that region it is a year end. Then in the digital signature business in Q3 again generally Q2 is higher. But this time little Q3 is higher because the filing season shifted to October end and all those things.
So that’s where it is better to be taking 700 instead of releasing the data. Sure.
Rishi Maheshwari
And margins hovering around 23, 24% sir.
Venkatraman Srinivasan
Yeah. EBITDA margin and PAT margin around 14 and a half, 16%. But in this another thing we have to observe is a lot of other non repetitive item of expenditure. Also we have to observe because of this India one is this, that acquisition, crypto’s acquisition, legal expenses, that bill came in this quarter. So almost 1 crore 11 crore. Earlier days those used to be capitalized along with the acquisition. But nowadays it has to be written off in the P and L. And the other thing is the labor laws change. So for the gratuity extra provision had to be made.
So because of all that the EBITDA margin came to 23.1. But if you take out all this, the adjusted EBITDA margin is 23.8%.
Rishi Maheshwari
Sorry, can you repeat that? 25.8 is.
Venkatraman Srinivasan
Did you say no? Yeah, adjusted EBITDA if it donut how much? 25.8%. It is there in the presentation also. Sure, sure, sure.
Rishi Maheshwari
Thank you so much sir. I’ll come back in the queue.
Venkatraman Srinivasan
Yeah,
operator
thank you sir. Ladies and gentlemen, to ask a question please press star and one now. Participants who wish to ask questions may please press star and one now the next question is from the line of Jyoti Singh from Arihant Capital Markets limited Please go ahead.
Jyoti Singh
Yeah, thank you for the opportunity. Wanted to understand if you can quantify overseas investment costs embedded in Q3 and when do you expect break even at an EBITDA level?
Venkatraman Srinivasan
Somehow it is not very clear. Can you repeat the question? Hello.
Jyoti Singh
Yes sir,
Venkatraman Srinivasan
can you repeat the question? It was not very clear here.
Jyoti Singh
Yeah. So sir, can you quantify overseas investment cost embedded in Q3 EBITDA and when do you expect break even at an EBITDA level? And other what average deal size in Q3 against Q2 and how has it trended over the last 12 months?
Venkatraman Srinivasan
When you say overseas investment in EBITDA I don’t understand the question because the investments are all gone already in the capital acquisition, goodwill and all those. No. So in the EBITDA the investment in overseas acquisition is not coming in the ebitda. Only thing is the the from cryptos that revenue of around like What I said, 34 crore is coming and the profit of about 1.4 or 1.5 crore is coming. So this is what is coming in the EBITDA and the profit and loss. Okay, the last quarter.
Jyoti Singh
Okay, great. And so any material forex impact on revenue or margin during the quarter?
Venkatraman Srinivasan
No forex impact and not much because we are. We maintain the foreign currency in the respective countries and only in the translation it will come. And in the last quarter maybe from 90 to 91 or 92 it has gone 89 to something. So it may not be very material.
Jyoti Singh
Okay. And so what was the average deal size in Q3 against Q2 and how has been the trend over the past few months?
Venkatraman Srinivasan
No, it depends on different. Different product. One is the trust services. It’s a retail kind of business where every DS you are selling for 1500 rupees and E sign every sign fail be. Then if you take the deals generally in India it is around 50 lakhs. Then in foreign country it will be 250 to $500,000. But NCA 30 next kind of thing will be 6, $700,000. So each one and the deal sizes remain the same. It is not reducing or increasing much average deal size.
Jyoti Singh
Okay, thank you so much, sir. I will. Thank you.
Venkatraman Srinivasan
Yeah,
operator
thank you. Ma’. Am, the next question is from the line of Akshat Mehta from Seven Rivers Holding. Please go ahead.
Akshat Mehta
Hello sir. Am I audible?
Venkatraman Srinivasan
Yes.
