eMudhra Limited (NSE: EMUDHRA) Q1 2026 Earnings Call dated Jul. 25, 2025
Corporate Participants:
Unidentified Speaker
Venkatraman Srinivasan — Executive Chairman
Ritesh Raj Pariyani — Senior Vice President and Chief Financial Officer
Analysts:
Unidentified Participant
Vivek Desai — Analyst
Surbhi Soni — Analyst
Santosh — Analyst
Srinath V — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the E Mudra Q1FY26 earnings conference call hosted by Investec Capital Services Private 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 Mr. Vivek Desai from Investec Capital Services Private Limited. Thank you. And over to you sir.
Vivek Desai — Analyst
Thank you. Surruti Good afternoon everyone. Thank you for joining the Emudra Q1 FY26 earnings call. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s call may be forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated. We have asked Mr. Venkatraman Srinivasan, Executive. Chairman and Mr. Pariani, CFO on the call. I now hand over the call to Mr. Venkatraman Srinivasan for his opening remarks. Over to you sir.
Venkatraman Srinivasan — Executive Chairman
Thank you. Good afternoon everyone and thank you for joining us today. It is my pleasure to share E Mudra’s performance for the first quarter of FY 2026 and highlight some of the key developments that position us well for the year ahead. We began the financial year on a strong note for Q1FY 2026 our total income was INR1506 million reflecting a year on year growth of 58.5%. EBITDA for the quarter was INR380 million with an EBITDA margin of 25.2% while net profit was INR250 million with a net profit margin of 15.6%. This growth was driven by healthy contributions across geographies particularly from the us, Middle East, India and Asia Pacific.
A key milestone this quarter was the strategic acquisition of Kryptos, a company headquartered in Austria with presence across Dutch region. Dutch means about the Deutschland and then that is comprising of Germany, Austria and Switzerland. This acquisition strengthens our footprint in Europe and provides access to well established digital trust ecosystem. We see strong alignment with E Mudra’s product suite and cryptos offerings which will help us address compliance needs in mature markets and bring those capabilities into other geographies as global adoption of digital identity solutions continue to grow. So this acquisition was signed in June but the closing happened only yesterday, which we have notified to start exchanges.
In addition, we have signed an agreement to acquire AI Cyber Forge, a company focused on secure credential management. This will help us expand our portfolio at the intersection of data privacy and identity management space and help us bring differentiated solutions to the markets we serve. On the product front, M Signer continues to see traction for automating complex multiparty signing workflows, particularly in the BFSA segment. Adoption of secure path and CertiNext also continues to grow, enabling enterprises to manage user and device identities under a unified framework. We remain committed to strengthening our innovation pipeline and enhancing our go to market capabilities.
Our R and D efforts are focused on converged identity, data privacy and generative AI, the areas that are central to our products and will enable us to stay ahead in a rapidly evolving digital environment. Now I would like to share some of the key project wins from the quarter. We deployed managed PKA and TLS solution for a global FMCG company headquartered in North America and we implemented certificate life cycle management for a large bank in uae. We rolled out identity and access management for a government tax platform in Asia. We continued acquisition of BFSA clients in India for M Signer, ESIGN and D Stamping for process automation and paperless transformation across lending, onboarding and related workforce.
We rolled out MCA Platform for a wing of the Defence forces in India for secure authentication and encrypted data communication within that network. We implemented E Signature workflow for a significant government platform in Asia Pacific focused on internal transformation of health records and beneficiary management. Beyond these, we made further progress in expanding our international reach. We expanded into Central Asia with the launch of operation in Kasagar Farm. Additionally, we established strategic partnership with Lanka Pay and Research Pacific Technology Private Limited for positioning trust services and paperless transformation in the Sri Lanka and Nepal markets. We believe the foundations we are building through product innovation, strategic acquisitions and geographic expansion will support our long term growth.
We continue to operate with financial discipline, invest in talent and capabilities and work closely with customers to help them navigate the evolving digital trust landscape. With that Now I invite Mr. Ritesh Sajad, CFO to walk you through the financial performance for the quarter in greater detail.
