Emudhra Limited (EMUDHRA)

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Emudhra Limited (EMUDHRA) · mywealthgrid

About

Emudhra Limited is a mid-cap IT services firm (₹4,295.66 Cr market cap) in IT Enabled Services. Recent quarters show consolidated revenue around ₹190 Cr, net profit ₹30 Cr, and OPM of 22.67%, supported by low leverage (D/E 0.03) and four years of consecutive dividends.

Face value: ₹5

Market cap

₹4,802 Cr

P/E

41.7×

P/B

5.2×

Dividend yield

0.2%

ROE

13%

ROCE

14.9%

Debt / equity

0.03

OPM

22.7%

EPS (TTM)

₹14.0

Book value

₹111.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation disconnect: PE of 37.33 against ROE of 13% and -32.7% one-year return signals market skepticism about growth or profitability trajectory
Margin volatility: consolidated OPM ranged 21.7-26.0% in recent quarters while standalone hit 29.45%, raising questions about service mix stability and cost predictability
Institutional outflows: DII holdings fell from 13.34% (Mar 2026) to 10.55% (Jun 2026) despite stable profitability, suggesting reduced conviction
Revenue stagnation: consolidated quarterly revenue flat at ₹188-193 Cr (Dec 2025-Jun 2026) after ₹21 Cr growth phase (Sep 2025-Mar 2026), momentum unclear

Generated analysis · source review pending

Growth drivers

Revenue expansion pattern: consolidated revenue grew ₹21 Cr from Sep 2025 (₹172.88 Cr) to Mar 2026 (₹193.4 Cr); if repeated at current 22.67% OPM, would drive ₹4.7 Cr profit expansion
Standalone margin advantage: standalone OPM reached 29.45% in Jun 2026 versus consolidated 22.67%, indicating 6.8pp improvement potential if higher-margin services scale or cost structure improves
Margin stability floor: consolidated OPM held 21.7-26.0% across quarters with Jun 2026 at 26.01%, supporting consistent profitability on the ₹190 Cr revenue base
Capital generation capacity: four consecutive dividend years (2023-26) plus D/E 0.03 demonstrate cash production; verify if retained capital funds growth-oriented investments or sustains distributions

Generated analysis · source review pending

1,068 historical price candles were omitted because the exchange source has not been verified.

₹580.0-7.5%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 22.7%
+Profit CAGR of 33.6% over the last 5 years
+Revenue CAGR of 39.8% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 26.9×

Cons

−Low dividend payout of 9% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality: 65
Growth: 91
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
L&T Technology Services LimitedLTTSLTTS	₹34,671 Cr	₹34,671 Cr	₹11,701 Cr	₹2,074 Cr	17.6%	₹1,320 Cr	11.7%	24.9%	20.4%	29
Inventurus Knowledge Solutions LimitedIKSIKS	₹30,483 Cr	₹31,124 Cr	₹3,347 Cr	₹1,149 Cr	34.2%	₹764 Cr	22.6%	33.8%	31.4%	39
Tata Technologies LimitedTATATECHTATATECH	₹28,378 Cr	₹29,044 Cr	₹5,926 Cr	₹920 Cr	15.5%	₹557 Cr	9.9%	19.3%	14.6%	33
Netweb Technologies India LimitedNETWEBNETWEB	₹25,721 Cr	—	₹724 Cr	₹103 Cr	14.2%	₹76 Cr	10.5%	—	—	—
Affle 3i LimitedAFFLEAFFLE	₹20,410 Cr	₹20,422 Cr	₹2,836 Cr	₹638 Cr	22.5%	₹478 Cr	16.8%	16.9%	13.8%	-51
Sagility LimitedSAGILITYSAGILITY	₹20,209 Cr	₹21,320 Cr	₹7,617 Cr	₹1,849 Cr	24.5%	₹993 Cr	12.9%	13.3%	10.3%	78
Esds Software Solution LimitedESDSESDS	₹16,809 Cr	—	₹208 Cr	₹47 Cr	22.9%	₹-22 Cr	-10.8%	0.8%	-10.9%	—
Black Box LimitedBBOXBBOX	₹14,134 Cr	₹14,961 Cr	₹6,654 Cr	₹614 Cr	9%	₹226 Cr	3.4%	21.7%	21.3%	-10
E2e Networks LimitedE2EE2E	₹13,323 Cr	₹13,482 Cr	₹366 Cr	₹234 Cr	51.4%	₹31 Cr	-6.3%	-0.5%	-1%	-45
Cyient LimitedCYIENTCYIENT	₹12,272 Cr	₹12,438 Cr	₹7,632 Cr	₹944 Cr	12.5%	₹378 Cr	6.4%	12.4%	7.8%	119
Amagi Media Labs LimitedAMAGIAMAGI	₹11,984 Cr	₹11,984 Cr	₹1,506 Cr	₹50 Cr	3.4%	₹72 Cr	4.8%	5.2%	4.1%	40
Emudhra LimitedEMUDHRAEMUDHRA	₹4,802 Cr	₹4,826 Cr	₹745 Cr	₹174 Cr	22.7%	₹115 Cr	15.7%	14.9%	13%	36

