Below is a structured extraction and summary of relevant and actionable financial information from the eMudhra Limited results filing dated November 4, 2025, suitable for an investment analysis team:

1. Auditor’s Note

• Type: Limited Review Report by Suri & Co., Chartered Accountants.
• Conclusion:
  • No qualifications, concerns, or issues reported.
  • The review was conducted per SRE 2410 standards.
  • The auditor states nothing has come to their attention indicating material misstatements or non-compliance with applicable accounting standards.
  • Some subsidiaries and associates’ financials were not audited but considered immaterial to the Group.
• Standalone and Consolidated results both reviewed with unmodified conclusion.

Action: No auditor qualifications or concerns; financials can be relied upon as presented.

2. Financial Performance

Consolidated Financials (INR million)

Standalone Financials (INR million)

3. Detailed Notes / Management Commentary

• Acquisitions:

  • Acquired 51% stake in Cryptas International GmbH (Austria-based cybersecurity firm) effective July 1, 2025, for EUR 5 million with a Put/Call option on remaining 49% exercisable 2028-2030 based on 10x EBITDA valuation.
  • Acquired 100% of AI Cyber Forge Inc (cybersecurity software provider) effective July 1, 2025, for USD 4.8 million.
  • Both acquisitions consolidated from Q2 FY26.

• Accounting Policies:

  • Results prepared under Ind AS 34 (Interim Financial Reporting).
  • No changes in accounting policies or material adjustments reported.

• Other Notes:

  • ESOP Trust included in consolidation.
  • No exceptional items reported in Q2 FY26 or H1 FY26.
  • Tax expense includes deferred tax; no separate tax breakdown provided.

4. Segment Information (Consolidated)

• Geography: Revenue split roughly 50:50 between India and Outside India for both segments.

5. Capex, Projects, and Corporate Activity

• Capital Expenditure:

  • Consolidated Capex for H1 FY26: INR 1,016.04 million (vs INR 457.56 million in H1 FY25).
  • Standalone Capex for H1 FY26: INR 83.85 million (vs INR 114.04 million in H1 FY25).

• Acquisitions:

  • Cryptas International GmbH (51% stake) for EUR 5 million effective July 1, 2025.
  • AI Cyber Forge Inc (100%) for USD 4.8 million effective July 1, 2025.

• Impairments / Provisions:

  • Provision for expected credit loss increased to INR 24.40 million (H1 FY26) from INR 5.80 million (H1 FY25) consolidated.
  • No exceptional items reported in Q2 or H1 FY26.

• Restructuring / Cost Cutting:

  • No explicit mention of restructuring or cost-cutting measures.

6. Standalone vs Consolidated

• Both standalone and consolidated financials are provided and reviewed.
• Consolidated includes multiple subsidiaries and associates, including recent acquisitions.
• Standalone results show lower revenue and profit compared to consolidated, reflecting subsidiaries’ contributions.

Additional Key Points

• Balance Sheet Highlights (Consolidated):

  • Total Assets increased to INR 10,789.59 million as of Sep 30, 2025 from INR 8,681.35 million as of Mar 31, 2025.
  • Goodwill increased significantly to INR 2,775.58 million (Mar 31, 2025: INR 1,254.60 million), reflecting acquisitions.
  • Borrowings increased to INR 164.75 million (current liabilities) from zero previously.
  • Equity increased to INR 8,161.87 million from INR 7,472.80 million.

• Cash Flow (Consolidated):

  • Operating cash flow for H1 FY26: INR 544.80 million (up from INR 514.19 million in H1 FY25).
  • Investing cash flow negative INR 1,208.55 million (higher outflow due to acquisitions and capex).
  • Financing cash flow positive INR 78.61 million (mainly short-term borrowings).
  • Net cash decreased by INR 559.64 million in H1 FY26.

• Cash Flow (Standalone):

  • Operating cash flow: INR 186.63 million (down from INR 259.35 million in H1 FY25).
  • Investing cash flow: negative INR 206.42 million.
  • Financing cash flow: negative INR 103.51 million.
  • Net cash decreased by INR 123.31 million in H1 FY26.

Summary for Investment Analysis Team

Actionable Points:

• Monitor integration and performance of recent acquisitions (Cryptas and AI Cyber Forge).
• Watch borrowings and goodwill for potential impairment risks in future.
• Evaluate segment-wise growth trends, especially Trust Services which is a major profit contributor.
• Assess cash flow sustainability given high investing outflows.
• Consider standalone vs consolidated performance for valuation and risk assessment.

End of Analysis