eMudhra Limited (NSE: EMUDHRA) announced today that its Board has decided to voluntarily withdraw from the global SSL/TLS certificate business. The decision comes after a detailed deliberation and is aimed at sharpening the focus on core enterprise solutions and trust services other than SSL/TLS.

Strategic Shift

Mr. V. Srinivasan, Chairman of eMudhra Limited, highlighted that global SSL/TLS is a small part of eMudhra’s business contributing to about 1% of the global revenue. Due to increasing data sovereignty and compliance requirements, the complexity and cost associated with this business have been rising. Moreover, the business potential and return on investment (RoI) have considerably reduced when measured against eMudhra’s cumulative revenue base.

Seamless Transition

eMudhra will ensure a seamless transition for customers. Its G1 RSA roots will continue to serve customers until the transition is complete. The company will reach out to affected customers to replace any certificate free of cost from partners during this period. Revocation and certificate status services will keep running until every issued certificate has expired or been replaced.

Core Businesses Unaffected

eMudhra’s global SSL/TLS infrastructure runs separately from its other operations. The company’s Global digital signature certificate (DSC), eSign, and other signing services, including those in India, its enterprise PKI Solutions (emCA, CertiNext platforms), emSigner eSignature Suite, and its identity and authentication solutions (SecurePass, emAS) are not affected and continue to operate as normal.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of eMudhra Limited

eMudhra Limited belongs to the Technology › Software – Application sector. Here’s a quick read on where the business and the stock stand today.

eMudhra posts a 24.1% three-month gain, but softens in the last few weeks. Revenue grows at 41.3% and profits at 20.5% CAGR. Both numbers are exceptional. Not a single revenue dip or loss quarter in five years — this is a business built to last through cycles. The stock gives back 13.5% in the last month despite a positive three-month run. As a result, the earlier momentum appears to be fading. Revenue grows at 41.3% and profits at 20.5%. The business is in good shape. Moreover, a stock that does not move despite strong fundamentals often offers better value than one already priced for perfection. Check Fundamentals of eMudhra Limited.

eMudhra Limited (NSE: EMUDHRA) today issued a statement on recent reports about the distrust of some of its intermediate Certificate Authorities (CAs) used in its global TLS business. The matter concerns 8 of eMudhra’s several intermediate CAs that were trusted as part of its Global TLS business. These issuing CAs were created under eMudhra’s ECC root in a Key Generation Ceremony (KGC) held on April 30, 2025, using FIPS 140-2 Level 3 Hardware Security Modules (HSMs). A flaw in the KGC caused a wrap/unwrap step to produce a second set of weak keys alongside the original strong keys. The weak keys were the ones published to the browser root stores.

No Compromise of Infrastructure or Data

eMudhra confirms that: its infrastructure was not compromised, no data was breached, and all physical and logical security controls remained intact. This incident has no connection with eMudhra’s Indian Digital Signature Certificate (DSC) and eSign businesses. The global TLS business runs on infrastructure that is completely separate from the India DSC business.

Limited Commercial Impact

The affected global TLS business is a very small part of eMudhra’s operations and accounts for around 1% of the company’s revenue. However, this may have some reputational risks on eMudhra which cannot be quantified. eMudhra is working directly with customers who may be affected to give them replacement certificates, so that critical services are not disrupted. The company is also working with the root programs and continues its root-cause investigation.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of eMudhra Limited

eMudhra Limited belongs to the Technology › Software – Application sector. Here’s a quick read on where the business and the stock stand today.

eMudhra posts a 24.1% three-month gain, but softens in the last few weeks. Revenue grows at 41.3% and profits at 20.5% CAGR. Both numbers are exceptional. Not a single revenue dip or loss quarter in five years — this is a business built to last through cycles. The stock gives back 13.5% in the last month despite a positive three-month run. As a result, the earlier momentum appears to be fading. Revenue grows at 41.3% and profits at 20.5%. The business is in good shape. Moreover, a stock that does not move despite strong fundamentals often offers better value than one already priced for perfection. Check Fundamentals of eMudhra Limited.

eMudhra Limited (EMUDHRA) has been appointed as a Validation Agent by the Global Legal Entity Identifier Foundation (GLEIF), marking a significant step in the company’s role in the Global LEI System. This new role will enable eMudhra to integrate Legal Entity Identifier (LEI) application and renewal services into its established identity verification and onboarding processes, simplifying and accelerating the issuance for organizations in India.

Enhanced Integration for LEI Services

The appointment as a Validation Agent of Legal Entity Identifier India Limited (LEIL) signifies how globally standardized organizational identity can be embedded within existing digital trust infrastructure. This integration is expected to make standardized organizational identity more accessible across India’s financial ecosystem, supporting regulatory compliance and promoting market-led innovation.

Growing Demand for LEI in India

India has seen the world’s highest growth rate in LEI adoption during Q2 2026, with sustained incorporation into its financial infrastructure. The Reserve Bank of India’s master direction in March 2026 consolidated LEI requirements for specified transactions, contributing to India’s status as the jurisdiction with the largest number of active LEIs. This development reflects a wider shift toward consistent organizational identification in cross-border financial processes.

As a result, eMudhra’s new role will support the increasing demand for the LEI in India and internationally, providing a more integrated route to obtaining and maintaining LEIs. This move will enable financial institutions and other supervised organizations to obtain and maintain LEIs for their clients in cooperation with accredited LEI Issuers, reinforcing eMudhra’s commitment to data quality, transparency, and strict adherence to regulatory standards.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of eMudhra Limited

eMudhra Limited belongs to the Technology › Software – Application sector. Here’s a quick read on where the business and the stock stand today.

eMudhra posts a 5.5% three-month gain, but softens in the last few weeks. Revenue grows at 41.3% and profits at 20.5% CAGR. Both numbers are exceptional. Not a single revenue dip or loss quarter in five years — this is a business built to last through cycles. The stock gives back 5.5% in the last month despite a positive three-month run. As a result, the earlier momentum appears to be fading. Revenue grows at 41.3% and profits at 20.5%. The business is in good shape. Moreover, a stock that does not move despite strong fundamentals often offers better value than one already priced for perfection. Check Fundamentals of eMudhra Limited.