EMUDHRA

's Strong Q1FY26 Performance and Global Expansion Strategy

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reported a strong Q1FY26 financial performance, with consolidated revenue growing 59.3% YoY to ₹147.3 crore, driven by robust international traction and steady domestic demand, especially from the BFSI and government sectors. → Profitability remained healthy, with EBITDA at ₹34.7 crore (up 29.1% YoY) and a stable margin of 23.5%, while net profit increased by 39.4% to ₹24.9 crore, translating to a 16.9% net margin. → The Enterprise Solutions segment scaled rapidly, contributing ₹118.1 crore, fueled by significant deals such as PKI/TLS implementation for a North American FMCG giant, certificate lifecycle management for a UAE bank, and secure authentication for India's defense sector. → The enterprise order book expanded by 28% YoY, with the average deal size doubling to ₹10–20 crore, and direct sales contributing a strong 62% of enterprise revenues. → The company's software-centric model is underscored by strong enterprise software margins of 80–85%, reducing reliance on hardware. → eMudhra maintained a premium pricing for its two-year Digital Signature Certificate (₹1,500 plus GST) over peers, mitigating potential reseller churn by increasing commissions for larger channel partners (from 40% to 45–55%). → Strategic acquisitions, funded by internal accruals (cash reserves stood at ₹175 crore), include Cryptas in Austria for access to the DACH region and AI CyberForge in North America for secure credential and secrets management, closing a product gap with global rivals. → Global expansion is also targeting frontier geographies through capital-light partnerships with LankaPay in Sri Lanka and Pacific Technology in Nepal, and the launch of direct operations in Kazakhstan. → The company has revised its FY26 revenue guidance upwards to ₹675–700 crore, factoring in the acquired entity Cryptas's contribution, while maintaining a PAT margin guidance of 16–16.5% despite initial dilution from new integrations.