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Last Updated: April 2, 2026, 4:33 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543533 | NSE: EMUDHRA

eMudhra Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹302.30Overvalued by 23.08%vs CMP ₹393.00

P/E (31.7) × ROE (12.1%) × BV (₹98.20) × DY (0.32%)

₹196.51Overvalued by 50.00%vs CMP ₹393.00
MoS: -100% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹350.6523%Over (-10.8%)
Graham NumberEarnings₹165.4617%Over (-57.9%)
Earnings PowerEarnings₹73.8211%Over (-81.2%)
DCFCash Flow₹264.7911%Over (-32.6%)
Net Asset ValueAssets₹98.107%Over (-75%)
EV/EBITDAEnterprise₹176.659%Over (-55.1%)
Earnings YieldEarnings₹123.907%Over (-68.5%)
ROCE CapitalReturns₹169.309%Over (-56.9%)
Revenue MultipleRevenue₹62.626%Over (-84.1%)
Consensus (9 models)₹196.51100%Overvalued
Key Drivers: Wide model spread (₹63–₹351) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 16.0%

*Investments are subject to market risks

Investment Snapshot

67
eMudhra Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health77/100 · Strong
ROCE 15.3% GoodROE 12.1% GoodD/E 0.28 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.77% MF buyingPromoter holding at 54.4% Stable
Earnings Quality40/100 · Moderate
OPM contracting (36% → 27%) Declining
Quarterly Momentum90/100 · Strong
Revenue (4Q): +39% YoY AcceleratingProfit (4Q): +25% YoY Strong
Industry Rank60/100 · Moderate
P/E 31.7 vs industry 23.7 In-lineROCE 15.3% vs industry 19.3% Average3Y sales CAGR: 42% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:33 am

Market Cap 3,257 Cr.
Current Price 393
Intrinsic Value₹196.51
High / Low 908/365
Stock P/E31.7
Book Value 98.2
Dividend Yield0.32 %
ROCE15.3 %
ROE12.1 %
Face Value 5.00
PEG Ratio1.98

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

View Share Price Target for eMudhra Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
eMudhra Ltd 3,257 Cr. 393 908/36531.7 98.20.32 %15.3 %12.1 % 5.00
Zaggle Prepaid Ocean Services Ltd 2,924 Cr. 217 470/18623.0 97.40.00 %13.0 %9.60 % 1.00
Route Mobile Ltd 2,843 Cr. 451 1,160/4119.21 4012.44 %17.7 %14.5 % 10.0
Hinduja Global Solutions Ltd 1,710 Cr. 368 629/342 1,7120.00 %3.01 %1.60 % 10.0
Allsec Technologies Ltd 1,609 Cr. 1,0531,252/57924.2 1614.28 %30.5 %26.0 % 10.0
Industry Average5,854.87 Cr451.9723.74177.460.54%19.34%20.92%7.41

All Competitor Stocks of eMudhra Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 617780969710092141139147147173188
Expenses 40535668736766109109112113132147
Operating Profit 21242428253327323035354141
OPM % 35%31%30%29%25%33%29%23%22%24%24%24%22%
Other Income 1210233122323
Interest 020011010-0011
Depreciation 4455566666799
Profit before tax 18202023202924272531313334
Tax % 16%22%17%19%2%28%23%18%12%22%19%20%15%
Net Profit 15161619202118222224252629
EPS in Rs 1.962.032.002.352.582.542.162.652.532.883.003.053.46

Last Updated: March 3, 2026, 10:04 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 4:50 am

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 102116132183249373519655
Expenses 698592116161263395503
Operating Profit 3232406787110124152
OPM % 32%27%30%37%35%29%24%23%
Other Income -201157811
Interest 01153312
Depreciation 8991316212431
Profit before tax 222331507393107129
Tax % 19%20%19%18%17%18%19%
Net Profit 17182541617687105
EPS in Rs 2.492.372.495.907.909.0610.2212.39
Dividend Payout % 0%0%0%21%15%13%12%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)5.88%38.89%64.00%48.78%24.59%14.47%
Change in YoY Net Profit Growth (%)0.00%33.01%25.11%-15.22%-24.19%-10.12%

eMudhra Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:35%
3 Years:42%
TTM:49%
Compounded Profit Growth
10 Years:%
5 Years:38%
3 Years:27%
TTM:19%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:30%
1 Year:-13%
Return on Equity
10 Years:%
5 Years:16%
3 Years:15%
Last Year:12%

Last Updated: September 5, 2025, 3:25 pm

Balance Sheet

Last Updated: December 4, 2025, 2:49 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 3535353537404141
Reserves 415772118354616705772
Borrowings 29425267258016
Other Liabilities 152532394386123250
Total Liabilities 1201591922594607508681,079
Fixed Assets 6262125117162253419654
CWIP 224044347511720
Investments 001402148148
Other Assets 36564999230443351357
Total Assets 1201591922594607508681,079

Reserves and Borrowings Chart

Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 172341223473102
Cash from Investing Activity + -32-29-47-37-102-90-204
Cash from Financing Activity + 1012516127176-21
Net Cash Flow -57-1159158-124
Free Cash Flow -15-56-25-28-118
CFO/OP 62%86%110%39%56%76%91%

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow3.00-10.00-12.000.0062.00102.00124.00

