Slide 1: Stock exchange cover letter for earnings presentation
EL/SEC/2025-26/98 February 03, 2026 Corporate Relationship Department The Manager, Listing Department BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Ring Rotunda “Exchange Plaza”, C-1, Block G, Building, P J Towers, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E), M
Slide 2: Q3 FY2026 Investor Presentation
Q3 FY2026 Investor Presentation Enabling Enterprise Transition to Zero Trust February 2026 www.eMudhra.com
Slide 3: Table of Contents
Table of Contents 1 Q3 FY26 Financial Overview 2 Business Review and Update 3 Q3 FY26 Financial Statements
Slide 4: Q3 FY26 Financial Overview
1 Q3FY26 Financial Overview
Slide 5: Q3 FY2026 Performance Highlights
Q3 FY2026 Performance Highlights Total Income The company delivered strong and diversified revenue growth with stable margins, Rs. 1,911 Mn supported by a healthy deal pipeline across + 35.6% YoY domestic and international markets EBITDA EBIT Net Profits EBIDTA and PAT margins were impacted by partn
Slide 6: Revenue growth
Revenue growth By geography By segment Revenue from Operations (in Rs mn) 37% 20% 63% 1,880 80% 1,729 International India Trust Solutions & Services 1,469 1,473 eMudhra’s Solutions 1,389 By sector * By product * 30% 42% 38% 70% 20% Govt BFSI Enterprise Cybersecurity Paperless By channel * 60% 40% Q4
Slide 7: Healthy Operational Performance
Healthy Operational Performance Sustained margins despite increased investments in overseas market growth EBITDA EBIT PAT (in Rs. Mn) (in Rs. Mn) (in Rs. Mn) 433 441 339 352 290 372 380 311 313 250 264 319 257 243 224 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY25 Q3 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY25 Q3 FY26 Q4
Slide 8: Key Business Indicator Trends
Key Business Indicator Trends Diversified revenue base across both markets and product segments Revenue Mix (Solutions & Services/Trust) Revenue Mix by Geography (in Rs. Mn) (in Rs. Mn) 1,003 797 3,211 2,364 4,079 358 353 261 292 249 2,928 1,104 1,168 856 939 947 1,871 1,527 1,361 1,208 1,181 1,371
Slide 9: Business Review
2 Business Review
Slide 10: Key Project Wins
Key Project Wins Certificate Lifecycle Management wins across IoT and of Enterprise Authentication use cases in USA Renewal and upsell of Certificate Lifecycle Management with Strong Authentication across large Energy, CPG, and Financial Services customers in DACH region in Europe First eSignature w
Slide 11: Other Business Highlights
Other Business Highlights Our US data centers are live, enabling local TLS certificate issuance and lifecycle management. This improves latency, regulatory alignment, and enterprise adoption across North American customers Integration of Cryptas product with eMudhra’s strengthens our eIDAS-aligned t
Slide 12: eMudhra: Business Overview
eMudhra: Business Overview Enterprise Solutions (57.6% 9M FY26 Revenue) Digital Certificate Issuance Certificate Management User Authentication Paperless Workflows • Issues digital certificates in the form of cryptographic key pairs • Manage tracking and renewal of • Validate user before giving acce
Slide 13: eMudhra: Product Overview (1/2)
eMudhra: Product Overview (1/2) Enterprise Solutions: Proprietary Software Digital Certificates Issuance Certificate Management User Authentication Paperless Transformation • Issue certificates in the form of • Allows organizations to manage • Authentication solution to validate • Secure paperless o
Slide 14: eMudhra: Product Overview (2/2)
eMudhra: Product Overview (2/2) Trust Services: Enabling Legal Recognition and Better Security for Digital Transactions Digital Signature Certificates & Retail eSign (94% 9M FY26) SSL/TLS Certificates (6% 9M FY26) • DSCs are comprised of Private Key, Public Key and a certificate (user • SSL/TLS cert
Slide 15: eMudhra: Investment Case
eMudhra: Investment Case Industry Dynamics and eMudhra’s Positioning Key Metrics • Enterprises rapidly modernize workflows and shift toward Zero-Trust architectures • eMudhra offers a unified PKI, IAM, CLM, and workflow automation stack with low integration friction 4 proprietary platforms, Product
Slide 16: A quick video overview of how our products work
A quick video overview of how our products work
Slide 17: Q3 FY26 Financial Statements
3 Q3 FY26 Financial Statements
Slide 18: Consolidated Statement of Profit and loss
Consolidated Statement of Profit and loss Q-o-Q Y-o-Y Y-o-Y (Rs. Million) Q3 FY2026 Q2 FY2026 Q3 FY2025 9M FY2026 9M FY2025 FY 2025 Growth(%) Growth(%) Growth(%) Total Income 1,910.6 1,749.5 9.2% 1,408.9 35.6% 5,166.3 3,785.8 36.5% 5,278.4 Gross Margin 1,018.9 976.3 4.3% 714.3 42.6% 2,803.1 2,063.7
Slide 19: Disclaimer and Contact Information
Disclaimer and Contact Information Disclaimer This presentation contains statements that are “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to “eMudhra” future business developments and
Slide 20: eMudhra enables enterprises and consumers to engage, exchange information and transact securely, efficiently and
eMudhra enables enterprises and consumers to engage, exchange information and transact securely, efficiently and with enhanced customer experience. Amsterdam Bengaluru Bogota Dubai Doha Jakarta Corporate Office: Manila ClN - L72900KA2008PLC060368 Nairobi eMudhra Digital Campus, 2-P1-A & 12-P1-B, Hi-