eMudhra Q2 FY27 Profit Up 26.63%, Revenue at Rs 206.99 Cr

eMudhra Limited reported consolidated revenue from operations of Rs 206.99 crore in Q2 FY27, up 19.73% year-on-year, while net profit rose 26.63% to Rs 33.48 crore for the quarter ended September 30, 2026. The results show profit growth exceeding revenue growth during the July-September quarter.

What did eMudhra report in Q2 FY27?

eMudhra reported higher consolidated revenue, operating profit and net profit for Q2 FY27 compared with the corresponding quarter of the previous year. Revenue from operations increased to Rs 206.99 crore from Rs 172.88 crore, while operating profit rose to Rs 49.74 crore from Rs 41.25 crore.

Consolidated net profit attributable to the quarter was Rs 33.48 crore, compared with Rs 26.44 crore a year earlier. The company separately reported total income of Rs 209.31 crore, up 19.6% year-on-year, which includes income other than revenue from operations.

The Board of Directors approved the unaudited standalone and consolidated financial statements on November 4, 2026. The results cover the quarter and half year ended September 30, 2026, and were prepared under Indian Accounting Standards, or Ind AS.

How did income and expenses move during the quarter?

eMudhra's total income grew 19.6% year-on-year to Rs 209.31 crore in Q2 FY27. On a sequential basis, the company said total income was 8.8% higher than in the preceding quarter.

Total expenses increased 19.9% year-on-year to Rs 170.32 crore from Rs 141.93 crore. The expense growth was broadly in line with the increase in income, while net profit increased at a faster 26.63% rate.

The company reported EBITDA of Rs 51.30 crore and an EBITDA margin of 24.5%. Its reported PAT margin was 16.0%, indicating that Rs 16 of net profit was generated for every Rs 100 of total income during the quarter.

The difference between the stated operating profit of Rs 49.74 crore and EBITDA of Rs 51.30 crore reflects different reported performance measures in the available disclosures. Both metrics increased from the prior-year period where comparable operating-profit data were provided.

Which businesses supported eMudhra's growth?

eMudhra said Enterprise Solutions was the primary driver of growth, supported by demand in domestic and international markets. The business includes enterprise digital identity, public key infrastructure and paperless transformation platforms.

The company said Enterprise Solutions accounted for 66% of total revenue, while international markets contributed 66% of the overall revenue mix. Trust Services revenue was described as relatively stable during the period.

For the half year ended September 30, 2026, consolidated income from operations was Rs 401.76 crore and net profit attributable to owners was Rs 64.90 crore. Total comprehensive income attributable to owners was Rs 74.64 crore.

The half-year segment disclosure showed Trust Services revenue of Rs 201.38 crore, with a segment result of Rs 46.12 crore. Enterprise Solutions reported revenue of Rs 437.57 crore and a segment result of Rs 95.80 crore. These segment figures are reported measures and should not be added directly to consolidated income without considering segment reporting adjustments.

What do the results and TLS decision mean for investors?

eMudhra's Q2 FY27 numbers indicate that earnings expanded faster than revenue, with net profit rising 26.63% against a 19.73% increase in revenue from operations. The reported EBITDA margin of 24.5% and PAT margin of 16.0% provide reference points for investors tracking profitability alongside top-line growth.

The company also reported net cash flow from operating activities of Rs 43.06 crore for the half year ended September 30, 2026. Cash and cash equivalents increased by Rs 8.72 crore during the period to a closing balance of Rs 81.85 crore.

Following an October TLS certificate security incident, eMudhra said its infrastructure was not compromised and no data was breached. The Board decided to exit the Global SSL/TLS certificates business, and management said it expects no material financial impact from this decision.

For customers and enterprise users, the stated absence of a data breach and infrastructure compromise is relevant because the company operates in digital trust and identity-related services. For investors, the disclosed exit from Global SSL/TLS certificates is an operational development to monitor alongside the company's broader Trust Services and Enterprise Solutions performance.

Conclusion

eMudhra delivered year-on-year growth across revenue, operating profit and net profit in Q2 FY27. Revenue from operations reached Rs 206.99 crore, while net profit was Rs 33.48 crore, supported by Enterprise Solutions growth and a reported 24.5% EBITDA margin.

The next disclosed reference point is the company's performance in the remaining FY27 quarters, including the revenue contribution from Enterprise Solutions and Trust Services after the planned exit from Global SSL/TLS certificates. Investors can also track whether operating cash generation and reported margins remain aligned with revenue growth.