Ritesh Raj Pariyani — Senior Vice President and Chief Financial Officer
Thank you, thank you Chairman Sir. Good afternoon everyone. I’m pleased to share the highlights of our quarter one financial year 2026 financial performance. Our total income for quarter one financial year 2026 was INR 1,506.2 million marking a 58.5% year over year growth. Gross profit for the quarter grew at 28.1% year over year to INR 880 with the margin of 53.7%. EBITDA for the quarter was INR 380 million resisting a 29% year over year growth with a margin of 25.2%. Profit after tax for the quarter was INR 250.2 million reflecting a 37.5% year over year growth with a Margin of 16.6%.
Now coming to segment performance, the Enterprise Solutions segment generated revenue of INR 1,181.2 million and trust service revenue stood at 291.8 million. That concludes my remarks. Thank you and we may now open the floor for question and answer.
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 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 answers 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 Surabhi from Bellwether Capital. Please go ahead. Hi.
Surbhi Soni
Congratulations on a great set of numbers sir. So my first question is on the enterprise business outside India wanted to understand what’s contributed to the strong growth and if it’s possible can you please split it across our key geographies?
Venkatraman Srinivasan
Yeah. So the main thing is now cyber security has becoming more and more important across geographies. So everybody want to put get into more and more security and want to implement more PKA based security system. And we are almost a one stop shop in the PKA based cyber security implementation. So we offer secure paths which is identity and authentication management. We are, we offer MCA which is a certificate authority product. We also offer certain extra life cycle management. So so that way we are almost covering most of the areas except one or two areas which are not there.
That’s why and again as we have become global and the numbers have become more and our customers are all marquee customers everywhere. All the big banks in the Navy, army, air force, big insurance company. So this kind of customer base is there. So all this put together enables us to win more and more RFPs and more and more contracts. So this is where the international market growth is high and coming to generally geography wise what could be the numbers? I think maybe around the 60 crore come from USA and around Middle East. Africa will be 3435 crore.
Balance about 55 crore will be India. Roughly
Surbhi Soni
And what would have been?
Venkatraman Srinivasan
I wouldn’t be said to get because as of now nothing much in Europe but little bit Asia Pacific has started picking up so out of the Middle East, Africa What I told 35 crore could be 4, 5 crore or 6 crore would be from Asia Pacific particularly Philippines also.
Surbhi Soni
Understood sir. And what would have been us in the base quarter just for comparison this.
Venkatraman Srinivasan
Quarter Q1FY25, Q1FA25 it would have been at least 20 crore less.
Surbhi Soni
Understood, Understood. And so the second question is on the partnership with Lanka Pay and Ms. Pacific. So could you just elaborate the role of a Mudra in this partnership. Will we be more like a tech partner extending our tech stack here or would we be more like a consulting partner? Because we’ve given such initiatives in India.
Venkatraman Srinivasan
There are two aspects, right? One aspect is the becoming a certifying authority. So we are not becoming a certificate authority. Lanka Page is a doing authority. And similarly the other company in Nepal, they want to become a certificate authority. For that we are providing all the product required to set up the entire setting authority. So for that we will have a 50, 50 kind of revenue share between two of us. Then the next question is the other product. Once the certificating authority activity is fruitful, using the certificating authority, the MCNR product and various other product can be pushed.
So those things will be pushed on those matters they will not get into that technology, they will be mere resellers. So apart from certifying authority they will also resell our products. So for that we will pay some commission to them and the balance will come to us. So this is the understanding
Surbhi Soni
and what. Could be the potential tenure of this partnership and what kind of opportunity are you? I like. Is it quantifiable at this stage?
Venkatraman Srinivasan
Very difficult at this stage. But at least we feel each each of this can within one year, one and a half year can you at least one, one million dollars. Because these are all smaller geography. But the expenditure is also not much because all the marketing will be done by them. What we will do is only providing the software product and little bit of implementation. So that way without much expenditure we are trying this area so that if it picks up then it can pick up.
