# eMudhra share price today (eMudhra Ltd, NSE: EMUDHRA)

> eMudhra share price today: ₹358.85 at the NSE close on 4 November 2026, down 43.3% in a year. eMudhra (NSE: EMUDHRA) is worth ₹2,971 crore, trades at a P/E of 25.9 and has closed between ₹339.90 and ₹653.45 over the past 52 weeks. > eMudhra Ltd's results are improving, while its P/E is near the low end of its own history over 4.4 years, higher than only 1% of past readings. EMUDHRA · Services - Others · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/emudhra-ltd

Our note on eMudhra's latest quarter, with what management said on the call, is in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/emudhras-opm-went-from-24-to-26-in?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹358.85 (−43.3% in a year)
- P/E: 25.9× (lower than 99% of the last 4.4 years)
- Revenue (Jun 2026): ₹191 Cr (+29.9% on a year ago)
- Profit (Jun 2026): ₹32.0 Cr (+28.0% on a year ago)
- Operating margin: 26.0% (+2.0 points on a year ago)
- ROCE: 16%, FY26
- ROIC: 13.7%, against a 12.0% cost of capital: +1.7 points

The main question: yearly earnings per share moved +27.4% while the share price moved −43.3%. ## What is the eMudhra share price today? eMudhra Ltd's share price was ₹358.85 at the close on 4 November 2026. It has been rising for 6 weeks. That is 31.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹340 and ₹653, and at that close it sat 6% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running. Over the last 4.4 years the share price moved +40% while the NIFTY 500 moved +58%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at eMudhra this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit up on a year earlier for 11 quarters in a row (every quarter we can compare) and indian funds and insurers (DIIs) cut their stake for 3 quarters in a row. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹191 crore, +29.9% on a year earlier. Why: Revenue rose because enterprise solutions, the biggest part of income, grew strongly. Next results: check whether enterprise solutions keep growing and the US pipeline starts bringing in revenue. From the earnings call on 30 Jul 2026. 2. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter profit was ₹32 crore, +28% on a year earlier. Why: Profit rose because more income came from enterprise products, which earn more profit per rupee of sales, and less from low-profit trust tokens. Next results: check whether Cryptas turns profitable and the European business stops losing money. From the earnings call on 30 Jul 2026. 3. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row From 16.8% to 8.7% of the company by the September 2026 quarter. ## What are eMudhra's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), eMudhra reported revenue of ₹191 crore, up 29.9% from ₹147 crore a year earlier, and a profit of ₹32.0 crore, up 28.0% from ₹25.0 crore. ### eMudhra results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹191 crore | ₹147 crore | +29.9% |
| Profit | ₹32.0 crore | ₹25.0 crore | +28.0% |
| Earnings per share | ₹3.88 | ₹3.00 | +29.3% |
| Operating margin | 26.0% | 24.0% | +2.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). eMudhra's management discussed these results on a call held on 30 July 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the eMudhra share price history? eMudhra closed at ₹358.85 on 4 November 2026, down 43.3% from ₹632.35 a year earlier (7 November 2025) and down 21.2% over three years. Its highest weekly close since June 2022 was ₹976.15 on 17 January 2025. ### eMudhra share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹339.90 | +5.6% |
| 1 month ago · 1 Oct 2026 | ₹580.00 | −38.1% |
| 6 months ago · 8 May 2026 | ₹519.45 | −30.9% |
| 1 year ago · 7 Nov 2025 | ₹632.35 | −43.3% |
| 3 years ago · 3 Nov 2023 | ₹455.25 | −21.2% |
| Earliest weekly close in our records · 3 Jun 2022 | ₹256.20 | +40.1% |
| Highest weekly close since June 2022 · 17 Jan 2025 | ₹976.15 | −63.2% |
| Lowest weekly close since June 2022 · 31 Mar 2023 | ₹214.85 | +67.0% |
| 52-week high (weekly close) · 25 Sep 2026 | ₹653.45 | −45.1% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹339.90 | +5.6% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (239 weekly closes from 3 June 2022 to 4 November 2026.)

