Company Overview

eMudhra Limited was incorporated on 16 June 2008. The Company is engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organizations functioning in various industries. eMudhra is a leading provider of Digital Signature and PKI Services, offering secure and reliable digital authentication solutions for various online transactions and document signing needs.

eMudhra remains the largest CA in India with 37.9% market share in the Digital Signature Certificates market space in FY 2021. It is estimated that the company has grown at 19.6% in FY 2021 (based on eMudhra's financial reporting) as against a market average of 15.1% at the OEM level. The company operates as a licensed Certifying Authority under the Controller of Certifying Authorities (CCA), Ministry of Information Technology, and complies with guidelines set by the Information Technology Act.

Business Model and Services

eMudhra operates in the digital trust ecosystem through comprehensive Public Key Infrastructure (PKI) solutions. The company provides a range of certificates such as individual/organizational digital signature certificates, SSL/ TLS certificates, and device certificates. eMudhra also offers a diverse portfolio of Digital Security and Paperless Transformation Solutions including emSigner offering eSignature workflow solutions, emAS offering authentication solutions, as well as emCA providing public key infrastructure solutions.

The company's core services span across multiple domains including digital signatures for legal document authentication, SSL/TLS certificates for website security, IoT device certificates for secure machine-to-machine communication, and enterprise PKI solutions for large organizations. eMudhra is a trust service provider offering secure digital signature and PKI solutions for authentication, online transactions, and document signing.

Financial Performance and Market Position

The company's financial performance shows a strong growth trajectory, driven by increasing demand for digital trust services and its expanding market reach.

Recent Financial Performance

- Q4 FY25 Results (March 2025): Net profit rose 13.76% to Rs 23.89 crore compared to Rs 21.00 crore in Q4 FY24. Sales increased by 47.34% to Rs 146.88 crore from Rs 99.69 crore during the same period.

- FY25 Annual Performance: For the full year, net profit grew 12.76% to Rs 84.64 crore from Rs 75.06 crore in FY24. Sales saw a significant rise of 39.20% to Rs 519.39 crore from Rs 373.12 crore in FY24.

#### Key Financial Highlights:

- Revenue: Rs 519.39 crore (FY25) vs Rs 373.12 crore (FY24) - 39.20% growth

- Net Profit: Rs 84.64 crore (FY25) vs Rs 75.06 crore (FY24) - 12.76% growth

- Q4 FY25 Revenue: Rs 146.88 crore vs Rs 99.69 crore (Q4 FY24) - 47.34% growth

- Q4 FY25 Net Profit: Rs 23.89 crore vs Rs 21.00 crore (Q4 FY24) - 13.76% growth

The board of the company declared a dividend of Rs 1.25 per share for financial year 2024-25.

Market Position and Accreditations

In 2022, eMudhra became the only Indian entity to be WebTrust accredited, receiving recognition from major browsers like Microsoft, Google, Mozilla, and Apple, as well as document processing software such as Adobe. The company has also earned a variety of security and compliance certifications, including:

- CMMI Level 5 Software Development Lifecycle Maturity

- ISO 27001:2013, ISO 27018:2014

- ISO 9000:2015, ISO 200001:2018

- SOC2 Type 2 Cloud Information Security

- ISO 22031:2019

- Certifications for EAL 4 Common Criteria by the Cyber Security Agency of Singapore.

Market Capitalization and Shareholding

- Market Capitalization: ₹1995.92 Crore (as of Jul 09, 2025)

- Promoter Holding: 54.39% (as of Mar 2025), an increase from 54.39% as of Sep 2024.

Recent Corporate Developments

eMudhra acquired 51% of Cryptas International for €5M plus earn-out, expanding its European digital trust footprint. This strategic acquisition underscores the company's commitment to international expansion and strengthening its global presence in the digital trust services market.

ICRA upgraded eMudhra's Rs.35 crore bank facilities rating to `[ICRA]A (Stable)/[ICRA]A1 Outstanding` on July 7, 2025. The Outlook on the long-term Rating was revised to 'Stable' from 'Positive'.

Growth Strategy and Future Outlook

The company continues to focus on expanding its digital trust services portfolio and enhancing its global footprint. Although this year included certain one-off expenditures, eMudhra's strong innovation pipeline and go-to-market capabilities position it well for future growth in profitability. Ongoing focus on enhancing product innovation, elevating service excellence, and extending its global reach will underpin sustainable, long-term shareholder value.

The digital transformation trend across industries, increasing cybersecurity awareness, and government digitization initiatives position eMudhra favourably for continued growth in the digital trust services market. The company's comprehensive product portfolio, strong market position in India, and expanding international presence through strategic acquisitions create a solid foundation for future expansion.