eMudhra Starts FY27 Strong with 28% Revenue Growth, Expands Global Cybersecurity and Digital Trust Business (Transcript)

eMudhra Limited has delivered a strong start to FY27, reporting healthy growth in revenue, profitability, and international business while doubling down on cybersecurity, digital identity, and AI-driven trust solutions. The company shared these updates during its Q1 FY27 earnings call held on July 30, 2026.

The quarter highlighted strong momentum in eMudhra’s Enterprise Solutions business, successful integration of its European acquisition Cryptas, and continued investments in next-generation technologies such as post-quantum cryptography and AI trust infrastructure.

Q1 FY27 Financial Highlights

eMudhra reported robust year-on-year growth across key financial metrics:

Management attributed the strong profitability to a richer mix of high-margin Enterprise Solutions revenue and a temporary reduction in lower-margin hardware token sales.

Enterprise Solutions Becomes the Main Growth Engine

The standout performer was the Enterprise Solutions segment, which grew around 50% YoY and contributed 65% of total income.

According to management:

• About 13% of total income growth came from the Cryptas acquisition

• The remaining growth was organic, driven by strong demand for cybersecurity and digital identity solutions

• International markets contributed 66% of revenue

This confirms eMudhra’s ongoing transformation from a domestic digital signature provider into a global enterprise cybersecurity and trust platform company.

Europe Shows Early Success from Cryptas Integration

One of the most important developments in the quarter was the integration of Cryptas, eMudhra’s European acquisition.

The company announced:

• The first sale of CertiNext (certificate lifecycle management platform) to a large German data center operator

• The first mSigner deployment integrated with PrimeSign for an Austrian city municipality

These wins are significant because they demonstrate successful cross-selling of eMudhra products into the existing Cryptas customer base.

Cryptas contributed approximately ₹20 crore in revenue during Q1 FY27, which management described as a seasonally weaker quarter for Europe.

Cybersecurity and AI: The Next Big Opportunity

Management emphasized that AI and cybersecurity are becoming increasingly interconnected.

As enterprises adopt Agentic AI and autonomous systems, eMudhra sees a large opportunity in:

• Digital identities for AI agents

• Certificate lifecycle management

• Privileged access management

• AI trust and governance

• Post-quantum cryptography

The company has already introduced Cryptographic Bill of Materials (CBOM) analysis within CertiNext, helping organizations identify where cryptography is deployed across their IT environments and prepare for the transition to post-quantum cryptography.

This positions eMudhra to benefit from emerging regulatory and enterprise spending around quantum-safe security infrastructure.

SecurePass Gains Momentum in Banking and Government

Management highlighted strong demand for SecurePass, eMudhra’s identity and access management platform.

Key drivers include:

• RBI and capital market cybersecurity mandates

• Growing focus on privileged access management (PAM)

• Increasing concern around data breaches

• Large enterprise and government deployments

Typical SecurePass deal sizes for large banks and government entities were indicated to be in the ₹4–6 crore range initially, with full-suite implementations potentially exceeding ₹10 crore per customer.

The company is also exploring expansion of SecurePass into Southeast Asia, Africa, and the Middle East.

UAE Trust Service Launch Nears Completion

eMudhra is in the final stages of obtaining a Qualified Trust Service Provider (QTSP) license in the UAE.

Management expects the license process to be completed towards the end of Q2 or early Q3 FY27.

The UAE offering will be:

• Enterprise-focused

• Integrated with local identity infrastructure

• Complementary to the existing emSigner platform

• Targeted at banks and regulated entities

This could become an important growth driver for the Middle East business over the next few years.

Temporary Headwind in Trust Services

The Trust Services business saw a temporary decline due to the industry transition to FIPS 140-3 compliant digital signature tokens.

Management clarified:

• Channel partners reduced inventory of legacy tokens

• The impact was mainly on top-line revenue

• The effect on profitability was limited because token margins are relatively low

• Volumes are expected to normalize after certification approvals, likely around September 2026

Long-Term Vision: Double PAT in Three Years

eMudhra reiterated its medium-term growth strategy:

Organic revenue growth: 18–20% annually

PAT growth target: 25% annually

Goal: Double profit after tax in three years

Management expects Enterprise Solutions to grow faster than Trust Services and Services, making it the primary driver of both revenue growth and margin expansion.

The company remains cautious on acquisitions, focusing only on opportunities that are:

• Reasonably valued

• Strategically aligned

• Culturally compatible

• Capable of creating long-term shareholder value

Margin Outlook

For FY27, management indicated that EBITDA margins are likely to remain around 25%, while PAT margins may stay in the 16–16.5% range.

Additional investments in international sales teams and senior leadership are expected to offset some operating leverage from higher product revenue.