eMudhra Limited has released the transcript of its earnings call held on February 03, 2026, discussing the financial results for the quarter and nine months ended December 31, 2025. The company reported a total income of ₹1,911 million for Q3 FY26, marking a year-on-year growth of 35.6%. EBITDA for the quarter stood at ₹441 million with a margin of 23.1%, and net profit was ₹290 million, reflecting a net margin of 15.2%. The growth was attributed to increased product-led revenues, which offset margin pressures in the US services business. The acquisition of CRYPTAS has improved overall margin quality, with its revenue contribution increasing from ₹24 crore in Q2 FY26 to ₹34 crore in Q3 FY26, and turning profitable. AI Cyber Forge has been integrated into the US subsidiary, with its secret management engine incorporated into eMudhra's platform. Key project wins and customer engagements during the quarter included certificate lifecycle management wins in the US for IoT and enterprise authentication, renewal and upsell of certificate lifecycle management in the DACH region, the first eSignature workflow rollout for a large bank in Oman, and large-scale CLM and identity and access management deployments for defense agencies in India. CLM implementations were also secured across central banks and leading banks in the Philippines and Indonesia, with continued increase in eSign and eStamping adoption in India. Looking ahead, eMudhra's product development roadmap focuses on converged identity, advanced certificate lifecycle management, privacy-led data discovery, and post-quantum cryptography. The company reiterated its FY26 revenue guidance of ₹700 crore. Adjusted EBITDA margin was reported at 25.8%, excluding non-recurring expenses such as acquisition legal costs and gratuity provisions. The company also provided an update on its data center initiatives, with the US data centers now live and enabling local TLS certificate issuance. In the Middle East, a local data center is being set up to support government and BFSI opportunities in the UAE, with an estimated CAPEX of ₹15 crore for this initiative. The total planned CAPEX for FY25-26 is around ₹60-62 crore, excluding the UAE data center costs.