eMudhra Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:01 am

Market Cap	7,829 Cr.
Current Price	945
High / Low	1,024/415
Stock P/E	96.9
Book Value	83.3
Dividend Yield	0.13 %
ROCE	17.7 %
ROE	14.4 %
Face Value	5.00
PEG Ratio	3.12

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

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Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
N2N Technologies Ltd	5.83 Cr.	18.0	33.0/18.0		16.8	0.00 %	0.69 %	0.63 %	10.0
eMudhra Ltd	7,829 Cr.	945	1,024/415	96.9	83.3	0.13 %	17.7 %	14.4 %	5.00
BNR Udyog Ltd	19.6 Cr.	65.4	118/51.7	26.9	35.7	0.00 %	63.6 %	53.8 %	10.0
BGIL Films & Technologies Ltd	7.22 Cr.	6.37	10.3/3.28		16.9	0.00 %	4.44 %	3.46 %	10.0
Aurum Proptech Ltd	644 Cr.	220	250/125		97.4	0.00 %	12.0 %	27.1 %	5.00
Industry Average	10,078.58 Cr	721.18		36.18	190.10	0.42%	17.89%	16.59%	7.60

All Competitor Stocks of

Quarterly Result

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Sales	49	45	45	52	58	61	77	80	96	97	100	92	141
Expenses	32	27	27	32	37	40	53	56	68	73	67	66	109
Operating Profit	17	18	18	21	22	21	24	24	28	25	33	27	32
OPM %	34%	40%	41%	39%	37%	35%	31%	30%	29%	25%	33%	29%	23%
Other Income	0	-0	0	1	1	1	2	1	0	2	3	3	1
Interest	1	1	2	1	0	0	2	0	0	1	1	0	1
Depreciation	3	4	3	4	4	4	4	5	5	5	6	6	6
Profit before tax	12	13	14	16	19	18	20	20	23	20	29	24	27
Tax %	16%	19%	21%	16%	12%	16%	22%	17%	19%	2%	28%	23%	18%
Net Profit	10	10	11	14	16	15	16	16	19	20	21	18	22
EPS in Rs	1.52	1.48	1.54	1.78	2.13	1.96	2.03	2.00	2.35	2.58	2.54	2.16	2.65

Last Updated: November 6, 2024, 6:48 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 23, 2024, 2:32 pm

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	102	116	132	183	249	373	386
Expenses	69	85	92	116	161	263	273
Operating Profit	32	32	40	67	87	110	113
OPM %	32%	27%	30%	37%	35%	29%	29%
Other Income	-2	0	1	1	5	7	9
Interest	0	1	1	5	3	3	3
Depreciation	8	9	9	13	16	21	22
Profit before tax	22	23	31	50	73	93	97
Tax %	19%	20%	19%	18%	17%	18%
Net Profit	17	18	25	41	61	76	78
EPS in Rs	2.49	2.37	2.49	5.90	7.90	9.06	9.63
Dividend Payout %	0%	0%	0%	21%	15%	13%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	5.88%	38.89%	64.00%	48.78%	24.59%
Change in YoY Net Profit Growth (%)	0.00%	33.01%	25.11%	-15.22%	-24.19%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2019-2020 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	30%
3 Years:	42%
TTM:	37%

Compounded Profit Growth
10 Years:	%
5 Years:	32%
3 Years:	63%
TTM:	24%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	117%

Return on Equity
10 Years:	%
5 Years:	19%
3 Years:	19%
Last Year:	14%

Last Updated: Unknown

Balance Sheet

Last Updated: December 14, 2024, 1:46 pm

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	35	35	35	35	37	40	41
Reserves	41	57	72	118	354	616	649
Borrowings	29	42	52	67	25	8	-0
Other Liabilities	15	25	32	39	43	86	112
Total Liabilities	120	159	192	259	460	750	802
Fixed Assets	62	62	125	117	162	253	395
CWIP	22	40	4	43	47	51	17
Investments	0	0	14	-0	21	4	47
Other Assets	36	56	49	99	230	443	343
Total Assets	120	159	192	259	460	750	802

