/** blogpostTitle: eMudhra FY2026: International scale, product-led growth, and a clear AI security narrative blogpostSlug: emudhra-fy2026 blogpostCoverImageUrl: null blogpostCoverImageDescription: Ultra-realistic corporate financial scene showing a clean desk with a laptop displaying a revenue mix dashboard and growth line chart. The dashboard shows five region segments and three business lines, with a rising total income curve and margin indicators. Subtle cybersecurity motifs like certificate icons and identity nodes appear as abstract UI elements. No logos or readable text, neutral lighting, professional boardroom aesthetic. blogpostShortTitle: eMudhra FY26 results and FY27 outlook */

eMudhra FY2026: International scale, product-led growth, and a clear AI security narrative

eMudhra closed FY2026 with another year of strong top line momentum and steady profitability, while continuing to reshape the business toward product-led growth and international markets. Total income for the year was INR 7,132 million, up 35.1% year on year. EBITDA rose 32.6% to INR 1,654 million, with an EBITDA margin of 23.2%. Profit after tax came in at INR 1,100 million, up 26.2%, with a PAT margin of 15.4%.

The company’s message to investors was consistent across the earnings presentation and the call. eMudhra wants to be seen as “trust infrastructure for the AI economy”. It is positioning identity, certificates, and legally enforceable digital signatures as foundational layers that become more critical as agentic AI increases machine-to-machine activity, expands the attack surface, and accelerates the need for zero trust and post-quantum cryptography.

A year led by Enterprise Solutions, with Services steady and Trust Services growing

eMudhra operates through three lines of business: Enterprise Solutions, Services, and Trust Services. In FY2026, Enterprise Solutions contributed 59% of revenue and grew 55% year on year. Management attributed this to a combination of organic growth of 23% and acquisitive growth of 32%. Services contributed 21% of revenue and was flat at 0.1% growth, which management described as broadly in line with global IT services trends. Trust Services contributed 20% of revenue and grew 32% year on year.

Within Trust Services, the presentation provided a clear mix. Digital Signature Certificates and retail eSign contributed 94% of Trust Services revenue, while SSL and TLS certificates contributed 6%. The narrative here was pragmatic. The company highlighted that domain-validated TLS is commoditised due to free offerings such as Let’s Encrypt, but also pointed to compliance and automation requirements, and to the long-term tailwind of TLS validity shrinking to 47 days by 2029, which could increase renewal frequency and lifecycle management demand.

The company also described operational drivers inside Indian Trust Services. In the call, management said growth was supported by enhancements to the partner model, higher mix of combo certificates rather than a simple DSC, growth in direct retail, and the addition of tokens as a separately sold product now available on the portal. It also noted that eSign volumes in BFSI were running at well over 3 lakh daily transactions.

Financial summary (consolidated)

International markets are now the centre of gravity

International revenue reached 64% of total revenue in FY2026, and the company reported international growth of 38.7% year on year. The FY2026 region mix was India 36%, North America 34%, Europe 12%, Middle East and Africa 11%, and Asia Pacific 7%.

This international shift is not just a revenue statistic. Management emphasised infrastructure choices and a delivery footprint intended to support data sovereignty requirements. On the call, eMudhra stated that it now operates data centers in the United States, Europe, the UAE and India. The investor presentation also called out that US data centers are live, enabling local TLS issuance and lifecycle management, improving latency, regulatory alignment, and enterprise adoption.

North America remained a key focus area in both documents. Management highlighted a large TLS certificate order for a US university federation consortium called InCommon, with around 700 universities enrolled. While the company did not quantify the deal, it framed the win as strategically important because it increases visibility across a wide institutional network and supports credibility in a market where global competitors are entrenched.

Europe is being addressed through the Cryptas acquisition, which brought PrimeSign and an eIDAS-aligned trust portfolio. Management said integration is ongoing and that cross-selling its certificate lifecycle management platform into the Cryptas base is a near-term priority. The presentation indicated cross-sell deals are expected to close in the next one to two quarters, while the call added colour on profitability. Cryptas delivered about INR 85 crore of revenue last year and was roughly break-even on profits. Management estimated over USD 1 million of profit from Cryptas in FY2027, depending on how many customers switch from an American CLM solution to eMudhra’s CLM.

The product narrative: CLM, IAM, and post-quantum readiness

eMudhra’s Enterprise Solutions portfolio is built around four proprietary platforms: emCA (certificate issuance), CertiNext (certificate lifecycle management), SecurePass (identity and access management), and emSigner (paperless transformation and signature workflows).

The company’s R&D messaging has become a central part of its equity story. Across FY2024 to FY2026, the company highlighted multi-year investments in post-quantum cryptography, converged identity, AI-driven capabilities, and a data privacy stack.

On post-quantum cryptography, the company described quantum-safe algorithm support across emCA and CertiNext, a crypto agility framework to reduce disruption when swapping algorithms, and CBOM analysis to build visibility into cryptographic assets before migration. In the call, management said several PQC proof-of-concepts are underway, mainly in BFSI, particularly large banks, and also in defence and critical government agencies. It also referenced that global directives suggest that critical infrastructure may need to transition by 2029 to 2030.

On identity, SecurePass was positioned as a converged identity platform for workforce, customer, machine, and device identity, with privileged access management and adaptive authentication. Management also addressed stickiness. In response to a question on switching, it stated that the authentication system becomes core to workflows such as banking login and customer authentication, making replacement cumbersome once implemented.

The company also spoke about a data privacy stack under development, aligned with India’s DPDP framework and Europe’s GDPR. The investor presentation stated first deals are expected in FY2027.

FY2027: guidance is conservative, and profitability is expected to outpace revenue

eMudhra provided explicit numeric guidance in the earnings call. Management expects FY2027 organic revenue growth of around 15% to 18%, and suggested that 18% is possible. It guided bottom line growth of around 25% to 30%, roughly 27% to 28%. Management also reiterated an ambition to double bottom line over a three-year timeframe.

The company expects the profitability differential to come from mix. It stated that product gross margins are higher than Services and Trust Services, and that as product contribution rises while Services remains flat, gross margin, EBITDA, and PAT should expand faster than revenue.

The presentation also included FY2027 operating assumptions: an Enterprise Solutions order book of INR 2,380 million, estimated R&D spend of 7% to 8% of revenue, an estimated ESOP provision of INR 98.00 million, and notional interest on acquisition liability of INR 28.72 million. Management also referenced delays in some Middle East orders due to the conflict environment, suggesting that timing can still affect conversions even if demand remains.

Takeaways

eMudhra’s FY2026 performance combined strong growth with a clear articulation of where the next wave of demand may come from. The company is leaning into certificate lifecycle management, identity and access management, and post-quantum readiness, while framing AI as a structural driver of both opportunity and urgency.

FY2027 guidance suggests management is prioritising predictability over aggressive targets, with revenue expected to grow in the high teens organically and profits expected to compound faster due to mix. The near-term execution markers to watch, based on the company’s own commentary, include conversion of cross-sell opportunities through Cryptas and PrimeSign, progress on PQC pilots in regulated sectors, and continued momentum in North America where recent TLS wins are being positioned as credibility-building anchors.