Which companies are eMudhra's closest peers?

The cockpit's peer set: Akatsuki (3932.T), Sidetrade (ALBFR.PA), Stillfront (SF.ST), Zengame Technology (2660.HK), toggle (652A.T), cBrain A/S (CBRAIN.CO), Cerillion (CER.L), Reconova Technologies (7656.HK).

Is eMudhra expensive compared with its peers?

On forward p/e it trades at 22.3× against a peer median of 17.6×, 5th most expensive of 12 in its peer set.

How has eMudhra stock performed?

Over six months to 6 Nov 2026 the shares returned -31.1% against -6.8% for the median peer; over one year -43.3%.

← CockpitCompetitor Analysis › EMUDHRA.NS eMudhra LimitedOpen in the cockpit ↗

eMudhra LimitedEMUDHRA.NSCompetitor analysis, valuation and peers

India · INR·IT›Packaged Software

Momentum laggard 0

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$324M

US dollars, full cap

Free float

33%

of shares outstanding

$/day

$5.33M

20-day average traded

Fwd P/E

22.3×

forward earnings

ROIC−WACC

-3.1 pp

WACC 14.1%

Hurdle

n/a

no reverse DCF

Next earnings

94 days

8 Feb 2027

Close · INR₹369.55

1D-3.9%

1W+8.7%

1M-39.0%

3M-31.6%

6M-31.1%

YTD-34.8%

1Y-43.3%

ATR %8.0%

Beta0.86

52w lowhigh45.8% off high

What eMudhra does

Employees: 861

eMudhra at a glance

Size eMudhra (EMUDHRA.NS) is an India Information Technology company (Packaged Software) with a market value of $324M, the 1023rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹369.55 on 6 Nov 2026.

Performance Over six months the shares fell 31.1%, against -6.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th lowest of 19 in its peer set.

Growth Revenue grew 29.7% over the last twelve months (peer median +9.7%); the operating margin is 18.1% (peer median 10.1%).

Valuation It trades at 22.3× forward earnings against a peer median of 17.6× (5th most expensive of 12).

Capital Return on invested capital runs 3.1 points below its cost of capital (14.1% WACC).

Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: eMudhra against the median of its 20 peers (local-currency closes).

eMudhra financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹7.45B	₹7.02B	₹5.19B	₹3.73B	₹2.49B
Revenue growth	—	+35%	+39%	+50%	—
Gross profit	₹2.13B	₹1.97B	₹1.78B	₹1.47B	₹1.06B
EBITDA	₹1.74B	₹1.60B	₹1.25B	₹1.12B	₹878M
Net income	₹1.15B	₹1.08B	₹846M	₹751M	₹617M
Free cash flow	n/a	-₹516M	₹240M	₹6.79M	-₹226M
Capital expenditure	n/a	₹1.85B	₹832M	₹739M	₹621M
Total debt	n/a	₹288M	₹0	₹76.4M	₹253M

Quarterly statements and history in the cockpit →

eMudhra competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. eMudhra is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. eMudhra is the large dot.

eMudhra competitors and peer comparison

How eMudhra compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

eMudhra against its 20 peers (data as of 6 Nov 2026)
Measure	EMUDHRA.NS	Peer median	Rank in peer set
1-month return	-39.0%	-1.6%	2nd lowest of 20
6-month return	-31.1%	-6.8%	6th lowest of 19
Distance from 52-week high	-45.8%	-42.3%	9th lowest of 20
Revenue growth (TTM)	+29.7%	+9.7%	4th highest of 21
Operating margin	18.1%	10.1%	8th highest of 20
Forward P/E	22.3×	17.6×	5th most expensive of 12
ROIC minus cost of capital	-3.1 pp	-1.9 pp	7th lowest of 18
EV / EBITDA	17.6×	11.8×	5th most expensive of 11
Net debt / EBITDA	-0.5×	-0.8×	7th least indebted of 13

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
eMudhra EMUDHRA.NS	India	$324M	-31%	+30%	18%	22.3×	n/a	n/a
Akatsuki 3932.T	Japan	$327M	+29%	+31%	34%	6.3×	-13.6%	-3.6%
Sidetrade ALBFR.PA	France	$327M	+24%	+13%	5%	30.6×	33.9%	+16.1%
Stillfront SF.ST	Sweden	$320M	+9%	-12%	16%	4.2×	-15.4%	+7.4%
Zengame Technology 2660.HK	Hong Kong	$318M	-15%	+19%	24%	n/a	n/a	n/a
toggle 652A.T	Japan	$331M	n/a	+25%	9%	n/a	n/a	n/a
cBrain A/S CBRAIN.CO	Denmark	$332M	+84%	-1%	24%	39.7×	11.6%	+15.9%
Cerillion CER.L	United Kingdom	$314M	-41%	+1%	39%	16.4×	1.4%	+16.9%
Reconova Technologies 7656.HK	Hong Kong	$336M	n/a	+12%	-15%	n/a	n/a	n/a
COLOPL 3668.T	Japan	$337M	-4%	-13%	10%	18.9×	n/a	n/a
Wuhan Xingtu Xinke Electronics 688081.SS	China	$337M	-59%	-13%	-49%	n/a	n/a	n/a
DEAR U 376300.KS	South Korea	$338M	-40%	+20%	22%	15.0×	5.1%	+45.1%
7Road 0797.HK	Hong Kong	$338M	+83%	+71%	27%	n/a	n/a	n/a
EHang Holdings Ltd. Sponsored ADR EH	United States	$309M	-61%	-3%	-86%	n/a	n/a	n/a
Beijing Infosec Technologies 688201.SS	China	$340M	-9%	+7%	2%	42.1×	56.5%	+5.5%
8x8 EGHT	United States	$308M	-22%	+4%	4%	5.9×	12.4%	+6.7%
SaverOne 2014 Ltd. ADR SVRE	United States	$342M	-85%	-68%	-6,262%	n/a	n/a	n/a
Carvolix CVX.PA	France	$342M	+62%	-100%	n/a	n/a	n/a	n/a
CELSYS 3663.T	Japan	$344M	+22%	+16%	36%	17.6×	3.4%	+8.2%
Hangzhou Yitong New Materials 300930.SZ	China	$345M	-27%	+51%	7%	n/a	n/a	n/a
Netcall NET.L	United Kingdom	$304M	+7%	+20%	10%	25.6×	9.3%	+16.3%

Questions

Which companies are eMudhra's closest peers?: The cockpit's peer set: Akatsuki (3932.T), Sidetrade (ALBFR.PA), Stillfront (SF.ST), Zengame Technology (2660.HK), toggle (652A.T), cBrain A/S (CBRAIN.CO), Cerillion (CER.L), Reconova Technologies (7656.HK).
Is eMudhra expensive compared with its peers?: On forward p/e it trades at 22.3× against a peer median of 17.6×, 5th most expensive of 12 in its peer set.
How has eMudhra stock performed?: Over six months to 6 Nov 2026 the shares returned -31.1% against -6.8% for the median peer; over one year -43.3%.