## What is the latest news on eMudhra? 4 Nov 2026: eMudhra closed at ₹358.85, up 5.6% on the week and down 38.1% on the month. 30 Jul 2026: eMudhra held its results call for April to June 2026. Management guided: FY27 organic revenue growth of 18.0%. ### Earlier

- Results for April to June 2026: Revenue up 29.9% and profit up 28.0% on a year earlier. - 18 Jun 2026: ex-date for a dividend of ₹1.25 a share. ## What dividend does eMudhra pay? eMudhra paid ₹1.25 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.35% at the ₹358.85 close on 4 November 2026. The last was a dividend of ₹1.25 a share, ex-date 18 June 2026. ### eMudhra dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 18 Jun 2026 | ₹1.25 | Dividend | same day |
| 18 Jun 2025 | ₹1.25 | Dividend | same day |
| 20 Jun 2024 | ₹1.25 | Dividend | n/a |
| 22 Jun 2023 | ₹1.25 | Dividend | n/a |
| 28 Jul 2022 | ₹1.25 | Dividend | 29 Jul 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 4 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. eMudhra Ltd paid out 10% of its profit as dividends in FY26, and it paid a dividend in 5 of its last 12 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did eMudhra management say on the latest results call? On the call for April to June 2026, held on 30 July 2026, eMudhra's management guided: FY27 organic revenue growth of 18.0%. > “Enterprise solutions remained our primary growth engine, growing approximately 50.0% year-on-year and contributing 65.0% of total income”
> Venkatraman Srinivasan, on the call for April to June 2026

### What management guided

- FY27 profit growth of 25.0%. - FY27 operating margin around 25.0% and profit margin around 16.0%-16.5%. - Trust-service revenue may remain below normal in July to September 2026 while the token transition continues, with limited profit impact because token margins are low. - EPass recertification expected by September, with token volumes increasing thereafter. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/46128-30-Jul-2026.pdf). (From the call for April to June 2026, 30 July 2026.)

## What is the future of eMudhra? What is changing in the business? One change in eMudhra's own numbers looks lasting: new regions and countries. New regions and countries looks lasting

Management says international revenue was 64% of the total in FY26, up 39% on the year, and 66% in the June 2026 quarter. It has built its own certificate-issuing data centres in the US, Europe and the UAE, and says US product sales grew 35-40% in FY26. Revenue in the data rose from ₹519 crore (FY25) to ₹702 crore (FY26). Why it may last: EMudhra now owns licensed certificate-issuing data centres and certifications in four regions, which competitors need years to replicate and which customers rarely switch away from once embedded. The pace is slower than the headline suggests, but the footprint is a capability the company owns. Next check: Sep 2026 quarter revenue beats ₹173 crore (Sep 2025) by more than the roughly ₹20 crore Cryptas contribution, with international share at or above 64%. Quarter by quarter, 4 quarters

July to September 2025

US revenue was about ₹60 crore in the quarter, two-thirds of it low-margin services that stayed flat because of US visa rules. Product growth came from the Middle East, Africa and Asia. ✓ fact

From our notes of the call for July to September 2025: Organic services revenue from ICON and 295 remained flat at ₹138 crore for H1 due to H1B visa policy uncertainty. October to December 2025

The US data centre went live, but US revenue was flat on the previous quarter and an expected US customer slipped to the next quarter. Revenue was ₹188 crore against ₹139 crore a year earlier, with Cryptas contributing about ₹34 crore. ✓ fact

From our notes of the call for October to December 2025: US data center now live enabling local certificate issuance and compliance support for North American enterprises. January to March 2026

Full-year international revenue reached 64% of the total, up 39%. US product sales grew 35-40% and a large US university-network order (InCommon, 700 universities) was won. Full-year revenue was ₹702 crore against ₹519 crore. ✓ fact

From our notes of the call for January to March 2026: International revenue reached 64% of total (39% on a year earlier growth) spanning 15 offices in 5 regions serving 35+ countries. April to June 2026

