eMudhra Limited overseas revenue reaches Rs 259.724 crore

eMudhra Limited reported Rs 259.724 crore in Enterprise Solutions external sales outside India for the half year ended September 30, 2026, up from Rs 201.380 crore a year earlier. The overseas business was eMudhra’s largest reported revenue stream and accounted for about 65% of consolidated external sales of Rs 397.704 crore.

What drove eMudhra’s first-half revenue growth?

eMudhra’s Enterprise Solutions business outside India drove first-half revenue growth, adding Rs 58.344 crore year on year to reach Rs 259.724 crore in the half year ended September 30, 2026. That was an increase of about 29% from Rs 201.380 crore in the half year ended September 30, 2025, while consolidated external sales increased about 24% to Rs 397.704 crore from Rs 320.174 crore.

The overseas Enterprise Solutions increase represented roughly three quarters of eMudhra’s Rs 77.530 crore rise in consolidated external sales. Enterprise Solutions in India added Rs 22.059 crore of revenue, reaching Rs 75.874 crore from Rs 53.815 crore, while Trust Services revenue declined by Rs 2.873 crore to Rs 62.106 crore from Rs 64.979 crore.

The segment disclosure separates Enterprise Solutions between India and outside India, but does not identify the countries, customers, products or contract wins behind the Rs 259.724 crore overseas total. The three reported segment revenue lines add to eMudhra’s consolidated income from operations of Rs 397.704 crore for the six-month period.

How did overseas Enterprise Solutions perform during the September quarter?

eMudhra recorded Rs 134.260 crore of Enterprise Solutions external sales outside India in the quarter ended September 30, 2026, compared with Rs 125.464 crore in the quarter ended June 30, 2026. The Rs 8.796 crore sequential increase meant the overseas segment accounted for about 65% of consolidated quarterly external sales of Rs 206.989 crore.

Compared with the quarter ended September 30, 2025, overseas Enterprise Solutions revenue increased by Rs 25.534 crore from Rs 108.726 crore, or about 23%. Enterprise Solutions in India rose by Rs 10.691 crore to Rs 39.038 crore from Rs 28.347 crore, whereas Trust Services revenue declined by Rs 2.111 crore to Rs 33.691 crore from Rs 35.802 crore.

Consolidated external sales increased to Rs 206.989 crore in the September 2026 quarter from Rs 190.715 crore in the preceding June 2026 quarter and Rs 172.875 crore in the September 2025 quarter. The September quarter supplied slightly more than half of the Rs 259.724 crore overseas Enterprise Solutions revenue reported for the first half, but the filing provides no order book, customer-retention data or revenue target beyond September 30, 2026.

How did segment profit compare with revenue growth?

eMudhra’s Enterprise Solutions segment result outside India was Rs 51.876 crore in the half year ended September 30, 2026, up Rs 5.753 crore from Rs 46.123 crore a year earlier. Enterprise Solutions in India generated a segment result of Rs 39.896 crore, an increase of Rs 8.433 crore from Rs 31.463 crore in the corresponding prior-year half.

The combined segment result for Trust Services and the two Enterprise Solutions geographies increased to Rs 115.685 crore from Rs 99.184 crore. Trust Services segment result rose to Rs 23.912 crore from Rs 21.598 crore, even as its first-half revenue declined to Rs 62.106 crore from Rs 64.979 crore.

The filing deducts unallocated corporate expenses less income of Rs 36.284 crore, compared with Rs 33.986 crore a year earlier, from total segment result to reach operating profit of Rs 79.401 crore. Segment result is therefore not equivalent to consolidated operating profit because corporate costs are reported separately rather than being assigned to the three revenue segments.

Consolidated profit before tax was Rs 77.156 crore for the six months, compared with Rs 64.088 crore in the prior-year half. Net profit increased to Rs 65.475 crore from Rs 51.466 crore after income-tax expense of Rs 11.738 crore, versus Rs 12.624 crore a year earlier; the filing does not allocate tax, interest expense or corporate costs by geography.

What do eMudhra’s segment assets and liabilities show?

eMudhra reported assets of Rs 877.560 crore assigned to Enterprise Solutions outside India at September 30, 2026, compared with Rs 708.447 crore at September 30, 2025. The overseas business held the largest reported segment asset base, above Rs 91.675 crore for Enterprise Solutions in India and Rs 8.407 crore for Trust Services.

Enterprise Solutions outside India reported liabilities of Rs 209.649 crore at September 30, 2026, compared with Rs 206.001 crore a year earlier. India Enterprise Solutions liabilities were Rs 2.371 crore and Trust Services liabilities were Rs 4.005 crore, while unallocated corporate liabilities were Rs 71.629 crore.

Unallocated corporate assets stood at Rs 290.200 crore at September 30, 2026, taking eMudhra’s total consolidated assets to Rs 1,267.842 crore. Total consolidated liabilities were Rs 287.655 crore, compared with total assets of Rs 1,213.433 crore and liabilities of Rs 300.843 crore at March 31, 2026.

For the year ended March 31, 2026, Enterprise Solutions outside India generated revenue of Rs 437.572 crore out of consolidated revenue of Rs 701.580 crore and had segment assets of Rs 797.048 crore. The September 2026 asset figure was therefore Rs 80.512 crore above the March balance, although the half-year revenue period and full-year revenue period are not like-for-like measures.

Conclusion

eMudhra’s September 2026 half-year disclosure shows that Enterprise Solutions outside India remained its largest reported revenue contributor, producing Rs 259.724 crore of external sales and Rs 51.876 crore of segment result. Enterprise Solutions in India also expanded to Rs 75.874 crore, while Trust Services revenue fell to Rs 62.106 crore, concentrating reported revenue growth in the two Enterprise Solutions geographies.

The next disclosed matter to watch is eMudhra’s voluntary withdrawal from the Global SSL/TLS Certificate Business, which its board decided on October 22, 2026 after eight intermediate certificates were revoked on October 18, 2026. Management said it expected no material financial impact, while eMudhra appointed KPMG as an independent external reviewer to examine the matter.