Slide 1: Stock exchange cover letter for earnings presentation
EL/SEC/2026-27/14 May 7, 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), Mumbai
Slide 2: FY2026 Investor Presentation: Trust Infrastructure for the AI Economy
MAY 2026 FY2026 Investor Presentation Trust Infrastructure for the AI Economy eMudhra Limited | BSE: 543533 | NSE: EMUDHRA
Slide 3: Table of Contents
Table of Contents Business Review Company overview, products, R&D, AI strategy, geographic footprint and key wins FY2026 Financial Overview Performance highlights, revenue growth, operating performance, indicator trends, return ratios FY2026 Financial Statements Consolidated P&L, Balance Sheet, Cash
Slide 4: Business Review
SECTION1 Business Review Company overview, products, R&D and AI strategy, geographic footprint, key wins and recognition
Slide 5: Results at a glance
FY2026 AT A GLANCE Results at a glance Continued growth in revenue and profitability with a diversified international base TOTAL INCOME EBITDA PAT Rs. 7,132 Mn Rs. 1,654 Mn Rs. 1,100 Mn +35.1% YoY +32.6% YoY 23.2% Margins +26.2% YoY 15.4% Margins ADJ. EBITDA ADJ. PAT INTERNATIONAL RECURRING REVENUE
Slide 6: eMudhra Business Overview
eMudhra Business Overview Three lines of business covering Enterprise Solutions, Services and Trust Services Enterprise Solutions Services Trust Services 59% of FY26 Revenue 21% of FY26 Revenue 20% of FY26 Revenue 55% YoY growth * 0.1% YoY growth 32% YoY growth Certificate Lifecycle Management — lar
Slide 7: Product Overview — Enterprise Solutions
Product Overview — Enterprise Solutions Four proprietary platforms targeting cybersecurity and paperless transformation emCA Digital Certificate Issuance Certinext Certificate Lifecycle Management Issues digital certificates as cryptographic key pairs — the foundation of secure data Discovery of cer
Slide 8: Product Overview — Trust Services
Product Overview — Trust Services Enabling legal recognition and security for digital transactions Digital Signature Certificates & Retail SSL / TLS Certificates eSign 6% of FY26 Trust Revenue 94% of FY26 Trust Revenue Only Indian CA Webtrust-recognised in major browser stores One of 24 CAs in India
Slide 9: R&D Focus Areas, FY2024 to FY2026
R&D Focus Areas, FY2024 to FY2026 Multi-year investment in cryptography, identity, AI and data privacy Post-Quantum Converged Identity Data Privacy Stack Cryptography Workforce, customer, machine and device Product being worked on; first deals expected in Quantum-safe algorithm support across emCA i
Slide 10: Research and Development outcomes — products shipped and customers won
Research and Development outcomes — products shipped and customers won Where multi-year investment has translated into product capability and customer wins Products shipped Customer wins and progress made Certinext Certinext — global wins CERTIFICATE LIFECYCLE MANAGEMENT Continued global enterprise
Slide 11: Artificial Intelligence is a structural tailwind for eMudhra
INDUSTRY TAILWINDS Artificial Intelligence is a structural tailwind for eMudhra Agentic AI, expanding attack surface, Zero Trust and Post-Quantum Cryptography all drive demand for our core products Agentic AI raises legal and enforceability Attack surface expanding exponentially questions Foundation
Slide 12: Artificial Intelligence strategy and FY2027 focus
Artificial Intelligence strategy and FY2027 focus A purpose-built capability stack for an Artificial Intelligence world Capability stack 1 Trust and identity for Artificial Intelligence agents Cryptographic identity for autonomous agents and machine-to-machine workflows; verifiable WHERE ARTIFICIAL
Slide 13: Geographic footprint
Geographic footprint Direct presence in 15 offices across 5 regions; customers in 35+ countries FY2026 revenue mix by region Office locations India 36% Bengaluru New Jersey Utah North America 34% Amsterdam Dubai Doha Europe 12% Singapore Manila Jakarta Nairobi Bogota Vienna Middle East & 11% Kuala L
Slide 14: Key project wins
Key project wins Selected FY2026 customer engagements across our core markets INDIA INDIA Large scale Certificate Lifecycle Management and IAM rollouts across Increased traction in eSign and eStamping across Banking and Financial Defence agencies, Banking; PKI for a large citizen service delivery Se
Slide 15: Awards and recognition
Awards and recognition Industry, employer and compliance recognitions Frost & Sullivan G2 Competitive Strategy Leader in Global PKI-as-a-Service. Leader in Small Business eSignature category in Asia. HSBC + CNBC TV-18 Great Place to Work Medium Enterprise of the Year in Digital Transformation, SME C
Slide 16: Other business highlights
Other business highlights Operating updates across infrastructure, partnerships and regulation US data centres live AI Cyber Forge integration Local TLS issuance and lifecycle management improving latency, regulatory Secrets engine integrated into platforms for unified positioning across CLM alignme
Slide 17: FY2026 Financial Overview
SECTION2 FY2026 Financial Overview Performance highlights, revenue growth, operating performance, indicator trends and return ratios
Slide 18: FY2026 performance highlights
FY2026 performance highlights Healthy growth in revenue and operating profit; international markets remain the focus TOTAL INCOME EBITDA EBIT NET PROFITS Rs. 7,132 Mn Rs. 1,654 Mn Rs. 1,312 Mn Rs. 1,100 Mn +35.1% YoY +32.6% YoY 23.2% Margins +29.9% YoY 18.4% Margins +26.2% YoY 15.4% Margins ADJ. EBI
Slide 19: Q4 FY2026 performance highlights
Q4 FY2026 performance highlights Quarterly performance with continued momentum in international markets TOTAL INCOME EBITDA EBIT NET PROFITS Rs. 1,966 Mn Rs. 441 Mn Rs. 349 Mn Rs. 296 Mn +31.7% YoY +25.5% YoY 22.4% Margins +20.1% YoY 17.8% Margins +21.6% YoY 15.1% Margins ADJ. EBITDA ADJ. EBIT ADJ.