International share rose to 66%, with first cross-border product wins in Germany and Austria. Revenue was ₹191 crore against ₹147 crore a year earlier. But management no longer repeated its specific 25-30% US product growth goal and spoke of long North American sales cycles. ✓ fact

From our notes of the call for April to June 2026: International markets contributed 66.0% of revenue, while services grew 5.0% on a year earlier through new US customer additions. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the eMudhra story? What are the risks? A sustained decline in enterprise-product revenue accompanied by deteriorating operating cash conversion, despite management continuing to describe product-led growth, would break the thesis. ### Each change stops working if

- Enterprise product mix: Enterprise growth slows while implementation costs and senior hiring continue to rise. - US institutional pipeline: Issuance and institutional relationships fail to produce incremental US product revenue through the current fiscal year. - Trust-token normalization and UAE launch: Certification remains unresolved or the UAE license fails to produce a commercial launch. ### The main risks

- Historical legal dispute and disclosure: The legal dispute remains unresolved and management's defense is not an adjudicated finding. ⚠ estimate
- : Historical margins may not be recoverable under the current geographic and acquisition mix. ⚠ estimate
- Guidance and conversion credibility: The latest profit expectation softened while US product conversion remains difficult to date. ⚠ estimate
- Approval delays and unquantified product opportunities: Certification, licensing and new-product pilots can slip without a measurable replacement revenue stream. ⚠ estimate

(Our read after the April to June 2026 results, written 10 October 2026.)

## What to watch in eMudhra's next results? When eMudhra reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Sep 2026 quarter revenue beats ₹173 crore (Sep 2025) by more than the roughly ₹20 crore Cryptas contribution, with international share at or above 64%. | What to check | Why |
| --- | --- |
| Sep 2026 quarter revenue beats ₹173 crore (Sep 2025) by more than the roughly ₹20 crore Cryptas contribution, with international share at or above 64%. | New regions and countries |
| Trust-service revenue and token volumes in July to September 2026, including whether ePass certification by September reverses the 5-7 crore volume reduction. | From the call |
| UAE QTSP license progress between end-April to June 2026 and beginning-July to September 2026, followed by evidence of the planned enterprise launch. | From the call |
| Cryptas profitability trajectory, European BV losses and additional own-stack wins following the German data-center and Austrian municipality deployments. | From the call |
| Enterprise solution growth and SecurePass RFP conversion, especially whether the US pipeline and InCommon issuance translate into revenue within the stated 20.0%-25.0% medium-term enterprise range. | From the call |

## Which stock lists is eMudhra on? eMudhra is on 2 of our India lists: Multibagger study list and Breakout stocks. - [Multibagger study list Study stage: early](https://www.sectoralpha.in/multibagger-stocks-india)
- [Breakout stocks Breakout date: 9 October 2026](https://www.sectoralpha.in/breakout-stocks-india)

## Is eMudhra profitable? eMudhra Ltd earned ₹32.0 Cr of net profit in the Jun 2026 quarter, +28.0% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹110 Cr. Over 10 years profit has grown 33.8% a year on average. That is 16.8% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr. For the full year, FY26 profit was ₹110 Cr (+26.4% on the year before). Why profit moved: revenue changed +29.9% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +25.8% and revenue +29.8%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. Revenue goal delivered while annual operating margin trails the prior year

FY27-Q1. Enterprise mix lifts reported profit while token disruption reduces lower-margin sales

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does eMudhra make, and is it growing? eMudhra Ltd reported ₹191 Cr of revenue in the Jun 2026 quarter, +29.9% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 32.2% a year on average. The last full year, FY26, came in at ₹702 Cr. Why this happened. The Value Chain Climb is already visible in management's enterprise revenue description and product-versus-services economics. Customers adopt identity and certificate tools for authentication and regulated workflows; eMudhra keeps the benefit only if its own software wins the deployment rather than merely attaching low-margin implementation work. The latest margin improvement partly came from fewer token sales, so it cannot all be treated as permanent product leverage. Competitor pricing responses and segment operating profits are not quantified in the bundle. The last four reported quarters add to ₹745 Cr. FY26 revenue was ₹702 Cr, +35.3% on the year before. Recent pace: the last four quarters grew +29.8% on average, against 32.2% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +29.8%, against +39.1% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +25.8%, against +22.5% a year (accelerating). FY26-Q4. Revenue goal delivered while annual operating margin trails the prior year

