eMudhra Limited — Investor Meet, 12-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

eMudhra reported FY25 revenue of INR 527.8 Cr, up 39% YoY. Adjusted EBITDA rose 16% to INR 141.3 Cr (27% margin), and adjusted PAT grew 17% to INR 94.6 Cr (18% margin). Q4 revenue was INR 149.3 Cr (+45% YoY), EBITDA INR 37.2 Cr (+2%), and PAT INR 24.3 Cr (+15%). International business now makes up 62% of revenue, with acquisitions adding 28%. Growth was driven by 20% organic increase, led by solutions (+27%), while Trust Services stayed flat.

Management sees strong momentum in government and BFSI segments in India and rising partner-led sales globally. They are enhancing products with AI-powered emSigner features, certificate lifecycle management, identity/access security, and plan full homomorphic encryption within 3-6 months. FY26 focus includes European expansion, SMB reseller growth in India, and deeper AI-driven automation.

Order book is INR 190 Cr, with targets of 25-30% revenue growth and stable margins despite one-offs. Services revenue remains steady at INR 35-40 Cr quarterly. Receivables are steady at ~95 days. European expansion involves acquisitions and senior hires. US private PKI trials are progressing, with partner-led sales gaining traction.

eMudhra’s broad international presence, solid organic and inorganic growth, AI-driven products, and healthy order book underpin confident prospects for consistent growth and margin stability.