Slide 1: Exchange filing cover letter for earnings presentation
EL/SEC/2025-26/13 May 07, 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), Mumbai
Slide 2: FY2025 Investor Presentation
FY2025 Investor Presentation Enabling Enterprise Transition to Zero Trust May 2025 www.eMudhra.com
Slide 3: Table of Contents
Table of Contents 1 Business review, products and growth drivers 2 FY25 Financial Overview 3 FY25 Financial Statements
Slide 4: Business Review
1 Business Review
Slide 5: At a glance
At a glance Positioning FY25 Performance Total Income Market leader in PKI & eSignatures Rs. 5,278 Mn + 38.9% YoY Enterprise Authentication and Certificate Offices in 11 countries, 62% 66% Clients in 35+ countries International Revenue Recurring Revenue Management for some of with diversified revenu
Slide 6: Our solutions power mission critical applications
Our solutions power mission critical applications Integrated Identity and Access Certificate Management platform ~ - _ __..J _ Management for a very large Life Insurance Company _ ____J' adoption in USA by a large global gaming company eSignature roll out for a very large Internet Service Provider i
Slide 7: Key Business Highlights
Key Business Highlights Recognized as Competitive Strategy Leader 2024 in Global PKI-as-a-service by Frost and Sullivan Recognized as a leader in G2 (largest authentic peer review marketplace) in Small Business eSignature category in Asia Awarded Medium Enterprise of the Year in Digital Transformati
Slide 8: Products – Cyber Security
1 Products – Cyber Security
Slide 9: 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 10: 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 11: 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 12: 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 13: Market Drivers for our cyber security products
Market Drivers for our cyber security products r ~ 7 ~ L _J 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 the
Slide 14: Products – Paperless (eSignatures)
1 Products – Paperless (eSignatures)
Slide 15: Regulated industries rely on identity backed digital signatures for paperless transformation
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 16: emSigner is a platform of choice for enterprise 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 17: Market Drivers for our eSignature solution
Market Drivers for our eSignature solution -~ 0 ••• ••• I[ o 0 O 11 0 ••• 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
Slide 18: Generative AI Capabilities
1 Generative AI Capabilities
Slide 19: GenerativeAI Capabilities
GenerativeAI Capabilities Continued investments in genAI to drive significant value differentiation when positioning our products in global markets Enable ability to give instructions – for ex: “Send a document for signature” in English via Mobile or Watch Natural Language Instructions Translate the
Slide 20: Product Videos
1 Product Videos
Slide 21: A quick video overview of how our products work
CERTlext A quick video O cERTlnext overview of how our products emCA work What is Public Key Infrastructure (PKI) and How does it Work? ■Vii:UD emC?A o sECUREpass
Slide 22: Growth Drivers
1 Growth Drivers
Slide 23: Growth aided by international expansion, partnerships & acquisitions
Growth aided by international expansion, partnerships & acquisitions Partnerships Strategy focused on platform, reseller and global system integrator partnerships driven also by inside sales teams 0 International Expansion Acquisitions Direct and partner led expansion Acquisition of Ikon and Two95 I
Slide 24: Investing in International Growth
Investing in International Growth 13.5% < 1% 42.8% Middle East and Europe America Africa Direct market presence include 11 Offices across USA, Middle East and Africa, India, Asia Pacific Customers in 35+ countries as a result 38.0% of pursuing opportunities via India partnerships FY26 focus on expan
Slide 25: Partnerships contributed significant growth
Partnerships contributed significant growth Significant expansion in partner led business with focus on Tier 2 resellers in various markets Global partnership engagements with TCS, Tech Mahindra, Happiest Minds, Co-forge FY26 focus on expansion into SMB resellers for India and global markets 46% 68%
Slide 26: Inorganic growth strategy
Inorganic growth strategy Acquisitions of Ikon and Two95 with a focus on services helped eMudhra build a presence in the US and cross sell our solutions Sendrcrypt plugged a capability gap for email security We continue to evaluate inorganic opportunities in developed markets for market access or bo
