eMudhra Limited · NSE:EMUDHRA
eMudhra — Q2 FY2027 Earnings Presentation
25 slides from eMudhra's earnings presentation, Nov 5, 2026
Slide 1: Cover letter to stock exchanges on earnings presentation
EL/SEC/2026-27/70 November 05, 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: Accelerating Trust Adoption in the Post-Quantum World
Q2 & H1 FY2027 INVESTOR PRESENTATION Accelerating Trust Adoption in the Post-Quantum World November 2026 BSE: 543533 | NSE: EMUDHRA
Slide 3: Contents
AGENDA Contents 01 Q2 FY2027 Financial Overview Performance highlights, revenue growth and mix, operational performance, key business indicators 02 Update on the Certificate Security Incident Summary of information disclosed publicly by the company in October 2026 03 Business Review Lines of busines
Slide 4: Q2 FY2027 Financial Overview
01 Q2 FY2027 Financial Overview Performance highlights, revenue growth, operational performance and key business indicators
Slide 5: Q2 FY2027 Performance Highlights
FINANCIAL OVERVIEW Q2 FY2027 Performance Highlights Total Income EBITDA EBIT Net Profit Rs 2,093 Rs 513 Mn Rs 393 Mn Rs 334 Mn Mn YoY 21.6% | Margin YoY 19.7% | Margin YoY 26.3% | Margin YoY 19.6% 24.5% 18.8% 16.0% Adj. EBITDA Adj. EBIT Adj. Net Profit Basic EPS (INR) Rs 535 Mn Rs 414 Mn Rs 350 Mn I
Slide 6: Revenue Growth
FINANCIAL OVERVIEW Revenue Growth Revenue from Operations (Rs Mn) By Geography By Line of Business India 34% Enterprise Solutions 66% 2,070 International 66% Trust Services 16% Services 18% 1,934 1,907 1,880 By Sector* By Segment* BFSI 23% Cybersecurity 80% 1,729 Govt & Defence 31% Paperless 20% Ent
Slide 7: Healthy Operational Performance
FINANCIAL OVERVIEW Healthy Operational Performance EBITDA (Rs Mn) EBIT (Rs Mn) PAT (Rs Mn) 393 513 384 504 334 320 432 441 290 296 422 264 349 342 328 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY27 margin 24.6% | YoY 21
Slide 8: Key Business Indicator Trends
FINANCIAL OVERVIEW Key Business Indicator Trends Revenue by Line of Business (Rs Mn) Revenue by Geography (Rs Mn) 621 650 2618 2043 337 284 3356 358 1355 2552 1104 1263 1623 1733 1359 1371 1159 625 644 715 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Enterprise Sol
Slide 9: Update on the Certificate Security Incident
02 Update on the Certificate Security Incident Summary of information disclosed publicly by the company in October 2026
Slide 10: Update on the Certificate Security Incident
BUSINESS REVIEW Update on the Certificate Security Incident Summary of information disclosed publicly by the company in October 2026 What happened Actions taken Scope and business impact • On 17 Oct 2026, an independent researcher • TLS customers who could be potentially • Customer impact limited to
Slide 11: Business Review
03 Business Review Lines of business, incident update, market direction, products, key wins and recognition
Slide 12: Line of Business
BUSINESS REVIEW Line of Business Trust Services Enterprise Solutions Services 16% of revenue | -6% YoY 66% of revenue | 36% YoY 18% of revenue | 0% YoY • Licensed Certifying Authority in India issuing • Five proprietary platforms: emCA, CertiNext, • Consulting and product integration services Digita
Slide 13: Where the Market Is Headed
POST-QUANTUM, WORKLOADS, AGENTS AND DATA Where the Market Is Headed Post-quantum readiness Machine-to-machine Identity for AI agents Data privacy and identity sovereignty Deadlines for post-quantum Growing machine-to-machine Increasing use of agents in Greater focus on data privacy inventory and ris
Slide 14: The Client-Side Challenge