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	17	23	41	22	34	73
Cash from Investing Activity +	-32	-29	-47	-37	-102	-90
Cash from Financing Activity +	10	12	5	16	127	176
Net Cash Flow	-5	7	-1	1	59	158

Free Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	3.00	-10.00	-12.00	0.00	62.00	102.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	77	73	41	88	99	101
Inventory Days	5	22	14	26	13	32
Days Payable	83	115	68	177	223	261
Cash Conversion Cycle	-1	-20	-13	-62	-111	-128
Working Capital Days	70	68	40	89	135	119
ROCE %		20%	21%	28%	24%	18%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	61.03%	61.03%	61.03%	57.70%	57.70%	57.70%	57.70%	54.40%	54.40%	54.40%
FIIs	4.31%	4.24%	4.09%	4.16%	4.28%	4.30%	3.85%	4.20%	4.17%	4.40%
DIIs	10.68%	10.53%	10.87%	10.65%	9.87%	8.47%	9.12%	14.45%	14.36%	15.03%
Public	23.98%	24.22%	24.02%	27.50%	28.15%	29.55%	29.35%	26.94%	27.08%	26.17%
No. of Shareholders	75,705	69,296	65,974	66,978	62,851	66,030	70,561	73,650	78,824	80,884

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Nippon India Small Cap Fund	4,983,786	0.76	426.84	4,983,786	2024-12-20	0%
SBI Technology Opportunities Fund	681,746	1.48	51.92	4,983,786	2024-12-20	-86.32%
Aditya Birla Sun Life Small Cap Fund	395,941	0.66	33.91	4,983,786	2024-12-20	-92.06%
Franklin India Technology Fund	105,326	0.56	9.02	4,983,786	2024-12-20	-97.89%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	5.00	5.00	5.00	5.00	5.00
Basic EPS (Rs.)	9.74	8.35	5.86	2.49	2.37
Diluted EPS (Rs.)	9.50	8.35	5.86	2.49	2.37
Cash EPS (Rs.)	12.02	10.28	7.72	4.86	3.85
Book Value[Excl.RevalReserv]/Share (Rs.)	81.90	52.34	21.88	16.62	13.26
Book Value[Incl.RevalReserv]/Share (Rs.)	81.90	52.34	21.88	16.62	13.26
Revenue From Operations / Share (Rs.)	46.16	33.18	26.02	18.75	16.59
PBDIT / Share (Rs.)	14.41	12.35	9.80	5.81	4.60
PBIT / Share (Rs.)	11.83	10.24	7.94	4.56	3.38
PBT / Share (Rs.)	11.46	9.79	7.19	4.44	3.28
Net Profit / Share (Rs.)	9.44	8.16	5.86	3.61	2.62
NP After MI And SOA / Share (Rs.)	9.29	8.23	5.90	2.49	2.37
PBDIT Margin (%)	31.21	37.22	37.67	30.99	27.72
PBIT Margin (%)	25.63	30.85	30.51	24.33	20.34
PBT Margin (%)	24.83	29.49	27.62	23.69	19.76
Net Profit Margin (%)	20.46	24.60	22.52	19.27	15.81
NP After MI And SOA Margin (%)	20.11	24.79	22.67	13.26	14.29
Return on Networth / Equity (%)	11.43	15.75	27.18	16.26	18.06
Return on Capital Employeed (%)	14.18	19.00	29.36	20.31	19.12
Return On Assets (%)	10.00	13.40	15.91	9.09	10.48
Long Term Debt / Equity (X)	0.00	0.00	0.12	0.20	0.20
Total Debt / Equity (X)	0.01	0.03	0.29	0.28	0.33
Asset Turnover Ratio (%)	0.61	0.69	0.73	0.67	0.79
Current Ratio (X)	5.80	4.43	1.33	1.32	1.53
Quick Ratio (X)	5.77	4.42	1.30	1.30	1.49
Dividend Payout Ratio (NP) (%)	12.53	15.37	0.65	3.75	3.61
Dividend Payout Ratio (CP) (%)	9.81	12.23	0.49	2.50	2.38
Earning Retention Ratio (%)	87.47	84.63	99.35	96.25	96.39
Cash Earning Retention Ratio (%)	90.19	87.77	99.51	97.50	97.62
Interest Coverage Ratio (X)	38.76	27.36	13.05	48.50	48.34
Interest Coverage Ratio (Post Tax) (X)	26.41	19.08	8.80	31.15	28.57
Enterprise Value (Cr.)	5866.79	1535.28	0.00	0.00	0.00
EV / Net Operating Revenue (X)	15.72	6.17	0.00	0.00	0.00
EV / EBITDA (X)	50.37	16.58	0.00	0.00	0.00
MarketCap / Net Operating Revenue (X)	16.35	6.50	0.00	0.00	0.00
Retention Ratios (%)	87.46	84.62	99.34	96.24	96.38
Price / BV (X)	9.29	4.13	0.00	0.00	0.00
Price / Net Operating Revenue (X)	16.35	6.50	0.00	0.00	0.00
EarningsYield	0.01	0.03	0.00	0.00	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 1,163.85