Surbhi Soni
Got it. And sir, on acquisition of AI Cyber Forge, if you could just, you know, highlight what’s really unique about them and if you were to build this capability in house, what would have been the time, effort and the investment that you would have been, you know, required to build this?
Venkatraman Srinivasan
The main area of a cyber force Is the secrets management vault and the vault itself a lot of complexity within the world. For example, you might have heard of the other vault and those kind of things. So there only the other number is stored in the vault. But if you see the general what like. Because in the vaulting in cyber security there are two major companies. One is Cyberark and another is Ashley Carpenter. They are all big companies, several billion dollar companies. They provide very complex walleting capabilities and the security of all kind of password and various other secrets.
How it has to be secretly maintained. And then if let us say same person is associated with 10 different system or 10 different system, his password parameters are different, different thing. And the same password should not be used for more than several days or more than several months. So all these, how to control, how to change and all this. That is where is the secret management is there today. And that is what these companies provide. And when we go to some of the RFP in that RFP because we do not have that component, we don’t qualify.
And then we are. We are removed out of those RFP which is where these people are able to get into that. So that’s a lot. Three, four years, one by one we have been complementing all the areas so that we can. We have all the quality certification, we have the EAL for certification. We have whatever component missing. We build all the components which is what enable us to build in every RFP around the world. And also qualify there and go ahead. So that is the main purpose of acquisition of the CA cyber for. Because their specialization is in the area where we are not having the product.
Coming to your question on Build vs Bay if you see it is we can also build because we have R and D team depressed can be done, we can build. But today we are already building 3, 4 areas in a big way. Then internationally lot of growth is there. And all those has to be catered by our technique. So in this, if we take up this, this will take another one, one and a half years at least to build this product. So that’s where if we take immediately immediate go to market comes. And then with that we can qualify in more RFPs and all that.
That’s why comparatively what we found was this $4.8 million is reasonable compared to the effort what we have to take. And not more than the effort. The time delay it will happen. So that’s where we are acquiring this product.
Surbhi Soni
Understood. And two bookkeeping questions, sir. What was the revenue contribution of ICON and 295 in this quarter? And anything also from send script. In this quarter out of 144 in crores.
Venkatraman Srinivasan
If as I said the US revenue is around 60 crore. So in the 60 crore US revenue if you see roughly almost 20 crore may come out of our product including because the center product was already merged with our product. Other 40 crore or 38 crore will come from the other two oppositions this icon.
Surbhi Soni
Okay. Okay. Fair. And what’s the cash balance on our book as on March I think it was 180 crores. Since you’ll be making an upfront payment for Cryptas and AI Cyber Forge as well. Do you think you will need to resort to some kind of short term loan for working capital requirement or not?
Venkatraman Srinivasan
Not required. Not required. Because out of our collections and all that we’ll manage out of 180 crore. What we feel is now also cash balance 173 is there whatever dip by way of cash accrual. So this year expected profit and cash accrual we feel will compensate both these acquisition. So even I personally feel by the end of year we may be around the same on 80 crore if not more or could be 510 core less because of dividend payment.
Surbhi Soni
Got it. All right. Thank you so much for answering all these questions.
Venkatraman Srinivasan
Okay, thank you.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Santosh from Vyanch Venture Private Limited. Please go ahead.
Santosh
Hello. Yes, my first question is regarding. We have been doing acquisitions from the past 12 years and all. Just want to understand what is the organic growth versus accusation of growth for the past one year. And in this quarter if you can help.
Venkatraman Srinivasan
Yeah, you see acquisitive growth last year maybe in the last meeting also we explained. So last year almost from 380 crore we came to 525 crore which was almost 40% or more than 50% growth. So in that 2025% was 18.8% totally 37 38% growth. On that 18.6% 18.8% was acquisitive growth. Balance was organic growth. So both are balanced. So in this quarter if you see compared to quarter to quarter, compared to last year same quarter one of the acquisition was not there. This Center Captain 295 was not there. But the growth is 57 58% from that last year first quarter to this year first quarter.
