eMudhra Q1 FY27 Results (NSE: EMUDHRA)
Signal: Margin expansion
The read
The key inflection is the return to meaningful margin expansion: consolidated EBITDA margin rose 240bps YoY to 26.2% after contracting or remaining flat in the preceding four quarters, while Enterprise Solutions grew approximately 50% and lifted EBITDA growth to 40.4%, although the temporary Trust Services supply-chain disruption remains a near-term drag.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹190.7 Cr | +29.5% | -2.1% |
| EBIT | ₹38.4 Cr | +31.7% | |
| Net profit | ₹32 Cr | +27.9% | |
| EPS | ₹3.88 | +29.2% | |
| EBIT margin | 26.2% |
P&L walk
Revenue from operations was ₹1907 million, +29.5% YoY, while gross margin rose to 57.3% from 53.7% and EBITDA increased 40.4% to ₹504 million, lifting EBITDA margin to 26.2% from 23.8%; EBIT grew 31.7% to ₹384 million and PAT rose 27.9% to ₹320 million.
Segments
No formal segment-results table is provided, but Enterprise Solutions was the clear growth engine at approximately 65% of revenue and approximately 50% YoY growth, while Trust Services was approximately 15% of revenue and declined approximately 3% YoY.
Key positives
- Enterprise Solutions revenue was approximately 65% of Q1FY27 revenue and grew approximately 50% YoY, substantially ahead of consolidated revenue growth of 29.5%.
- EBITDA increased 40.4% YoY to ₹504 million versus revenue growth of 29.5%, a 10.9 percentage-point growth gap, while EBITDA margin expanded 240bps to 26.2%.
- Gross margin expanded 360bps YoY to 57.3%, with the filing also reporting a 450bps QoQ improvement.
- International revenue represented 66% of total revenue, supported by Cryptas-led cross-selling and product-led growth in Europe and other international markets.
- PrivaTrust reached its first commercial milestone, with consent-management and vendor-consent modules live and marketed to customers.
Key concerns
- Trust Services revenue declined approximately 3% YoY to approximately 15% of revenue because of a temporary token supply-chain gap following the higher CCA-mandated security standard.
- Revenue growth moderated to 29.5% YoY from 35.3% in Q3FY26 and 31.3% in Q4FY26, despite the stronger margin outcome.
- The UAE Trust Services launch remains dependent on the planned Q2/Q3 FY27 rollout and completion of the local licensing process.
Research and educational content only. Not investment advice.