PROTEAN

Protean eGov Technologies share price & financials

Operates India's PAN issuance, pension recordkeeping (CRA for NPS/APY/UPS), and Aadhaar identity infra.

Price: ₹581.9
Market cap: ₹2.3k Cr
Sector: Information Technology
Calls analysed: 8

Latest concall · Q1 FY27 · call held 04 Aug 2026

Protean eGov Technologies Limited Q1 FY27

Revenue from Operations ₹251 cr +19%EBITDA ₹28 cr −38%EBITDA Margin 10% PAT ₹6 cr

What went well

Revenue from operations grew 19% YoY to INR 251 crores.
Market share in PAN issuances increased by 275 basis points, reaching 62% in Q1 FY27.
CRA Services onboarded 3.9 million new subscribers and 1,000 new corporates, capturing 95% of incremental additions.

What to watch

EBITDA declined 38% YoY to INR 28 crores, with EBITDA margin at 10% (down from 18.7% in Q1 FY26).
Profit after tax (PAT) stood at INR 6 crores, with a PAT margin of 2.2%.

Read the full call →

What Protean eGov Technologies Limited does

Protean eGov Technologies builds and operates government-mandated digital public infrastructure for India, earning fees as the principal service provider for PAN/TAN issuance and e-TDS filings, and as a licensed Central Recordkeeping Agency (CRA) for the National Pension System, Atal Pension Yojana and Unified Pension Scheme. It is the only entity authorised to provide all four foundational digital identity services — Aadhaar Authentication, e-KYC, e-Sign, and Online PAN Verification — serving banks, NBFCs, fintechs and government bodies. Beyond its legacy tax and pension businesses, it builds core infrastructure for Open Digital Ecosystems such as ONDC, and offers Made-in-India cloud, data-stack (Account Aggregator, CKYC) and infosec services to enterprise clients.

Segments

Tax Services
Central Recordkeeping Agency (CRA) Services
Identity Services
New Businesses

Geographic presence: 28 states and 8 Union Territories of India
Active TIN & PAN service centres: 4 Lakh+
Point-of-Presence (PoP) centres for pension services: 90,000+
CRA subscriber base (NPS/APY/UPS): 9.4 crore+ subscribers
Data centres: 2 disaster-resilient Tier-3 data centres (Pune and Bengaluru)
Digital identity market position: Sole provider of all four foundational identity services: Aadhaar Authentication, e-KYC, e-Sign and Online PAN Verification

Founded 1996Headquarters Mumbai, MaharashtraEmployees 711 (FY2024-25 (March 2025)) Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 3 delivered 8 missed 8 open

New Project Revenue Booking (Bima Sugam, CERSAI) delivered said Q1 FY26 Promised: start booking revenues... from Q2 and fully from Q3 onwards Q1 FY27: Promise was achieved in prior quarters. New initiatives including CERSAI and Bima Sugam contributed 17% to Q1 FY27 revenue.
International Business Operating Margins went quiet said Q2 FY25 Promised: upwards of 20% Q1 FY27: International business was discussed in the context of DPI-in-a-box and geopolitical impacts, but no specific margin numbers were provided.
EBITDA Margin Expansion at risk said Q3 FY26 Promised: expansion of 300 to 400 basis points... in next couple of years Q1 FY27: Reported EBITDA margin fell to 10% (normalized 17.2%) due to upfront investments. This is a setback against the long-term goal of 300-400 bps expansion over the Q3 FY26 base of 19%.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 19.0%, net profit down 75.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	220	202	222	211	251 +14%	229 +13%	308 +38%	251 +19%
Expenses	188	187	204	194	221	197	270	239
EBITDA	32	16	18	16	29 −7%	32 +101%	38 +112%	12 −24%
Margin	14%	8%	8%	8%	12%	14%	12%	5%
Other income	14	19	17	29	15	10	15	15
Interest	0	0	1	2	2	2	2	3
Depreciation	7	6	8	11	10	11	14	18
Profit before tax	38	29	25	32	32 −15%	29 +3%	36 +44%	8 −76%
Tax rate	25%	20%	19%	26%	26%	24%	17%	23%
Net profit	28	23	20	24	24 −15%	23 −2%	30 +49%	6 −75%
EPS	6.92	5.66	5.03	5.88	5.88	5.54	7.48	1.44

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −46.1% 1Y

1Y: ₹913.15 on 10 Sept 2025 → ₹492.35. High ₹913.85 (18 Sept 2025), low ₹446.4 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −1.5%; 4 Aug
Q4 FY26: +20.0%; 21 May
Q3 FY26: +1.1%; 12 Feb
Q2 FY26: +1.9%; 22 Dec

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 10.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.6%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹743 Cr	₹882 Cr	₹841 Cr	₹998 Cr
Operating profit	₹118 Cr	₹89 Cr	₹80 Cr	₹116 Cr
Operating margin	15.9%	10.1%	9.6%	11.6%
Interest	₹0 Cr	₹2 Cr	₹2 Cr	₹7 Cr
Depreciation	₹19 Cr	₹27 Cr	₹28 Cr	₹47 Cr
Net profit	₹107 Cr	₹100 Cr	₹92 Cr	₹101 Cr
Net margin	14.4%	11.3%	11.0%	10.1%
Cash from operations	₹-8 Cr	₹58 Cr	₹193 Cr	₹78 Cr
Free cash flow	₹-16 Cr	₹26 Cr	₹145 Cr	₹12 Cr
ROCE	17.0%	14.0%	12.0%	13.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹40 Cr	₹40 Cr	₹40 Cr	₹40 Cr	₹41 Cr	₹41 Cr
Reserves	₹628 Cr	₹748 Cr	₹817 Cr	₹886 Cr	₹977 Cr	₹1.0k Cr
Borrowings	₹6 Cr	₹12 Cr	₹8 Cr	₹21 Cr	₹67 Cr	₹87 Cr
Other liabilities	₹189 Cr	₹188 Cr	₹239 Cr	₹238 Cr	₹231 Cr	₹309 Cr
Total liabilities	₹863 Cr	₹988 Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr	₹1.5k Cr
Fixed assets	₹57 Cr	₹65 Cr	₹63 Cr	₹86 Cr	₹155 Cr	₹184 Cr
Capital work in progress	₹1 Cr	₹4 Cr	₹11 Cr	₹13 Cr	₹14 Cr	₹2 Cr
Investments	₹285 Cr	₹364 Cr	₹529 Cr	₹550 Cr	₹605 Cr	₹638 Cr
Other assets	₹519 Cr	₹555 Cr	₹501 Cr	₹536 Cr	₹542 Cr	₹650 Cr
Total assets	₹863 Cr	₹988 Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr	₹1.5k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in PROTEAN

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds: ₹47 Cr; 1 schemes
Biggest holder: Nippon India Small Cap Fund; ₹47 Cr · 0.1% of that fund

Scheme	Holding	Last month	Held since
Nippon India Small Cap Fund Nippon India Mutual Fund	₹47 Cr	held	Jun '24

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on: -49%; vs est. average cost
Held by funds: ₹47 Cr; 1 schemes · ≈ 2.3% of the company

Shares held by these funds −38%

Jun '24 9.03 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹492, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~-2%. At that growth it is worth ₹124 — downside of 75%.

Growth the price implies: 23.7% a year; for 7 years, fading to 4%
It has actually compounded at: -2.0% a year; net profit, FY23–FY26 · EPS -2.3%
The gap: 0.3 pp; -75% downside if it only repeats history

Price today ₹492.35 Value at the reference growth ₹123.91

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Protean eGov Technologies Limited

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