eMudhra September-quarter profit rises 27% to Rs 33.478 crore

eMudhra Limited reported consolidated profit of Rs 33.478 crore for the quarter ended September 30, 2026, up 27% from Rs 26.442 crore a year earlier, while income from operations rose 20% to Rs 206.989 crore. Total expenses increased 20% to Rs 170.322 crore, and the lower tax charge helped profit growth exceed the rise in operating income.

How did eMudhra perform in the September 2026 quarter?

eMudhra reported profit of Rs 33.478 crore for the September 30, 2026 quarter, compared with Rs 26.442 crore in the September 30, 2025 quarter and Rs 31.997 crore in the June 30, 2026 quarter. Profit before tax rose to Rs 38.983 crore from Rs 33.016 crore a year earlier, while tax expense fell to Rs 5.580 crore from Rs 6.576 crore.

Income from operations was Rs 206.989 crore, against Rs 172.875 crore a year earlier and Rs 190.715 crore in the preceding quarter. Other income was Rs 2.316 crore, taking total income from operations to Rs 209.305 crore, compared with Rs 174.948 crore in the September 2025 quarter.

Profit attributable to owners of eMudhra was Rs 32.755 crore, versus Rs 25.276 crore a year earlier. Basic earnings per share, or EPS, were Rs 3.99 compared with Rs 3.09, and diluted EPS was Rs 3.96 compared with Rs 3.06; the company stated that quarterly EPS is not annualised.

Which costs changed during eMudhra’s September quarter?

eMudhra’s total expenses increased by Rs 28.390 crore year on year to Rs 170.322 crore in the September 2026 quarter. Operating expenses rose to Rs 76.085 crore from Rs 65.519 crore, employee-benefit expense increased to Rs 42.883 crore from Rs 36.384 crore, and other expenses reached Rs 20.722 crore from Rs 17.915 crore.

Depreciation and amortisation expense increased to Rs 12.023 crore from Rs 9.400 crore, while finance costs rose to Rs 1.049 crore from Rs 0.909 crore. Purchases of stock-in-trade were Rs 16.983 crore, up from Rs 14.556 crore, while the expense from changes in inventories was Rs 0.577 crore, compared with Rs 1.275 crore a year earlier.

The sequential comparison showed total expenses rising from Rs 154.285 crore in the June 2026 quarter to Rs 170.322 crore in the September quarter, while income from operations increased by Rs 16.274 crore. Employee-benefit expense increased by Rs 4.233 crore sequentially, and purchases of stock-in-trade rose by Rs 10.921 crore.

What did eMudhra report for the first half of fiscal 2027?

eMudhra reported first-half profit of Rs 65.475 crore for the half year ended September 30, 2026, compared with Rs 51.466 crore in the corresponding period of fiscal 2026. Income from operations rose to Rs 397.704 crore from Rs 320.174 crore, while total expenses increased to Rs 324.607 crore from Rs 261.480 crore.

First-half profit before tax was Rs 77.156 crore, compared with Rs 64.088 crore, and tax expense declined to Rs 11.738 crore from Rs 12.624 crore. The group’s share of profit from its associate was Rs 5.7 lakh, compared with Rs 0.2 lakh in the prior-year period, resulting in reported profit for the period of Rs 65.475 crore.

Other comprehensive income was Rs 9.741 crore in the first half, versus Rs 1.590 crore a year earlier. Total comprehensive income consequently reached Rs 75.216 crore, compared with Rs 53.056 crore, while profit attributable to owners was Rs 64.901 crore against Rs 50.161 crore and first-half basic EPS was Rs 7.90 versus Rs 6.14.

What do eMudhra’s balance sheet and cash flows show?

eMudhra had total assets of Rs 1,267.842 crore at September 30, 2026, compared with Rs 1,213.433 crore at March 31, 2026. Total equity increased to Rs 980.187 crore from Rs 912.590 crore, while total liabilities declined to Rs 287.655 crore from Rs 300.843 crore over the same six-month period.

Trade receivables increased to Rs 228.333 crore from Rs 189.213 crore, while current investments fell to Rs 4.820 crore from Rs 44.240 crore. Cash and cash equivalents rose to Rs 81.845 crore from Rs 58.233 crore, and intangible assets under development increased to Rs 43.525 crore from Rs 10.592 crore.

Net cash from operating activities was Rs 43.061 crore in the half year ended September 30, 2026, down from Rs 61.404 crore a year earlier. The cash-flow statement records a Rs 40.595 crore working-capital outflow from an increase in trade receivables, compared with a Rs 29.347 crore outflow in the prior-year half.

Net cash used in investing activities narrowed to Rs 7.063 crore from Rs 126.473 crore in the year-earlier half. The group spent Rs 43.111 crore on property, plant, equipment and intangible assets, invested Rs 44.132 crore in mutual funds, redeemed Rs 84.294 crore from mutual funds, and recorded Rs 8.715 crore of foreign-exchange translation differences.

What did eMudhra disclose after the September quarter?

eMudhra disclosed that an independent researcher reported weak keys in eight intermediate certificate-authority certificates within one public elliptic curve cryptography hierarchy on October 17, 2026. The company said the certificates had been created during an April 2025 key-generation ceremony and that all eight intermediates were revoked on October 18, 2026, with no effect on root keys.

At its October 22, 2026 board meeting, eMudhra decided to voluntarily withdraw from the Global SSL/TLS Certificate Business. Management said it expected no material financial impact and appointed KPMG as an independent external reviewer to examine the matter; the unaudited results were approved by the board on November 4, 2026.

Conclusion

eMudhra’s September-quarter result combined a 20% rise in income from operations to Rs 206.989 crore with a 27% increase in consolidated profit to Rs 33.478 crore. In the first half, profit reached Rs 65.475 crore, but operating cash flow fell to Rs 43.061 crore as trade receivables rose to Rs 228.333 crore at September 30, 2026.

The next disclosure to watch is the outcome of KPMG’s external review and the implementation of eMudhra’s October 22 decision to withdraw from the Global SSL/TLS Certificate Business. Management has said the matter has no material financial impact, while the September filing does not quantify any financial effect from the withdrawal.