eMudhra Limited

eMudhra Limited

EMUDHRA.NS
eMudhra LimitedIN flagNational Stock Exchange of India
434.95
INR
+2.65
- -
35.68BMarket Cap
eMudhra Limited
EMUDHRA.NS
(National Stock Exchange of India)

Recent

price

434.95

P/E

ratio

- -

div

yld

- -

ROIC.AI

2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
13.01
14.92
18.75
23.39
33.68
48.41
63.87
- -
70.6
Revenue per Share
2.23
2.13
2.49
5.3
8.35
9.74
10.41
- -
11.27
Basic EPS, GAAP
-2.77
0.05
0.87
-6.17
-3.86
-0.17
2.26
- -
- -
Free Cash Flow per Basic Share
0.07
0.08
0.09
0.03
1.28
1.22
1.24
- -
- -
Dividend per Share
7.44
9.5
11.37
15.51
22.62
30.58
38.18
- -
- -
Book Value per Share
2.4
4.48
8.91
11.06
43.29
64.87
54.45
- -
- -
Tangible Book Value per Share
78
78
70
78
74
77
81
- -
81
Basic Weighted Avg Shares
1,016
1,164
1,316
1,826
2,488
3,731
5,194
7,016
5,742
Sales/Revenue/Turnover
23.66
20.66
23.68
29.75
28.76
26.02
19.36
17.9
18.58
Operating Margin (%)
85
86
88
131
158
208
238
343
250
Depreciation Expense
174
166
175
414
617
751
846
1,078
917
Net Income, GAAP
19.45
19.99
18.67
18.47
16.6
17.6
18.78
16.19
18.08
Effective Tax Rate (%)
17.16
14.29
13.27
22.67
24.79
20.12
16.3
15.36
15.96
Profit Margin (%)
140
186
110
208
1,923
3,638
3,288
2,778
- -
Working Capital
188
262
349
301
62
- -
- -
158
- -
LT Debt
756
931
1,166
1,541
3,924
6,621
7,473
9,126
- -
Total Equity
- -
16.27
16.63
22.27
18.4
14.61
11.42
12.32
- -
Return on Invested Capital (%)
- -
14.11
7.47
26.15
33.21
34.44
29.55
29.27
173.21
Return on Capital (%)
- -
25.18
22.68
41.22
42.81
37.27
30.99
30.04
- -
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
81
- -
Market Capitalization
75,960
69,229
62,453

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
4,262
- -
Cash, Cash Equivalents & STI
- -
1,863
- -
Accounts Receivable, Net
- -
1,455
- -
Inventories
- -
14
- -
Total Current Liabilities
- -
974
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
58.1%
22.12%
Free Cash Flow
- -
-579.82%
-385.21%
Net Income, GAAP
- -
49.58%
27.36%
Sales/Revenue/Turnover
- -
39.85%
35.08%
Total Cash Common Dividend
- -
667.04%
0.63%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
797
963
974
997
3,731
2025
924
1,412
1,388
1,469
5,194
2026
1,473
1,880
1,934
- -
7,016

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.07
2.43
2.65
- -
9.74
2025
2.2
2.7
2.58
2.94
10.41
2026
3.05
3.5
3.53
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.22
2025
- -
- -
- -
- -
1.24
2026
- -
- -
- -
- -
- -
Business
eMudhra Limited is a Bengaluru-based digital trust and enterprise solutions company, incorporated in 2008, specializing in secure digital authentication and document processing automation. The company offers a comprehensive portfolio of products and services, including digital signature certificates; public key infrastructure (PKI) solutions such as emCA (Certificate Authority) for issuance and management of digital certificates; emSigner enterprise and bank-specific eSignature workflow solutions for paperless offices; multi-factor authentication; identity and access management (IAM) through emAS; digital trust services comprising private trust services, SSL/TLS certificates, code signing, email encryption, IoT device certificates; and managed digital signature services like eSign and bulk sign. These solutions serve diverse industries including banking, government, manufacturing, healthcare, telecom, electric vehicles, and enterprises globally. Recently, eMudhra has expanded its cybersecurity capabilities through the acquisition of three US-based cybersecurity firms and strengthened its digital security and paperless transformation offerings. The company is focusing on scaling enterprise solutions, which now account for a larger portion of revenues, with products like CertiNext for certificate discovery, SecurePass for authentication and access management, and enhancement of its cloud-delivered solutions. It has also navigated regulatory changes impacting digital signature USB token standards, which slightly affected revenue but aligned operations with updated compliance requirements. eMudhra projects robust revenue growth of 25-30% for fiscal year 2024-2025, supported by increased penetration in existing and new markets, continual product innovations, and expanded service delivery in India and abroad. eMudhra operates as the largest licensed Certifying Authority in India under government oversight, issuing over five million digital certificates and serving over 600,000 active global users. Its digital trust services underpin secure online transactions related to tax filings, corporate compliance, foreign trade, banking, and various governmental applications. The company's enterprise solutions facilitate digital transformation through secure document signing, authentication, and workflow automation. eMudhra continues to innovate in digital identity, AI-driven security, and certificate lifecycle management, positioning itself as a leading digital trust service provider with significant market share across India and international regions. The company maintains a strategic focus on building a secure digital ecosystem that enables seamless and compliant digital interactions across sectors, leveraging both on-premise and cloud delivery models. Its broad offerings are designed to meet the stringent security and regulatory needs of highly regulated industries such as banking, financial services, and government agencies, ensuring scalability, ease of use, and robust data protection in its solutions. eMudhra Limited holds significant reputational and operational positioning within the digital security landscape, driving paperless transformation, secure digital identity, and automation for enterprises and governments worldwide. It recently enhanced its market presence through acquisitions and product innovation, solidifying its role as a comprehensive digital trust services provider headquartered in Bengaluru, India.