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

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 7773418899101102
Inventory Days 5221426133216
Days Payable 8311568177223261358
Cash Conversion Cycle -1-20-13-62-111-128-240
Working Capital Days 4229915107112100
ROCE %20%21%28%24%18%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 57.70%57.70%57.70%57.70%54.40%54.40%54.40%54.40%54.40%54.40%54.40%54.40%
FIIs 4.16%4.28%4.30%3.85%4.20%4.17%4.40%5.04%4.23%4.20%4.15%4.16%
DIIs 10.65%9.87%8.47%9.12%14.45%14.36%15.03%14.85%15.98%16.01%16.74%16.75%
Public 27.50%28.15%29.55%29.35%26.94%27.08%26.17%25.72%23.60%23.76%23.37%23.54%
Others 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.80%1.64%1.35%1.15%
No. of Shareholders 66,97862,85166,03070,56173,65078,82480,88482,17580,01779,50779,35376,826

Shareholding Pattern Chart

No. of Shareholders

eMudhra Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 5,051,824 0.32 216.275,083,7862026-03-23 00:06:40-0.63%
SBI Technology Opportunities Fund 513,061 0.51 21.96681,7462026-03-24 01:55:59-24.74%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 10.419.748.355.862.49
Diluted EPS (Rs.) 10.229.508.355.862.49
Cash EPS (Rs.) 13.6612.0210.287.724.86
Book Value[Excl.RevalReserv]/Share (Rs.) 91.6581.9052.3421.8816.62
Book Value[Incl.RevalReserv]/Share (Rs.) 91.6581.9052.3421.8816.62
Revenue From Operations / Share (Rs.) 63.8746.1633.1826.0218.75
PBDIT / Share (Rs.) 16.2814.4112.359.805.81
PBIT / Share (Rs.) 13.3511.8310.247.944.56
PBT / Share (Rs.) 13.2111.469.797.194.44
Net Profit / Share (Rs.) 10.739.448.165.863.61
NP After MI And SOA / Share (Rs.) 10.419.298.235.902.49
PBDIT Margin (%) 25.4831.2137.2237.6730.99
PBIT Margin (%) 20.9025.6330.8530.5124.33
PBT Margin (%) 20.6724.8329.4927.6223.69
Net Profit Margin (%) 16.7920.4624.6022.5219.27
NP After MI And SOA Margin (%) 16.2920.1124.7922.6713.26
Return on Networth / Equity (%) 11.3511.4315.7527.1816.26
Return on Capital Employeed (%) 14.0814.1819.0029.3620.31
Return On Assets (%) 9.7410.0013.4015.919.09
Long Term Debt / Equity (X) 0.000.000.000.120.20
Total Debt / Equity (X) 0.000.010.030.290.28
Asset Turnover Ratio (%) 0.640.610.690.730.67
Current Ratio (X) 4.385.804.431.331.32
Quick Ratio (X) 4.365.774.421.301.30
Inventory Turnover Ratio (X) 239.620.000.000.000.00
Dividend Payout Ratio (NP) (%) 11.9512.5315.370.653.75
Dividend Payout Ratio (CP) (%) 9.329.8112.230.492.50
Earning Retention Ratio (%) 88.0587.4784.6399.3596.25
Cash Earning Retention Ratio (%) 90.6890.1987.7799.5197.50
Interest Coverage Ratio (X) 114.3238.7627.3613.0548.50
Interest Coverage Ratio (Post Tax) (X) 76.3326.4119.088.8031.15
Enterprise Value (Cr.) 6799.865866.791535.280.000.00
EV / Net Operating Revenue (X) 13.0915.726.170.000.00
EV / EBITDA (X) 51.3750.3716.580.000.00
MarketCap / Net Operating Revenue (X) 13.2916.356.500.000.00
Retention Ratios (%) 88.0487.4684.6299.3496.24
Price / BV (X) 9.269.294.130.000.00
Price / Net Operating Revenue (X) 13.3016.356.500.000.00
EarningsYield 0.010.010.030.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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 is involved in the business activities of Computer programming activities. Company's Total Operating Revenue is Rs. 202.96 Cr. and Equity Capital is Rs. 41.41 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Enabled ServiceseMudhra Digital Campus, Plot No 12-P1-A & 12-P1-B, Bengaluru Karnataka 562149Contact not found
Management
NamePosition Held
Mr. Venkatraman SrinivasanExecutive Chairman
Mr. Venu MadhavaWhole Time Director
Dr. Nandlal Laxminarayan SardaIndependent Director
Ms. Chandra Lakshminarayan IyerIndependent Director
Mr. Chandrasekar PadmanabhanIndependent Director
Mr. Venkatadri ChandrasekaranIndependent Director
Mr. Shivanand Rama ShettigarIndependent Director

FAQ

What is the intrinsic value of eMudhra Ltd and is it undervalued?

As of 09 April 2026, eMudhra Ltd's intrinsic value is ₹196.51, which is 50.00% lower than the current market price of ₹393.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.1 %), book value (₹98.2), dividend yield (0.32 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of eMudhra Ltd?

eMudhra Ltd is trading at ₹393.00 as of 09 April 2026, with a FY2026-2027 high of ₹908 and low of ₹365. The stock is currently near its 52-week low. Market cap stands at ₹3,257 Cr..

How does eMudhra Ltd's P/E ratio compare to its industry?

eMudhra Ltd has a P/E ratio of 31.7, which is above the industry average of 23.74. The premium over industry average may reflect growth expectations or speculative interest.

Is eMudhra Ltd financially healthy?

Key indicators for eMudhra Ltd: ROCE of 15.3 % indicates efficient capital utilization. Dividend yield is 0.32 %.

Is eMudhra Ltd profitable and how is the profit trend?

eMudhra Ltd reported a net profit of ₹87 Cr in Mar 2025 on revenue of ₹519 Cr. Compared to ₹41 Cr in Mar 2022, the net profit shows an improving trend.

Does eMudhra Ltd pay dividends?

eMudhra Ltd has a dividend yield of 0.32 % at the current price of ₹393.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in eMudhra Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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