Protean eGov Technologies Limited (PROTEAN)
₹631.20 -1.74% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Protean eGov's revenue was ₹251 Cr (+18.9% year on year, -18.5% on the previous quarter), and net profit ₹5.9 Cr (-77.9% year on year); the operating margin was 4.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹251 | +18.9% | -18.5% |
| Operating profit | ₹12.4 | -22.4% | -67.3% |
| Net profit | ₹5.9 | -77.9% | -80.5% |
| EPS (₹) | 1.44 | -75.5% | -80.7% |
| Operating margin | 4.9% | — | — |
PROTEAN delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.91% of the PROTEAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.89%. That is close to its usual level. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 24 bulk or block deals were reported in PROTEAN in the last 60 days: ₹286 Cr bought and ₹283 Cr sold.
Delivery in the last 5 sessions: 37.1% · 32.9% · 38.2% · 45.1% · 45.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 28 Sep | Sell | Hrti Private Limited | ₹16.99 Cr | ₹698.72 | 243,192 | Bulk |
| 28 Sep | Buy | Hrti Private Limited | ₹16.91 Cr | ₹696.70 | 242,723 | Bulk |
| 25 Sep | Buy | Hrti Private Limited | ₹14.77 Cr | ₹671.97 | 219,727 | Bulk |
| 25 Sep | Sell | Hrti Private Limited | ₹14.66 Cr | ₹669.04 | 219,167 | Bulk |
| 22 Sep | Sell | Microcurves Trading Private Limited | ₹48.77 Cr | ₹631.00 | 772,889 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Protean eGov Technologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA MUFG Intime India confirms that all share certificates received for dematerialisation during the quarter ended September 30, 2026, were processed, mutilated, and cancelled as per statutory timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- RTA MUFG Intime India Private Limited issued the confirmation on October 3, 2026
- All demat requests were verified, cancelled, and substituted in member registers within timelines
Protean eGov Technologies Limited announced the retirement of senior management personnel Mr. Tejas Desai, Executive Vice President and Group Head – Internal Audit, effective October 1, 2026. The announcement is a routine personnel succession filing pursuant to SEBI Listing Regulations. Protean, which recorded a TTM revenue of ₹1,038 Cr and net profit of ₹84 Cr, did not immediately announce a replacement in the filing. This operational leadership change is not expected to materially disrupt business operations or financial performance.
- Retirement of Mr. Tejas Desai as Executive Vice President, Group Head – Internal Audit
- Cessation takes effect from October 1, 2026
- Disclosed to BSE and NSE on September 30, 2026, under Regulation 30
Protean eGov Technologies Limited announced the retirement of Mr. Tejas Desai, Executive Vice President and Group Head - Internal Audit, effective October 1, 2026. The intimation fulfills disclosure requirements under SEBI Listing Regulations for changes in senior management personnel. Protean, which recorded TTM revenue of ₹1,038 Cr and PAT of ₹84 Cr, did not immediately announce a successor in the filing.
- Retirement of Mr. Tejas Desai from the role of Executive Vice President, Group Head – Internal Audit
- Cessation takes effect from October 1, 2026
- Filing submitted under Regulation 30 of SEBI LODR Regulations on September 30, 2026
Protean eGov Technologies Limited announced the retirement of senior management personnel Mr. Tejas Desai, Executive Vice President and Group Head – Internal Audit, effective October 1, 2026. The announcement is a routine personnel succession filing pursuant to SEBI Listing Regulations. Protean, which recorded a TTM revenue of ₹1,038 Cr and net profit of ₹84 Cr, did not immediately announce a replacement in the filing. This operational leadership change is not expected to materially disrupt business operations or financial performance.
- Retirement of Mr. Tejas Desai as Executive Vice President, Group Head – Internal Audit
- Cessation takes effect from October 1, 2026
- Disclosed to BSE and NSE on September 30, 2026, under Regulation 30
Protean eGov Technologies announced the voting results and scrutinizer's report for its 31st AGM held on September 22, 2026. Shareholders approved all four resolutions with over 99.9% majority. Key approvals include the declaration of a dividend of ₹10 per share (100% on ₹10 face value) for FY26 and the adoption of audited financial statements. Additionally, shareholders approved the appointment of M/s TR Chadha & Co LLP as Statutory Auditors for a 5-year term and the reappointment of retiring director Mr. Shailesh Haribhakti.
