Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
eMudhra Limited (NSE: EMUDHRA) Q4 2026 Earnings Call dated May. 07, 2026
Corporate Participants:
Venkatraman Srinivasan — Executive Chairman
Ritesh Raj Pariyani — Senior Vice President and Chief Financial Officer
Arvind Srinivasan — Senior Vice President, International Sales and Strategy
Analysts:
Surbhi Soni — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the HMDRA Limited Q4 and FY26 earnings 2026 earnings conference call. As a reminder all. Ladies and gentlemen, good day and welcome to the EMUDRA Limited Q4 and FY26 earnings conference call. 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 touch tone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Venkataraman Srinivasan, executive Chairman sir, thank you and over to you.
Venkatraman Srinivasan — Executive Chairman
Thank you. Good afternoon to everyone joining us in this conference call today. I welcome all of you to our FY 2026 results call and thank you for your continued trust in our company. FY 2026 was a year of compounding momentum for us. We closed the year with a total income of 7132 million up 35% year on year. The EBITDA of 1654 million up 30% and PAT of 1100 million up 26% over a five year horizon we have compounded PAT at 30.5% per annum. Our CFO will take you through the granular numbers shortly.
My intent here is to give you the strategic and qualitative texture of the year. Where we Grew, why we grew and where we are poised towards E Mudra Today is a three segment business enterprise solution accounts for 59% of the revenue and grew 55% year on year in the last year with organic growth of 23% and acquisitive growth of 32%. Trust services business represent 20% of the revenue up 32% last year. Then pure services business is 21% of revenue and remained flat. Largely in line with the industry trends in North America.
Our services business has continued to create enterprise relationships and we will continue to pursue cross sell opportunities into our product portfolio from this base. Growth in enterprise solutions has been the defining feature of FY 2026. Our certificate lifecycle management platform SETTINEXT and our identity and access management platform Secure Pass have added enterprise accounts across financial services, government, energy and education globally and the proportion of product LED revenue in our mix has grown on geography.
International revenue is now 64% of our total and grew nearly 39% year on year. We operate from 15 offices across five regions and serve customers in more than 35 countries. North America accounts for 34% of our revenue, India 36%, Europe 12%, Middle east and Africa 11% and Asia Pacific 7%. In North America a notable win this year was a large TLS certificate order for a university federation in the United States which is a meaningful step in establishing our credibility across US Markets. In Europe, the acquisition of cryptos brought with it Prime Sign and EADAS aligned Trust service provider Krypta’s integration is going on.
We are actively cross selling our CLM platform into the Kryptas customer base and expect deals to close in the next few quarters. Nistu and DORA continue to drive demand for compliant PKI and identity controls across European banks and critical infrastructure. Critical Infrastructure in India In India our Trust Services franchisee continues to perform steadily with our E sane business processing well over 3 lakh daily transaction in banking and financial services in the Middle east. We have completed E Signature workflow rollouts for banking customers in Oman and are seeing continued upgrades across the existing base.
Africa is an area of growing focus. We have active DPA deployments underway including certificate life cycle management for critical IT infrastructure and E signature rollouts across government and banking. The continent represents a significant long term opportunity for our end to end DPA stack covering Digital id, pkie, Passports and esign and we are investing in building our presence there on infrastructure. We now have data centers operating in the United States, Europe and the UAE and India positioned to meet data sovereignty requirements across our key markets.
Enterprises and governments are increasingly requiring that cryptographic operations and identity workflows are processed within their jurisdiction and our multi region footprint addresses this directly. Our R and D investments in post Quantum Cryptography, CertainExt and Secure Pass have translated into customer wins across our target markets. Satinext added accounts in gaming, ERP, energy and financial services across US and Europe and in critical infrastructure in Africa. Secure Pass 1 mandates with Defense agencies, large banks and government departments in India requiring converged identity management.
