Total expenses jumped 38.44% year-on-year to Rs 163.43 crore in Q4 FY26, primarily due to a 57.43% surge in employee benefits expenses to Rs 37.83 crore during the quarter.

EBITDA grew 25.5% to Rs 441 crore in Q4 FY26 from Rs 351 crore in Q4 FY25. EBITDA margin declined to 22.4% in Q4 FY26 from 23.5% in Q4 FY25.

Commenting on the first quarter results, V. Srinivasan, executive chairman of eMudhra, said, FY2026 was a year of strong, broad-based growth for eMudhra. Total income rose 35.1% to Rs 713.2 crore, EBITDA came in at Rs 165.4 crore, and PAT grew 26.2% to Rs 110.0 crore. Our Enterprise Solutions segment, which now accounts for 59% of revenue, delivered 55% year-on-year growth (organic 23%, inorganic 32%), driven by large-scale Certificate Lifecycle Management and Identity & Access Management deployments across defense, banking, and government'a clear validation that our platforms are being chosen for the most mission-critical workloads globally. In India, emSigner continues to process over 3.5 lakh transactions daily in BFSI and capital markets, and the government's push towards eSign and eStamping adds a new and durable layer of volume growth. Trust Services, our retail DSC and eSign business, remains a highly cash-generative anchor for the business.

Internationally, revenue grew 38.7% and now constitutes 64% of our total business. North America is our largest international market, where we are building out a recurring enterprise CLM install base across education, IoT, and financial services. In Europe, our Cryptas and Primesign acquisition is opening doors into the highly regulated EU market, with NIS2 and DORA mandates acting as strong demand catalysts.

The Middle East, Asia Pacific, and Africa are emerging growth frontiers'we closed meaningful wins at central banks, BFSI, customs authorities, and critical infrastructure operators across these regions.

We believe artificial intelligence is a structural tailwind for eMudhra. The rise of autonomous AI agents creates an entirely new class of machine identities that require cryptographic authentication, auditable signatures, and certificate infrastructure ' precisely what our platforms deliver. At the same time, AI is dramatically expanding the attack surface across enterprises, making Zero Trust and certificate lifecycle management non-negotiable rather than optional. eMudhra is one of very few vendors positioned to address these shifts in a unified platform. With our continued R&D focus, we are well placed to sustain growth and expand margins in the years ahead.'

Meanwhile, the board has recommended a final dividend of Rs 1.25 per share for FY26 on the company's fully paid-up equity share capital, subject to shareholders' approval at the ensuing annual general meeting.

eMudhra is a digital trust, digital security, and paperless transformation solution provider. The company is licensed by the Controller of Certifying Authorities (CCA), Ministry of Information Technology, and operates under the guidelines set by the Information Technology Act.

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