Akshat Mehta
So my first question was in this quarter, sir, we’ve. We’ve seen some impact on. On margins, right? Because of you know, slowdown or flat growth in U. S market. So when can we kind of see this numbers? You know, go back to something like a 25%, 26% margin, right? On this impact. You know, when can we, you know see this finishing?
Venkatraman Srinivasan
No, already the ebitda margin is 23.1 and adjusted EBITDA is 25.8. So margin is there. And the in the US market if you see the product business continues the same like last quarter and gives a very good margin. The service business where it is stagnant. It’s also last time I explained that it is due to the H1 visa and various other AI related issues and all these, the number of people growth in services is not as expected. But otherwise the overall margin is already Good. And we expect to continue with this level of margin.
Akshat Mehta
So just on follow up on that, when do we see in the next one year that product led, you know revenues would outperform your services revenue in the US market in the next 12 months or so.
Venkatraman Srinivasan
Next 12 months services revenue may marginally grow. But product revenue can considerably grow which may give a better margin.
Akshat Mehta
So earlier sir, your mix was 40 crores of services. It’s 20 crores of you know, product revenues from us. Right. Can it become the reverse in the. Next one year or so?
Venkatraman Srinivasan
Next to one year may not be revert. But at least product revenue from 20 can go to 30, 35. It is not that reverse means service will not reduce. We feel service will continue, product will increase.
Akshat Mehta
Do we have any positive or negative impact from the two trade deals that have recently happened with Europe and us?
Venkatraman Srinivasan
Can you repeat the question?
Akshat Mehta
Do we have any impact from the two trade deals that have happened recently with Europe and us?
Venkatraman Srinivasan
No, no, no, no. Because ours is not a kind of a commodity, kind of import export which is regulated at customs. That’s a different matter. Our sea salt product think kind of thing which is not regulated as of now like that. And another thing is we sell everything from our subsidiaries which are in the respective countries. So when it is going to customer it will not be treated as the import or export. Okay.
Akshat Mehta
Thank you sir.
operator
Thank you sir. Ladies and gentlemen, to ask question please press star and one. Now participants who wish to ask questions may please press star and one at this time. The next question is from the line of Samrat Jadav from Prosperity Wealth Advisor. Please go ahead.
Samrat Jadav
Hi, good evening. So I have three questions. One is that your revenue basically grew 35.6% year on year in this quarter with international contributing around 37%. Okay, so how much of this is this growth is driven by recurring contracts versus one time implementation.
Venkatraman Srinivasan
How much is driven by current contract. Recurring? Our revenue 65% is recurring revenue and the others are one time revenue of license delivery. For example, services are predominantly recurring. Then the trust services are predominantly recurring even out of enterprise and the M sign or E sign and all these are recurring. But wherever we supply to the government and all that it is predominantly licensed basis.
Samrat Jadav
Okay, so around 65% is recurring.
Venkatraman Srinivasan
65% recurring. 35% non recurring. Okay. Okay.
Samrat Jadav
And you’ve announced a data center in US and uae. What is the expected capex for it?
Venkatraman Srinivasan
What is the expected capex for for.
Samrat Jadav
The data centers in US and UAE?
Venkatraman Srinivasan
US already we have installed. It was around 15 more. But actually we didn’t spend so much. We earlier we. If you remember, we had put a data center in Europe. Then we acquired cryptos. Then crypto had a data center because they are having a company called Prime Sign issuing the signature. It is in Austria. So we closed the Netherland data center and moved all the equipment to us. And with that only predominantly spent put up the data center in us. Marginally some spending was there. Then the Middle east. What happened? Because the earlier Middle east we were operating from the India data center.
Now the UAE has passed a law that you have to operate trust service only from a local data center. So that’s where we had put up a Data center in UAE data center and disaster query which is about 15 crore and now mostly spent. But again it has to be audited by the auditor approved by the UAE government, which is some French audit companies. So now those audit has started. So it may take some two months, three months for the authority to complete. Then we can commission until commissioning. The UAE people have allowed us to operate out of the India data center because we are the only authority there.