Our ongoing R and D is focused on two areas. Agent KI is being embedded as a capability layer across all our four platforms as a agents act on behalf of the enterprises they require digital identities, signed authorizations and audit trades which our products are built to operate. The data privacy stack addresses the need to manage, protect and demonstrate compliance around personal data aligned with India’s DPDP act and GDPR in Europe on quality and governance. In FY 2026 we renewed or maintained CMMI Level 5 Web Trust, Web Trust, ISO 27001 and SOC 2 Type 2 certifications EMUDRA remains the only Indian certificating authority listed in all major browser trust stores on csr.
Our focus has been on digital public infrastructure, skill building and training where we see a natural role at the intersection of digital identity, PKI and E governance. FY 2027 is a year of product led growth organized around three themes. 1 Cybersecurity the convergence of agent ki0 trust mandates post quantum risk is driving enterprise demand for data security products, DPI deployments in the emerging and frontier markets. Several pipeline opportunities in Africa, the Middle east and Asia Pacific are at advanced stages.
The SME and banking adoption of AM signer large untapped opportunity in India, MSME segment and across the banking sector addressed also through product simplification and partner LED distribution. We remain open to selective bolt on acquisitions where they bring differentiated AI based cybersecurity capabilities or accelerate our market access. Our ambition is to double PAT over the next three years. The tailwinds are clear. AI, data sovereignty, PQC transition and the tightening compliance requirements are all driving demand for the products we build.
We remain focused on innovation to develop solutions that are in need of the hour for global markets. Thank you and I will now hand over to our CFO Mr. Ritesh Pariani for the detailed financial commentary after which we will be happy to take your questions. Thank you,
Ritesh Raj Pariyani — Senior Vice President and Chief Financial Officer
Thank you Chairman Good afternoon everyone. I am pleased to share the highlights of our quarter four and financial year 2026 performance. Our total income for quarter four financial year 2026 was INR INR 1966 million making a 31.7% year over year growth. Gross profit for the quarter grew to 32.6% year over year to INR 1037 million with a margin of 52.8%. EBITDA for the quarter was INR 441 million registering a 25.5% year over year growth with a margin of 22.4% profit after tax for the quarter was INR 296 billion reflecting a 21.6% year over year growth with a Margin of 15.1%.
Now turning to the financial year 2026 performance, total income for the year was INR 7132 million representing a 35.1% year over year growth. The Enterprise Solution and Service segment generated revenue of INR5616 million while the trust service revenue was INR1400 million. EBITDA was INR16.54 million, resisting a 32.6% year over year growth with a margin of 23.2% while paid was INR1100 million growing 26.2% year over year with a margin of 15.4%. That concludes my remarks. Thank you and we may now open the floor for the questionnaire answer session.
Questions and Answers:
Operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone phone. If you wish to remove yourself from the question queue you may press star and two Participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Surbi Bellwether Capital. Please go ahead.
Surbhi Soni
Thank you for taking my question. First of all, thanks for improved disclosures in the ppt. My first question is on the US Product business. Google had a policy change on the multipurpose certificate side for the new root certificates and I think that’s some 15 June deadline for all the new route certificates that are going to be issued. We were in a process of getting these approvals done. Wanted to get a sense of what’s the update on this side.
Unidentified Participant
Surabhi, I’ll take this question. So the 15th of June was not really a deadline. It was more policy change that they keep affecting every year. Our new rules have been submitted sometime back so they are in the process of queuing it up. As you know they have to distribute these trust stores across all of their environments like Chrome, Android etc. So nothing stops for us because our existing routes are already trusted on Google and we basically have a transition period where the existing routes will continue to work until the new routes are accepted by Google.
So there is really no impact as such. We just await their process and timeline on the new route acceptance. Until then we continue to issue from our existing route.
Surbhi Soni
Got it, got it. And with the 238 crore order book that we have called out, wanted to get a sense on what’s your outlook on the US product business. What kind of lead pipelines are you seeing any PoCs that we are doing? How would you attribute the US product business out of this 238 crores?
