eMudhra Limited (EMUDHRA) AI Stock Analysis

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eMudhra Limited

(NSE:EMUDHRA)

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Rating:65Neutral

Price Target:INR 342.00▲(0.26% Upside)

Action:reiterated

Date:10/27/26

The score is supported primarily by strong financial performance (growth and a conservatively levered balance sheet), but is held back by inconsistent free cash flow and clear technical weakness with the stock trading below key moving averages and negative momentum. Valuation is moderate and does not materially offset the technical and cash-flow concerns.

Positive Factors

Strong revenue and profit growthSustained revenue expansion alongside a substantial multi-year increase in net income indicates growing adoption of eMudhra’s digital trust and authentication offerings. This scale supports reinvestment in products, distribution, and enterprise capabilities while strengthening the company’s competitive position.

Negative Factors

Margin compressionFalling gross margins reduce the quality and scalability of revenue growth because each additional unit of sales contributes less profit than before. If the pressure persists, it could constrain reinvestment, limit operating leverage, and slow the improvement in earnings despite continued expansion.

eMudhra Limited (EMUDHRA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 27.92B
Dividend Yield: 0.37%
Average Volume (3M): 88.21K
Price to Earnings (P/E): 24.1
Beta (1Y): 0.79
Revenue Growth: 29.74%
EPS Growth: 25.01%
Country: India
Employees: 604
Sector: General
Sector Strength: 55
Industry: Software - Application

eMudhra Limited Business Overview & Revenue Model

Company Description

eMudhra Limited provides trust and enterprise solutions to individuals and organizations worldwide. The company provides enterprise signing solutions, such as emSinger enterprise signing suite, esign, digital stamp, and eBG; digital security solution...

eMudhra Limited Financial Statement Overview

Summary

Strong multi-year revenue and net income growth with solid profitability (~15% net margin in 2026) and very low leverage (debt-to-equity ~0.03). The score is tempered by margin compression in 2025–2026 and uneven cash conversion, including volatile free cash flow (negative in 2026).

Income Statement

82Very Positive

Balance Sheet

90Very Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	7.45B	7.02B	5.19B	3.73B	2.49B	1.83B
Gross Profit	2.13B	1.97B	1.78B	2.67B	1.55B	1.05B
EBITDA	1.79B	1.60B	1.24B	1.16B	925.57M	680.88M
Net Income	1.15B	1.08B	846.38M	750.64M	616.77M	414.04M
Balance Sheet
Total Assets	0	12.13B	8.68B	7.50B	4.60B	2.59B
Cash, Cash Equivalents and Short-Term Investments	1.09B	1.09B	1.87B	2.49B	1.19B	82.55M
Total Debt	0	287.76M	0	76.41M	253.22M	671.31M
Total Liabilities	-9.13B	3.01B	1.21B	879.25M	675.31M	1.05B
Stockholders Equity	9.13B	9.11B	7.45B	6.56B	3.92B	1.53B
Cash Flow
Free Cash Flow	-471.24M	-516.49M	184.14M	-13.30M	-285.06M	-251.08M
Operating Cash Flow	544.80M	1.34B	1.02B	725.21M	335.64M	216.05M
Investing Cash Flow	-1.21B	-2.26B	-2.11B	-894.48M	-1.07B	-377.03M
Financing Cash Flow	78.61M	223.83M	-213.48M	1.76B	1.27B	159.82M

eMudhra Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price341.10

Price Trends

50DMA536.33Negative

100DMA503.49Negative

200DMA489.16Negative

Market Momentum

MACD-65.38Positive

RSI27.22Positive

STOCH13.87Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EMUDHRA, the sentiment is Negative. The current price of 341.10 is below the 20-day moving average (MA) of 482.15, below the 50-day MA of 536.33, and below the 200-day MA of 489.16, indicating a bearish trend. The MACD of -65.38 indicates Positive momentum. The RSI at 27.22 is Positive, neither overbought nor oversold. The STOCH value of 13.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EMUDHRA.

eMudhra Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:EMUDHRA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:NEWGEN	77Outperform	INR 63.05B	19.58	―	1.36%	6.49%	-3.73%
IN:IRIS	76Outperform	INR 4.04B	3.21	―	―	6.15%	1081.71%
IN:KFINTECH	76Outperform	INR 146.08B	42.14	―	1.42%	26.83%	0.50%
IN:EMUDHRA	65Neutral	INR 28.25B	24.11	―	0.37%	29.74%	25.01%
IN:NUCLEUS	63Neutral	INR 16.94B	16.30	―	1.95%	1.66%	-37.05%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:QUICKHEAL	48Neutral	INR 8.40B	-83.94	―	―	-6.64%	-137.20%

* General Sector Average

Performance Comparison

IN:EMUDHRA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:EMUDHRA	eMudhra Limited	341.10	-297.80	-46.61%
IN:IRIS	IRIS Business Services Ltd.	196.45	-124.25	-38.74%
IN:KFINTECH	Kfin Technologies Limited	845.00	-243.27	-22.35%
IN:NEWGEN	Newgen Software Technologies Limited	442.45	-541.23	-55.02%
IN:NUCLEUS	Nucleus Software Exports Limited	643.45	-375.81	-36.87%
IN:QUICKHEAL	Quick Heal Technologies Ltd.	154.85	-170.45	-52.40%

eMudhra Limited Corporate Events

eMudhra Moves to Contain TLS CA Distrust, Core India Business Unaffected

Oct 21, 2026

eMudhra Limited has acknowledged that eight intermediate Certificate Authorities in its global TLS business, created under its ECC root in April 2025, contained weak cryptographic keys due to a flaw in a key generation ceremony, leading major browser...

eMudhra schedules earnings call for Q2 FY 2026-27 results

Oct 19, 2026

eMudhra Limited has announced that it will hold an earnings conference call on November 5, 2026, at 4:00 p.m. IST to discuss its financial results for the quarter and half year ended September 30, 2026. The call, led by senior management including th...

eMudhra Files SEBI Dematerialisation Compliance Certificate for September Quarter

Oct 5, 2026

eMudhra Limited has disclosed that it received a confirmation certificate from its registrar and transfer agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter a...

eMudhra Named Validation Agent to Streamline LEI Access in India

Sep 13, 2026

eMudhra Limited has been appointed by the Global Legal Entity Identifier Foundation as a Validation Agent for Legal Entity Identifier India Limited, the only LEI issuer recognized by the Reserve Bank of India. This role allows eMudhra to integrate LE...

eMudhra Schedules Virtual One-on-One Meeting With Institutional Investor

Aug 27, 2026

eMudhra Limited has informed the stock exchanges that its officials will hold a one-on-one virtual meeting with investor Acacia on September 1, 2026, as part of its ongoing engagement with analysts and institutional investors. The company emphasized...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 27, 2026

eMudhra Limited AI Stock Analysis