eMudhra Ltd

eMudhra Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

eMudhra Ltd

₹ 816 -3.90%
04 Apr - close price
emudhra.com BSE: 543533 NSE: EMUDHRA
About

Emudhra is a licensed certifying authority involved in issuing digital signature certificates in India under its eMudhra brand. 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.[1]

Key Points

Business Verticals
1) Enterprise Solutions (77% in H1 FY25 vs 54% in FY22): [1] [2] The segment is divided into:
a) Cyber Security (79%): [3] The company offers solutions like CertiNext for discovering certificates across IT infrastructure, renewal, and automatic provisioning, emCA solution to enterprises and others for setting up a certifying authority to issue digital signature certificates and SecurePass for authentication, identity and access management. [4] [5]

Website BSE NSE
  • Market Cap ₹ 6,769 Cr.
  • Current Price ₹ 816
  • High / Low ₹ 1,024 / 652
  • Stock P/E 282
  • Book Value ₹ 63.5
  • Dividend Yield 0.15 %
  • ROCE 7.26 %
  • ROE 4.92 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 42.8%

Cons

  • Stock is trading at 12.8 times its book value
  • Company has a low return on equity of 9.33% over last 3 years.
  • Promoter holding has decreased over last 3 years: -26.6%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: IT - Software Industry: Computers - Software - Medium / Small

Part of BSE Allcap BSE Information Technology Nifty Microcap 250 Nifty Total Market BSE SmallCap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
36.63 41.06 34.55 38.78 44.06 46.64 26.40 53.16 45.40 58.30 39.43 56.00 46.09
23.68 22.92 23.27 29.35 35.83 38.54 29.53 37.80 41.27 36.35 35.16 45.19 39.39
Operating Profit 12.95 18.14 11.28 9.43 8.23 8.10 -3.13 15.36 4.13 21.95 4.27 10.81 6.70
OPM % 35.35% 44.18% 32.65% 24.32% 18.68% 17.37% -11.86% 28.89% 9.10% 37.65% 10.83% 19.30% 14.54%
0.44 0.09 0.72 1.94 0.99 2.00 3.40 3.28 0.78 0.50 2.76 1.70 1.99
Interest 1.24 1.76 0.96 0.44 0.38 1.60 0.26 0.38 0.45 1.11 0.21 0.22 0.01
Depreciation 2.64 2.59 3.21 3.22 3.11 2.80 3.40 3.90 3.94 4.18 3.85 3.85 3.86
Profit before tax 9.51 13.88 7.83 7.71 5.73 5.70 -3.39 14.36 0.52 17.16 2.97 8.44 4.82
Tax % 25.24% 18.80% 27.08% 26.98% 21.29% 27.89% -24.19% 27.65% 23.08% 27.74% 28.96% 27.73% 29.67%
7.11 11.27 5.71 5.64 4.51 4.11 -2.58 10.39 0.40 12.40 2.11 6.11 3.39
EPS in Rs 1.01 1.61 0.73 0.72 0.58 0.53 -0.33 1.33 0.05 1.50 0.25 0.74 0.41
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
35 43 67 73 90 103 109 153 164 183 200
29 33 51 54 67 81 82 99 127 145 156
Operating Profit 6 10 16 20 23 22 28 54 37 39 44
OPM % 18% 23% 24% 27% 26% 22% 25% 35% 23% 21% 22%
-12 0 0 -6 -2 0 0 1 6 8 7
Interest 0 0 0 0 1 1 1 5 3 2 2
Depreciation 3 3 4 4 7 7 7 11 12 15 16
Profit before tax -8 7 12 9 14 15 21 39 27 29 33
Tax % 10% 22% 29% 15% 28% 26% 27% 23% 26% 28%
-9 6 9 8 10 11 15 30 20 21 24
EPS in Rs -3.04 0.92 1.32 1.15 1.47 1.62 2.16 4.28 2.56 2.49 2.90
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 29% 49% 50%
Compounded Sales Growth
10 Years: %
5 Years: 15%
3 Years: 19%
TTM: 16%
Compounded Profit Growth
10 Years: %
5 Years: 12%
3 Years: 11%
TTM: 95%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 19%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 9%
Last Year: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 30 31 35 35 35 35 35 35 39 41 41
Reserves -4 1 10 26 36 47 61 92 281 488 484
27 25 26 17 34 40 47 58 10 0 0
5 7 12 9 15 18 21 37 38 46 52
Total Liabilities 57 63 83 88 119 140 164 222 367 575 578
26 29 44 41 50 44 104 96 122 150 182
CWIP 4 1 1 6 21 39 4 31 47 28 0
Investments 15 16 17 17 22 21 19 22 73 120 246
13 18 21 23 26 36 37 73 125 276 149
Total Assets 57 63 83 88 119 140 164 222 367 575 578

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
22 5 15 11 29 36 17 25
-20 -7 -35 -17 -30 -38 -127 -62
5 -2 14 6 4 0 120 180
Net Cash Flow 7 -4 -5 -1 3 -1 10 142

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 29 26 14 27 51 63 46 73 77 93
Inventory Days 21 22 7 9 5 10 6 22 13 32
Days Payable 40 42 5 51 76 55 58 213 256 204
Cash Conversion Cycle 11 6 16 -15 -21 18 -6 -118 -166 -79
Working Capital Days 38 59 -18 37 41 57 27 57 98 121
ROCE % 13% 20% 21% 18% 14% 16% 27% 12% 7%

Shareholding Pattern

Numbers in percentages

6 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
61.03% 61.03% 61.03% 57.70% 57.70% 57.70% 57.70% 54.40% 54.40% 54.40% 54.40% 54.40%
4.31% 4.24% 4.09% 4.16% 4.28% 4.30% 3.85% 4.20% 4.17% 4.40% 5.04% 4.21%
10.68% 10.53% 10.87% 10.65% 9.87% 8.47% 9.12% 14.45% 14.36% 15.03% 14.85% 15.82%
23.98% 24.22% 24.02% 27.50% 28.15% 29.55% 29.35% 26.94% 27.08% 26.17% 25.72% 25.57%
No. of Shareholders 75,70569,29665,97466,97862,85166,03070,56173,65078,82480,88482,17581,049

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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