Venkatraman Srinivasan
Yes, the US product business. Almost last year it was around six and a half to seven million within that range. So from there it has come to more than nine and a half million kind of level. So that kind of growth we have achieved in the US product itself. Now another thing, recently as we have mentioned we have got a good order from a university consortium called Incommon and they have almost how many units 700 university enrolled. So this order from a US Trust Service vendor, it has been now given to us.
So we are going to process the entire TLS certificate for this consortium consisting of so many universities. So this is a very big order and it will give a good visibility across the entire 700 universities and also across several other segment. And this has been even the our competitors like Digicert and then the key factor they have published about this, they have issued a press statement about this. So. So with this I feel next year also we can see 25, 30% growth definitely in the U. S product segment if not more.
Surbhi Soni
Okay. Will it be possible to quantify this deal?
Venkatraman Srinivasan
Quantify this deal? We are not supposed to intimate the number for each separate deal.
Surbhi Soni
Got it. No problem, sir. And it’s fair to assume that the order book that we’ve disclosed is largely on the products business side and does not include service element.
Venkatraman Srinivasan
Yeah, product business only. And another thing is the if you see generally we projected two times the order book. So this time the from February end this war in Middle east started. So some of the Middle east orders which would have come in March, they are all getting delayed. But it is getting delayed nevertheless it will come. So that’s where we have Projected little over two times, maybe 2.2, 2.3 times the order book as the next year projection.
Surbhi Soni
Got it. I have one more question on the PQC product stack. Wanted to get a sense that are we seeing any deployment opportunities trying to test this product, Any POC that we are running on the PQC side?
Unidentified Participant
Yeah, Quite a few POCs are going on in PQC because now there are clear cut mandates both from domestic regulators as well as global bodies on how do you transition. So we are working on poc. Some of them will come to fruition at least in a closed user group scenario, effective essentially this financial year. But I think there are clear directives by 2029, 2030 that many companies that are running critical infrastructure have to essentially move out of the conventional algorithms to pqc.
Surbhi Soni
Got it. Akashic, can you give some flavor on where these deployments are? Are these in regulated industries like BFSI or healthcare? Any sense on where are we seeing these deployment opportunities?
Unidentified Participant
Mostly in bfsi, particularly critical large banks. Second is defense. Right. And some critical government agencies.
Surbhi Soni
All right, thank you. I’ll get back in the question queue.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of pankaj and individual investor. Please go ahead.
Unidentified Participant
Hi, good afternoon. Firstly, lots of congratulations for a fantastic result. My quick couple of questions are. One is Mr. Chairman mentioned that you’re looking you’re open to kind of product acquisitions. So what kind of technology or what kind of geography you are you have in mind for those kind of execution. That’s one point. Number two is there is a dispute which is going with the three I InfoTech would would appreciate if we can put some more light around that. Third question is. Sorry, you’re saying something.
Venkatraman Srinivasan
No, no, no, no. Answer these two questions. Then we will go to the third question.
Unidentified Participant
Sure, sir.
Operator
Product acqu.
Venkatraman Srinivasan
No. Product acquisition. As of now we do not have anything in the pipeline mainly so that’s why unlike last year and previous year where the acquisitions happened around July August, it may not happen now. Mostly we may have to evaluate because in our our the CLM Secure pass in all these areas. I think our feature set is very good and we are comparing continuously with the global competitors and we feel that our features are good and with that we can compete. The main area will be the AI integration of a into this identity authentication and cyber security suit.
If such any such product company which is a small company is available, then that we may consider acquisition. Maybe could be in third quarter or fourth quarter. But still we have not evaluated any company. But if at all such a company is available, most likely it may be in US only, may not be in other geographies. So that’s where your question of which geography we are thinking could be us only. So this is the answer to the first question. Then the. Then the second question is the 3A infotech. On the 3 infotech matter, though we clarified everything after that nothing has moved.
