eMudhra Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Enterprise Solutions: 80.0% • Trust Services: 20.0%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 34.1% CAGR over last 5 years
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 39.8% CAGR over last 5 years
- Latest quarter profit grew 27.9% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.12x)
CONS
- Free cash flow has been persistently negative
- Operating margins have contracted to 22.2% from 37.2%
- Though reporting repeated profits, the company pays out little dividend (9.5%)
- Growth is decelerating - 3Y profit CAGR (21.6%) trails the 5Y trend (34.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2312.00 | 16.80 | 836501.83 | 4.76 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1128.00 | 15.11 | 457768.62 | 4.26 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1310.25 | 20.41 | 355557.97 | 4.12 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.60 | 13.23 | 174910.92 | 6.23 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1597.00 | 30.48 | 156527.36 | 3.19 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4516.00 | 25.61 | 133954.19 | 1.66 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12050.00 | 30.75 | 104935.17 | 3.32 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5624.00 | 46.13 | 88718.60 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1963.70 | 49.51 | 86987.61 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2457.05 | 24.55 | 46899.54 | 2.52 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3498.50 | 28.11 | 37111.23 | 1.66 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| EMUDHRA | 517.35 | 37.24 | 4284.26 | 0.24 | 32.00 | 27.87 | 190.72 | 29.47 | 16.23 | 26.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 80 | 96 | 97 | 100 | 92 | 141 | 139 | 147 | 147 | 173 | 188 | 193 | 191 | |
| 56 | 68 | 73 | 67 | 66 | 109 | 109 | 112 | 113 | 132 | 147 | 151 | 154 | |
| Operating Profit | 24 | 28 | 25 | 33 | 27 | 32 | 30 | 35 | 35 | 41 | 41 | 42 | 36 |
| OPM % | 29.81% | 29.35% | 25.29% | 33.00% | 29.07% | 22.93% | 21.53% | 23.68% | 23.54% | 23.87% | 21.86% | 21.73% | 19.10% |
| 1 | 0 | 2 | 3 | 3 | 1 | 2 | 2 | 3 | 2 | 3 | 3 | 2 | |
| Interest | 0 | 0 | 1 | 1 | 0 | 1 | 0 | -0 | 0 | 1 | 1 | 3 | 1 |
| Depreciation | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 7 | 9 | 9 | 9 | 12 |
| Profit before Tax | 20 | 23 | 20 | 29 | 24 | 27 | 25 | 31 | 31 | 33 | 34 | 33 | 38 |
| Tax % | 17.24% | 18.53% | 2.25% | 27.82% | 23.04% | 17.80% | 11.81% | 22.01% | 19.47% | 19.93% | 14.96% | 10.72% | 16.14% |
| Net Profit | 0 | 0 | 0 | 0 | 18 | 22 | 22 | 24 | 25 | 26 | 29 | 30 | 32 |
| 2.07 | 2.43 | 2.65 | 2.62 | 2.20 | 2.70 | 2.58 | 2.94 | 3.05 | 3.09 | 3.50 | 3.53 | 3.91 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 68 | 76 | 102 | 116 | 132 | 183 | 249 | 373 | 519 | 702 | 745 | |
| 50 | 61 | 69 | 85 | 92 | 116 | 161 | 264 | 395 | 546 | 584 | |
| Operating Profit | 19 | 15 | 32 | 32 | 40 | 67 | 87 | 110 | 124 | 156 | 161 |
| OPM % | 27.12% | 19.55% | 31.71% | 27.43% | 30.34% | 36.68% | 35.10% | 29.36% | 23.86% | 22.19% | 21.58% |
| 1 | 1 | -2 | 0 | 1 | 1 | 5 | 7 | 8 | 15 | 10 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 5 | 3 | 3 | 1 | 5 | 6 |
| Depreciation | 5 | 6 | 8 | 9 | 9 | 13 | 16 | 21 | 24 | 34 | 40 |
| Profit before Tax | 14 | 9 | 22 | 23 | 31 | 50 | 73 | 93 | 107 | 131 | 138 |
| Tax % | 26.20% | 15.02% | 19.45% | 19.99% | 18.67% | 18.47% | 16.60% | 17.60% | 18.78% | 16.19% | 15.45% |
| Net Profit | 10 | 8 | 17 | 18 | 25 | 41 | 61 | 76 | 87 | 110 | 117 |
| EPS | 1.50 | 1.17 | 2.48 | 2.37 | 3.61 | 5.86 | 8.01 | 9.29 | 10.41 | 13.14 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 21.33% | 15.30% | 13.46% | 12.01% | 9.51% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 31%
- 5 Years:
- 40%
- 3 Years:
- 41%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 35%
- 5 Years:
- 44%
- 3 Years:
- 20%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 2%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- 22%
- 5 Years:
- 20%
- 3 Years:
- 14%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 35 | 35 | 35 | 35 | 35 | 35 | 37 | 40 | 41 | 41 | |
