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Swing Capital

eMudhra Ltd

NSE: EMUDHRA BSE: 543533IT / Software

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]

₹458
52W: ₹365 — ₹842
PE 117 · Book ₹69.9 · +555% vs book
Market Cap₹3,792 Cr
Stock P/E117Price to Earnings
ROCE8.01%Return on Capital
ROE5.76%Return on Equity
Div. Yield0.27%Face Value ₹5

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has been maintaining a healthy dividend payout of 45.9%

Weaknesses

  • −Stock is trading at 6.50 times its book value
  • −Company has a low return on equity of 4.72% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -3.30%

Shareholding Pattern

Promoters54.4%
FIIs3.13%
DIIs13.33%
Public28.21%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.4%54.4%54.4%54.4%54.4%54.4%54.4%54.4%
FIIs4.17%4.4%▲0.25.04%▲0.64.23%▼0.84.2%▼0.04.15%▼0.04.16%▲0.03.13%▼1.0
DIIs14.36%15.03%▲0.714.85%▼0.215.98%▲1.116.01%▲0.016.74%▲0.716.75%▲0.013.33%▼3.4
Public27.08%26.17%▼0.925.72%▼0.523.6%▼2.123.76%▲0.223.37%▼0.423.54%▲0.228.21%▲4.7

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales45.458.339.435646.0961.4455.5162.0172.8978.25
Expenses41.2736.3535.1645.1939.3950.0645.7650.4455.4764.19
Operating Profit4.1321.954.2710.816.711.389.7511.5717.4214.06
OPM %9.1%37.65%10.83%19.3%14.54%18.52%17.56%18.66%23.9%17.97%
Net Profit0.412.42.116.113.397.065.836.711.678.2
EPS ₹0.051.50.250.740.410.850.70.811.410.99

AI Insights

Revenue Trend

Mar 2026 revenue at ₹269Cr, up 32.5% YoY. OPM at 20%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Institutional Flow

DIIs: 13.33% (+3.46pp change). FIIs: 3.13% (-1.15pp change). Promoters hold 54.4%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 8% (Mar 2026). Working capital days: 137.

Valuation

PE 117x with 8.01% ROCE. Price is 555% above book value of ₹69.9. Dividend yield: 0.27%.

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