So we have not got the complaint from the police or any inquiry from the police and all that. Similarly, though they said they are going to fail a complaint with Sebi, we have not got anything from them. So. And another important thing is because they have taken all these actions without any giving any opportunity to us to explain or what is to be done and all that. We have also sent a legal notice to 3 Infotech and its directors that what they have done is wrong. And so there also we are awaiting their reply.
So as such, nothing really has progressed on either side compared to what it was two months back.
Unidentified Participant
Thank you, sir. Thanks a lot. My last question is about FY27 guidance both in terms of top line and bottom line.
Venkatraman Srinivasan
Yeah, FY27 we are expecting from a top line perspective because as I said, we Are not thinking of last year we did acquisition also. So there was organic growth and acquisition growth. Organic growth was around 19%. This year we are expecting an organic growth of around because the base has also increased around 15 to 18%. Most likely 18% organic growth is possible. This is what we are expecting. So top line is 18% but bottom line may be around between 25 to 30%, could be around 27, 28% kind of thing.
And as I said earlier, we want to double the bottom line in a three year time frame. So that is where we are working on. So this is the guidance.
Unidentified Participant
Thank you. And again, lots of congratulations to the whole team.
Venkatraman Srinivasan
And then one more question you wanted to ask.
Unidentified Participant
Thank you. Thank you, sir. Yeah,
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question.
Arvind Srinivasan
The next question is from
Operator
The line of Rishi Maheshwari from AXA Capital. Please go ahead.
Arvind Srinivasan
Hi. Thanks. And congratulations And a great set of numbers. I want to understand on slide 10 the kind of growth driver that you’ve written from artificial intelligence perspective. My sense is that there are threats and there are opportunities. Opportunities that you’ve mentioned over there from the agentic AI as it, as it forms an attack, the attack surface expanding and therefore the foundation models is anthropic, Claude, which therefore increases your capacity and scope to work. However, we’ve also read from several, you know, literature that mitos is also claiming to have its own software for cybersecurity to some extent.
Can you clarify that myth in terms of whether, you know, whether the attackers themselves can have a cybersecurity product? Because from what I’ve also read on zscaler, zscaler and other similar products, they’ve also been under some form of threat is what is mentioned in some of the literature, the news articles that have spread across this.
Unidentified Participant
Yeah, let me clarify that a bit. So Android, this, anthropic Claude, Mythos, etc are various models. So with my thoughts, the whole idea is it has a completely new set of capabilities to kind of break open any infrastructure, right. In terms of pointing out what kind of vulnerabilities that kind of exist in your infrastructure. So anthropic methods are largely a model. It is not a product in itself that it can sort of solve for various things that today various cyber security vendors do, that is to deploy certificates or manage identities.
So My thoughts is a LLM or a foundational model that gives you now advanced capabilities to figure out what the vulnerabilities in your ecosystem are. So you’re absolutely right in that context that the attack surface is now significantly expand because whatever was undetected now becomes to the forefront in terms of enterprises needing to significantly better their cyber security posture. So very recently a couple of days back, a very large public sector bank itself announced that they will ramp up their cyber security spends by 50%.
So that is what Mythos is capable of. So enterprises are obviously more worried saying what’s going to happen and essentially product companies like us help them better the cybersecurity posture.
Arvind Srinivasan
Thanks. In the context of this isn’t the guidance that you have claimed at least you know, for the overall and I’m presuming large part of it is flowing from enterprise is slightly underwhelming given the kind of. Given the nature of growth in terms of cyber security that is anticipated should be far higher. What is your thought on this?
Venkatraman Srinivasan
No, we always want to estimate in a reasonable way and then think that under almost if you see last four or five years, whatever guidance we have given we have achieved hundred percent. So we don’t want to overestimate anything because in the world so many things can change in spite of all our knowledge and all our belief, everything. So that’s where this estimate what we are giving with a hundred percent conviction, without doubt kind of thing.