Samrat Jadav
Okay, my last one is like in India. So DPP compliance and property digitizations are expected to boost the E sign adoption. Can you quantify the potential of.
Venkatraman Srinivasan
Your voice is not audible clearly.
Samrat Jadav
Okay, now it’s good.
Venkatraman Srinivasan
Yeah, you repeat.
Samrat Jadav
Yeah, yeah. So I was saying that in India the DPDB compliance and property digitization is expected to boost the E sign. Okay, yeah, it’s an adoption basically. So can you quantify the potential uplift in the trust services revenue from these initiatives?
Venkatraman Srinivasan
Yeah, the E saying this year if you see almost the trust service revenue, even in nine last year I think whole year was 100 crores. This year, nine months itself we have come to under crore. So yearly revenue could be 120 or 122 like that. So at least 2522 decrease can be there. But now another thing is the E sign because it is going along with the M signer and all that we are classifying except the retail esign, all the banking esign and Fintech is in we are classifying under the enterprise revenue. So there are also number three, sort of almost some.
If you see one year back it was 50,000 to 1 lakh per day. Now it is almost more than 4 lakh per day. So that rate is increasing. But the only thing is the Parisian is only 5 rupees. And again on that after paying the other charges, the margin is only 25%. So that’s where though the number of E sign increase considerably. It may not very considerably affect the increase the revenue or the profit.
Samrat Jadav
Okay, thank you. Thank you.
Venkatraman Srinivasan
Yeah, thank you.
operator
Thank you. Sir, the next question is on the line of Rishi Maheshwari from Aksa Capital. Please go ahead.
Rishi Maheshwari
Hi sir, this is a follow up for understanding the growth that you have generated from the Europe. Also trying to correlate this with the thought of regulatory push that you may have received from from the couple of enforcements which is and Nora and Dis Nis and sorry Dora. So with these compliances have already been enfor by the end before 2025. So whichever companies would have to enforce this and comply with would have already adopted and implemented it. Henceforth going forward. How do you expect the growth coming from regulation? You’ve mentioned that in a prepared prepared remarks that you know, regulatory has regulations have, you know escalated the adoption regulation.
Venkatraman Srinivasan
Come everybody are not able to comply with immediately. Lot of people take some time, some postponement and then a newer application are there. It is not a static application. So in the newer application they would like to comply and all that. So this is where the more and more inquiries are coming. And the other thing is no, we have integrated otherwise the Kryptos was selling the third party product so instructor party product. We have integrated our MCA product and searching X product into their portfolio so that they can sell and also we are trying to sell there some of the product in the other market.
So all these put together will drive not only one factor but another thing. Any regulation the adoption takes over a period of time and whenever newer and newer customer come they have to also adopt. So this is where we feel it will be adopted. It is not a one time matter actually.
Rishi Maheshwari
Right sir, how is the environment looking to use that in form of growth for FY27?
Venkatraman Srinivasan
FY27 still we have enterprise. We feel very optimistic particularly in the Middle east market and Africa market we are very optimistic. European market also optimistic. American market other than service segment in product segment we are optimistic but still we have not formulated the overall strategy and what will be the growth number for the next year and all that. And again predominantly we are looking at more of a product led growth than the service led growth. So that way that could also give better margin and all that. So this is where we are. But we are very optimistic about many countries.
Rishi Maheshwari
Any changes with respect to the recent budget, timelines of filing returns or does that make any difference to the trust services revenue seasonality that we usually see?
Venkatraman Srinivasan
No, I don’t. They have not changed Much about the corporate people requiring the tax act today where digital signature is required is only for corporates which require the tax audit cases. So those kind of cases, I don’t think they have changed, changed any data. Yeah.
Rishi Maheshwari
And any.
Venkatraman Srinivasan
Change has happened which will not anyway require it. Got it.