FY27-Q1. Enterprise mix lifts reported profit while token disruption reduces lower-margin sales

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does eMudhra keep? eMudhra Ltd's operating margin was 26.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 12 years it has been between 18.0% and 37.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +2.5 percentage points on the year while gross margin changed +2.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY26-Q4. Revenue goal delivered while annual operating margin trails the prior year

FY27-Q1. Enterprise mix lifts reported profit while token disruption reduces lower-margin sales

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## Is eMudhra's profit turning into cash? Over the last 3 years, 113% of eMudhra Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹133 Cr of operating cash against ₹110 Cr of profit. After ₹354 Cr of spending on assets, free cash was −₹221 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 113% of profit came in as cash: the cash cycle got 281 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 7.9× depreciation over three years. The next section checks what that spending is building. ## Where does eMudhra's cash go? eMudhra Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −294 days in FY26, down from −13 days in FY21. It spent ₹626 Cr on assets over the last 3 years. Customers take 98 days to pay, and stock sits for 27 days on average. At FY26 sales of ₹702 Cr, each day of that cycle ties up about ₹1.9 Cr, so roughly −₹565 Cr is tied up in the business at any time. FY26: customers took 98 days to pay and stock sat for 27 days, about 0.9 months of sales sitting as stock, for a full cycle of −294 days, shorter than FY21's −13. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 27 days. Customers pay about 98 days after that. Suppliers are paid at 420 days. Together that makes the −294-day cycle. Spending on assets: ₹626 Cr over the last 3 years, against ₹79.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹29.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is eMudhra's P/E ratio, and how does it compare with its own history? eMudhra Ltd's P/E is 25.9×, about the lowest it has ever been. Its usual P/E (the middle reading) is 57.5×, over 4.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +27.4% while the price moved −43.3%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 3 years the price moved −7.6% a year; about +19.5% a year came from earnings growth and about −27.1 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the eMudhra share price assume? Worked out from its price on 11 October 2026, eMudhra Ltd's share price assumed profit growth of about 23.3% a year. Over the past 10 years its profit actually grew 33.8% a year. Today its P/E is 25.9×, lower than 99% of its own last 4.4 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the eMudhra business getting better or worse? eMudhra Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 15.8%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the eMudhra story, and has it been checked? eMudhra Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: TROUGH. Still open: A sustained decline in enterprise-product revenue accompanied by deteriorating operating cash conversion, despite management continuing to describe product-led growth, would break the thesis. Our read, 10 October 2026. From the numbers. The matrix label is the exact weekly pe pb cycle label; the normalized engine separately returns NORMALIZED Low, and the dedicated pe cycle current block is null. Operations are near a trough in the deterministic…

