eMudhra reports strong Q2, H1 FY26 growth, driven by product business

eMudhra Limited recorded a total income of INR 174.95 crores for Q2 FY26, a 22.6% year-on-year increase. The company's EBITDA reached INR 43.33 crores, marking a 28.1% year-on-year growth with a margin of 24.8%. Net profit for the quarter stood at INR 26.44 crores, reflecting an 18.6% year-on-year increase and a net margin of 15.1%. This performance was supported by broad-based contributions across the U.S., Middle East, India, Asia-Pacific, and Europe, following the acquisition of Cryptas.

For the first half of FY26, total income grew 37% year-on-year to INR 3,255.7 million. EBITDA for H1 FY26 was INR 813.2 million, an increase of 28.5% year-on-year with a 25% margin. Profit after tax for the half-year rose 27.1% year-on-year to INR 514.7 million, with a 15.8% margin. The company's product business showed strong growth, contributing significantly to overall revenue, while the services business remained largely stagnant due to factors like visa policies and the impact of AI.

The acquisition of Cryptas contributed approximately INR 22 crores to revenue in Q2 FY26, with integration efforts underway to achieve profitability within the next two quarters. The company remains confident in achieving its full-year revenue guidance of INR 675 crores to INR 700 crores, maintaining an estimated PAT margin of 15.5% to 16% inclusive of Cryptas' top line.