eMudhra Q2 FY27 Results (NSE: EMUDHRA)
Signal: Growth decelerated
The read
The trajectory improved versus the recent margin arc: revenue growth remains substantial at 19.6% YoY, operating profit grew 18.0% YoY with margin at 19.3%, and PAT grew 26.6%; the key inflection is that Enterprise Solutions Outside India accelerated to 37.8% YoY while Trust Services India contracted 5.9%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹209.31 Cr | +19.6% | +8.8% |
| EBIT | ₹40.03 Cr | +18.0% | |
| Net profit | ₹33.48 Cr | +26.6% | |
| EPS | ₹3.99 | +29.1% | |
| EBIT margin | 19.3% |
P&L walk
Revenue increased to INR 2,093.05 million (+19.6% YoY, +8.8% QoQ), operating profit rose to INR 400.32 million (+18.0% YoY) with margin easing to 19.3%, and PAT grew faster at INR 334.78 million (+26.6% YoY) helped by operating growth and associate income.
Segments
Enterprise Solutions was the largest driver at INR 1,342.60 million of revenue and INR 261.61 million of segment result, while Enterprise Solutions Outside India grew fastest at 37.8% YoY; Trust Services India declined 5.9% YoY but still delivered INR 119.18 million of segment result.
Key positives
- Enterprise Solutions Outside India revenue reached INR 390.38 million, up 37.8% YoY, materially faster than consolidated revenue growth of 19.6%.
- Employee benefits expense grew 17.9% YoY versus revenue growth of 19.6%, limiting personnel-cost intensity to 20.5% of revenue.
- Basic EPS increased 29.1% YoY to INR 3.99, ahead of PAT growth of 26.6%, with the PAT-to-EPS cross-check clean.
- The group remained net-cash positive at approximately INR 672.83 million after INR 430.61 million of operating cash generation in the half-year.
Key concerns
- Trust Services India revenue fell 5.9% YoY to INR 336.91 million, making the segment a drag despite positive segment result of INR 119.18 million.
- Operating profit margin declined 28bps YoY to 19.3% and 130bps QoQ, so the quarter did not extend the prior Q1FY27 margin expansion.
- Operating cash flow fell to INR 430.61 million from INR 614.04 million in the year-ago half-year, while trade receivables rose to INR 2,283.33 million from INR 1,892.13 million at March 31, 2026.
Research and educational content only. Not investment advice.