From the price. Price stage 2, week 6, below its 200-day line, relative strength falling. From the research. Where they disagree. The matrix label is the exact weekly pe pb cycle label; the normalized engine separately returns NORMALIZED Low, and the dedicated pe cycle current block is null. Operations are near a trough in the deterministic assessment, while the price curve is in stage 2 with three weeks in that stage. Normalization remains dependent on achievable product economics. What is proven. What is not proven yet. A sustained decline in enterprise-product revenue accompanied by deteriorating operating cash conversion, despite management continuing to describe product-led growth, would break the thesis. What would change our mind. A sustained decline in enterprise-product revenue accompanied by deteriorating operating cash conversion, despite management continuing to describe product-led growth, would break the thesis. The test written in advance. A sustained decline in enterprise-product revenue accompanied by deteriorating operating cash conversion, despite management continuing to describe product-led growth, would break the thesis. Measured by: the thesis as written as stated by the next result. The test written in advance. Historical legal dispute and disclosure. Measured by: Historical legal dispute and disclosure An adverse procedural or legal development, a quantified liability, or another undisclosed material dispute. by the next result. What the company does. Product-led expansion has produced reported earnings growth across the latest quarters, rather than an isolated earnings spike. What the surface reading misses. The surface reading is: Higher profit and operating margin suggest improved earnings economics. The research reads it further: Operating profit rose faster than revenue, but depreciation increased and management attributes some margin benefit to fewer low-margin tokens. Restoring tokens can dilute the percentage without hurting absolute profit. What the surface reading misses. The surface reading is: Revenue and profit growth appear to confirm operating leverage. The research reads it further: Revenue expansion raised operating profit despite a lower operating-margin percentage. Increased depreciation and interest offset part of the benefit, while a lower tax rate supported PAT. Lever 2 · Value-added mix: building. Enterprise products can retain more gross profit than services, provided growth converts into paid deployments. What proves it keeps working: Enterprise product mix. It stops working if Enterprise growth slows while implementation costs and senior hiring continue to rise. Lever 12 · New product launch: building. Live university certificate issuance provides a distribution foothold, with monetization timing still uncertain. What proves it keeps working: US institutional pipeline. It stops working if Issuance and institutional relationships fail to produce incremental US product revenue through the current fiscal year. Lever 5 · Regulatory approval: building. Certification and regulatory approval can reopen revenue channels, but their earnings contribution differs. What proves it keeps working: Trust-token normalization and UAE launch. It stops working if Certification remains unresolved or the UAE license fails to produce a commercial launch. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did eMudhra management deliver what it promised? What eMudhra Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. PAT Guidance Softened While Described as Unchanged · 30 July 2026. In May 2026, management framed FY27 PAT growth as 25%-30%, with 27%-28% described as the likely outcome. In Jul 2026, it said guidance was unchanged but stated only that it was working toward 25%, shifting the communicated expectation to the low end of the prior range without explaining the change. US Product Growth Confidence Became Less Specific · 30 July 2026. In May 2026, management gave a confident, US-specific expectation of 25%-30% growth, if not more. In Jul 2026, management did not reiterate that US product goal and instead cited approximately 25% growth for the broader enterprise segment while emphasizing long North American sales cycles and unknown factors, representing a notable reduction in visibility that should be reconciled. Undisclosed Material Legal Dispute · 6 February 2026. During the November 2025 earnings call, management presented a clean corporate outlook and emphasized strict financial discipline without disclosing ongoing disputes. Earlier call (Nov 2025): “We remain focused on delivering consistent performance... We continue to operate with financial discipline, invest in talent and capabilities and work closely with customers.” Later call (Feb 2026): “They initially wrote a letter in January 2024... They did nothing for six months, then wrote again in September 2024... Since nothing happened for the last year, they have suddenly chosen to file this complaint with the Economic Offences Wing.”

Contradicted Governance Narrative · 6 February 2026. In previous calls, the Chairman positioned the company as a global leader in 'Digital Trust' and 'Security,' implying an unblemished corporate structure. Earlier call (Jul 2025): “We believe the foundations we are building... will support our long-term growth. We continue to operate with financial discipline... and work closely with customers to help them navigate the evolving digital trust landscape.” Later call (Feb 2026): “3i Infotech is now making two allegations... that when I was the Managing Director... They also allege that I had a conflict of interest.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is eMudhra management's track record? FY26 revenue goal was delivered, while customer conversions slipped and profit-growth wording moved to the lower end. no unowned huge miss is established, and a full prior-downturn record is missing. ### Regulatory and governance record

The criminal complaint is closed; no filed live civil case or fraud finding is shown. A small historical director-age compliance penalty and unanswered disclosure questions remain, but no compulsory material omission or lie is proved. Sources:

- [emudhra.com](https://emudhra.com/en/investors)
- [scanx.trade](https://scanx.trade/stock-market-news/companies/navi-mumbai-police-closes-3i-infotech-complaint-against-emudhra-civil/48597159)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/897537/EMUDHRA/latest/emudhra-ltd)

(Checked 14 October 2026.)

