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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tax Services, Central Recordkeeping Agency (CRA), New Businesses. Asset-light, services-led government technology and DPI platform operator
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 882 | 841 | 998 |
| EBITDA (ex other income) | 89 | 80 | 111 |
| margin % | 10.1 | 9.6 | 11.1 |
| Owners' profit | 97 | 92 | 101 |
| EPS, as reported (₹) | 24.06 | 22.83 | 24.79 |
| ROE % · ROCE % | 10.5 · 13.5 | 9.3 · 11.2 | 9.3 · 11.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 58 | 193 | 78 |
| Capex | (8) | (13) | (42) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 220 | 202 | 222 | 211 | 251 | 229 | 308 | 251 |
| Profit before tax | 38 | 29 | 25 | 32 | 32 | 29 | 36 | 8 |
| Net profit | 28 | 23 | 20 | 24 | 24 | 23 | 30 | 6 |
| EPS (₹) | 6.93 | 5.66 | 5.04 | 5.88 | 5.88 | 5.55 | 7.49 | 1.44 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 | 26.9 | 5.47 | 16.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — | 15.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · ESOP allotment of 1,57,971 shares under ESOP 2017 | capital market events | low | — | — |
| 8 Sept 2026 · Conference participation on September 21, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Notice of 31st AGM and remote e-voting details | compliance | minimal | — | — |
| 28 Aug 2026 · Protean eGov: FY25-26 Annual Report weblink sent to shareholders | compliance | minimal | — | — |
| 28 Aug 2026 · Protean eGov files FY26 BRSR with 60% cut in Scope 1 and 2 emissions | compliance | low | — | — |
| 28 Aug 2026 · Protean eGov Technologies files Integrated Annual Report for FY 2025-26 | results | high | — | — |
| 28 Aug 2026 · Notice of 31st AGM on Sep 22, 2026 with 100 percent dividend, auditor change | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Protean eGov fixes Sep 22 for 31st AGM, Rs 10 dividend recommended | compliance | minimal | — | — |
| 17 Aug 2026 · Protean wins INR 5.99 cr work order from Arunachal Pradesh govt | business updates | medium | — | — |
| 17 Aug 2026 · TDS communication on Rs 10 final dividend; record date Aug 28, 2026 | corporate actions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| AFFLE 3I LIMITED | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.2 | 18.9 | 48 of 78 | 39% |
| P/B | 1.9 | 2.2 | 33 of 70 | 54% |
| ROCE | 11.2 | 9.7 | 42 of 87 | 52% |
| ROE | 9.3 | 9.4 | 37 of 72 | 49% |
| Debt / Equity | 0.0 | 0.0 | 3 of 72 | 72% |
| EBITDA margin | 11.1 | 13.0 | 44 of 69 | 37% |
| Revenue growth | 19.0 | 20.8 | 38 of 67 | 44% |
| Profit growth | (75.4) | 14.6 | 60 of 64 | 6% |
| Market cap | 1999 | 309 | 18 of 87 | 80% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