Arvind Srinivasan
How would you break this estimate, sir? In terms of revenue, where would you classify how much growth would come from enterprise, from services and from trust services?
Venkatraman Srinivasan
Services mostly no growth will come because that is in line with the general services trend across the world. Then the trust services last year 30% came predominantly in India. This year we estimate 20% will come. But the balance growth predominantly will come in the enterprise product. That’s where the main segment growth. So there the growth we estimate is almost 25 to 30%.
Arvind Srinivasan
Right, sir. And what drives this? When
Venkatraman Srinivasan
We say revenue, even though sometime the order may come more it is all to be because these are all large bank, large government and other thing even it gets executed. Only we can recognize as revenue for the execution. Apart from our software, lot of time their infrastructure, their team and so many things are so with the result immediately everything may not be able to recognize as a revenue. So considering all these only we are suggesting this kind of a estimate we are giving.
Arvind Srinivasan
Are there any changes in the revenue model of the revenue recognition principles or the way in which the commercialization used to happen versus it is happening now for instance when IT services when it’s happening on from the change is very large and prevalent from a TNM model to an outcome based model. Yours was not strictly in that sense but is there any change that is happening?
Venkatraman Srinivasan
This mainly for the IT service industry. They are talking about the change in the model but our services is only in total only 2021 percentage services. So in that if it happens to some extent on the outcome model also we may not be affected much and we are not estimating much growth in that segment. Also
Unidentified Participant
Product there is no change. We still continue to do the recurring billing as well as a license platform model. Yeah.
Arvind Srinivasan
And what is driving the efficiency in terms of Pat growing by about 27 28% as you rejected
Venkatraman Srinivasan
Pat we are. Yeah. What is driving the efficiency means with more product going. Because if you see product gross margin is much higher compared to the services and trust services. So that’s where the. The. The gross margin will grow higher. So similarly EBITDA will go higher and Pat will also grow here if you do more product business got. If you see product composition it be composition wish it will increase because the service is not at all going.
Arvind Srinivasan
Thank you sir. Thank you so much. All the best.
Venkatraman Srinivasan
Yeah,
Operator
Thank you. The next question is from the line of Harsh Kachi from Banding Tree Advisors. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity. First of all, congratulations on the great set of numbers. I have a few questions. I’ll begin with a couple of them and then maybe we can proceed with the further questions. My first question is on the line of geography Mix. So which geographies do you expect will drive the enterprise solutions growth over the next few years? Are the upfront investments in the senior hire data center and the new offices in the US that you set up, are they beginning to translate into stronger deal wins and pipeline conversion over there?
And second question is on the India enterprise business. We saw decline this quarter. So is this largely due to a high base in Q4FY25 or are there any underlying demand related factors we should be available.
Venkatraman Srinivasan
Nice. You see, geography wise we have invested in senior management resource in the US and also we did acquire acquisition in US and that resulted in cross selling. And as I explained earlier, from the last year to this year the our product business grew by almost 30 35% from almost 7 million to 9, 9 and half million kind of thing. So now I also explained we won a recent good order where it is a consortium of universities consisting some seven universities and all that. So that momentum is there in The US market.
And in the US we have also invested in the data center which is also starting to yield result. The other markets which are growing is the Middle east market as well as the Africa market. In Africa market we are in discussion with the number of potential deals. So those will also win. So that way we the win will be across many market and Europe market. Also through cryptos we are trying to sell our products where a lot of demos are being given. Lot of discussions are happening. So across markets this win the lab it is not peculiar to one market.
Then coming to your question on India market. The India market mainly if you see in one quarter, because the last quarter was much bigger, this quarter is a drop. But you see here as a whole there is a good growth only enterprise business in India also saw a 27.6% growth year as a whole. So we cannot exactly see every quarter after quarter what will happen. So that way it is a good growth only.