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 22, 2024, is Undervalued by 23.16% compared to the current share price 945.00

Intrinsic Value of as of December 22, 2024 is: 1,525.40

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 22, 2024, is Undervalued by 61.42% compared to the current share price 945.00

Last 5 Year EPS CAGR: 31.06%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 18.50%, which is a positive sign. The stock has a low average Cash Conversion Cycle of -55.83, which is a positive sign. The company has higher reserves (272.43 cr) compared to borrowings (31.86 cr), indicating strong financial stability. The company has shown consistent growth in sales (220.14 cr) and profit (55.57 cr) over the years.	The stock has a high average Working Capital Days of 86.83, which may not be favorable.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 20.46%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 14.18% (Industry Average ROCE: 17.89%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 11.43% (Industry Average ROE: 16.59%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 26.41
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 5.77
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 96.9 (Industry average Stock P/E: 23.52)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.01
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

eMudhra Ltd. is a Public Limited Listed company incorporated on 16/06/2008 and has its registered office in the State of Karnataka, India. Company’s Corporate Identification Number(CIN) is L72900KA2008PLC060368 and registration number is 060368. Currently company belongs to the Industry of Services - Others. Company’s Total Operating Revenue is Rs. 153.02 Cr. and Equity Capital is Rs. 35.09 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
IT Enabled Services	Plot No 12-P1-A & 12-P1-B, Hi-Tech Defence and Aerospace Park (IT sector), Bengaluru Karnataka 562149	corporate@emudhra.com http://www.emudhra.com

Management
Name	Position Held
Mr. Venkatraman Srinivasan	Executive Chairman
Mr. Venu Madhava	Whole Time Director
Dr. Nandlal Laxminarayan Sarda	Independent Director
Mr. Manoj Kunkalienkar	Independent Director
Mr. Chandra Lakshminarayan Iyer	Independent Director
Mr. Chandrasekar Padmanabhan	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 22 December 2024 is ₹1163.85, which is 23.16% higher than the current market price of ₹945.00. The stock has a market capitalization of 7,829 Cr. and recorded a high/low of 1,024/415 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹649 Cr and total liabilities of ₹802 Cr.

What is the Market Cap of ?

The Market Cap of is 7,829 Cr..

What is the current Stock Price of as on 22 December 2024?

The current stock price of as on 22 December 2024 is 945.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 1,024/415.

What is the Stock P/E of ?

The Stock P/E of is 96.9.

What is the Book Value of ?

The Book Value of is 83.3.

What is the Dividend Yield of ?

The Dividend Yield of is 0.13 %.

What is the ROCE of ?

The ROCE of is 17.7 %.

What is the ROE of ?

The ROE of is 14.4 %.

What is the Face Value of ?

The Face Value of is 5.00.