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eMudhra Overview

EMudhra Ltd offers digital trust offerings and enterprise solutions to people and groups in India, the Middle East, the Asia-Pacific, North America, Latin America, and Europe. The corporation provides trust offerings, which include signing and encryption certificate for individuals; secure sockets layer and transport layer safety certificate; and Internet of Things certificate and public key infrastructure solutions for certifying authorities. It additionally presents facts analytics and cyber safety services. In addition, the organization offe...Read More

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eMudhra Key Financials

Market Cap ₹4146 Cr.

Stock P/E 47.5

P/B 4.9

Current Price ₹500.6

Book Value ₹ 101.7

Face Value 5

52W High ₹907.9

Dividend Yield 0.25%

52W Low ₹ 365.8

eMudhra Share Price

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Volume
Price

eMudhra Quarterly Price

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eMudhra Peer Comparison

eMudhra Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 96 97 100 92 141 139 147 147 173 188
Other Income 0 2 3 3 1 2 2 3 2 3
Total Income 97 100 103 95 143 141 149 151 175 191
Total Expenditure 68 73 67 66 109 109 112 113 132 147
Operating Profit 29 27 36 29 34 32 37 38 43 44
Interest 0 1 1 0 1 0 -0 0 1 1
Depreciation 5 5 6 6 6 6 6 7 9 9
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 23 20 29 24 27 25 31 31 33 34
Provision for Tax 4 0 8 5 5 3 7 6 7 5
Profit After Tax 19 20 21 18 22 22 24 25 26 29
Adjustments -0 0 -0 -0 -0 -1 -0 -0 -1 -0
Profit After Adjustments 18 20 21 18 22 21 24 25 25 29
Adjusted Earnings Per Share 2.4 2.7 2.6 2.2 2.7 2.6 2.9 3.1 3.1 3.5

eMudhra Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 35 47 68 76 102 116 132 183 249 373 519 655
Other Income 2 0 1 1 0 0 1 1 5 7 8 10
Total Income 37 48 69 77 102 117 132 184 254 380 528 666
Total Expenditure 29 36 50 61 69 85 92 116 161 264 395 504
Operating Profit 8 12 19 16 32 32 41 68 93 116 132 162
Interest 0 0 0 0 0 1 1 5 3 3 1 2
Depreciation 3 5 5 6 9 9 9 13 16 21 24 31
Exceptional Income / Expenses -14 0 0 0 -2 0 0 0 0 0 0 0
Profit Before Tax -8 7 14 9 22 23 31 50 73 93 107 129
Provision for Tax 1 2 4 1 4 5 6 9 12 16 20 25
Profit After Tax -9 5 10 8 17 18 25 41 61 76 87 104
Adjustments 0 0 -0 -0 0 -2 -8 0 0 -1 -3 -1
Profit After Adjustments -9 5 10 8 17 17 17 41 62 75 85 103
Adjusted Earnings Per Share -3 0.9 1.4 1.1 2.4 2.3 2.4 5.9 8.2 9.3 10.4 12.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 39% 42% 35% 31%
Operating Profit CAGR 14% 25% 33% 32%
PAT CAGR 14% 29% 37% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -43% 23% NA% NA%
ROE Average 13% 17% 22% 18%
ROCE Average 15% 19% 23% 17%

eMudhra Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 51 54 63 66 76 92 107 153 392 656 745
Minority's Interest 0 0 0 0 0 1 9 1 1 6 2
Borrowings 0 0 0 3 19 27 22 20 0 0 0
Other Non-Current Liabilities 2 2 4 3 4 5 19 15 12 12 23
Total Current Liabilities 5 5 14 12 21 34 34 70 56 76 97
Total Liabilities 57 62 81 85 120 159 192 259 460 750 868
Fixed Assets 26 39 59 54 62 62 125 117 162 253 419
Other Non-Current Assets 22 14 7 13 23 43 22 51 50 58 23
Total Current Assets 10 8 16 18 35 53 45 91 248 440 426
Total Assets 57 62 81 85 120 159 192 259 460 750 868

eMudhra Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 6 3 4 11 7 2 9 8 8 67 225
Cash Flow from Operating Activities 7 14 25 5 17 23 41 22 34 73 102
Cash Flow from Investing Activities -20 -10 -24 -7 -32 -29 -47 -38 -107 -89 -211
Cash Flow from Financing Activities 11 -3 6 -2 10 12 5 16 127 176 -21
Net Cash Inflow / Outflow -2 0 7 -4 -5 7 -1 -0 54 159 -131
Closing Cash & Cash Equivalent 3 4 11 7 2 9 8 8 67 225 101

