EMUDHRA

eMudhra Limited

Digital trust and identity security platform offering PKI certificates and digital signatures

Information Technology›Information Technology›IT - Services›IT Enabled Services

emudhra.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹555.85
Market cap
4,570 Cr
Stock P/E
39.7
P/B
5.01
Dividend yield
0.2%
ROE (FY26)
11.8%
ROCE (FY26)
14.6%
Operating margin (FY26)
17.8%
Debt / equity (FY26)
0.03
OCF / EBITDA (FY26)
83.5%
OCF / EBITDA (3Y)
78.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

eMudhra builds digital-trust and identity-security software and services, including digital signature certificates, certificate management, authentication and e-signing products, sold to enterprises, governments and other institutions in India and abroad.

Company snapshot

13thBy market cap

Ranked among 56 companies in IT Enabled Services.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 66.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Enterprise solutions- India
15.6%
22 Cr11 Cr0 Cr
Enterprise solutions- Outside India
66.4%
92 Cr23 Cr0 Cr
Trust services
17.9%
25 Cr9 Cr0 Cr

What we see

Positives
  • ✓Net margin of 15.7% — the business keeps a healthy share of every rupee it earns.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales96 Cr97 Cr100 Cr92 Cr141 Cr139 Cr147 Cr147 Cr173 Cr188 Cr193 Cr191 Cr
Operating expenses (approx.)68 Cr73 Cr67 Cr66 Cr109 Cr109 Cr112 Cr113 Cr132 Cr147 Cr151 Cr141 Cr
EBITDA28 Cr25 Cr33 Cr27 Cr32 Cr30 Cr35 Cr35 Cr41 Cr41 Cr42 Cr50 Cr
OPM %29.3%25.3%33.0%29.1%22.9%21.5%23.7%23.5%23.9%21.9%21.7%26.0%
Other income0.40 Cr2 Cr3 Cr3 Cr1 Cr2 Cr2 Cr3 Cr2 Cr3 Cr3 Cr2 Cr
Interest0.39 Cr1 Cr1 Cr0.27 Cr0.68 Cr0.31 Cr-0.11 Cr0.20 Cr0.91 Cr1 Cr3 Cr1 Cr
Depreciation5 Cr5 Cr6 Cr6 Cr6 Cr6 Cr6 Cr7 Cr9 Cr9 Cr9 Cr12 Cr
Profit before tax23 Cr20 Cr29 Cr24 Cr27 Cr25 Cr31 Cr31 Cr33 Cr34 Cr33 Cr38 Cr
Tax %18.5%2.3%27.8%23.1%17.8%11.8%22.0%19.5%19.9%14.9%10.7%16.1%
Net profit19 Cr20 Cr21 Cr18 Cr22 Cr22 Cr24 Cr25 Cr26 Cr29 Cr30 Cr32 Cr
EPS (₹)₹2.43₹2.65₹2.62₹2.21₹2.71₹2.58₹2.94₹3.05₹3.09₹3.50₹3.53₹3.91

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales102 Cr116 Cr132 Cr183 Cr249 Cr373 Cr519 Cr702 CrSign in free for the trailing twelve months
Operating expenses (approx.)69 Cr85 Cr92 Cr115 Cr161 Cr264 Cr395 Cr543 CrSign in free for the trailing twelve months
EBITDA32 Cr32 Cr40 Cr68 Cr87 Cr110 Cr124 Cr159 CrSign in free for the trailing twelve months
OPM %31.7%27.4%30.3%37.1%35.1%29.4%23.9%22.7%Sign in free for the trailing twelve months
Other income0.10 Cr0.35 Cr0.86 Cr1 Cr5 Cr7 Cr8 Cr12 CrSign in free for the trailing twelve months
Interest0.26 Cr0.67 Cr0.84 Cr5 Cr3 Cr3 Cr1 Cr5 CrSign in free for the trailing twelve months
Depreciation9 Cr9 Cr9 Cr13 Cr16 Cr21 Cr24 Cr34 CrSign in free for the trailing twelve months
Profit before tax22 Cr23 Cr31 Cr50 Cr73 Cr93 Cr107 Cr131 CrSign in free for the trailing twelve months
Tax %19.5%20.0%18.7%18.5%16.6%17.6%18.8%16.2%Sign in free for the trailing twelve months
Net profit17 Cr18 Cr25 Cr41 Cr61 Cr76 Cr87 Cr110 CrSign in free for the trailing twelve months
EPS (₹)₹2.48₹2.37₹2.49₹5.86₹8.35₹9.74₹10.41₹13.14Sign in free for the trailing twelve months
Dividend payout %———0.7%-15.5%12.3%11.6%9.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital35 Cr35 Cr35 Cr35 Cr37 Cr40 Cr41 Cr41 Cr
Reserves41 Cr57 Cr72 Cr117 Cr355 Cr616 Cr705 Cr870 Cr
Borrowings27 Cr39 Cr31 Cr58 Cr25 Cr7 Cr—24 Cr
Other liabilities17 Cr27 Cr44 Cr48 Cr42 Cr80 Cr121 Cr277 Cr
Total liabilities120 Cr159 Cr192 Cr260 Cr460 Cr750 Cr868 Cr1,213 Cr
Fixed assets (net)15 Cr15 Cr66 Cr76 Cr100 Cr111 Cr115 Cr134 Cr
CWIP22 Cr40 Cr4 Cr43 Cr37 Cr30 Cr17 Cr19 Cr
Investments0.15 Cr0.15 Cr14 Cr0 Cr21 Cr4 Cr81 Cr46 Cr
Loans & advances———3 Cr59 Cr3 Cr5 Cr5 Cr
Inventories0.28 Cr1 Cr0.71 Cr2 Cr1 Cr3 Cr1 Cr4 Cr
Trade receivables21 Cr23 Cr15 Cr44 Cr67 Cr103 Cr145 Cr189 Cr
Cash & bank2 Cr9 Cr8 Cr0.03 Cr67 Cr225 Cr101 Cr58 Cr
Other assets59 Cr69 Cr85 Cr91 Cr108 Cr271 Cr402 Cr758 Cr
Total assets120 Cr159 Cr192 Cr260 Cr460 Cr750 Cr868 Cr1,213 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity17 Cr23 Cr41 Cr35 Cr34 Cr73 Cr102 Cr133 Cr
Cash from investing-32 Cr-29 Cr-47 Cr-38 Cr-106 Cr-89 Cr-211 Cr-225 Cr
Cash from financing10 Cr12 Cr5 Cr5 Cr126 Cr176 Cr-21 Cr22 Cr
Net cash flow-5 Cr7 Cr-1 Cr6 Cr59 Cr158 Cr-124 Cr-43 Cr
Free cash flow (OCF − Capex)-15 Cr0.38 Cr20 Cr-12 Cr-29 Cr-1 Cr18 Cr-53 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.4%18.0%21.7%26.3%18.4%14.3%14.5%14.6%
ROE %23.1%17.9%15.0%27.0%15.7%11.3%11.3%11.8%
Debtor days767341889810110298
Inventory days15265131225
Days payable172410269221985479
Cash conversion cycle615434-116-110155024
OCF / EBITDA %52.1%72.8%102.5%51.7%38.4%66.2%82.0%83.5%
OCF / EBITDA % (3 years)——77.8%71.1%56.2%53.3%64.7%78.2%
Debt / equity0.350.420.290.380.060.01—0.03
Current ratio1.671.531.321.334.435.804.382.76
Net debt / EBITDA0.750.930.580.86-0.48-1.99-0.82-0.22