- Declared a dividend of ₹10 per equity share (100% on face value of ₹10) with 99.9705% votes in favour
- Appointed M/s TR Chadha & Co LLP as Statutory Auditors for a term of 5 years with 99.9455% approval
- Adopted FY26 standalone and consolidated financial statements with 99.9720% votes in favour
- Total of 53,26,445 votes polled representing 13.11% of outstanding shares (4,06,21,194 shares)
Protean eGov Technologies Limited concluded its 31st Annual General Meeting on September 22, 2026. Key agenda items placed before shareholders included the adoption of FY26 financial statements and declaration of an ordinary dividend of ₹10 per equity share (100% on ₹10 face value). Other ordinary business included the re-appointment of retiring director Mr. Shailesh Haribhakti and the appointment of M/s T R Chadha & Co, LLP as statutory auditors. Formal scrutiniser voting results are expected to be disclosed separately.
- 31st AGM conducted virtually on September 22, 2026, from 03:00 P.M. to 04:10 P.M. IST
- Proposed ordinary dividend of ₹10 per equity share on a face value of ₹10 each (100%) for FY26
- Appointment of M/s T R Chadha & Co, LLP Chartered Accountants as the new Statutory Auditors proposed
- Remote e-voting was open from September 18, 2026 (09:00 A.M.) to September 21, 2026 (05:00 P.M.)
Protean eGov Technologies has approved the allotment of 1,57,971 fully paid-up equity shares of face value Rs. 10 each following the exercise of stock options under its ESOP 2017 plan. This allotment results in a nominal equity dilution of approximately 0.39% of the pre-allotment share base. The company's total paid-up equity share capital increases from Rs. 40,62,11,940 to Rs. 40,77,91,650, corresponding to an increase from 4,06,21,194 to 4,07,79,165 shares.
- Allotment of 1,57,971 fully-paid equity shares under ESOP 2017 approved via circular resolution dated September 10, 2026.
- Paid-up share capital increases from Rs. 40,62,11,940 to Rs. 40,77,91,650.
- Total outstanding equity shares increase from 4,06,21,194 to 4,07,79,165.
- Face value per equity share is Rs. 10, ranking pari passu with existing equity shares.
Protean eGov Technologies announced that its management will participate in the Anand Rathi Annual Flagship Conference G-200 Summit on September 21, 2026. The meeting will be held physically in Mumbai. The company clarified that no unpublished price-sensitive information (UPSI) will be shared during the interaction. This is a routine institutional investor interaction filing under SEBI LODR Regulation 30.
- Management participating in Anand Rathi Annual Flagship Conference G-200 Summit
- Scheduled date of meeting is Monday, September 21, 2026
- Meeting format is physical and will be held in Mumbai
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Protean eGov Technologies Limited has issued a communication under Regulation 36(1)(b) of SEBI LODR Regulations regarding its 31st Annual General Meeting (AGM). The AGM is scheduled to take place via Video Conferencing on Tuesday, September 22, 2026, at 3:00 PM IST. The filing provides the exact website link for the FY25-26 Integrated Annual Report dispatched to shareholders with unregistered email addresses as of the August 21, 2026 cut-off date.
- 31st AGM scheduled for Tuesday, September 22, 2026 at 3:00 PM IST via Video Conferencing
- Circulation of Integrated Annual Report FY25-26 web-link to shareholders without registered email addresses
- Cut-off date for shareholder records for this dispatch was August 21, 2026
Protean eGov Technologies has issued the notice for its 31st Annual General Meeting (AGM) scheduled for Tuesday, September 22, 2026, via video conferencing. Key ordinary resolutions include the adoption of FY26 financial statements and approval of a ₹10 per equity share dividend (100% on face value of ₹10). The company has also proposed the appointment of M/s. T R Chadha & Co LLP as statutory auditors for a 5-year term from the conclusion of the 31st AGM to the 36th AGM. Remote e-voting is scheduled from September 18 to September 21, 2026, with the cut-off date fixed for September 11, 2026.
- 31st AGM scheduled for Tuesday, September 22, 2026 at 3:00 PM IST via Video Conferencing.
- Proposed final dividend of ₹10 per equity share of face value ₹10 (100%) for FY26.
