eMudhra (EMUDHRA) had a P/E of 26.6× on 6 Nov 2026, below the industry P/E of 27.7×, and the shares are 46% below their 52-week high. It earns ROCE of 13% and ROE of 14%, and sales and net profit grew 41% and 20% a year over 3 years. It has almost no debt, and its dividend yield is 0.3%. It is a small-cap company with a market cap of ₹3,036 Cr, ranked 17th of 74 Software (Application) companies by market cap; the shares fell 40% over the past year.
- ₹384.05
- ₹384.40
- ₹366.45
- ₹384.45
- 2.4 L
Health check
- ReturnsBehind
−39.8% over a year, better than 1 of 7 peers.
- Price tagIn line
P/E 26.6 vs industry 27.7.
- GrowthStrong
Sales +41.3%, profit +20.4% a year over 3 years.
- ProfitabilityAverage
ROCE 12.9% vs peer median 12.6%.
- Balance sheetStretched
Practically debt-free, Piotroski 3 of 9.
- Red flags1 to check
46% below its 52-week high.
Small cap
Defensive
Key metrics
- Market cap
- ₹3,036 Cr
- Small cap
- P/E
- 26.6
- Industry 27.7
- Price to book
- 3.10
- Peers 8.24
- Dividend yield
- 0.34%
- ROE
- 13.8%
- Peers 15.3%
- ROCE
- 12.9%
- Peers 12.6%
- Debt to equity
- 0.02
- Debt ₹18 Cr
- EPS (TTM)
- ₹13.90
- Face value ₹5
- OPM (TTM)
- 23.3%
- Net margin 15.7%
- Sales growth
- +29.5%
- Latest quarter vs a year ago
- Profit growth
- +29.2%
- Latest quarter vs a year ago
- Price to sales
- 3.90
- EV/EBITDA 16.3
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly profit up 29.2% on a year ago.
- Quarterly sales up 29.5% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- 46% below its 52-week high.
About eMudhra
eMudhra Limited provides trust and enterprise solutions to individuals and organizations in India, North America, Europe, the Middle East, Africa, and the Asia Pacific. The company provides solutions such as emSigner paperless workflow, SecurePass identity and authentication management, Certinext certificate issuance and life cycle management; ID broker; data discovery and management platform; and emSign trust services. It serves corporate, retail, and…
- Headquarters
- Bengaluru
- Employees
- 604
- Sector
- Technology
- ISIN
- INE01QM01018
- Website
- emudhra.com
Price range
- Avg volume (3M)
- 12.7 L
- 1-year return
- minus 39.8%
- From 52-week high
- minus 45.8%
Peers · Software - Application
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TATAELXSITata Elxsi | 3,855.00 | minus 1.66% | 24,019 | 35.8 | 8.24 | 26.2% | 23.9% | 22.7% | 6.1% | −5.9% | 1.95% | minus 27.2% |
| URBANCOUrban Company | 158.12 | minus 0.25% | 23,446 | – | 12.14 | −7.2% | −21.5% | −22.9% | 34.7% | – | 0.00% | plus 6.5% |
| KFINTECHKfin Technologies | 915.80 | minus 1.14% | 15,835 | 45.6 | 9.75 | 18.9% | 22.6% | 38.1% | 22.5% | 20.6% | 1.31% | minus 13.4% |
| KPITTECHKPIT Technologies | 540.45 | plus 0.12% | 14,713 | 27.7 | 3.99 | 21.3% | 15.3% | 26.7% | 24.2% | 18.7% | 1.39% | minus 53.3% |
