NSE: PROTEAN · BSE: 544021
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. 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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.8 | 17.5 | 53 of 76 | 31% |
| P/B | 2.3 | 2.2 | 38 of 70 | 46% |
| ROCE | 11.2 | 9.6 | 41 of 86 | 53% |
| ROE | 9.3 | 9.2 | 35 of 70 | 51% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| 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 | 2463 | 296 | 15 of 87 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
| 14 Oct 2026 · Quarterly Share Capital Audit Reconciliation for Q2 FY26-27 | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly compliance certificate under SEBI Reg 74(5) for Sep 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Senior management retirement at Protean eGov | management changes | medium | — | — |
| 30 Sept 2026 · EVP and Group Head of Internal Audit retiring from October 1, 2026 | management changes | medium | — | — |
| 30 Sept 2026 · Protean eGov - Internal Audit Head Tejas Desai Retires | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closure from October 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 24 Sept 2026 · Protean eGov: All 4 AGM resolutions passed, Rs 10 dividend declared | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Clarification on share price movement to BSE | regulatory legal | medium | — | — |
| 23 Sept 2026 · BSE seeks clarification from Protean eGov on price movement | regulatory legal | high | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.