How eMudhra Makes Money: Business Model and Revenue Streams Explained

Synopsis: eMudhra delivers digital trust solutions, including digital signatures and certificate management. In Q3FY26, 63 percent  of revenue came from international markets and 37 percent from domestic operations, serving enterprises across BFSI, government, and regulated sectors.

eMudhra is a small-cap company with a market capitalisation of more than Rs 4,000 crore and has delivered a compounded return of 26 percent over the past three years. The company provides digital trust solutions, including digital signatures and secure authentication services. In the latest quarter, it generated 63 percent of its revenue from international markets.

This article examines how the company has been able to derive over 50 percent of its revenue from global markets, along with a detailed discussion on its core business operations, key growth drivers, and an overview of its recent financial performance to provide a comprehensive understanding of the company’s trajectory

The Business Model

eMudhra’s Enterprise Solutions segment contributes 57.6 percent of 9M FY26 revenue, driven by digital certificate issuance, certificate lifecycle management, user authentication, and paperless workflows. These offerings support secure digital operations for enterprises across regulated and mission-critical environments.

Digital Certificate Issuance

The company issues cryptographic digital certificates used for signing, encryption, and website security. With EAL4+ certified high-scale PKI infrastructure, eMudhra enables rapid issuance with strong security.

Certificate Management & User Authentication  

Through CERTInext and SECUREpass, eMudhra enables automated certificate management and advanced user authentication. Solutions support zero-trust identity frameworks, phishing-resistant MFA, and password-less access, helping enterprises secure systems, users, and privileges across large, complex IT environments.

Paperless Workflows  

emSigner enables secure, compliant, paperless workflows for enterprises by integrating digital signatures into approval processes. The solution supports multi-party workflows and is widely adopted by financial institutions and regulated industries.

The Trust Services

Trust Services account for 20 percent of 9M FY26 revenue, covering Digital Signature Certificates and eSign solutions. eMudhra is India’s largest trust services brand, leveraging its emCA platform and expanding its international presence through European operations and subsidiaries. The company has seen its eSign volumes increased materially, as at one point it was only 50000 per day but now it stands at more than 4 lakh per day.

Consulting and Product Integration

Consulting and Product Integration contributes 22.4 percent of 9M FY26 revenue, focused on North America. The segment emphasizes enterprise distribution, cross-selling, and solution integration across utilities, education, and financial services, with growth aligned to the broader IT services industry.

The main point to note here is that the company has been emphasizing on premium pricing, and is a major reason that helps the company to create a significant margin for itself from the business.

The Q3FY26 Result

In the latest quarterly result the company has seen its revenue from operations increase by 35 percent YoY, from Rs 139 Cr in Q3FY25 to Rs 188 Cr in Q3FY26, while the QoQ increased by 8 percent from Rs 173 Cr. The net profits grew by 32 percent going from Rs 22 Cr in Q3FY25 to Rs 29 Cr in Q3FY26, while the QoQ increased by 11 percent from Q2FY26’s Rs 26 Cr.

In 9M numbers of the fiscal year, the company saw its revenue from operations increase by 36 percent YoY, from Rs 372 Cr in 9MFY25 to Rs 508 Cr in 9MFY26. The net profits for the same period grew by 29 percent going from Rs 62 Cr to Rs 80 Cr.

The company has a 3 year sales CAGR of 42 percent, while the TTM is at 39 percent. The company’s 3 year profit CAGR is at 27 percent, while the TTM number is at 26 percent. The company also has a ROCE of 15 percent and a ROE of 12 percent.

In Q3FY26, the company witnessed strong growth in the domestic market, with revenue rising 61 percent from Rs 44 crore to Rs 71 crore. Despite this impressive expansion, the international market continues to dominate the revenue mix, contributing Rs 116 crore, reflecting a 23 percent growth from Q3FY25’s Rs 94 Cr. The domestic market share stands at 37 percent, while the international market stands at 63 percent.

During Q3FY26, the company strengthened its global trust and cybersecurity footprint with live US data centers enabling local TLS issuance, improved latency, and regulatory alignment. Integration of Cryptas enhanced its eIDAS-aligned portfolio, while AI Cyber Forge integration unified CLM and IAM offerings, supporting cross-sell momentum across key international markets.

Regulatory tailwinds from NIS2, DORA, and DPDP drove demand for compliant PKI, identity, and cryptographic solutions across Europe and other regions. Advanced R&D enhanced automated data discovery, while an end-to-end DPI stack and UAE data center expansion positioned the company for large-scale government and BFSI deployments.

Project Wins

The company saw its revenue from abroad grow, along with winning key international orders such as Certificate Lifecycle Management wins across IoT and enterprise authentication use cases in the USA, renewals and upselling across energy, CPG, and financial services clients in Europe’s DACH region.

It also secured its first eSignature workflow rollout for a large bank in Oman, executed large-scale CLM and Identity & Access Management projects for defence agencies in India, implemented CLM solutions for banks in the Philippines and Indonesia, and witnessed rising eSign and eStamping traction in India. With the recent quarter the company sees Rs 152 Cr coming from its solution business while only Rs 35 Cr coming from Trust based business, each of them growing by 34 percent and 42 percent respectively.

The Bottom Line

eMudhra generates revenue mainly from enterprise solutions, trust services, and consulting, led by digital certificates, identity management, authentication, and paperless workflows. Its premium pricing strategy, supported by secure and compliant infrastructure, boosts margins. Rapid growth in eSign volumes, now exceeding 4 lakh transactions daily, has significantly increased transaction-based income and cross-selling opportunities.

International markets contribute 63 percent of Q3FY26 revenue, driven by large project wins across the US, Europe, the Middle East, and Southeast Asia. Regulatory tailwinds, strong cybersecurity demand, and overseas data centers support expansion. Higher eSign adoption, premium offerings, and enterprise-scale contracts continue to fuel overseas revenue growth.

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