## How much does eMudhra earn on its capital? eMudhra Ltd earned a ROCE of 16% in FY26. That is up from a low of 13% in FY16. Its return on capital used (ROIC) is 1.7 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 15.7% net margin and 0.58× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 15.7% net margin × 0.58× asset turnover × 1.33× leverage (assets divided by equity) ≈ 12.1% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 13.7% − 12.0% = +1.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does eMudhra have too much debt? eMudhra Ltd has total debt of ₹29.0 Cr against shareholder equity of ₹913 Cr as of Jun 2026, so its debt is 0.03× its equity, which is very little. Year by year, that ratio went from 0.44 in FY22 to 0.03 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the eMudhra shareholding pattern? Domestic institutions cut their stake in eMudhra Ltd by 6.3 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 8.7% of the company. Foreign institutions moved −0.9 points over the same period, to 3.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −6.3 points over 8 quarters, to 8.7%; Foreign institutions: −0.9 points over 8 quarters, to 3.5%; Promoters: +0.0 points over 8 quarters, to 54.4%. Why the owners changed: domestic institutions drove it (−6.3 points), together with foreign institutions (−0.9 points). They reduced their stake. ## How far is eMudhra from balance-sheet trouble? For eMudhra Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does eMudhra rank in its industry? 52.6 out of 100, rank 5 of 8 in Services - Others, with 96% of the evidence available. eMudhra Ltd scores 52.6 out of 100 against the 8 companies it is compared with in Services - Others, ranking 5. Earnings are strong; relative strength in its sector is -25% and the one-year return is -47.3%. The four parts add up to the total exactly: 25.2 + 13.1 + 13.5 + 0.8 = 52.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is eMudhra compared with? eMudhra ranks 5 of 8 Services - Others companies on the 4-Factor Sector Score, with 52.6 out of 100. 1. [Indegene Ltd](https://www.sectoralpha.in/stocks/indegene-ltd) INDGN · breaking out · Evidence leans up · 93% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.7/35 · Revenue 35.8% · Profit -7.8% · Operating margin change 0 points · 100% evidence Capital efficiency 18.0/25 · ROCE 18.8% · Operating margin 17% · 100% evidence Valuation 8.5/20 · P/E 33.2× · PEG 2 · 65% evidence Relative strength 18.4/20 · Lead over its industry 25.1% · Lead over NIFTY 500 18% · 1 year 8.8% · 100% evidence · 11 of 12 weeks ahead Exact sum: 17.7 + 18 + 8.5 + 18.4 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Kapston Services Ltd](https://www.sectoralpha.in/stocks/kapston-services-ltd) KAPSTON · leader · Evidence leans up · 93% evidence 62.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.7/35 · Revenue 13.9% · Profit 34% · Operating margin change 1.8 points · 100% evidence Capital efficiency 9.4/25 · ROCE 15.1% · Operating margin 6.5% · 100% evidence Valuation 12.2/20 · P/E 46.8× · PEG 1.13 · 65% evidence Relative strength 14.0/20 · Lead over its industry 52% · Lead over NIFTY 500 43.4% · 1 year 155% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.7 + 9.4 + 12.2 + 14 = 62.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [BLS International Services Ltd](https://www.sectoralpha.in/stocks/bls-international-services-ltd) BLS · basing · Evidence leans up · 78% evidence 58.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.9/35 · Revenue 31.8% · Profit 24.2% · Operating margin change -1 points · 83% evidence Capital efficiency 20.8/25 · ROCE 29.8% · Operating margin 28% · 76% evidence Valuation 12.5/20 · P/E 12.2× · PEG n/a · 50% evidence Relative strength 6.8/20 · Lead over its industry -12.8% · Lead over NIFTY 500 -18.1% · 1 year -33.4% · 100% evidence · 1 of 12 weeks ahead Exact sum: 17.9 + 20.8 + 12.5 + 6.8 = 58 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Team Lease Services Ltd](https://www.sectoralpha.in/stocks/team-lease-services-ltd) TEAMLEASE · basing · Evidence leans up · 78% evidence 53.