- Proposed appointment of M/s. T R Chadha & Co LLP as Statutory Auditors for a 5-year tenure up to the 36th AGM.
- Cut-off date for e-voting eligibility set as September 11, 2026; remote e-voting runs from September 18 to September 21, 2026.
Protean eGov Technologies has received a work order valued at ₹5.99 crore (inclusive of taxes) from the Government of Arunachal Pradesh. The mandate covers the design, development, implementation, and maintenance of the 'Arun Parivar Patra' (APP) – State Family Registry Platform. The project spans 48 calendar months, consisting of a 12-month implementation phase followed by 36 months of Operations & Maintenance (O&M) support. While modest at ~0.58% of TTM revenue (₹1,038 crore), it strengthens the company's footprint in state-level digital registry solutions.
- Total contract value of ₹5.99 Crore inclusive of taxes
- Overall project tenure is 48 months (12 months implementation and 36 months O&M support)
- Awarded by the Government of Arunachal Pradesh for the Arun Parivar Patra (APP) platform
- Represents ~0.58% of company's TTM revenue of ₹1,038 Crore
Protean eGov Technologies has issued a shareholder communication regarding Tax Deduction at Source (TDS) on its recommended final dividend of Rs 10 per equity share (100% on face value of Rs 10) for FY 2025-26. The company has fixed Friday, August 28, 2026, as the record date to determine eligible shareholders. Resident shareholders receiving more than Rs 10,000 in dividends are subject to a 10% TDS, whereas a higher 20% rate applies if PAN is invalid or unlinked to Aadhaar. Eligible shareholders seeking tax exemption or reduced withholding rates must submit requisite forms (such as Form 121/41) by August 28, 2026.
- Final dividend recommended at Rs 10 per equity share (100% of face value) for FY 2025-26.
- Record date fixed as Friday, August 28, 2026, to determine dividend entitlement.
- TDS of 10% applicable for resident individual dividend payouts exceeding Rs 10,000.
- Higher 20% TDS mandated if PAN is inoperative or not linked to Aadhaar.
- All tax exemption documents must be submitted to the RTA on or before August 28, 2026.
Protean eGov Technologies shareholders have approved the appointment of Mr. Ajay Rajan as Managing Director & CEO for a 3-year term effective June 1, 2026, with 99.28% votes cast in favour via postal ballot. In addition, shareholders approved his appointment as Director (99.83% in favour) and the appointment of Mr. Nandkumar Saravade as Non-Executive Independent Director for 3 years (99.80% in favour). Total voter turnout stood at 16.94% of total outstanding equity (68.80 lakh votes out of 4.06 crore shares).
- Ajay Rajan approved as MD & CEO for a 3-year term w.e.f. June 1, 2026 with 99.28% votes in favour (68,30,630 votes).
- Nandkumar Saravade appointed as Non-Executive Independent Director for 3 years with 99.80% approval.
- Overall voting participation recorded at 16.94% of outstanding shares (68,80,487 votes polled out of 4,06,21,194 shares).
- Institutional shareholders voted 99.45% to 100% in favour across all three resolutions.
Protean eGov Technologies has fixed August 28, 2026, as the record date for its final dividend of Rs 10 per share for FY 2025-26. This represents a 100% dividend on the face value of Rs 10. Based on the FY26 EPS of Rs 24.78, the payout ratio is approximately 40.3%. At the current market price of Rs 551.1, the dividend yield stands at roughly 1.81%.
- Final dividend of Rs 10 per equity share (100% of face value) for FY 2025-26
- Record date for determining shareholder entitlement fixed as August 28, 2026
- Dividend payout ratio of ~40.3% based on FY26 EPS of Rs 24.78
- Dividend yield of ~1.81% based on the current market price of Rs 551.1
Protean eGov reported a 19% YoY revenue growth to ₹251 cr for Q1FY27, driven by a surge in 'New Initiatives' which contributed ₹42 cr. However, EBITDA declined 38% YoY to ₹28 cr, with margins compressing to 10% due to ₹18 cr in upfront investments for large RFP-led mandates and geopolitical-driven hardware cost inflation. The new CEO, Ajay Rajan, emphasized a strategic shift toward AI-integrated Digital Public Infrastructure (DPI) and international expansion. Key projects like Aadhaar Seva Kendras (ASK) are slated for commissioning in Q3FY26, with full scaling expected in FY27.