Rishi Maheshwari
So we can expect the run rate on the trust services at about 34, 35 crores continuing to go ahead. Also this is more or less in terms of the cash flow that we. Also receive of similar nature of the. EBIT that we recover.
Venkatraman Srinivasan
Yeah, yeah. At current run rate. Yes. Right, right, right.
Rishi Maheshwari
Is there any other white spaces that you. That you identified as a result of which you know post these two acquisitions you need to for go and further undergo any more acquisitions in the near future.
Venkatraman Srinivasan
Immediately. We are not currently, we are not evaluating any acquisition. So maybe we feel another six months to nine months it may not be required and after that if necessary we will see. Got it.
Rishi Maheshwari
And what would be the capex for this year that you have planned?
Venkatraman Srinivasan
This year? 2526 we planned about 60 crore, 60 or 62 crore something. So on that almost 70%, 72% incurred balance will be incurred and this is excluding the data center because the data center has come arising out of the Middle East UAE Data center sudden compulsion of change in regulation. This 60 crore is only by way of all the software and other things.
Rishi Maheshwari
That seems to be a little higher given the, given the past. What would this be on in incur on account of 60, 65 crores?
Venkatraman Srinivasan
That is two, three areas. One is this PQC area. Another is this discovery classification, consent management, data privacy and then so remote signing. So all these 4, 5, 6 areas and generally even US product companies are all. They are incurring 20%. For us it may be 10%, only 10, 12%. So that way even last year it was 45 crore or something. Right.
Rishi Maheshwari
And what could be the additional expense on in case of data center for Middle East?
Venkatraman Srinivasan
Sir, that is around 15 crore.
Rishi Maheshwari
So a possibility of about 75 to 80 crores of capex that we may.
Venkatraman Srinivasan
Foresee in this year. This year 23, 26.
Rishi Maheshwari
Right. At 25, 26 or 20. I’m so sorry sir, you mean to say FY26 is what you’re suggesting? Indicating of.
Venkatraman Srinivasan
27 we have not yet budgeted. Okay, okay. All right.
Rishi Maheshwari
Okay, fair enough. Thank you very much.
Venkatraman Srinivasan
Yeah, thank you.
operator
Thank you. The next question is from the line of ASHRA from Nippon aif. Please go ahead.
Aashray Vasa
Yeah. Hi. Hi sir. So just one question following up on the the Previous participants question. Obviously the budgeting is not yet done. But any color in terms of the book pipeline, geography wise, how’s it looking? I know you all have mentioned cryptos cross sell deals. One or two are going to close over the next couple of quarters. But seems like us has slowed down. Or was it just that it was a seasonally weak period. That’s why. Yeah.
Venkatraman Srinivasan
As I said only on the services side. Product side still lot of conversation going on. So that’s why I feel really improved. Yeah.
Aashray Vasa
Yeah. So any other colors? Yeah.
Venkatraman Srinivasan
Order book pipeline is also really good. So almost more than 400 crore order book is there as of now a pipeline is there, right? Is also. Yeah, understood, understood.
Aashray Vasa
And any timeline or anything with regards to the stock issue that we had, you know the. The partners and distributors that. That used to work with us may.
Venkatraman Srinivasan
Go another one or two quarters.
Aashray Vasa
Okay. Okay, understood. Suppose that there should be some normalization in the. In those line items. These purchase of stock in trade and. Got it. So that. That would be a margin lever, right?
Venkatraman Srinivasan
That. Yeah. Because every quarter 3 crore is going on that. That will improve.
Aashray Vasa
Okay, got it. Got it sir. And just last thing on the. On the timeline for FY27 like what are we waiting for? Is it just a timing thing or we are waiting for closer closure of some deals or just trying to understand where we are in the budgeting process.
Venkatraman Srinivasan
Budgeting generally we do in March only because we do in March middle.