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 4.5% · Profit 29.3% · Operating margin change -0.1 points · 83% evidence Capital efficiency 8.5/25 · ROCE 14.6% · Operating margin 1% · 76% evidence Valuation 14.6/20 · P/E 10.8× · PEG n/a · 50% evidence Relative strength 9.3/20 · Lead over its industry -10.3% · Lead over NIFTY 500 -15.5% · 1 year -35.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21 + 8.5 + 14.6 + 9.3 = 53.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. eMudhra Ltd this page EMUDHRA · quiet · Evidence leans up · 96% evidence 52.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.2/35 · Revenue 29.8% · Profit 25.8% · Operating margin change 2 points · 88% evidence Capital efficiency 13.1/25 · ROCE 15.7% · Operating margin 26% · 100% evidence Valuation 13.5/20 · P/E 24.5× · PEG 1.48 · 100% evidence Relative strength 0.8/20 · Lead over its industry -25% · Lead over NIFTY 500 -29.6% · 1 year -47.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 25.2 + 13.1 + 13.5 + 0.8 = 52.6 · What this means: Earnings are strong; relative strength in its sector is -25% and the one-year return is -47.3%. 6. [CMS Info Systems Ltd](https://www.sectoralpha.in/stocks/cms-info-systems-ltd) CMSINFO · quiet · Evidence leans down · 81% evidence 44.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.3/35 · Revenue 1.8% · Profit -22.1% · Operating margin change 2 points · 88% evidence Capital efficiency 15.3/25 · ROCE 17.9% · Operating margin 27% · 100% evidence Valuation 10.4/20 · P/E 10.9× · PEG 2.87 · 100% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -26% · 1 year -44.8% · 25% evidence · 0 of 12 weeks ahead Exact sum: 10.3 + 15.3 + 10.4 + 8.4 = 44.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Ecos (India) Mobility & Hospitality Ltd](https://www.sectoralpha.in/stocks/ecos-indiamobility-hospitality-ltd) ECOSMOBLTY · quiet · Evidence leans down · 74% evidence 44.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.6/35 · Revenue 22.2% · Profit 0% · Operating margin change -2 points · 88% evidence Capital efficiency 19.1/25 · ROCE 28% · Operating margin 10% · 100% evidence Valuation 6.5/20 · P/E 10.2× · PEG 4.41 · 65% evidence Relative strength 8.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -29.1% · 1 year -52.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 10.6 + 19.1 + 6.5 + 8 = 44.2 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [PDS Ltd](https://www.sectoralpha.in/stocks/pds-ltd) PDSL · quiet · Evidence leans down · 71% evidence 40.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.7/35 · Revenue 4.6% · Profit -18.8% · Operating margin change 1.1 points · 83% evidence Capital efficiency 7.2/25 · ROCE 12.5% · Operating margin 2.8% · 76% evidence Valuation 8.9/20 · P/E 39.8× · PEG n/a · 15% evidence Relative strength 12.4/20 · Lead over its industry 10.4% · Lead over NIFTY 500 4% · 1 year -10.7% · 100% evidence · 8 of 12 weeks ahead Exact sum: 11.7 + 7.2 + 8.9 + 12.4 = 40.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Services - Others](https://www.sectoralpha.in/sectors/services-others), all 8 compared on one page. ## Which companies are close to eMudhra in size? eMudhra is the 5th largest of 8 Services - Others companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: BLS International Services, PDS and CMS Info Systems. Just below it: Team Lease Services, Kapston Services and Ecos (India) Mobility & Hospitality. ### Services - Others companies close in size