So in that 56 57% the 27 28% may be accretive balance is organic.
Santosh
Okay, so we can expect this trend to continue for the next three to four next two to three years in long term. Also this kind of trend organic versus.
Venkatraman Srinivasan
It’S only increasing. So that’s where we feel can be maintained.
Santosh
Okay. Okay, so so you’re saying the next two to three years also the organic versus inorganic growth composition which is there I will continue.
Venkatraman Srinivasan
Subject to we are getting appropriate candidate for the inorganic growth.
Santosh
Okay, okay, understood sir. My second question is regarding the new initiative which you are taking in the EM final and all the G2 application on which you’re launching. What is any any traction on that? If you can throw some light on that where we’re trying to enter the small and medium scale kind of enterprise. And all,
Venkatraman Srinivasan
some traction is there. But some of the things we are still trying. For example if you see this any our M sign R is integrated with E sign and also integrated with the E stamping. So any document flow which requires E signature and which requires the stamping also can be done. But today it is permitted mainly for the banking and financial services sector. It is not still permitted by the NESL and the several government in the other sector. But no lot of government has permitted it for several other lender agreement, many other agreement, general agreement and everywhere.
But still NESLI has not permitted the stamp paper usage for these purposes. We are our software is ready. We are every day trying to discuss with the NASL and see how this can be permitted for this use case. Then if that is done then it can pick up in a very big way in the retail and SME. So until then it will remain in the large enterprises in BFSA and FinTech and look those kind of things. So this is one side what we are continuously pleading is also the mobile pk. So mobile PK is approved by the Ministry of Haitian cca.
Then in that case we can do many things, many more things through M sign up can be just assigned from the mobile itself. So this is another aspect continuously working with the government but still the guideline has not come out on the mobile pki. So into mainly SME and retail in a very big way depends on these two guidelines.
Santosh
Okay, last question is regarding the enterprise solutions in India. There is a lot of for example when you see biop a lot of volatility in the growth or the margins and all Just want to understand is it the nature of it, the business or because we deal with the government and DSS and all the realizations are late or earlier. Just wanted to understand on that aspect. Solutions in India
Venkatraman Srinivasan
enterprise Solution India this is the one segment is government. Another segment is BFSA which is predominant other than that other enterprise. If you see BFSA segment almost it is fully recurring revenue because it is based on the esign usage and the msigner usage and those kind of thing. It is not so much a product focused, it is a usage focused. If you see the government fully on supply of new solution, new product because they just buy the on premise product they generally don’t go into the SAS model. And from a payment perspective in BFSA we collect quickly.
That doesn’t take any much time. But in government sometime it takes six months, nine months. As in some of the rare cases maybe two years, one year also. So that is okay. Of new projects are coming in the government also and continuously they are doing tech refresh every five years. So that way lot lot more potential is there?
Santosh
Okay, I’m asking this question because previous year YC Solutions around 14 million. Sorry, 140 million kind of. Yeah. Okay. Okay.
Venkatraman Srinivasan
Yeah,
Santosh
yeah. 140 million. This, this quarter we around to 255 million. So there is some like 55 growth. But the margins if you see is very different. Right? We did around 17 million to 163 million. Just want to understand why there is a lot of volatility. Anything new happened in this segment.
Venkatraman Srinivasan
You see that number what you are putting you are seeing from the segment result or from where segment also.
Santosh
Yes.
Venkatraman Srinivasan
Enterprise segment. You are saying last quarter to 22 million it has come to 163 million.
Santosh
Yes, enterprise solution India.
Venkatraman Srinivasan
Yeah, yeah, yeah. Because the last quarter lot of government project comes because they have to exhaust the budget. Whereas the first quarter project will be slow. That is the reason for this.
Santosh
Okay, okay. Well same for Bioi also Q1FY25 Enterprise Solution India recorded 140 and the margins was of PDP was around 17. So just wanted to understand the difference.
Venkatraman Srinivasan
There Enterprise.
Santosh
Enterprise India in product business.
