Earnings Call Transcript - Q4 & FY26
PROTEAN · price
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Protean eGov Technologies delivered its highest-ever FY26 revenue of INR 998 crores, up 18.7% YoY, with EBITDA growing 27% to INR 188 crores and margins expanding by 125 basis points to 17.6%. Q4 saw strong 38% YoY revenue growth to INR 308 crores, boosted by a one-time INR 44 crore storage charge (for 2.5-3 years). Tax Services led with INR 498 crores revenue and 59% market share, while New Businesses tripled to INR 103 crores. The company has an order book exceeding INR 1,500 crores, INR 850+ crores in cash, and zero debt. Key leadership change incoming as Ajay Rajan joins as MD & CEO from June 1, 2026. Management guided that margin improvement will continue over the next 2-3 years, though short-term margin pressure is expected from Aadhaar Seva Kendra expansion costs.
Strong operational performance with improving margins and a robust order book positions the company well for continued growth. The one-time storage charge inflated Q4 numbers, but underlying business momentum across Tax, CRA, and new Digital Public Infrastructure projects remains solid. Short-term margin volatility expected as Aadhaar Seva Kendra network scales to 190 centers by October 2026.