| Minority Interest | 0 | 0 | 0 | 1 | 9 | 1 | 1 | 6 | 2 | 1 |
| 8 | 15 | 32 | 48 | 64 | 109 | 351 | 610 | 693 | 851 | |
| 7 | 9 | 29 | 43 | 50 | 65 | 22 | 10 | 8 | 130 | |
| Trade Payables | 0 | 1 | 5 | 8 | 3 | 14 | 18 | 24 | 31 | 60 |
| 30 | 24 | 18 | 23 | 30 | 35 | 30 | 60 | 93 | 130 | |
| Total Liabilities | 81 | 85 | 120 | 159 | 192 | 259 | 460 | 750 | 868 | 1,213 |
| 59 | 54 | 62 | 62 | 125 | 117 | 162 | 253 | 419 | 727 | |
| Capital Work in Progress | 1 | 4 | 22 | 40 | 4 | 25 | 37 | 30 | 17 | 19 |
| 0 | 0 | 0 | 0 | 14 | 0 | 21 | 4 | 81 | 46 | |
| 0 | 0 | 0 | 1 | 1 | 2 | 1 | 3 | 1 | 4 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103 | 145 | 189 | |
| Cash & Bank | 11 | 7 | 2 | 9 | 8 | 13 | 98 | 245 | 107 | 65 |
| 10 | 20 | 33 | 45 | 41 | 101 | 141 | 111 | 97 | 164 | |
| Total Assets | 81 | 85 | 120 | 159 | 192 | 259 | 460 | 750 | 868 | 1,213 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 28 | 7 | 20 | 27 | 44 | 26 | 49 | 73 | 102 | 133 | |
| Cash from Investing | -24 | -7 | -32 | -29 | -47 | -38 | -107 | -89 | -211 | -225 |
| Cash from Financing | 6 | -2 | 10 | 12 | 5 | 16 | 127 | 176 | -21 | 22 |
| 7 | -4 | -5 | 7 | -1 | -0 | 54 | 159 | -131 | -70 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 1.36 | 1.09 | 2.40 | 2.29 | 2.39 | 5.86 | 8.17 | 9.29 | 10.41 | 13.14 |
| Book Value (₹) | 6.07 | 7.16 | 9.55 | 11.90 | 14.07 | 20.47 | 51.87 | 80.41 | 90.22 | 108.78 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 |
| Cash EPS (₹) | 2.20 | 1.99 | 3.70 | 3.85 | 4.86 | 7.72 | 10.28 | 12.02 | 13.66 | 17.59 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 28.02% | 20.33% | 31.81% | 27.73% | 31.00% | 37.28% | 37.23% | 29.36% | 23.86% | 22.19% |
| Net Margin % | 14.66% | 10.36% | 17.16% | 15.81% | 19.27% | 22.52% | 24.60% | 20.46% | 16.80% | 15.69% |
| ROE % | 27.78% | 17.02% | 29.73% | 24.46% | 27.82% | 33.93% | 22.98% | 14.70% | 12.61% | 13.53% |
| ROCE % | 22.19% | 13.13% | 24.64% | 20.00% | 23.13% | 31.40% | 24.99% | 17.86% | 15.41% | 16.23% |
| 14.05% | 9.54% | 17.07% | 13.24% | 14.47% | 18.24% | 17.02% | 12.62% | 10.78% | 10.57% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 15 | 19 | 48 | 70 | 53 | 59 | 82 | 83 | 87 | 87 |
| Inventory Days | 4 | 2 | 1 | 3 | 3 | 3 | 2 | 2 | 2 | 1 |
| Payable Days | 17 | 16 | 54 | 92 | 110 | 110 | 199 | 229 | 315 | 320 |
| 1 | 6 | -4 | -19 | -54 | -48 | -115 | -144 | -227 | -231 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.09x | 0.12x | 0.36x | 0.45x | 0.33x | 0.36x | 0.04x | 0.01x | 0.00x | 0.03x |
| Interest Coverage (x) | 111.45x | 80.38x | 83.00x | 35.46x | 38.07x | 12.07x | 22.68x | 31.84x | 93.74x | 26.91x |
| 1.12x | 1.44x | 1.65x | 1.57x | 1.32x | 1.30x | 4.43x | 5.80x | 4.38x | 2.76x | |
| GROWTH | ||||||||||
| Revenue Growth % | 44.53% | 11.64% | 33.22% | 14.63% | 13.00% | 38.79% | 36.20% | 49.99% | 39.20% | 35.08% |
| Operating Profit Growth % | 65.95% | -19.00% | 108.41% | -0.07% | 26.33% | 66.93% | 36.01% | 25.77% | 13.66% | 28.89% |
| Net Profit Growth % | 88.28% | -21.08% | 120.71% | 5.62% | 37.70% | 62.21% | 48.77% | 24.76% | 14.25% | 26.15% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 13.69% | 12.08% | 26.24% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 81.25x | 81.59x | 28.17x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.38x | 9.41x | 3.40x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.17% | 0.15% | 0.34% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 50.32x | 51.35x | 17.55x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-27 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-26 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-22 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-20 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-18 - eMudhra Limited has informed the Exchange about Closure of complaint by the Economic Offence Wing, Navi Mumbai Police Commissionerate in relation to allegations made by 3i Infotech Limited
2026-08-06 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-04 - eMudhra Limited has informed the Exchange about Schedule of meet
2026-08-04 - eMudhra Limited has informed the Exchange about Transcript
News
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