Aashray Vasa
Understood. Perfect, perfect. Thank you so much.
Venkatraman Srinivasan
We have the general strategy board meeting around March end. Under that only we. Yeah.
Aashray Vasa
Perfect. Perfect. Thanks for answering.
operator
Yeah, thank you sir. Ladies and gentlemen, to ask a question please press star and one. Now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Siddharth Mishra from Creatures. Please go ahead.
Unidentified Participant
Hello sir. Thank you for taking my question. So just on the order book number you mentioned it’s more than 200 crore. I’m assuming this is for product segments only.
Venkatraman Srinivasan
No, no. I was mentioning about the pipeline. Pipeline of more than 400 crore. By mistake this 200.
Unidentified Participant
Understood. The pipeline is more than 400 crore. And any update on the product order book? You know maybe just indicative growth number if you can highlight.
Venkatraman Srinivasan
No, that’s why for the year as I said we are. We will do the 700 crore. No, for the next year we have not yet estimated. But we also.
Unidentified Participant
Yeah.
Venkatraman Srinivasan
Based on the gut feel we feel every geography it is quite good improvement. Is there. So next year, if you see this year organic Growth if you see total 35, 36% growth, 18% 19% organic growth and balance is accurate growth. So even if we do not do any acquisition next year the organic growth itself could be 18, 19%. But we feel the entire organic growth could be only out of the product. So that can lead to a better margin growth.
Unidentified Participant
Got it sir, this is very helpful. I was actually just checking on the order book data that we disclose at year end. So last year it was 1907 million 191 crore. Any indication on how is that growing as of nine month? If you can just highlight even a rough number is fine. Just a range if you can in.
Venkatraman Srinivasan
Proportion to our growth numbers.
Unidentified Participant
Got it. Got it. Okay. Understood sir, that’s helpful. And pipeline is more than 400 crore. And then second question sir. On trust services, you know just on the environment, DSC volume, pricing and competitive intensity. How has that progressed in this quarter particularly? And what is your expectation going forward?
Venkatraman Srinivasan
No from pricing now we are. We are priced at the highest price. So the price realization is higher volume. As I said even one year 1/2 year back because of the changes in some taxation things 30, 40% volume came down. So instead of the volume coming down and the price we are able to though other people are selling at 700 to 800 rupees we are selling at 1500 rupees. Still we are able to sell and achieve these numbers. Digital signature volume may not grow much. It may grow marginally but because of the price we are able to achieve.
Unidentified Participant
So a 5 to 10% volume is a likely outcome there. DSC volume or even lower.
Venkatraman Srinivasan
No 5, 10% is possible because we will get new partners. Yeah.
Unidentified Participant
Okay. And then just last one sir on the cash number at 3Q and I understand we don’t report it you know in third quarter but is it possible for us to disclose that number.
Venkatraman Srinivasan
More than 100 crore. Little over 100 crore under Understood sir.
Unidentified Participant
And earlier our expectation was just last one on the cash at year end even after paying paying for cryptos and AI cyber. So it will be 140, 150.
Venkatraman Srinivasan
No 125 to 140 something. But I feel it will be possible. It may be possible but we have to wait until data center is because ah. Like again the data center 15 door we have to spend.
Unidentified Participant
Understood. Understood. Got it. Yeah, that’s it for me. Thank you.
operator
Thank you sir. Ladies and gentlemen to ask a question please press star and one Now. Participants who wish to ask questions may please press star and one now the next question is from the line of Sumuk from Corman Capital. Please go ahead.
Unidentified Participant
Hello. Hi team and thanks for the opportunity. So I’m new to this company and I’m trying to understand the business. So when I look at this certificate authority, right we have Digi cert and ajours in the space. So how does our product, you know, is different compared to this and why would a customer choose us over them? So any light on that?