Unidentified Participant
Yeah. And in Q3 we had a deal from Defense which was slightly larger. That’s why optically it appears.
Unidentified Participant
Okay, understood. Just a Next couple of questions. One is trust services grew even strongly even after the new income tax circular because of which the requirement for digital signature certificates has come down. So what is driving this trust services growth? And secondly, the prime sign subsidiary of cryptos. So the revenue from this particular entity is classified under trust services or under enterprise solutions.
Venkatraman Srinivasan
No, up to now it is classified under enterprise solution only because still it is sold along with other things also. So it is classified and rent. Our trust services growth is mainly because of the within the partner model we have enhancing the other services. And also the combination of instead of a simple digital signature, the combo certificates are sold and number also slightly increasing. And then our direct retail is also increasing. So with that combination and earlier we were not focusing on token.
Now token also tokens we are selling separately, no token also we are putting the portal and directly people are purchasing the tokens. So all these and esign also has increased Some of the E sign along with msigner goes in the enterprise pure E signs which is only used for signature goes in the trust services. So all these combination has resulted in this 30% growth.
Unidentified Participant
Understood. Just one last question from my side. Just wanted to understand the level of integration of products in the enterprise solutions business. So if you win a client, what are the reasons why they might switch to another vendor and how difficult it is for them? Just wanted to get some color on this.
Unidentified Participant
Now our products are fairly core. So the two products that we largely sell is the identity authentication and access and then the certificate lifecycle management. These sit at the heart of many of their core workflows. For instance, the authentication system for a large bank essentially powers customer authentication when you log into Internet banking. So that way we are more core to the system than peripheral. So we think that the switchability or replacement is a cumbersome affair for anybody that once they implement it, they try and do that.
Unidentified Participant
Understood. Thank you so much. I’ll join back with you.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Surbhi from Bellwether Capital. Please go ahead.
Surbhi Soni
Hi, I wanted to understand more on the cross sell opportunities. I think we were looking at some opportunities and identity and access management solution in the US wanted to get some sense on what’s the traction there and is anything materializing
Unidentified Participant
The identity access management we have not taken to the US because that is still not part of the full plan. More focus was on certificate lifecycle management where there is, you know, good traction building up. And like we said, the new order that we won is giving more impetus to that as of now. So as of now the identity access management product, the immediate focus for this year is to take it to adjoining markets outside of India because we have strong references and credibility built here. So some of the other emerging markets in Asia Pacific, maybe Middle East, Africa is where the first attempt will be.
Surbhi Soni
Another one bookkeeping question. What will be the full year contribution from cryptos on the revenue and pipe side?
Venkatraman Srinivasan
Last year Crypto’s revenue was 85 crore for the whole year. And from a bad side almost to break even like what I described. In the last quarter, the first quarter of integration it was some maybe 2 crore or 1.6 crore loss. And in the second quarter of integration it was some 2 crore profit. So not much, maybe totally 1 or 2 crore profit.
Surbhi Soni
And from an efficiency perspective for profitability, where do you expect cryptos to be with once we replace the product with our solution?
Venkatraman Srinivasan
Yeah, no, that is a continuous airfire. So now already in eight or nine conversation instead of the other American company CLM solution, we are proposing our CLM solution solution. Once those happens then the profitability will increase. This year almost we are expecting estimating almost over a million dollars of profit from the cryptos. But that will also depend on how far we are able to they are able to sell our CLM solution instead of the American under CLM solution and all that.
Unidentified Participant
And as you know, the sales cycle in Europe typically tend to be long.
Venkatraman Srinivasan
Yeah. Because
Unidentified Participant
All of these are large banks. So we are also waiting or planning for that kind of sales cycle.
Surbhi Soni
Understood. Okay. Thank you so much.
Venkatraman Srinivasan
Yeah. Thank you.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Venkataraman Srinivasan 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, certificate partners. Thank you. Once again. Thank you.
Operator
Thank you on behalf of Emudra limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.