eMudhra Q2 FY27 Profit Rises 26.6% as Income Grows

eMudhra Limited reported consolidated net profit of ₹33.48 crore for the quarter ended September 30, 2026, up 26.6% year-on-year, while total income increased 19.6% to ₹209.31 crore. The results matter because profit growth exceeded income growth, while the company also decided to voluntarily withdraw from its Global SSL/TLS certificate business.

What were eMudhra's Q2 FY27 financial results?

eMudhra reported consolidated revenue from operations of ₹206.99 crore and total income of ₹209.31 crore in Q2 FY27. Consolidated net profit attributable to the quarter was ₹33.48 crore, compared with ₹26.44 crore in the corresponding quarter a year earlier. The company described the profit increase as 26.6% year-on-year.

EBITDA for the quarter stood at ₹51.30 crore, translating into an EBITDA margin of 24.5%. The reported PAT margin was 16.0%. Total expenses rose 19.9% year-on-year to ₹170.32 crore from ₹141.93 crore, broadly tracking the rise in income. Net profit grew faster than income, with the company citing a lower effective tax rate as a contributing factor.

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

How did eMudhra perform in the first half of FY27?

eMudhra's consolidated total income for the half year ended September 30, 2026 was ₹401.76 crore, while net profit attributable to owners was ₹64.90 crore. The company separately reported first-half PAT of about ₹65.40 crore in its earnings summary, with growth of 27.1% year-on-year. Total comprehensive income attributable to owners was ₹74.64 crore.

On a standalone basis, total income from operations for the first half was ₹140.47 crore and net profit was ₹21.02 crore. Standalone total comprehensive income was ₹20.94 crore. The difference between standalone and consolidated figures reflects the reporting of the group’s businesses within the consolidated accounts.

The consolidated balance sheet showed total assets of ₹1,267.84 crore as of September 30, 2026. Total equity and liabilities were equal at ₹1,267.84 crore. On a standalone basis, total assets and total equity and liabilities were each ₹672.77 crore.

Which business segments supported eMudhra's results?

eMudhra said growth was primarily supported by its Enterprise Solutions segment, which saw traction in domestic and international markets. For the half year, Enterprise Solutions reported total revenue of ₹437.57 crore and a segment result of ₹95.80 crore.

The Trust Services segment recorded half-year total revenue of ₹201.38 crore and a segment result of ₹46.12 crore. These segment revenue figures are reported as segment totals and should not be directly added to consolidated income without considering eliminations or other reporting items not detailed in the release.

Enterprise Solutions covers the company’s platform-led operations, while Trust Services remains a material reported segment. The quarterly results indicate that the Enterprise Solutions business was the principal stated driver of income growth during the period.

Why is eMudhra leaving the Global SSL/TLS certificate business?

eMudhra said it will voluntarily withdraw from the Global SSL/TLS Certificate Business following an independent review related to certificate key generation. The decision followed an October TLS certificate security incident, according to the company’s earnings summary.

Management stated that the company’s infrastructure was not compromised and that no data breach occurred. It also said the Global SSL/TLS certificate business contributes approximately 1% of global revenue, and therefore the withdrawal is not expected to have a material financial impact.

The exit focuses attention on the company’s larger Trust Services and Enterprise Solutions operations. The company has presented the decision as a move to focus on its core platforms rather than a change to its broader reported financial outlook.

What do the cash flows and balance sheet indicate?

eMudhra generated net cash flow from operating activities of ₹43.06 crore during the first half of FY27. This was partly offset by investing cash outflow of ₹7.06 crore and financing cash outflow of ₹21.10 crore.

The net result was an increase of ₹8.72 crore in cash and cash equivalents during the half year, taking the closing cash and cash-equivalent balance to ₹81.85 crore. Operating cash generation was therefore positive over the six-month period despite cash used in investing and financing activities.

For investors, the reported figures show a quarter of income and profit growth alongside positive half-year operating cash flow. The TLS withdrawal is financially limited based on management’s stated estimate, but its execution remains relevant because it follows a review of certificate key generation.

Conclusion

eMudhra delivered higher Q2 FY27 income and a faster increase in consolidated profit, with ₹33.48 crore of quarterly net profit on ₹209.31 crore of total income. Enterprise Solutions was identified as the key growth contributor, while margins remained supported despite a near-20% increase in total expenses.

The next areas to monitor are the company’s progress in focusing on core platforms after withdrawing from Global SSL/TLS certificate sales and whether the segment mix continues to support growth. Management has stated that the TLS business accounts for about 1% of global revenue and expects no material financial impact from the exit.