NSE: EMUDHRA · BSE: 543533 · ISIN INE01QM01018
eMudhra Limited stock analysis
eMudhra Limited ranks #337 in the TickerSutra evidence-ranked universe with a score of 66/100 and 91% data confidence. The latest captured fundamentals show ROCE of 15.7%, quarterly sales growth of 29.5% and quarterly profit growth of 29.2%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.03×
- Strong CFO/EBITDA of 0.84×
- 41.3% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹183cr | ₹67cr | ₹41cr | 37.0% |
| 2023 | ₹249cr | ₹87cr | ₹61cr | 35.0% |
| 2024 | ₹373cr | ₹110cr | ₹76cr | 29.0% |
| 2025 | ₹519cr | ₹124cr | ₹87cr | 24.0% |
| 2026 | ₹702cr | ₹159cr | ₹110cr | 23.0% |
| TTM | ₹745cr | ₹174cr | ₹117cr | 23.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Schedule of Analyst/Investor Meet to be held on September 24, 2026
RoutineeMudhra Ltd - 543533 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationNSE · 19 Sept 2026Schedule of Analyst/Investor Meet to be held on September 24, 2026
RoutinePress ReleaseBSE · 14 Sept 2026eMudhra Limited has informed the Exchange regarding a press release dated September 13, 2026, titled " GLEIF Welcomes eMudhra as a Validation Agent, Expanding LEI Access Through its Digital Trust Ecosystem ".
MANAGEMENT COMMENTARY
Signals from filed documents
Enterprise Solutions remained our primary growth engine, growing approximately 50% YoY, and contributing 65% of total income, while our Services Business also delivered growth of around 5% YoY, supported by new customer additions in the United States. International markets now contribute 66% of our revenue, and we continue to see encouraging momentum across Europe, North America, the Middle East and Africa. Europe wa
Venkatraman Srinivasan As I said, this quarter , the margin slightly improved because the token sales are less, which has a less margin is lower in the overall composition. And the other thing is , if you see the Enterprise sale s is higher compared to because the Trust Service as a percentage is lower, and the Enterprise sale have a higher margin. Coming to the normalization, margins may be around -- it may not sudd
Competition risk We are faced with competition from global payers as listed below: • In terms of global competition, we are the Only Indian player to have the range of capabilities in our space. • In Trust Services in India, we continue to maintain market leadership. • Our product suite and trust services position us as a One Stop Shop giving us a unique positioning.
Three-Tier Course Structure: • Semester 1 — Theoretical foundations: concepts of Digital Public Infrastructure, digital identity, and India's DPI stack • Semester 2 — Applied learning: hands-on work with relevant APIs and technical integration frameworks • Semester 3 — Capstone project: students design, build, and present an original DPI-based solution, and are awarded a formal certification upon completion The progra
During the quarter, we introduced Cryptographic Bill of Materials or CBOM analysis within CertiNext, enabling enterprises to discover where cryptography is deployed across their IT environment and helping them prepare for the transition to post quantum cryptography. We believe increasing regulatory and industry focus on post-quantum readiness, together with the need for organization to inventory and modernize their c
(Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes 169 b. Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes c.
Mn) 5-year EBITDA CAGR 27.8% 5-year EBIT CAGR 26.6% 5-year PAT CAGR 30.5% Key business indicator trends Diversified revenue base across segments and geographies Revenue mix — Solutions & Services / Trust 2,488 1,638 850 3,731 2,687 1,044 5,194 4,135 1,059 7,016 5,616 1,400 FY23 FY24 FY25 FY26 Solutions & Services Trust Services Revenue mix by geography 2,487 1,596 891 3,732 1,685 2,047 5,194 1,974 3,220 7,016 2,550 4
• eMudhra regularly transfer prices foreign exchange collections and brings the money to India to minimize the impact of currency movements from time of receipt. 158 Key Risk Impact on the company Mitigation movements in currencies as compared to INR could result lower realization in INR where substantial costs are incurred. The following financial risks could typically affect eMudhra’s ability to maintain profitabili
The facility of participation at the AGM through VC/OAVM will be made available for 1000 members on a first come first served ba- sis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Per- sonnel, the Chairpersons of the Audit Comm ittee, Nomination and Remuneration Committee and Stakeholders Relationship Committee,
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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