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	132	183	249	373	519	702
COGS	32	42	60	122	243	329
Gross profit	100	141	189	251	276	372
	60	73	102	141	152	213
	40	68	87	110	124	159
OPM %	30.3%	37.1%	35.1%	29.4%	23.9%	22.7%
Depreciation	9	13	16	21	24	34
Interest	1	5	3	3	1	5
	1	1	5	7	8	12
Profit before tax	31	50	73	93	107	131
Tax	6	9	12	16	20	21
Tax %	18.7%	18.5%	16.6%	17.6%	18.8%	16.2%
	25	41	61	76	87	110
PAT margin %	19.3%	22.5%	24.6%	20.5%	16.8%	15.7%
EPS (₹)	3.6	5.9	8.4	9.7	10.4	13.1
EPS adjusted (₹)	3.6	5.9	8.2	9.3	10.4	13.1
	0%	21.3%	15%	12.8%	12%	9.5%
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	35	35	35	37	40	41	41
Reserves	65	72	117	355	616	705	870
Minority interest	1	9	1	—	6	2	1
	34	31	45	25	8	0	24
	24	44	61	42	80	121	277
Total equity & liabilities	158	192	260	460	750	868	1,213
	63	125	117	162	253	419	727
CWIP	38	5	43	37	30	17	19
Investments	0	14	0	21	4	81	46
	57	49	100	240	463	351	422
Total assets	158	192	260	460	750	868	1,213

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Enterprise solutions- Outside India	437.57	95.8	797.05	215.68	581.37	16.48
Trust services	140.01	43.97

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	76%	77.2%	75.9%	67.2%	53.2%	53.1%
EBITDA margin %	30.3%	37.1%	35.1%	29.4%	23.9%	22.7%
EBIT margin %	23.7%	29.9%	28.7%	23.8%	19.3%	17.8%
PAT margin %	19.3%	22.5%	24.6%	20.5%	16.8%	15.7%
Working capital
Receivable days	41	88	99	101	102	98
Inventory days	8	19	6	9	2	4
Payable days	40	78	111	71	47	67
NWC days	9	30	-6	38	57	36
Leverage
Current ratio	1.32	1.33	4.43	5.8	4.38	2.76
Debt to EBITDA	0.77	0.67	0.29	0.07	0	0.15
Debt to equity	0.29	0.3	0.06	0.01	0	0.03
Interest coverage	38.1	10.6	22.6	31.9	93.6	26.9
Asset turnover	0.69	0.7	0.54	0.5	0.6	0.58
Return ratios
Return on assets %	13.2%	15.8%	13.3%	10.2%	10%	9.1%
Return on capital employed %	20.3%	32.1%	25.9%	17.7%	15%	14.9%
Return on equity %	23.6%	27%	15.6%	11.6%	11.7%	12.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.7%	57.7%	54.4%	54.4%	54.4%	54.4%	54.4%	54.4%	54.4%	54.4%	54.4%	54.4%
	4.29%	3.84%	4.2%	4.17%	4.4%	5.04%	4.23%	4.19%	4.15%	4.16%	3.13%	3.92%
	8.47%	9.11%	14.46%	14.35%	15.03%	14.86%	15.98%	16.01%	16.73%	16.75%	13.34%	10.55%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	29.54%	29.35%	26.94%	27.08%	26.17%	25.7%	23.6%	23.77%	23.37%	23.54%	28.21%	31.13%
No. of shareholders	—	—	—	—	—	—	—	—	79,353	76,826	69,646	70,010

Promoter holding down 3.3 percentage points since Sep 2023.

21 deals · 19 Feb 2024 – 16 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	17,03,589	₹655.88	₹111.73 Cr
16 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	17,03,589	₹655.32	₹111.64 Cr
16 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	11,92,596	₹655.62	₹78.19 Cr
16 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	11,89,259	₹655.35	₹77.94 Cr
16 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,33,740	₹656.75	₹67.89 Cr
16 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,33,740	₹656.39	₹67.85 Cr
16 Sept 2026	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	10,20,079	₹656.19	₹66.94 Cr
16 Sept 2026	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Buy	10,20,079	₹656.08	₹66.93 Cr
16 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	8,17,439	₹655.56	₹53.59 Cr
16 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	8,06,110	₹655.54	₹52.84 Cr

1–10 of 21

1 / 3

Mr. Venkatraman SrinvasanExecutive Director-Chairperson related to Promoter
Mr. Nandlal Laxminarayan SardaNon-Executive - Independent Director
Mrs. Chandra Lakshminarayan IyerNon-Executive - Independent Director
Mr. Chandrasekar PadmanabhanNon-Executive - Independent Director
Mr. Venkatadri ChandrasekaranNon-Executive - Independent Director
Mr. Shivanand Rama ShettigarNon-Executive - Independent Director
Mr. Venu MadhavaExecutive Director
Mr. Kaushik SrinivasanExecutive Director
Mr. Arvind SrinivasanExecutive Director
Mr. Ritesh Raj PariyaniChief Financial Officer
Mr. Johnson XavierCompany Secretary & Compliance Officer

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

6.74%

of the company's equity

All mutual funds

6.96%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	51.14 L	280.18	0.34%	6.176%	+62,291
Innovation Fund	Nippon India Mutual Fund	4.63 L	25.36	0.82%	0.559%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	76	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

5

Final dividend18 Jun 2026 · ex-date₹1.25
Final dividend18 Jun 2025 · ex-date₹1.25
Final dividend20 Jun 2024 · ex-date₹1.25
Final dividend22 Jun 2023 · ex-date₹1.25
Final dividend28 Jul 2022 · ex-date₹1.25

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

30 Sept 2026, 9:06 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 4:54 pmCompany Update