| BBOXBlack Box | 810.95 | minus 5.36% | 14,402 | 62.2 | 11.18 | 12.6% | 21.3% | 9.0% | 0.2% | 109.3% | 0.12% | plus 56.1% |
| AMAGIAmagi Media Labs | 568.25 | minus 0.04% | 12,293 | 119.9 | 6.74 | 5.0% | 6.3% | 3.9% | 30.3% | – | 0.00% | plus 63.2% |
| BLACKBUCKBLACKBUCK | 557.55 | plus 3.06% | 10,161 | 56.4 | 6.71 | 11.7% | 12.8% | 23.9% | 53.9% | – | 0.00% | minus 17.3% |
| EMUDHRAeMudhra | 369.55 | minus 3.88% | 3,036 | 26.6 | 3.10 | 12.9% | 13.0% | 23.3% | 41.3% | 20.4% | 0.34% | minus 39.8% |
| Median of 7 peers | – | −0.25% | 14,713 | 51.0 | 8.24 | 12.6% | 15.3% | 22.7% | 24.2% | 19.7% | 0.12% | −13.4% |
Quarterly results
| ₹ Cr | Mar 25 | Jun 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 147 | 147 | 188 | 193 | 191 | |
| – | – | – | +31.7% | +29.5% | |
| 112 | 113 | 147 | 151 | 141 | |
| 34.8 | 34.7 | 41.1 | 42 | 49.6 | |
| 23.7% | 23.5% | 21.9% | 21.7% | 26.0% | |
| 2.4 | 3.3 | 3.1 | 3.2 | 1.7 | |
| −0.1 | 0.2 | 1.1 | 2.9 | 1.2 | |
| 6.1 | 6.7 | 9 | 9.2 | 12 | |
| 31.2 | 31.1 | 34.1 | 33.1 | 38.2 | |
| 22.0% | 19.5% | 14.9% | 10.7% | 16.1% | |
| 23.9 | 24.9 | 28.7 | 29 | 32.1 | |
| – | – | – | +21.2% | +29.2% | |
| 2.88 | 3.00 | 3.46 | 3.50 | 3.88 |
Profit & loss
- Sales CAGR 3Y
- +41.3%
- Profit CAGR 3Y
- +20.4%
- EPS CAGR 3Y
- +17.6%
- ROE
- 13.8%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 249 | 373 | 519 | 702 | |
| – | +50.0% | +39.2% | +35.1% | |
| 161 | 255 | 395 | 542 | |
| 87.4 | 118 | 124 | 160 | |
| 35.1% | 31.6% | 24.0% | 22.8% | |
| 5.1 | 3.5 | 4.6 | 5.5 | |
| 3.4 | 2.9 | 1.2 | 5 | |
| 15.8 | 20.8 | 23.8 | 34.3 | |
| 0.1 | −5.1 | 3.4 | 5.2 | |
| 73.4 | 92.7 | 107 | 131 | |
| 16.6% | 17.6% | 18.8% | 16.2% | |
| 61.7 | 75.1 | 84.6 | 108 | |
| – | +21.7% | +12.8% | +27.4% | |
| 8.01 | 9.50 | 10.22 | 13.02 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 37.5 | 40.4 | 40.7 | 41 | |
| 354 | 616 | 705 | 870 | |
| 25.3 | 7.6 | – | 28.8 | |
| 43 | 86.1 | 123 | 274 | |
| 460 | 750 | 868 | 1,213 | |
| 137 | 144 | 132 | 153 | |
| 36.6 | 33.4 | 17.1 | 18.6 | |
| 1.9 | – | 1.6 | 17 | |
| 119 | 249 | 186 | 109 | |
| 166 | 323 | 531 | 917 | |
| 460 | 750 | 868 | 1,213 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 33.6 | 72.5 | 102 | 133 | |
| −107 | −89.4 | −211 | −225 | |
| 127 | 176 | −21.3 | 21.9 | |
| 54.3 | 159 | −131 | −70.3 | |
| −62.1 | −73.9 | −83.2 | −185 | |
| −28.5 | −1.3 | 18.4 | −52.5 | |
| −9.5 | −9.4 | −10.1 | −10.2 |
Shareholding pattern
- Promoters54.40%
- Public44.81%
- Employee trusts0.80%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 54.40% | 44.81% | 0.00 | |
| 30 Jun 2026 | 54.40% | 45.60% | 0.00 | |
| 31 Mar 2026 | 54.40% | 44.68% | 0.00 | |
| 31 Dec 2025 | 54.40% | 44.45% | 0.00 | |
| 30 Sep 2025 | 54.40% | 44.25% | – |
Major shareholders
Filings & events
News
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