May 2026
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Largest Cybersecurity Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
eMudhra, Ivalue Infosolutions, Quick Heal Technologies, TAC Infosec and Innovana Thinklabs.
 | eMudhra Ltd provides various solutions and services like digital signatures, authentication solutions, paperless office solutions and other solutions around PKI technology. It stands for enabling a digital future with a foundation built on digital identity and trust. The company's products include digital signature certificates, authentication solutions, paperless office solutions, Certifying Authority solutions, solutions for securing data at rest and data in transit, solutions for Internet of Things (IoT), etc. | $6 | -35% | $451M | $442M | 8.0x | 31.5x | ||
| Ivalue Infosolutions Ltd is an enterprise technology solutions provider based in India, offering comprehensive, purpose-built solutions for securing and managing digital applications and data. The company serves large enterprises in their digital transformation by understanding their needs and working with System Integrators and OEMs to identify, recommend, and deploy solutions meeting their requirements, to ensure performance, availability, scalability, and security of digital applications and data. The company offers various solutions to its clients in the following areas: Cybersecurity, Information lifecycle management, Data centre infrastructure, Hybrid cloud management, Application lifecycle management, Operational Technology (OT), and Internet of Things (IoT), etc. | $3 | -- | $148M | $139M | 1.4x | 9.8x | ||
| Quick Heal Technologies Ltd is an India-based IT security solutions company. It is engaged in offering software security products and solutions. The company serves clients in various industries including manufacturing, BFSI, healthcare, hospitality, educational institutions, government organizations, emerging e-commerce, and the service sector. The group reports the operating segments based on the target customer groups are; Consumer, and Enterprise and Government. It has a business presence in India and foreign countries, of which maximum revenue is derived within India. Its product range consists of Quick Heal Total Security, Quick Heal Internet Security, Quick Heal AntiVirus Pro, Quick Heal Total Security for Mac, Quick Heal PCTuner 3.0, and Guardian NetSecure. | $2 | -27% | $123M | $103M | 3.5x | 68.8x | ||
| TAC Infosec Ltd is engaged in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services to organizations of various scales, sizes, and industries through the SaaS model. It offers security software products and solutions both in India and internationally, and its end customers are Banks and Financial Institutions, government regulatory bodies and departments, and large-scale enterprises (including business offices) like HDFC, Bandhan Bank, BSE, etc. Its flagship software product is ESOF (Enterprise Security in One Framework), which is a vulnerability management platform consisting of various product portfolios, namely ESOF Appsec, ESOF VMP, ESOF VACA, ESOF PCI ASV, and ESOF CRQ. | $5 | -27% | $104M | $100M | 31.5x | 55.6x | ||
| Innovana Thinklabs Ltd is engaged in software and application development business services to the retail user. Principally, the company designs develops, and maintains software systems and solutions, as well as creates new applications and enhances the functionality of existing software products. Its product portfolio consists of applications and software such as adblocker, disk cleanup, space reviver, file opener, and privacy protector. In addition, the company also produces applications and software such as password manager, identity protector, malware protection, disk speedup, systems boost, and web protection. | $4 | +7% | $86M | $89M | 8.1x | 12.7x | ||
| Median | $4 | -27% | $123M | $103M | 8.0x | 31.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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