MARKET CONTEXT The Client-Side Challenge Complex, time-bound compliance HOW EMUDHRA ADDRESSES THIS Compliance requirements spanning trust, cryptography and data are highly domain- specific and come with fixed timelines. • Integrated trust stack from one OEM: PKI, certificate lifecycle, identity, sig
Slide 15: Product Overview: Recent Releases and Roadmap
PRODUCTS Product Overview: Recent Releases and Roadmap emCA CertiNext SecurePass emSigner PrivaTrust Certificate issuance & PKI Certificate lifecycle Converged identity & PAM Paperless transformation Data privacy & consent management R E C E N T L Y R E L E AS E D R E C E N T L Y R E L E AS E D R E
Slide 16: Key Project Successes and Business Highlights
BUSINESS REVIEW Key Project Successes and Business Highlights Asia Pacific Europe Middle East Africa CIS • CertiNext for the largest • CertiNext for a large • Certificate lifecycle • National PKI for the • First win in Kazakhstan: telecom operator in motorcycle manufacturer management for an Nigeria
Slide 17: Recognition
AW ARDS AND ACCOL ADES Recognition Gartner Africa PKI Consortium Great Place to Work® eMudhra SecurePass mentioned in a Gartner eMudhra named executive member of the Certified as a Great Place to Work® for four report on identity hygiene Africa PKI Consortium and Chair of its consecutive years Techn
Slide 18: Q2 FY2027 Financial Statements
04 Q2 FY2027 Financial Statements Consolidated statement of profit and loss, balance sheet and cash flow statement
Slide 19: Consolidated Statement of Profit and Loss
FINANCIAL STATEMENTS | RS MN Consolidated Statement of Profit and Loss Particulars Q2 FY27 Q1 FY27 QoQ % Q2 FY26 YoY % H1 FY27 H1 FY26 YoY % FY26 Total Income 2,093 1,925 8.8% 1,749 19.6% 4,018 3,256 23.4% 7,132 Gross Margin 1,167 1,103 5.9% 976 19.6% 2,270 1,784 27.2% 3,840 Gross Margin (%) 55.8% 5
Slide 20: Consolidated Balance Sheet: Assets
FINANCIAL STATEMENTS | RS MN Consolidated Balance Sheet: Assets H1 FY27 FY26 Particulars (30 Sep 2026) (31 Mar 2026) Non-Current Assets 7,988 7,779 Property, plant and equipment 1,248 1,291 Right-of-use assets 38 48 Capital work-in-progress 240 186 Goodwill 2,974 2,941 Other intangible assets 2,850
Slide 21: Consolidated Balance Sheet: Equity and Liabilities
FINANCIAL STATEMENTS | RS MN Consolidated Balance Sheet: Equity and Liabilities H1 FY27 FY26 Particulars (30 Sep 2026) (31 Mar 2026) Total Equity 9,802 9,126 Equity share capital 411 410 Other equity 9,391 8,716 Non-Current Liabilities 1,432 1,430 Financial liabilities 1,019 1,011 Lease liabilities
Slide 22: Consolidated Cash Flow Statement
FINANCIAL STATEMENTS | RS MN Consolidated Cash Flow Statement H1 FY27 FY26 Particulars (30 Sep 2026) (31 Mar 2026) Profit before tax 773 1,313 Adjustments for non-cash items 281 439 Working capital adjustments (602) (271) Income taxes paid (21) (153) Net Cash from Operating Activities 431 1,328 Cash
Slide 23: Disclaimer
IMPORTANT NOTICE Disclaimer Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks a
Slide 24: Investor Contact
CONTACT Investor Contact eMudhra Limited Corporate Office Kaushik Srinivasan eMudhra Digital Campus Kaushik@eMudhra.com Bengaluru 562149, India +91 80 4848 4041 corporate@emudhra.com Investorrelations@emudhra.com www.emudhra.com 23 Q2 & H1 FY2027 Investor Presentation
Slide 25: Thank You
Thank You eMudhra enables enterprises and consumers to engage, exchange information and transact securely in the digital world. Amsterdam | Bengaluru | Dubai | Doha | Jakarta | Manila | Nairobi | New Jersey | Singapore | Utah | Vienna © 2026 eMudhra Limited | CIN: L72900KA2008PLC060368