eMudhra Limited (IN:EMUDHRA)
:EMUDHRA
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eMudhra Limited
(EMUDHRA)
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Rating:72Outperform
Price Target:
₹512.00
▼(-11.14% Downside)
Action:Upgraded
Date:05/09/26
The score is primarily supported by strong financial performance (growth and a very conservatively levered balance sheet), partially offset by inconsistent free cash flow and recent margin compression. Technicals are moderately positive (near-term uptrend with positive MACD), while valuation is a meaningful headwind due to a higher P/E and a very low dividend yield.
Positive Factors
Recurring revenue from certificate issuance and enterprise subscriptions
eMudhra's core revenue mix—certificate issuance/renewals, enterprise licensing/subscriptions, and services—creates recurring, contractable revenue and customer stickiness. That recurring model supports predictable cash inflows and long-term client relationships, a durable foundation for growth over months.
Negative Factors
Gross margin compression in 2025–2026
Material decline in gross margin over 2025–2026 suggests rising costs, pricing pressure, or adverse mix. If persistent, margin compression degrades operating leverage, reducing the profitability benefit of revenue growth and weakening sustainable net margins over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue from certificate issuance and enterprise subscriptions
eMudhra's core revenue mix—certificate issuance/renewals, enterprise licensing/subscriptions, and services—creates recurring, contractable revenue and customer stickiness. That recurring model supports predictable cash inflows and long-term client relationships, a durable foundation for growth over months.
Read all positive factors
eMudhra Limited (EMUDHRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹38.92B
Dividend Yield0.21%
Average Volume (3M)7.81K
Price to Earnings (P/E)28.5
Beta (1Y)0.64
Revenue Growth35.08%
EPS Growth26.95%
CountryIN
Employees733
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)11.66
Shares Outstanding82,811,710
10 Day Avg. Volume5,450
30 Day Avg. Volume7,810
Financial Highlights & Ratios
PEG Ratio1.09
Price to Book (P/B)3.37
Price to Sales (P/S)4.37
P/FCF Ratio-59.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.9
Revenue Forecast (FY)₹9.56B
eMudhra Limited Business Overview & Revenue Model
Company Description
eMudhra Limited provides trust and enterprise solutions to individuals and organizations worldwide. The company offers digital trust services, such as individual/organization, SSL/TLS, code signing, email encryption, document signing, and X.509 Io...
How the Company Makes Money
eMudhra makes money primarily by selling digital trust and identity products and services, largely built around PKI. Key revenue streams include: (1) Issuance and renewal of digital signature certificates (DSCs) and other digital certificate produ...
eMudhra Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.06B | 7.02B | 5.19B | 3.73B | 2.49B | 1.83B |
| Gross Profit | 2.65B | 1.99B | 1.78B | 2.67B | 1.55B | 1.05B |
| EBITDA | 1.48B | 1.59B | 1.24B | 1.16B | 925.57M | 680.88M |
| Net Income | 950.23M | 1.08B | 846.38M | 750.64M | 616.77M | 414.04M |
Balance Sheet | ||||||
| Total Assets | 10.79B | 12.13B | 8.68B | 7.50B | 4.60B | 2.59B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 1.09B | 1.87B | 2.49B | 1.19B | 82.55M |
| Total Debt | 164.75M | 287.76M | 0.00 | 76.41M | 253.22M | 671.31M |
| Total Liabilities | 2.63B | 3.01B | 1.21B | 879.25M | 675.31M | 1.05B |
| Stockholders Equity | 8.13B | 9.11B | 7.45B | 6.56B | 3.92B | 1.53B |
Cash Flow | ||||||
| Free Cash Flow | -471.24M | -516.49M | 184.14M | -13.30M | -285.06M | -251.08M |
| Operating Cash Flow | 544.80M | 1.34B | 1.02B | 725.21M | 335.64M | 216.05M |
| Investing Cash Flow | -1.21B | -2.26B | -2.11B | -894.48M | -1.07B | -377.03M |
| Financing Cash Flow | 78.61M | 223.83M | -213.48M | 1.76B | 1.27B | 159.82M |
eMudhra Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹84.41B | 29.12 | ― | ― | 69.37% | -7.03% | |
72 Outperform | ₹38.92B | 28.47 | ― | 0.21% | 35.08% | 26.95% | |
68 Neutral | ₹32.22B | 23.95 | ― | 1.54% | -3.66% | 15.44% | |
62 Neutral | ₹31.90B | 10.58 | ― | 3.06% | 18.27% | 49.63% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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eMudhra Limited Corporate Events
Exchange Seeks Clarification From eMudhra After Sharp Share Price Move
Apr 9, 2026
Significant price movement has been observed in the shares of eMudhra Limited, prompting the stock exchange to seek clarification from the company. The exchange has requested updated, relevant information to safeguard investor interests and ensure...
eMudhra shareholders clear postal ballot resolutions via e-voting
Mar 14, 2026
eMudhra Limited has reported that shareholders approved the resolution(s) presented via a postal ballot conducted entirely through e-voting between February 12 and March 13, 2026, with the requisite majority. The vote, deemed passed as of March 13...
eMudhra Plans One-on-One Investor Meeting with Systematix on March 13
Mar 10, 2026
eMudhra Limited has scheduled a one-on-one meeting with investor Systematix on March 13, 2026, at its eMudhra Digital Campus in Bengaluru, as part of its ongoing engagement with analysts and institutional investors. The company notes that the sche...
eMudhra Launches Agentic AI Security Platform to Secure Autonomous Systems
Feb 26, 2026
eMudhra has launched an Agentic AI Security Platform, a trust infrastructure aimed at securing autonomous AI systems by assigning cryptographic identities, enforcing policy-based authorization, and enabling verifiable audit trails for AI agents op...
eMudhra Discloses Independently Assigned ESG Score of 76
Feb 26, 2026
eMudhra Limited has disclosed that CFC Finlease, a SEBI-registered ESG rating agency, has independently assigned the company an Environmental, Social and Governance score of 76 based solely on publicly available information. The company clarified ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.