1. [BLS International Services Ltd](https://www.sectoralpha.in/stocks/bls-international-services-ltd) ₹8,614 crore
2. [PDS Ltd](https://www.sectoralpha.in/stocks/pds-ltd) ₹4,678 crore
3. [CMS Info Systems Ltd](https://www.sectoralpha.in/stocks/cms-info-systems-ltd) ₹3,283 crore
4. eMudhra Ltd ₹2,815 crore
5. [Team Lease Services Ltd](https://www.sectoralpha.in/stocks/team-lease-services-ltd) ₹1,651 crore
6. [Kapston Services Ltd](https://www.sectoralpha.in/stocks/kapston-services-ltd) ₹1,490 crore
7. [Ecos (India) Mobility & Hospitality Ltd](https://www.sectoralpha.in/stocks/ecos-indiamobility-hospitality-ltd) ₹602 crore

[All 8 Services - Others companies, largest first](https://www.sectoralpha.in/sectors/services-others#all-companies)

### Companies close in size in other industries

1. [Enviro Infra Engineers Ltd](https://www.sectoralpha.in/stocks/enviro-infra-engineers-ltd) ₹2,824 crore · Engineering - Turnkey Services
2. [Laser Power & Infra Ltd](https://www.sectoralpha.in/stocks/laser-power-infra-ltd) ₹2,823 crore
3. eMudhra Ltd ₹2,815 crore
4. [Polyplex Corporation Ltd](https://www.sectoralpha.in/stocks/polyplex-corporation-ltd) ₹2,814 crore · Packaging - BOPP
5. [CIAN Agro Industries & Infrastructure Ltd](https://www.sectoralpha.in/stocks/cian-agro-industries-infrastructure-ltd) ₹2,812 crore · Edible Oils, Agro Processing

## What else do people ask about eMudhra? ### What is eMudhra's share price today? eMudhra Ltd's share price is ₹358.85, −43.3% over the past year. The whole company is worth ₹2,971 Cr on the market. In the last 52 weeks it traded between ₹340 to ₹653; today it is 6% of the way up from the low, 31.7% below its 200-day average (as of 4 November 2026). ### What were eMudhra's latest quarterly results? eMudhra Ltd reported revenue of ₹191 Cr and net profit of ₹32.0 Cr for the Jun 2026 quarter. Revenue rose 29.9% and profit rose 28.0% compared with a year earlier. Earnings per share were ₹3.88. The operating margin was 26.0%, 2.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is eMudhra's market cap? eMudhra Ltd's market capitalisation is ₹2,971 Cr at a share price of ₹358.85. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is eMudhra performing? eMudhra Ltd's share price has been rising for 6 weeks. In its latest quarter, revenue rose 29.9% and profit rose 28.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 4 November 2026). ### Will eMudhra's share price go up? This page does not forecast eMudhra Ltd's share price. What it shows instead: the share price is ₹358.85, and it has been rising for 6 weeks. Its P/E of 25.9× is higher than 1% of its own last 4 years (as of 4 November 2026). ### Who owns eMudhra? Promoters own 54.4% of eMudhra Ltd, foreign institutions 3.5%, domestic institutions 8.7% and the public 32.5% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 6.3 percentage points over 8 quarters (as of 4 November 2026). ### Does eMudhra have too much debt? No, eMudhra Ltd has little debt: its debt is 0.03× its equity, and its operating profit is 32 times its interest bill. FY26 borrowings were ₹29.0 Cr against equity of ₹911 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is eMudhra in its business cycle? eMudhra Ltd's FY26 operating margin was 23.0%, against a 12-year range of 18.0% to 37.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 26.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the eMudhra story? The main question: yearly earnings per share moved +27.4% while the share price moved −43.3%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is eMudhra a stock worth studying right now? What the numbers show: eMudhra Ltd's results are improving, while its P/E is near the low end of its own history over 4.4 years, higher than only 1% of past readings. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a eMudhra share price forecast for 2026? What management itself guided: FY27 organic revenue growth of 18.0%. One change in eMudhra's own numbers looks lasting: new regions and countries. What would change the story: A sustained decline in enterprise-product revenue accompanied by deteriorating operating cash conversion, despite management continuing to describe product-led growth, would break the thesis. ### Where does this page get eMudhra's management information? From eMudhra's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Breakout stocks: https://www.sectoralpha.in/breakout-stocks-india

This is research, not advice. We’re not SEBI-registered.