Venkatraman Srinivasan
What happens is the business decline 80. It is all 80, 85% gas margin. So the margin another thing it also depend on the we reduce the hardware and mainly focusing on software so that we are able to get around 80 80% task margin on the enterprise software product business.
Santosh
Okay, thank you so. Much.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Srinath V from Bellwether Capital. Please go ahead.
Srinath V
Hi sir. First congratulations on both your acquisitions. I think finally our acquisition engine is moving. So I wanted to Understand how is the business outlook in us? We were in discussions with multiple proof of concepts. Last call. When you and Kaushik were also there, we had discussions. So can you take us through how these proof of concepts are coming? How many conversions have we had? What is the likely growth in the US enterprise business? Where cybersecurity suite of products,
Venkatraman Srinivasan
small and big. 20 customers we have got in the U.S. okay, some are really very big customers. But the thing is to start with, they are all starting with small. 200,000, 300,000, half a million, kind of harder. But if we stabilize and if we are able to service well, then it may increase over a period of time. But at least 20 customers we have.
Srinath V
Got it. Got it. And so how, how is this likely to scale, sir, the US enterprise business, you know, you just kind of. How do you see growth this year in that particular division?
Venkatraman Srinivasan
Growth in the product business will be better. It will happen definitely because the need is there. But the growth in the service side may be muted because the AI is coming and then the lot of visa kind of restrictions are there its own. These are restrictions alone, visa restriction and various things. So that’s where we feel. But the product growth will compensate. The service may be stagnant, CR decline but the profitability could improve.
Srinath V
What is the size of US product business? Sir, as of as of today, like. Last quarter, this quarter,
Venkatraman Srinivasan
per quarter around 18 to 20 crore. Roughly.
Srinath V
18 to 20 crore?
Venkatraman Srinivasan
Yeah.
Srinath V
Okay, so that’s per quarter. So basically it’s a 80 crore business. Full year business. Where do you see this going sir? Can this go to like 150 crore? Because we have been engaging system integrators, we have been in dialogue, you know, having these roundtable conferences and so on and so forth. You know, how is that likely to scale for this 20 crore per quarter. Business
Venkatraman Srinivasan
go to 150 and all that. But maybe one or two years suddenly it can grow big. But we have to because still it is in a nascent stage. You know, for a US this 80 crore, 60 crore is not such a very big number to create a brand.
Srinath V
Exactly, exactly. Exactly, sir. Yeah, we are exactly trying to understand when that big number or probability of that kind of business momentum will kick in. Sir,
Venkatraman Srinivasan
after two, three years only. Because then some because initially two, three deal we lost. Because now we have created a US company under the name of certain next so that we next because the name interest to something. So all these. The order started coming. Then we have to have operations people in because we put the sales people in US operation people so these people are fully not trained in how to service US customers. So this kind of problems are also there. So once these are all perfected then the things will improve in a bigger way.
Srinath V
Got it. So in the next 12 months what are the key initiatives we are taking to improve visibility in us? Like for example I think we were looking to put on premise setup in US data center.
Venkatraman Srinivasan
You know for our already ready audit is going on. Mostly we expect the audit certificate by August. So okay, the target certificate says then we can commence issuance of certificate from US itself. So that will be one thing. And the second thing is we are putting one or two operation people also in US itself. So that in that time zone they can, they can take care so that there is no time zone we miss. And the US etiquette how to deal with the US people, all those are also known to them. So this is another initiative and the third initiative, one in September, one in November, two conferences we are keeping and then we are inviting big company CAO, CTOs and those kind of people.
Last year itself we did it in November. Similar way this year two time we are doing. So out of the last year, November only some of the big companies came and then they started giving order. Now this is another thing are doing because these are all we are able to do. Because this our two people, this Cart and Spencer, they are from Digi sector. So they know the industry and they will also. So that is that they are doing so like this. We are taking the initiatives.
Srinath V
Got it, Got it, Got it. Sir, last one. Sir wanted to you know, understand given all these new acquisitions and. And you know there’s a service and product business, it becomes a little difficult for us to model. Can you largely give us a guidance or help us understand how you see this year playing out. Would we like get to about 700, 750 crore or 800 crore top line? Given the acquisitions revenues will also come in.
