Business · Markets · 9 hrs ago
eMudhra shares recover slightly after security concerns
eMudhra shares rose 2.17% on Thursday after a steep fall linked to security concerns.
The Indian digital signature certificate provider has lost nearly 44% of its share value in the past month, though the stock has recovered 11% over the last three sessions.
Weak private keys were found in some digital certificates, raising concerns that attackers could use them to issue fraudulent website certificates.
eMudhra says its India signature and eSign services are unaffected, and it plans to leave its global SSL/TLS business, which contributes around 1% of revenue.
Analysts say the incident may not derail long-term earnings growth, but warn that reputational damage could affect enterprise and overseas operations, which together make up about two-thirds of revenue.
The company had forecast 18% organic revenue growth and 25% profit growth for the 2026-27 financial year before the incident.
Results due on November 4 will offer a test of how the company is performing after the security concerns.
eMudhra shares rose 2.17 per cent to ₹353.45 on Thursday after a sharp fall linked to security concerns.
The shares had fallen 20 per cent on each of October 21 and 22, and were still down nearly 44 per cent over the past month.
The concerns followed the discovery of weak private keys in some of the company’s digital certificates.
eMudhra announced plans to exit its global SSL/TLS business, which contributed around 1 per cent of its revenue.
Analysts differed on the risk: one said the incident was unlikely to materially affect long-term earnings, while another warned of possible reputational damage to major business lines.
- Who
- eMudhra, a digital signature certificate provider.
- What
- Its shares recovered slightly after a sharp fall over security concerns.
- When
- Thursday; the article was published on October 29, 2026.
- Where
- Not stated.
- Why
- Weak private keys were found in some of its digital certificates, raising security concerns.
Arijit Malakar
Harsh Thakkar
Long-term impact
Arijit Malakar
Malakar said the incident was unlikely to materially affect eMudhra’s long-term earnings potential.
Harsh Thakkar
Thakkar identified reputational damage to the company’s enterprise and overseas businesses as a key risk.
eMudhra shares hit lower circuits, falling 20 per cent on each day.
eMudhra announced plans to exit its global SSL/TLS business.
eMudhra shares recovered 11 per cent.
The stock ended 2.17 per cent higher at ₹353.45.
- Share price on Thursday
- ₹353.45, up 2.17 per cent
- Monthly share performance
- Down nearly 44 per cent
- Lower-circuit dates
- October 21 and 22
- Recovery over last three sessions
- 11 per cent
- Global SSL/TLS business revenue contribution
- Around 1 per cent
- FY27 guidance
- 18 per cent organic revenue growth and 25 per cent PAT growth
What people are saying
The recent eMudhra incident, involving the public exposure of private keys, raised serious security concerns, as it could potentially enable attackers to issue fraudulent website certificates.
We believe the incident is unlikely to materially impact the company’s long-term earnings potential, which remains robust,
the key risk was reputational damage spreading to eMudhra’s enterprise and overseas businesses, which together account for about two-thirds of its revenue.
The second quarter results on November 4 will be the test,