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Model Note · PROTEAN EGOV TECHNO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PROTEAN EGOV TECHNO LTD Discounted cash flow · base FY26
PROTEAN EGOV TECHNO LTD
Value per share, this model₹243
CMP 2026-09-10₹492.00
Difference(50.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PROTEAN EGOV TECHNO LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
18.5% a year
FY26 18.7% · 5-yr CAGR —%
EBITDA margin
11.1%
FY26 11.1% · 5-yr average 10.3%
Depreciation · capex, % of revenue
4.7% · 4.2%, fading to 1.2× depreciation
FY26 4.7% · 4.2%
Working capital, % of added revenue · tax
6.9% · 22.8%
25 working-capital days · effective 22.8%
Discount rate
11.00%
1-yr beta 1.46
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(48) · ₹0 · ₹0 cr
FY26 net debt ₹(48) cr
Shares
4.06 crore
4.06 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
998
1,182
1,401
1,660
1,967
2,331
growth %
18.7
18.5
18.5
18.5
18.5
18.5
EBITDA
111
131
156
184
218
259
Depreciation
(47)
(56)
(66)
(78)
(92)
(110)
NOPAT
49
58
69
82
97
115
less capex
(42)
(50)
(64)
(82)
(104)
(131)
less working-capital build
—
(13)
(15)
(18)
(21)
(25)
Free cash flow to firm
—
52
56
60
65
68
Present value
49
48
47
45
43
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · PROTEAN EGOV TECHNO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
231
PV of the terminal value (75% of EV)
708
Enterprise value
939
less net debt
48
less non-controlling interest
0
add non-operating investments
0
Equity value
987
÷ 4.06 crore shares
₹243
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
251
268
289
314
346
10.5%
232
247
264
284
309
11.0%
217
229
243
260
280
11.5%
203
213
225
239
256
12.0%
191
200
210
222
236
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