eMudhra Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -2.96 0.87 1.36 1.09 2.4 2.29 2.39 5.86 8.17 9.29 10.41
CEPS(Rs) -2.13 1.62 2.2 1.99 3.7 3.85 4.86 7.72 10.28 12.02 13.66
DPS(Rs) 0 0 0 0 0 0 0 1.25 1.25 1.25 1.25
Book NAV/Share(Rs) 8.35 4.8 6.07 7.16 9.55 11.9 14.07 20.47 51.87 80.41 90.22
Core EBITDA Margin(%) 17.43 23.59 27.12 19.55 31.71 27.43 30.34 36.68 35.1 29.36 23.86
EBIT Margin(%) -22.86 14.62 20.04 12.35 21.57 20.34 24.33 30.12 30.86 25.64 20.9
Pre Tax Margin(%) -23.33 14.52 19.86 12.19 21.31 19.77 23.69 27.63 29.5 24.83 20.68
PAT Margin (%) -25.74 11.25 14.66 10.36 17.16 15.81 19.27 22.52 24.6 20.46 16.8
Cash Profit Margin (%) -18.48 21.04 22.64 18.35 25.53 23.2 25.93 29.68 30.97 26.04 21.38
ROA(%) -15.86 8.94 14.05 9.54 17.07 13.24 14.47 18.24 17.02 12.62 10.78
ROE(%) -35.47 19.31 27.78 17.02 29.73 24.46 27.82 33.94 22.98 14.7 12.61
ROCE(%) -15.41 12.92 22.19 13.13 24.64 20 23.13 31.4 24.99 17.86 15.41
Receivable days 26.57 21.37 14.94 19.38 48.15 70.11 53.13 59.09 81.76 83.4 87.41
Inventory Days 5.88 5.75 3.73 1.95 1.11 2.73 3.02 2.85 2.33 1.94 1.52
Payable days 29.37 29.3 17.24 15.68 53.63 91.79 110.09 109.78 199.12 229.48 315.5
PER(x) 0 0 0 0 0 0 0 0 26.41 81.25 81.59
Price/Book(x) 0 0 0 0 0 0 0 0 4.16 9.38 9.41
Dividend Yield(%) 0 0 0 0 0 0 0 0 0.58 0.17 0.15
EV/Net Sales(x) 1.53 1.1 0.74 0.69 0.68 0.65 0.55 0.46 6.17 15.71 13.09
EV/Core EBITDA(x) 6.54 4.52 2.64 3.41 2.13 2.35 1.76 1.25 16.57 50.32 51.35
Net Sales Growth(%) 0 33.84 44.53 11.64 33.22 14.63 13 38.79 36.2 49.99 39.2
EBIT Growth(%) 0 185.59 98.16 -31.23 132.75 8.1 35.19 71.82 39.53 24.62 13.47
PAT Growth(%) 0 158.51 88.28 -21.08 120.71 5.62 37.7 62.21 48.77 24.76 14.25
EPS Growth(%) 0 129.25 56.82 -19.6 119.71 -4.79 4.73 144.78 39.36 13.69 12.08
Debt/Equity(x) 0.03 0 0.09 0.12 0.36 0.45 0.33 0.36 0.04 0.01 0
Current Ratio(x) 2.03 1.6 1.12 1.44 1.65 1.57 1.32 1.3 4.43 5.8 4.38
Quick Ratio(x) 1.92 1.41 1.09 1.41 1.63 1.52 1.3 1.27 4.42 5.77 4.36
Interest Cover(x) -48.55 144.81 111.45 80.38 83 35.46 38.07 12.07 22.68 31.84 93.74
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0.01 0 0

eMudhra Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 57.7 54.4 54.4 54.4 54.4 54.4 54.4 54.4 54.4 54.4
FII 3.84 4.2 4.17 4.4 5.04 4.23 4.19 4.15 4.16 3.13
DII 9.11 14.46 14.35 15.03 14.86 15.98 16.01 16.73 16.75 13.34
Public 29.35 26.95 27.08 26.18 25.71 25.4 25.4 24.72 24.69 29.14
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

eMudhra News

eMudhra Pros & Cons

Pros

  • Company has delivered good profit growth of 37% CAGR over last 5 years
  • Company is almost debt free.

Cons

  • Debtor days have increased from 229.48 to 315.5days.
  • Stock is trading at 4.9 times its book value.
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