eMudhra Reports FY26 Results: ₹713 Cr Revenue, ₹110 Cr Profit Fueled by Acquisitions

eMudhra Limited has announced its audited financial results for the fiscal year ended March 31, 2026. The company reported consolidated revenue of ₹7,131.79 million (₹713.18 crore) and a consolidated profit of ₹1,100.38 million (₹110.04 crore).

Key Announcements

The company announced the completion of its acquisitions: AI Cyber Forge Inc. (USA) and a 51% stake in Cryptas International GmbH (Europe). An incremental provision of ₹14.92 million has been made for the estimated impact of new labor codes.

Dividend Proposal

The Board of Directors has recommended a final dividend of ₹1.25 per share for FY 2025-26, subject to shareholder approval at the Annual General Meeting (AGM) scheduled for June 25, 2026. The record date for the dividend is set for June 18, 2026.

Strategic Acquisitions

eMudhra expanded its cybersecurity capabilities through strategic acquisitions. In July 2025, it acquired AI Cyber Forge Inc. for USD 4.8 million, enhancing expertise in secrets management and PKI automation. Concurrently, eMudhra secured a 51% controlling stake in Cryptas International GmbH for EUR 5.0 million. This integration brings in a European provider of encryption and trust services, including EU eIDAS regulated PrimeSign GmbH. These moves aim to strengthen eMudhra's international market position.

Financial Performance Review

For FY26, consolidated revenue stood at ₹7,131.79 million (₹713.18 crore), a notable increase from FY25's ₹5,278 million. Consolidated profit for FY26 was ₹1,100.38 million (₹110.04 crore), up from FY25's ₹872 million. These results are supported by strategic acquisitions, expected to expand eMudhra's global footprint and cybersecurity offerings. The provision for labor codes reflects proactive management of regulatory changes.

Key Developments and Impacts

Shareholders are set to receive a final dividend of ₹1.25 per share, reflecting profitability. The acquisitions are anticipated to diversify revenue streams and enhance eMudhra's competitive edge in global cybersecurity and digital trust markets. The company's FY26 financial performance provides a foundation for future expansion. The impact of new labor code provisions will be monitored as final rules are implemented.

Risks and Considerations

The acquisition of Cryptas International GmbH includes potential future earn-outs tied to enterprise value multiples and a Put/Call option on the remaining 49% stake, introducing contingent financial liabilities. The provision for new labor codes is an estimate, and its final financial impact depends on finalized rules and interpretation. Changes in regulatory frameworks across key markets could also affect eMudhra's operations and compliance requirements.

Competitive Landscape

eMudhra operates within a competitive IT services and digital transformation sector. Peers such as Aurionpro Solutions, NIIT Learning Systems, and Route Mobile are also active in this space, though eMudhra's specific focus on digital trust and cybersecurity offers a distinct market niche.

Future Focus

Investors will be tracking shareholder approval for the final dividend at the upcoming AGM. The finalization and financial impact assessment of the new labor codes are also key. Performance and integration synergies from the AI Cyber Forge and Cryptas acquisitions will be closely watched, as will future earnings reports reflecting the combined entity's performance. Developments related to the Put/Call option for the remaining stake in Cryptas International GmbH are also relevant.