Emudhra Limited · NSE:EMUDHRA
Emudhra — Q2 FY2026 Earnings Presentation
30 slides from Emudhra's earnings presentation, Nov 5, 2025
Slide 1: Stock exchange filing cover letter for earnings presentation
EL/SEC/2025-26/76 November 05, 2025 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: Q2 FY2026 Investor Presentation
Q2 FY2026 Investor Presentation Enabling Enterprise Transition to Zero Trust November 2025 www.eMudhra.com
Slide 3: Table of Contents
Table of Contents 1 Q2 FY26 Financial Overview 2 Business Review and Update 3 Q2 FY26 Financial Statements
Slide 4: Q2FY26 Financial Overview
1 Q2FY26 Financial Overview
Slide 5: Q2 FY2026 Performance Highlights
Q2 FY2026 Performance Highlights Total Income Rs. 1,750 Mn The company has achieved strong and + 22.6% YoY diversified revenue growth with sustained margins as a result of a healthy deal EBITDA EBIT Net Profits pipeline in North American market, Acquisition of Cryptas International GMBH and steady r
Slide 6: Revenue growth
Revenue growth By geography By segment Revenue from Operations (in Rs mn) 36% 23% 64% 77% 1,729 International India Trust Solutions & Services 1,469 1,473 eMudhra’s Solution 1,389 1,412 By sector * By product * 21% 38% 59% 62% 20% Govt BFSI Enterprise Cybersecurity Paperless By channel * 39% 61% Q3
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) 433 339 264 372 380 311 313 250 319 338 257 278 243 224 223 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY25 Q2 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY25 Q2 FY26 Q3
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) 695 548 2,043 403 1,418 249 261 292 302 2,507 1,104 947 856 939 868 1,788 1,140 1,208 1,181 1,326 918 1,159 1,110
Slide 9: Business Review
2 Business Review
Slide 10: Key Project Wins
Key Project Wins CertiNext implementation for a security and investigation company in North America Implementation of emCA for one of the government project in Malysia Rollout of Certificate Lifecycle Management for a Government Authority in UAE Implementation of eSignature workflow for a state Gove
Slide 11: Other Business Highlights
Other Business Highlights Completed acquisition of AI Cyber Forge Inc a company in US engaged in software solution for Key and Secrets Management. This solution would complement our cyber security solutions. Continuous technology strengthening to improve operational efficienacy Strengthening of our
Slide 12: Building product specialization in the user and device identity space
Building product specialization in the user and device identity space Identity & Access Management Roadmap emCA and emSigner through Securepass Converged Identity, Privileged Access, Data Developed core PKI platform for Single Sign On, Identity Governance Privacy Stack, Crypto Agility large scale is
Slide 13: Products – Cyber Security
2 Products – Cyber Security
Slide 14: Cyber security is a top priority for enterprises
Cyber security is a top priority for enterprises USER LAYER Attack surfaces and threat vectors are increasing at all layers because of increased digitalization AUTHENTICATION & ACCESS INFRASTRUCTURE LAYER At eMudhra, we unify user and device identities—bridging the gap DATA LAYER between application
Slide 15: The problem that exists
The problem that exists Enterprises find it challenging to define and monitor what all applications and data a user can “access”, how they “authenticate” and what “privileges” they have with that access CRM HRMS ERP
Slide 16: eMudhra's User + Device Identity Platforms
eMudhra’s User + Device Identity Platforms Citizen/Customer IAM Population Scale Deployments Identity Verification, Digital ID, Large eGovt, Banking rollouts ePassports, PKI implementation with 100mn+ user base rely on and Authentication our platforms for securing user identity Workforce IAM Configu
Slide 17: eMudhra's Identity and Data Security Roadmap
eMudhra’s Identity and Data Security Roadmap Generative AI Horizontal AI and GenAI capabilities for adaptive risk-based scoring, natural language instructions, reporting and Multi Factor analytics Certificate Authentication, Discovery Single Sign On Enrolment Certinext Identity and Access Securepass
Slide 18: Market Drivers for our cyber security products
Market Drivers for our cyber security products Increasing cyberthreats, Compliance mandates, Data Privacy mandates Quantum Computing + data breaches and cost reduction of TLS and penalties for genAI resulting in to remediate certificate expiry to 47 violation Identity Spoofing, days thereby forcing
Slide 19: Products – Paperless (eSignatures)
2 Products – Paperless (eSignatures)
Slide 20: Regulated industries such as Banking rely on Identity backed digital signatures
Regulated industries such as Banking rely on Identity backed digital signatures for paperless transformation Onboarding eStamping Account Opening Revenue Stamps Product Activation Judicial Stamps Re KYC A mid-sized financial Digital Lending services firm has around Procurement 300 processes that req
Slide 21: emSigner is a platform of choice for enterprise wide eSignature deployments
emSigner is a platform of choice for enterprise wide eSignature deployments in regulated industries Verified Identities and Qualified Electronic Signatures for legal non- repudiation with complex workflow routing R&D focus on GenAI enabled signing workflows for On-prem and Private Cloud offering for
Slide 22: Market Drivers for our eSignature solution
Market Drivers for our eSignature solution Cost optimization, Digital ID Need for on- Localization strong customer implementations in prem/private cloud for requirements such as experience and Europe, emerging and data residency as per eStamping etc efficiency frontier markets regulatory mandates
Slide 23: A quick video overview of how our products work
A quick video overview of how our products work
Slide 24: Q2 FY26 Financial Statements
3 Q2 FY26 Financial Statements
Slide 25: Consolidated Statement of Profit and loss
Consolidated Statement of Profit and loss Q-o-Q Y-o-Y Y-o-Y Half Year Half Year (Rs. Million) Q2 FY2026 Q1 FY2026 Q2 FY2025 FY 2025 Growth(%) Growth(%) 2026 2025 Growth(%) Total Income 1,749.5 1,506.2 16.2% 1,426.7 22.6% 3,255.7 2,376.9 37.0% 5,278.4 Gross Margin 976.3 808.2 20.8% 718.4 35.9% 1,784.
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet (Rs. Million) H1 FY2026 FY2025 Non-Current Assets 6,794 4,419 Property, plant and equipment 1,359 1,148 Right-of-Use Assets 0 0 Capital work-in-progress 196 171 Intangible assets 2,066 1,788 Goodwill 2,776 1,255 Intangible assets under development 343 2 Investment in Assoc
Slide 27: Consolidated Balance Sheet
Consolidated Balance Sheet Equity and Liabilities (In Million) H1FY2026 FY2025 Total Equity 8,162 7,472 Equity 408 407 Other Equity 7,754 7,065 Non-Current Liabilities 1,091 235 Financial Liabilities 814* 55 Deferred Tax Liabilities (Net) 136 115 Provisions 33 35 Other non-current liabilities 108 30
Slide 28: Consolidated statement of Cash flow
Consolidated statement of Cash flow (Rs. Million) H1FY2026 FY2025 Profit Before Tax 640.9 1,074.0 Adjustment to profit before tax (Non – cash item) 201.3 239.3 Working Capital Adjustment (207.3) (181.5) Income taxes paid (90.1) (115.6) Net Cash Flow from operating Activities 544.8 1,016.2 Cash used
Slide 29: 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 30: eMudhra enables enterprises and consumers to engage, exchange information and transact securely
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-