Emudhra

eMudhra Ltd is the first eSign service provider in India. It is the biggest player in the identity and trust market in the country and is also one of the leading certifying authorities.

The company’s philosophy is based on providing solutions to complex problems through its comprehensive stack.

eMudhra started in 2008 as a company in the digital signature industry. Since then, it has evolved into a listed organisation renowned for providing end-to-end solutions and services across signing solutions and digital identity.

The company’s name has a Sanskrit origin. The word ‘mudhra’ means a deal, mark or gesture in the ancient language.

eMudhra has issued over 60 million digital identities and has enterprise customers in over 25 countries that use its identity, authentication and paperless platform.

eMudhra provides a unified ecosystem for digital transformation with a wide-ranging solution to secure digital infrastructure and to build paperless business processes under country-specific accreditations.

The stock was listed on exchanges on June 1, 2022. As of January 2, 2024, the company had a market capitalisation of over ₹3,400 crore. eMudhra share price has surged nearly 75% since its listing.

Business operations

The company has established a mark with offerings such as trust services, PKI (public key infrastructure), signing, authentication, encryption and discovery solutions.

emSigner:

It is a cost-effective solution, eliminating the need for paper-based processes. This suite provides a comprehensive digital signature and workflow management solution.

emCA:

This product issues digital certificates in high volumes to meet the needs of large organisations and government agencies. The certificates are issued based on advanced cryptographic algorithms.

emAS:

It is essentially an access management and identity governance. emAS employs features such as biometric, digital certificates and multi-factor authentication.

emSign:

eMudhra Trust Services has been in the industry for over a decade and has extensive experience in the digital signature and authentication domain. eMudhra Trust Services has a strong global presence, with operations in several countries, enabling the company to offer digital signature and authentication solutions to a diverse range of clients.

emDiscovery:

The company’s certificate lifecycle management product emDiscovery caters to discovery and lifecycle management, key/certificate management, auto provisioning of certificates and DevSecOps/container-based security.

Financial highlights

The company has achieved an overall revenue growth of 38.3% to ₹254.1 crore in FY23 compared with the previous year. Revenue growth was driven by enterprise solutions primarily due to incremental cross sales, international market expansion and new customer acquisition. The EBITDA stood at ₹92.6 crore in FY23, up 36% from ₹68.1 crore in FY22. The EBITDA margins were 36.5% during the year compared with 36% in FY22. eMudhra’s net profit rose 48.8% to ₹61.2 crore in FY23 compared with ₹41.1 crore in the previous year. The company’s basic earnings per share (EPS) increased to ₹8.35 in FY23 as against ₹5.86 in FY22.