Venkatraman Srinivasan
Sir, there are two aspects. One is the India authority and foreign places. We are leader in the Indian authority space in India Digi Certi interest and all those people are not there because they are not licensed here. Number one here other people like Capricorn Vera says Banta saying these kind of people. Some 15 people are there foreign certificating authority Digi Cert is the major so in foreign two things are the digital issues. The certificate, SSL certificate and various advocate. And also they are doing number of products particularly CA solution and the certificate life cycle management solution and all that.
So we are trying to compete in this not in the certificate so much but in the CA solution, certificate, life cycle management solution and all that. So our product also all the features we have studied and we have built up a product which is equally capable in some aspect better capable also. So with that and then with the our little cheaper positioning and various things we are able to win. But more than America. If you see various other countries like Middle East, Africa, Far east and all that there we are extremely flexible and competitive. That’s why we are able to win the deals.
Unidentified Participant
Okay, and so is this product, is it a commoditized product or is there any significant differentiator between you and your competitors or is there a scope for.
Venkatraman Srinivasan
Different DSC issuance and E sign is more commodities product. But if you see the certain extra MCA and all that it is not commodities because globally only 3, 4 providers and mainly and also even our identity authentication management it is not a commodity product. Because globally only 3, 4 providers and then quite a lot goes to the government and banking by way of on premise sale also. So and in that our for example signature solution is extremely specialized on the banking vertical which is not there with the other product. Similarly our CA solution extremely because we also ourselves operate the setting authority.
All the nuances of doing authority are built into that solution. So that way there is no not too many competition in this in our solution space 2, 2 competitor, 3, 3 competitors are there prominently US competitors. So that way because of the flexibility and also because we are able to offer it in a cheaper rate Compared to the US solution we are able to penetrate.
Unidentified Participant
Okay sir. And what percentage of revenue comes from this non commodity part of the work that you do?
Venkatraman Srinivasan
Commodities. The product out of this year if you take 700 crore maybe 130, 140 crore maybe command, this product balance will be non commodities.
Unidentified Participant
Okay sir, thanks for that. And one last question. So does the enterprise moving more towards cloud and cloud modernization benefit you guys in any ways or how does it work for you?
Venkatraman Srinivasan
Our solution, identity authentication management, CA solution and all cloud is there but predominantly in the Asian region. The large customers want either private cloud or on premise. Not in this asmr.
Unidentified Participant
Okay, so my question is.
Venkatraman Srinivasan
Possible.
Unidentified Participant
So if an organization chooses to move their data center to cloud, so does that mean they cannot use your product or.
Venkatraman Srinivasan
We sell in on premise crude and as well as private cloud anymore?
Unidentified Participant
Okay, because if Azure has their own CA and somebody is moving to Azure cloud, so will they be incentivized to use only Azure CA or how does it work?
Venkatraman Srinivasan
No, in Microsoft CA as here and all that, it will have only certain functionality as per the diode work. In our category they they want customization. We may do lot of customization and then specialization for certain type of certificate like IoT device certificate or some other certificate and all that. So that kind of flexibility we will offer which they may not offer in the Microsoft CSUC and all.
Unidentified Participant
Okay, okay sir, got it.
Venkatraman Srinivasan
Otherwise the easiest to implement is the Microsoft category.
Unidentified Participant
That is the easiest way for them to do if they don’t want any customization.
Venkatraman Srinivasan
Yeah. Okay. Yeah.
Unidentified Participant
Thank you.
Venkatraman Srinivasan
Thank you.
operator
Thank you sir. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to management for closing comments.
Venkatraman Srinivasan
Thank you. So I would like to thank everyone for joining the call today. We remain focused on delivering consistent performance and innovative solutions that enable secure digital transformation for our clients across the globe. For any additional information or queries, kindly get in touch with our investment relation advisors, Churchgate Partners. Thank you once again. Thank you.
operator
Thank you sir. On behalf of arihant Capital Markets Ltd. That concludes this conference call. Thank you for joining us and you may now disconnect your lines.