Venkatraman Srinivasan
Earlier we said 650 to 700 crore. That is what in the last quarter we said.
Srinath V
Yes, yes.
Venkatraman Srinivasan
It appears 675 to 700 crore seem to be a very good possibility. Because already we are at a 150 crore run rate. In the 150 crore the cryptos is not there. Even crypto’s current run rate is 25 crore per quarter. So it will come first quarter it won’t come. But the effective date will be in this quarter. So 75 crore can come. So that itself can come to 670. Right. So with that if we add growth it can be around 700 or little more.
Srinath V
Got it. So somewhere between 700, 750 would be.
Venkatraman Srinivasan
The kind of little more stretched but at least a little over 700 could be possible because.
Srinath V
I get it, I get it. I get it.
Venkatraman Srinivasan
What will. Whether it. I don’t know.
Srinath V
Yes, yes, yes, sir. Completely agree. Complete last one. Sir. Wanted to understand if Kitkas will have any large margin impact or. You know, we’ll be able to, you know, do the cost synergies within six, eight months. You know. How are you looking at the margin side of the picture, sir?
Venkatraman Srinivasan
Margin. Initially when we integrate first quarter purely we may get top line. We may not get margin out of that. Because. But already Kaushik has gone there last three, four days. He’s there only to see how to do this margin improvement and all that. But one more quarter we may not be able. Because they are all highly procedure and systematic oriented. The German type of work and our work is different. You know that maybe from the. From the January to March quarter we may be able to integrate and all. Perfect.
Srinath V
Perfect, sir. Thanks a lot sir. And congratulations on all your acquisitions. I hope all of this comes together and we see that large growth. Thanks sir. I’ll get back into the question queue.
Venkatraman Srinivasan
Thank you.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Sir Dharat Mishra from Krieger. Please go ahead, sir.
Unidentified Participant
Am I audible?
Venkatraman Srinivasan
Yes. Yes.
operator
Yes sir. You are great.
Unidentified Participant
Thank you so much for taking my question. And congratulations on the fantastic quarter. A few questions from my side. So the key project wins that we have highlighted.
Venkatraman Srinivasan
Yes.
Unidentified Participant
Is it possible for us to highlight what would be the deal win size and maybe compare that with the average deal sizes that we have won in the past. And just trying to understand are we winning more larger sort of deal wins. So that’s the first question.
Venkatraman Srinivasan
Yeah. Deal win. If you see earlier days we were bidding 4 crore, 5 crore kind of deal. But now quite a bit of deals are in the range of 10% crore to 20 crore deal. Quite a bit of deals that kind of deal. Even in Indian government and even uae. Then Philippines, everywhere this level of deal we are winning. But we are not bidding for fifty crore, hundred crore deal up to now. Because then sometime we may. Because now our strategy is to go through the biggest system integrator like TCS and hoj, tec, Mahindra and all this.
So if we directly bid such a deal then we may become their competition and then it may be difficult to win. Here we go. Because of the cyber security. We go through all of them. Anybody wins, we win the deal. So that is where we are not going into that level but within cyber security without other component involved. If there is a bigger deal of 2000 road now we are thinking of bidding. So that’s why up to now the deal generally size is around 10 to 20 crore average. Other than a lot of AMC annual maintenance.
These kind of deals will be there, those will be smaller. Stamping e signature. These kind of things are all recurring thing. But each deal will be smaller. But over time it will go on recurring.
Unidentified Participant
Very helpful. And since you brought it up, I think it’s very important to understand or maybe refresh on the system integrated partnerships that we have maybe over last one or two years. Let’s say you had five or six or ten partners. How has that improved? Some update on that?
