eMudhra Ltd
Emudhra is a licensed certifying authority involved in issuing digital signature certificates in India under its eMudhra brand. The company is licensed by the Controller of Certifying Authorities (CCA), Ministry of Information Technology, and operates under the guidelines set by the Information technology Act.[1]
- Market Cap ₹ 6,230 Cr.
- Current Price ₹ 752
- High / Low ₹ 1,024 / 652
- Stock P/E 73.6
- Book Value ₹ 90.0
- Dividend Yield 0.17 %
- ROCE 15.3 %
- ROE 12.1 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 38.4% CAGR over last 5 years
Cons
- Stock is trading at 8.32 times its book value
- Promoter holding has decreased over last 3 years: -26.6%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: IT - Software Industry: Computers - Software - Medium / Small
Part of BSE Information Technology BSE SmallCap BSE Allcap Nifty Microcap 250 Nifty Total Market
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
102 | 116 | 132 | 183 | 249 | 373 | 519 | |
69 | 85 | 92 | 116 | 161 | 263 | 395 | |
Operating Profit | 32 | 32 | 40 | 67 | 87 | 110 | 124 |
OPM % | 32% | 27% | 30% | 37% | 35% | 29% | 24% |
-2 | 0 | 1 | 1 | 5 | 7 | 8 | |
Interest | 0 | 1 | 1 | 5 | 3 | 3 | 1 |
Depreciation | 8 | 9 | 9 | 13 | 16 | 21 | 24 |
Profit before tax | 22 | 23 | 31 | 50 | 73 | 93 | 107 |
Tax % | 19% | 20% | 19% | 18% | 17% | 18% | 19% |
17 | 18 | 25 | 41 | 61 | 76 | 87 | |
EPS in Rs | 2.49 | 2.37 | 2.49 | 5.90 | 7.90 | 9.06 | 10.22 |
Dividend Payout % | 0% | 0% | 0% | 21% | 15% | 13% | 12% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 35% |
3 Years: | 42% |
TTM: | 39% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 38% |
3 Years: | 27% |
TTM: | 12% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -7% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 16% |
3 Years: | 15% |
Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
Equity Capital | 35 | 35 | 35 | 35 | 37 | 40 | 41 |
Reserves | 41 | 57 | 72 | 118 | 354 | 616 | 705 |
29 | 42 | 52 | 67 | 25 | 8 | 0 | |
15 | 25 | 32 | 39 | 43 | 86 | 123 | |
Total Liabilities | 120 | 159 | 192 | 259 | 460 | 750 | 868 |
62 | 62 | 125 | 117 | 162 | 253 | 419 | |
CWIP | 22 | 40 | 4 | 43 | 47 | 51 | 17 |
Investments | 0 | 0 | 14 | 0 | 21 | 4 | 81 |
36 | 56 | 49 | 99 | 230 | 443 | 351 | |
Total Assets | 120 | 159 | 192 | 259 | 460 | 750 | 868 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
17 | 23 | 41 | 22 | 34 | 73 | 102 | |
-32 | -29 | -47 | -37 | -102 | -90 | -211 | |
10 | 12 | 5 | 16 | 127 | 176 | -21 | |
Net Cash Flow | -5 | 7 | -1 | 1 | 59 | 158 | -131 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
Debtor Days | 77 | 73 | 41 | 88 | 99 | 101 | 102 |
Inventory Days | 5 | 22 | 14 | 26 | 13 | 32 | 16 |
Days Payable | 83 | 115 | 68 | 177 | 223 | 261 | 358 |
Cash Conversion Cycle | -1 | -20 | -13 | -62 | -111 | -128 | -240 |
Working Capital Days | 70 | 68 | 40 | 89 | 135 | 119 | 156 |
ROCE % | 20% | 21% | 28% | 24% | 18% | 15% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Scheduled virtual analyst meeting with Trust MF on May 26, 2025 at 11:00 AM IST.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Scheduled analyst meeting with Emkay Global on May 23, 2025 at company office.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 May - Schedule of analyst and investor meetings at Centrum Broking Conference on May 21, 2025.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
12 May - CRISIL confirms full, compliant utilization of eMudhra's Rs 1930 mn QIP proceeds by March 31, 2025.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
12 May - eMudhra Q4 FY25: 38.9% revenue growth, 25-30% FY26 guidance, product innovation, international expansion.
Annual reports
Concalls
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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Jul 2024TranscriptPPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Sep 2023TranscriptNotesPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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May 2023TranscriptNotesPPT
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Jan 2023Transcript PPT
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Oct 2022Transcript PPT
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Jul 2022Transcript PPT
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Jun 2022Transcript PPT
Business Verticals
1) Enterprise Solutions (77% in H1 FY25 vs 54% in FY22): [1] [2] The segment is divided into:
a) Cyber Security (79%): [3] The company offers solutions like CertiNext for discovering certificates across IT infrastructure, renewal, and automatic provisioning, emCA solution to enterprises and others for setting up a certifying authority to issue digital signature certificates and SecurePass for authentication, identity and access management. [4] [5]