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eMudhra Limited
(EMUDHRA)
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Rating:73Outperform
Price Target:
₹718.00
▲(57.21% Upside)
Action:Reiterated
Date:09/17/26
The score is driven primarily by strong financial fundamentals (growth and low leverage) and a clear upward technical trend (price above key moving averages). This is partially offset by weaker cash-flow consistency (volatile/negative free cash flow) and a demanding valuation (high P/E with minimal yield), with overbought RSI adding near-term technical risk.
Positive Factors
Strong Revenue and Profit Growth
The company has expanded revenue and absolute profit substantially over several years, indicating broadening demand for its digital trust and identity offerings. This growth provides a stronger base for continued investment, customer expansion, and operating scale over the next several quarters.
Negative Factors
Gross Margin Compression
Recent gross-margin deterioration reduces the quality of reported growth and could limit the amount of revenue that converts into profit. If the pressure persists, eMudhra may have less capacity to reinvest in technology, sales execution, and enterprise customer support.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Profit Growth
The company has expanded revenue and absolute profit substantially over several years, indicating broadening demand for its digital trust and identity offerings. This growth provides a stronger base for continued investment, customer expansion, and operating scale over the next several quarters.
Read all positive factors
eMudhra Limited (EMUDHRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹53.51B
Dividend Yield0.2%
Average Volume (3M)100.44K
Price to Earnings (P/E)45.2
Beta (1Y)0.57
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. Volume282,617
30 Day Avg. Volume100,445
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)16.5
Revenue Forecast (FY)₹8.40B
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...
How the Company Makes Money
eMudhra primarily makes money by selling and managing digital trust and identity products and services. Key revenue streams generally include: (1) issuance and renewal of digital signature certificates (DSCs) and other PKI-based digital certificat...
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
Positive
456.70
Price Trends
532.86
Positive
497.81
Positive
499.92
Positive
Market Momentum
36.46
Negative
67.28
Neutral
85.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EMUDHRA, the sentiment is Positive. The current price of 456.7 is below the 20-day moving average (MA) of 573.58, below the 50-day MA of 532.86, and below the 200-day MA of 499.92, indicating a bullish trend. The MACD of 36.46 indicates Negative momentum. The RSI at 67.28 is Neutral, neither overbought nor oversold. The STOCH value of 85.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹4.88B | 3.85 | ― | ― | 6.15% | 1081.71% | |
75 Outperform | ₹155.58B | 46.03 | ― | 1.32% | 22.26% | -0.41% | |
74 Outperform | ₹70.57B | 22.63 | ― | 1.19% | 7.88% | -1.77% | |
73 Outperform | ₹53.51B | 45.23 | ― | 0.20% | 29.74% | 25.01% | |
69 Neutral | ₹18.10B | 17.11 | ― | 1.82% | 1.66% | -37.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹8.26B | -82.38 | ― | 0.42% | -6.64% | -137.20% |
* General Sector Average
IN:EMUDHRA
eMudhra Limited
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29.52
4.68%
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eMudhra Limited Corporate Events
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.