Slide 27: Trust Services as an enabler
Trust Services as an enabler While growth has been relatively stagnant, digital certificates acts as an entry point into a larger corporate relationship In FY25, India's trust services saw higher net Digital Signature realizations per invoice due to end customer Certificate invoicing as per new guid
Slide 28: FY25 Financial Overview
2 FY25 Financial Overview
Slide 29: FY2025 Performance Highlights
FY2025 Performance Highlights Total Income Rs. 5,278 Mn International expansion remains an + 38.9% YoY important focus. EBITDA EBIT Net Profits The company has achieved healthy growth in EBITDA, PAT and continues to reinvest Rs. 1,324 Mn Rs. 1,086 Mn Rs. 872 Mn margins to promote growth. Net revenue
Slide 30: Q4 FY2025 Performance Highlights
Q4 FY2025 Performance Highlights Total Income Rs. 1,493 Mn + 44.8% YoY Revenue growth has been fueled by robust performance in global markets. EBITDA EBIT Net Profits Margins have been impacted as a result of provisions for ESOP amounting to Rs 31.74 mn and DSC stock repurchase Rs. 372 Mn Rs. 311 Mn
Slide 31: Revenue growth
Revenue growth By geography By segment Revenue from Operations 1133 (in Rs mn) 38% 20% # of customers 62% 80% 5,194 ■ International ■ India ■ Trust ■ Solutions & Services By sector * By product * 3,731 26% 25% 58% 17% 74% 2,488 ■ Govt ■ BFSI ■ Enterprise ■ Cybersecurity ■ Paperless 1,826 1312 By cha
Slide 32: Healthy Operational Performance
Healthy Operational Performance Focus has been on reinvesting margins to drive accelerated growth EBIDTA EBIT PAT (in Rs. Mn) (in Rs. Mn) (in Rs. Mn) 1,324 1,086 872 1,165 957 764 926 768 612 688 557 411 405 320 254 FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22 FY 23 FY 24
Slide 33: Key Business Indicator Trends
Key Business Indicator Trends Increased enterprise business that is more sticky and global market presence with a diversified revenue base Revenue Mix (Solutions & Services/Trust) Revenue Mix by Geography Revenue Concentration (in Rs. Mn) (in Rs. Mn) 39.0% 1,059 30.0% 31.6% 27.0% 3,220 22.0% 21.8% 1
Slide 34: Return Ratios
Return Ratios Effective utilization of capital with an emphasis on driving long term shareholder value Return on Equity * Return on Capital Employed Trade Receivables (in Days **) 95 94 96 30.4% 34.3% 80 31.0% 24.0% 28.1% 22.6% 19.5% 18.2% 36 14.9% 12.4% FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22 FY
Slide 35: FY26 Stats and Assumptions
FY26 Stats and Assumptions FY 26 Order Book Rs 1907 mn 1 2( 28.3% y-o-y growth) 1 Order book is only for Enterprise solutions and does not include trust services and other service lines 2 Includes a mix of both recurring revenue and license revenue Estimated R&D Spend 7-9% of Revenue 3 3 In line wit
Slide 36: FY25 Financial Statements
3 FY25 Financial Statements
Slide 37: Consolidated Statement of Profit and Loss
Consolidated Statement of Profit and loss (Rs. Million) Total Income Q4 FY2025 1,492.6 Q3 FY2025 1,408.9 HQ-o-Q Growth(%) 5.9% Q4 FY2024 1,031.0 HIY-o-Y Growth(%) 44.8% FY2025 5,278.4 FY2024 3,800.4 I Y-o-Y 38.9% Gross Margin 781.8 714.3 9.5% 719.1 8.7% 2,845.6 2,576.4 10.5% Gross Margin (%) 52.4% 5
Slide 38: Consolidated Balance Sheet
Consolidated Balance Sheet (Rs. Million) FY2025 FY2024 Non-Current Assets 4,419 3,105 Property, plant and equipment 1,148 1,106 Right-of-Use Assets 0 2 Capital work-in-progress 171 303 Intangible assets 1,788 908 Goodwill 1,255 511 Intangible assets under development 2 203 Financial Assets 34 17 Oth
Slide 39: Consolidated Balance Sheet
Consolidated Balance Sheet Equity and Liabilities (In Million) FY2025 FY2024 Total Equity 7,472 6,621 Equity 407 404 Other Equity 7,065 6,217 Non-Current Liabilities 235 122 Financial Liabilities 55 0 Lease liabilities 0 0 Deferred Tax Liabilities (Net) 115 67 Provisions 35 26 Other non-current liab
Slide 40: Consolidated statement of Cash flow
Consolidated statement of Cash flow (Rs. Million) FY2025 FY2024 Profit Before Tax 1,074.0 926.6 Adjustment to profit before tax 239.3 301.2 Working Capital Adjustment (181.5) (393.3) Income taxes paid (115.6) (109.5) Net Cash Flow from operating Activities 1,016.2 725.2 Cash used in investing activi
Slide 41: 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 42: eMudhra enables enterprises and consumers to 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, 12-P1-A & 12-P1-B, Hi