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eMudhra Limited
(EMUDHRA)
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Rating:65Neutral
Price Target:
₹342.00
▼(-25.11% Downside)
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 growth
Sustained 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 compression
Falling 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profit growth
Sustained 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.
Read all positive factors
eMudhra Limited (EMUDHRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹28.25B
Dividend Yield0.37%
Average Volume (3M)86.70K
Price to Earnings (P/E)24.1
Beta (1Y)0.79
Revenue Growth29.74%
EPS Growth25.01%
CountryIN
Employees604
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)14.10
Shares Outstanding82,811,710
10 Day Avg. Volume192,182
30 Day Avg. Volume86,697
Financial Highlights & Ratios
PEG Ratio1.09
Price to Book (P/B)3.37
Price to Sales (P/S)4.37
P/FCF Ratio-59.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)16.55
Revenue Forecast (FY)₹8.36B
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 solut...
eMudhra Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
58
Neutral
| 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 | 0.00 | 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 | 0.00 | 287.76M | 0.00 | 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
Negative
456.70
Price Trends
536.33
Negative
503.49
Negative
489.16
Negative
Market Momentum
-65.38
Positive
27.22
Positive
13.87
Positive
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 456.7 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹4.04B | 3.21 | ― | ― | 6.15% | 1081.71% | |
74 Outperform | ₹146.08B | 42.14 | ― | 1.42% | 26.83% | 0.50% | |
74 Outperform | ₹63.05B | 19.58 | ― | 1.36% | 6.49% | -3.73% | |
69 Neutral | ₹16.94B | 16.30 | ― | 1.95% | 1.66% | -37.05% | |
65 Neutral | ₹28.25B | 24.11 | ― | 0.37% | 29.74% | 25.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹8.40B | -83.95 | ― | 0.42% | -6.64% | -137.20% |
* General Sector Average
IN:EMUDHRA
eMudhra Limited
341.10
-297.80
-46.61%
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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 brow...
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...
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 quarte...
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...
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 emphasiz...
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.