Venkatraman Srinivasan
No, we have large number of 2, 300 partners. But out of them some of the all of them are not system integrated partners. System integrated partners in India are these major IT companies. Then we have some 3, 4 system integrator partner in the Dubai. Then some system integrate partner in Qatar. Then some system integrated partner in Kenya. So like this it is there. So totally all system integration partner put together could be maybe 30, 40 or 50. But all other partners are reseller partner. But system integrator partner only you if you start competing with them then you cannot work under them.
Unidentified Participant
Understood sir.
Venkatraman Srinivasan
You can resell through anybody. Even fame deal. You can quote through three people. Whichever comes you can take it.
Unidentified Participant
Understood sir. And particularly in US geography, how many system integrated partners do we have? And has that increased over let’s say one or two years?
Venkatraman Srinivasan
No, in bigger geography. What you are saying in India is. India we have all these big big companies. Tcs, Infosys. We have not gone through them because still because our product sales size is too low for them in the Americas. Because for them also if any through US if under crore business 500 crore business comes then they will come to us. Today we are totally in a year we are doing 70, 80 crore business. It will not be wasting. So today we are all trained through smaller reseller partner in America. And also through our own direct sales people who know some customers like it.
Unidentified Participant
And on the enterprise solution side, is it possible to give like a growth number on the order book? If not the absolute number.
Venkatraman Srinivasan
Grow enterprise solution. I don’t have it. Really? Otherwise I will get it and give it to you.
Unidentified Participant
Sure sir. I’ll get back later. On that one more question on the trust services business, it seems to have picked up on both quarter over quarter and year over year basis. Is there any particular reason for that volume uptake or pricing better in this quarter?
Venkatraman Srinivasan
Two things are there. One is a little improvement in the volume uptake and the other one is the token. Because this time what happened there was a token shortage. And because we are bigger purchaser of token we could get it easily. Whereas some of the other smaller authority could not get the token to supply. So the token increase itself is almost 1, 2 crore and the other in the DS side what we have done is the larger resellers who are. Because our price is class 22 year DSE our price is 1500 plus GST. Whereas if you see all the competitors, their price is anywhere between 800 to 1000 including GST.
Because of this reason, will the retail and the smaller partners sustained with us around the 8, 180 to 200 larger partners who are issuing to end customer they shifted to the other vendors. So we are trying to attract and generally we were giving commission to all the partners at 40%. Now some of the partner we started giving more 45, 50, 58 that kind of commission to bring them back. So that also has a little bit of improvement. So both this token and the strategy of bringing the back to this.
operator
Thank you. A general reminder to all the participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. I repeat, anyone who wishes to ask a question may press star and one on their touchstone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Venkatraman Srinivasan
And one more question. Can I answer another question? What creates yesterday? Hello.
operator
Yes, sir.
Unidentified Participant
Yes please.
Venkatraman Srinivasan
Yeah, the order book you asked. No, so order book has grown by 28%.
Unidentified Participant
Got it. Very helpful. This is in 1Q first quarter FY26.
Venkatraman Srinivasan
In the year, year to year.
Unidentified Participant
Understood, sir. If there is no one in the queue, may I go ahead. One more question please.
Venkatraman Srinivasan
Yeah.
Unidentified Participant
So sir, on the FY26 guidance you highlighted the updated guidance on the revenue side, including the two acquisitions on the margin, is there a updated guidance that we would like to provide including the acquisitions.
Venkatraman Srinivasan
Including the acquisition? Because if you see this cryptos acquisition as we updated with the stock exchange, they are currently in a smaller loss. From there it will transition to profit. It may take some time. So because what will happen is we have to replace some of that component with our component then otherwise we have to increase the sale. But all these are. It will take some time. So because of this we feel that could little pull down the margin but at the same time our product improvement can push up the margin. So on the balance we feel we will be able to maintain the around this margin.
Sixteen, sixteen and a half percent margin.
Unidentified Participant
Got it. That’s it for me. Thank you.
operator
Thank you very much ladies and gentlemen. As there are no further questions I now hand the conference over to the management for closing comments. Over to you sir.
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 on queries kindly get in touch with our investor relations advices certificate partners. Thank you once again. Thank you.
operator
Thank you on behalf of Investec Capital Services Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.