PROTEAN EGOV TECHNO LTD

Operates India's Digital Public Infrastructure (DPI) platforms at population scale, building and managing technology systems used by citizens, corporates, and government agencies. Tax Services is the largest stream — running the PAN/TAN issuance system for the Income Tax Department with a 59% market share and 4.7 crore PAN cards issued in FY26. The Central Recordkeeping Agency (CRA) business manages the National Pension System, adding 1.5 crore new subscribers in FY26 (96% of incremental industry additions) and onboarding 3,000+ corporates. New businesses — CERSAI (collateral registry), Bima Sugam (insurance marketplace), the data stack, and Aadhaar Seva Kendras — scaled nearly 3x year-on-year to INR 103 crore. Aadhaar Seva Kendra rollout is underway with 44 of 190 centers live across 20 states/UTs, targeted at full rollout by Sept-Oct 2026. Costs are dominated by other operating expenses (65.1% of revenue) and employee costs (23.3%), with depreciation at 4.7% and capex at 4.2% — a light-asset, services-led model. The order book stood at INR 1,500+ crore with cash and marketable securities of INR 850+ crore and zero debt.