EMUDHRA FUDAMENTAL & TECHNICAL RESEARCH REPORT

eMudhra Ltd (NSE: EMUDHRA, BSE: 543533), Bengaluru, is India’s largest licensed certifying authority (CCA-licensed, digitalsignature certifi cates and eSign) and the only Indian CA listed in all major browser trust stores. It has grown into a digital-trustand cybersecurity product company : emCA (PKI), CertiNext (certifi cate lifecycle management), SecurePass (identity andaccess), emSigner (paperless workfl ows) and PrivaTrust (data privacy). FY26 revenue mix: Enterprise Solutions 59%, TrustServices 20%, Services 21%; international revenue 64% (North America 34%, India 36%, Europe 12%). Virtually debt-free (D/E0.03); ICRA A (Stable) reaffi rmed 29-Jun-2026. Event 1 - growth is real, and guided. FY26 total income Rs 713 Cr (+35%) , PAT Rs 110 Cr (+26%) ; Q1 FY27 income Rs 192.5 Cr(+28%, ~13pp from the Cryptas acquisition), EBITDA +40% (26.2% margin), PAT Rs 32 Cr (+28%). FY27 guidance is unchanged: ~18% organic revenue growth and ~25% PAT growth , with a stated goal of doubling PAT in three years. The bottom-up checkholds: the Rs 238 Cr enterprise order book × the 2.2-2.3x conversion management cites gives Rs 524-547 Cr of FY27 enterpriserevenue (+27-32% on FY26), with services fl at and Trust +15-20%.