Slide 20: Revenue growth
Revenue growth Revenue from Operations Rs. 7,016 Mn — diversified by geography, segment, sector, product and channel By geography By line of business By sector* India 36% Enterprise Solutions 59% BFSI 27% North America 34% Trust Services 20% Government & Defense 32% Europe 12% Services 21% Enterpris
Slide 21: Operational performance
Operational performance Multi-year trend across EBITDA, EBIT and PAT EBITDA EBIT PAT 1,654 1,312 1,100 1,248 1,010 872 1,122 914 763 890 732 612 620 510 380 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 (in Rs. Mn) (in Rs. Mn) (in Rs. Mn) 5-year EBITDA CAGR 27.8% 5-year
Slide 22: Key business indicator trends
Key business indicator trends Diversified revenue base across segments and geographies Revenue mix — Solutions & Services / Trust Revenue mix by geography 7,016 7,016 5,194 5,194 1,400 3,731 1,059 3,732 4,466 2,488 1,044 5,616 2,487 2,047 3,220 850 4,135 891 2,687 2,550 1,638 1,596 1,685 1,974 FY23
Slide 23: Revenue concentration
Revenue concentration Healthy diversification across customers reduces dependency risk Top customer concentration Customers contributing > Rs. 5 Cr Cohort FY24 FY25 FY26 25 Top 5 customers (% of revenue) 20% 14% 16% 18 Top 10 customers (% of revenue) 32% 22% 22% 12 FY24 FY25 FY26 Number of customers
Slide 24: Return ratios
Return ratios Effective capital utilisation with long-term shareholder value focus Return on Equity (RoE)* Return on Capital Employed Trade Receivables (Days)** 14.9% 19.5% 18.2% 94 d 96 d 92 d 12.4% 13.3% 15.0% FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 * RoE is impacted by ESOP Provisioning, fin
Slide 25: FY2027 stats and assumptions
FY2027 stats and assumptions Forward-looking inputs and operating assumptions ORDER BOOK ESTIMATED R&D SPEND Rs. 2,380 Mn 7–8% 24.8% YoY growth · Enterprise Solutions only; mix of recurring + license of revenue · global software product peers spend 15–20% revenue ESTIMATED ESOP PROVISION NOTIONAL IN
Slide 26: FY2026 Financial Statements
SECTION3 FY2026 Financial Statements Consolidated Profit & Loss, Balance Sheet and Cash Flow
Slide 27: Consolidated statement of profit and loss
Consolidated statement of profit and loss (Rs. Million) Line Item Q4 FY26 Q4 FY25 YoY % FY2026 YoY % FY2025 Total Income 1,966 1,493 31.7% 7,132 35.1% 5,278 Gross Margin 1,037 782 32.6% 3,840 34.9% 2,846 Gross Margin (%) 52.8% 52.4% 53.8% 53.9% EBITDA 441 351 25.5% 1,654 32.6% 1,248 EBITDA (%) 22.4%
Slide 28: Consolidated balance sheet — assets
Consolidated balance sheet — assets (Rs. Million) Line Item FY2026 FY2025 Non-Current Assets 7,779 4,419 Property, plant and equipment 1,291 1,148 Right-of-Use Assets 48 0 Capital work-in-progress 186 171 Goodwill 2,941 1,788 Other Intangible Assets 2,989 1,255 Intangible assets under development 10
Slide 29: Consolidated balance sheet — equity & liabilities
Consolidated balance sheet — equity & liabilities (Rs. Million) Line Item FY2026 FY2025 Total Equity 9,126 7,472 Equity 410 407 Other Equity 8,716 7,065 Non-Current Liabilities 1,430 235 Financial Liabilities 1,011 55 Lease liabilities 28 0 Deferred Tax Liabilities (Net) 167 115 Provisions 51 35 Oth
Slide 30: Consolidated statement of cash flow
Consolidated statement of cash flow (Rs. Million) Line Item FY2026 FY2025 Profit Before Tax 1,313 1,074 Adjustment to profit before tax 439 239 Working Capital Adjustment (271) (181) Income taxes paid (153) (116) Net Cash Flow from Operating Activities 1,328 1,016 Cash used in investing activities (
Slide 31: Disclaimer and contact information
Disclaimer and contact information This presentation contains statements that are "forward-looking statements" For further information including, but without limitation, statements relating to the implementation of EMUDHRA LIMITED strategic initiatives, and other statements relating to eMudhra's fut
Slide 32: Enabling enterprises and consumers to transact securely
Enabling enterprises and consumers to engage, exchange information and transact securely, efficiently and with enhanced customer experience. OFFICES Amsterdam Bengaluru Bogota Dubai Doha Jakarta Kuala Lumpur Manila Nairobi New Jersey Singapore Utah Vienna London © 2026 eMudhra Limited. CIN — L72900K