eMudhra Ltd

Meeting Details

• Date/Time: Wednesday, August 26, 2026 at 02:00 P.M. IST.
• Type/Mode: One-on-One, Virtual.
• Organizer: Bellweather Capital.
• Place: Virtual.

Participants

• Key company participants: Officials including the Company Secretary & Compliance Officer.

Purpose

• Purpose: Schedule of Analyst/ Institutional Investor Meeting with Bellweather Capital.

Additional Notes

• Note: Schedule subject to change due to exigencies on analyst/investor/company side.

Meeting Details

• Date/Time: Thu, Aug 27, 2026 at 11:00 IST.
• Type/Mode: One-on-One, Virtual.
• Organizer: OysterRock Capital.

Participants

• Company officials to meet investors; specific roles not disclosed.

Purpose

• Purpose: Analyst/Investors meeting with OysterRock Capital.

Additional Notes

• Virtual meeting; subject to change.

Regulatory/legal update

• Inquiry into the 3i Infotech complaint related to disinvestment concluded not criminal.
• EOW filed and closed the complaint, noting it could be a civil dispute.
• The company denies all allegations and will contest through appropriate legal recourse.
• No financial impact or quantifiable amounts disclosed in this update.
• References the February 4, 2026 intimation clarifying allegations and the intent to contest.
• No governance or management changes announced in this update.
• Status indicates ongoing legal strategy with no new approvals disclosed.
• No material loss or exposure disclosed.
• Matter may be raised with appropriate civil authorities; resolution pending.

Meeting Details

• Date/Time: Wednesday, August 12, 2026, 03:00 P.M. IST.
• Type/Mode: One-on-One, Virtual.
• Organizer: Vista Global.
• Purpose: Analyst/investor meeting.
• Company participants: Company officials (roles not specified).

Meeting Details

• Earnings call on July 30, 2026; time not disclosed.
• Type: earnings call; mode not disclosed.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Discuss quarterly results for the quarter ended June 30, 2026.

Additional Notes

• Audio recording available on the company website.

Business Overview

• Three lines of business: Trust Services, Enterprise Applications, and Services.
• International revenue constitutes 66% of total Q127 revenue.
• Trust Services accounted for 15% of Q127 revenue.
• Enterprise Solutions represented roughly 65% of Q127 revenue.
• Five proprietary platforms underpin the product stack.
• Global footprint: 35+ countries and 850+ employees.
• AI Trust and Governance is the next growth focus.

Key Operational Highlights

• UAE Trust Services planned launch in Q2; data centre complete.
• QTSP license application nearing with TDRA.
• Regulatory reform drives PKI demand in Kenya.
• Cryptas cross-sales: first clients using full product stack.
• SecurePass progression in CIS; PoCs in Kazakhstan.
• India: Government Tax Department signs for SecurePass.
• India: large bank onboarding for emSigner.
• Europe (DACH): first emSigner Enterprise customer in Austria.
• Europe: German data centre client for CLM and workforce ID.
• Asia Pacific: government insurer and welfare dept for emSigner.
• North America: deeper Higher Education penetration for Private Trust Services.
• Middle East: CLM deal with UAE Police Authority.

Financial Performance

• Total Income Rs 1,925 Mn, +27.8% YoY.
• Adjusted EBITDA Rs 529 Mn, +29.5% YoY; margin 27.5%.
• EBITDA Rs 504 Mn, +40.4% YoY; margin 26.2%.
• PAT Rs 320 Mn, +27.9% YoY; margin 16.6%.
• Adjusted PAT Rs 339 Mn, +24.1% YoY; margin 17.6%.
• Gross Margin 57.3%; improved from 53.7% YoY.
• EPS Basic Rs 3.91; Diluted Rs 3.88.
• International revenue accounted for 66% of total.

Capital Structure & Liquidity

• No material debt changes disclosed in the quarter.
• No liquidity actions disclosed.

Strategic Priorities & Outlook

• AI Trust and Governance focus as growth driver.
• R&D roadmap includes PQC tooling and crypto agility.
• Five proprietary platforms; product stack evolution.
• Cross-sell into platform business and international expansion.
• Post-Quantum migration deadlines cited: 2029 and 2030.

Financial highlights

• Total income: INR 1,925 million, up 27.8% YoY.
• Gross margin: 57.3% in Q1 FY27.
• EBITDA: INR 504 million; margin 26.2%.
• PAT: INR 320 million; margin 16.6%.
• Adjusted PAT: INR 339 million; margin 17.6%.
• Basic EPS: INR 3.91; Diluted EPS: INR 3.88.
• International revenue: 66% of total.
• Enterprise Solutions revenue: ~65% of total, ~50% YoY growth.

Key developments

• Five platforms in market: emCA, Certinext, SecurePass, emSigner, PrivaTrust.
• PrivaTrust milestone: consent management live.
• UAE: Trust Services launch planned for Q2/Q3 FY27.
• Kazakhstan: advanced talks with public sector and defense on SecurePass and Certinext.
• India: Government Tax Department signed for SecurePass; large bank onboarded emSigner.
• UAE Police Authority: certificate lifecycle deal; emSigner deployed at hospital.
• Austria: first emSigner enterprise customer; large German data-center client.
• Kenya: regulator and African hospital group adopted emSigner.
• Asia Pacific: government insurer and Dept of Social Welfare adopted emSigner.
• North America: deeper Higher Education penetration; new accounts.
• UAE data centre completed; QTSP services nearing license application.

Outlook & regulatory context

• Trust Services in UAE on track; launch in Q2/Q3 FY27.
• India token security shift expected to normalize from Q3 FY27.
• DPDP Rules: Consent Manager operational Nov 2026; full compliance by May 2027.
• This creates runway for PrivaTrust data privacy offerings.

Consolidated results

• Consolidated total income from operations: INR 1,924.58 mn for quarter ended June 30, 2026.
• Consolidated PAT: INR 319.97 mn; share of associate: (0.18) mn.
• Basic EPS: INR 3.91; Diluted EPS: INR 3.88.
• YoY: consolidated income up ~28%; standalone income up ~16%.
• Estimated EBITDA: INR 513.47 mn; EBITDA margin ~26.7%.
• Depreciation & amortisation: INR 119.78 mn; Finance costs: INR 11.96 mn; Tax: INR 61.58 mn.
• Board approved unaudited consolidated and standalone results for the quarter.
• Not reviewed: 12 subsidiaries and ESOP trust; not material to the Group.
• Audit opinion: no material misstatement in consolidated/standalone results.

Standalone results

• Standalone total income from operations: INR 673.69 mn.
• Standalone PAT: INR 124.19 mn; Basic EPS: INR 1.50; Diluted EPS: INR 1.50.
• Standalone YoY growth: income up ~16% to INR 673.69 mn.

Notes on scope

• The consolidated results include 12 subsidiaries and ESOP trust; not all reviewed.
• Results prepared under Ind AS; reviewed by audit committee and statutory auditor.

Meeting Details

• Date/Time: Monday, August 3, 2026, 08:30 IST.
• Type: Group Meeting; Mode: Physical.
• Place: Mumbai, Maharashtra.
• Organizer: Analyst/Institutional Investor Meeting by eMudhra Ltd.
• Investors/Analysts attending: Nippon MF, Pinebridge, UTI MF, Bandhan MF.