- Revenue from operations grew 19% YoY to ₹251 cr, while EBITDA fell to ₹28 cr from ₹45 cr in Q1FY26.
- New business initiatives revenue increased nearly four-fold to ₹42 cr compared to ₹11 cr in the prior year period.
- Management identified ₹18 cr in upfront costs for prestigious RFP mandates as the primary driver for margin contraction.
- Maintained a dominant 58% market share in Tax Services despite a 10% YoY industry-wide decline in PAN applications.
- Aadhaar Seva Kendra (ASK) project commissioning is on track for Q3FY26 with monthly volume-based billing.
Financial Performance
Revenue Growth by Segment
Overall revenue from operations grew 14% YoY to INR 251 Cr in Q2FY26. Segment performance: Tax Services revenue was INR 107 Cr (down 10% YoY but up 8% QoQ), CRA Services revenue was INR 78 Cr (up 12% YoY), Identity Services revenue was INR 22 Cr (down 6% YoY), and Others/New Businesses revenue surged to INR 43 Cr (up 513% YoY).
Geographic Revenue Split
Primarily domestic (India) with 58% market share in PAN services. The company is expanding internationally with new offices established in Dubai and one other international center to strengthen global presence; specific % split not disclosed.
Profitability Margins
Gross processing charges stood at 33% of revenue in Q2FY26. PAT margin was 9.0% (INR 24 Cr), down from 12.0% YoY, impacted by short-term investments in new business lines and international expansion.
EBITDA Margin
EBITDA margin was 16.6% (INR 44 Cr) in Q2FY26, reflecting a 281 bps YoY decline from 19.4% due to higher employee expenses and investments in RFP-led businesses.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company is investing in Aadhaar Seva Kendra (ASK) infrastructure and international office setups using its INR 800 Cr+ cash reserves.
Credit Rating & Borrowing
The company maintains a 0 debt status with a strong balance sheet including over INR 800 Cr in cash and marketable securities.
Operational Drivers
Raw Materials
Primary costs are Processing Charges (33% of revenue) and Employee Expenses, which are the main drivers for developing SaaS products and managing digital infrastructure.
Import Sources
Not applicable as a digital services provider; technology and human capital are sourced primarily within India, with new talent acquisition in Dubai.
Key Suppliers
Not disclosed; however, the company acts as a TSP (Technology Service Provider) for government and insurance entities like CERSAI and Bima Sugam.
Capacity Expansion
Issued over 1 crore PAN cards in Q2FY26. Aadhaar Seva Kendra (ASK) project commissioning is set for Q3FY26 with full scaling expected in FY27.
Raw Material Costs
Processing charges were 33% of revenue in Q2FY26. Employee expenses have grown significantly to support the 15% revenue contribution target from new business developments.
Manufacturing Efficiency
Market share in Tax Services improved from 54% to 58% YoY, demonstrating high operational efficiency in capturing a larger share of a slightly declining industry volume.
Logistics & Distribution
Distribution is digital-first; physical PAN card delivery costs are included in processing charges (33% of revenue).
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Targeting 25% revenue contribution from new businesses within 3 years (10% from current order book, 15% from new developments). Strategy includes scaling Aadhaar Seva Kendras, expanding the 'Data Stack' (CERSAI), and 'Open Digital Ecosystems' (Bima Sugam, ONDC).
Products & Services
PAN Card issuance and verification, Central Recordkeeping Agency (CRA) for NPS/APY/UPS, e-Sign, e-KYC, Aadhaar Authentication, Cloud Services, and Account Aggregator services.
Brand Portfolio
Protean, Protean eGov Technologies.
New Products/Services
Bima Sugam (Insurance marketplace infrastructure), CERSAI (Data stack), and Aadhaar Seva Kendra (ASK) services expected to scale in FY27.
Market Expansion
Expanding into international markets with a focus on Dubai and global fintech opportunities; domestic expansion through pension penetration (NPS/APY/UPS).
Market Share & Ranking
Dominant market leader in Tax Services with 58% market share.
Strategic Alliances
Partnerships with government bodies for DPI (Digital Public Infrastructure) and roles as a TSP in the insurance and e-commerce (ODE) layers.
External Factors
Industry Trends
Shift toward Digital Public Infrastructure (DPI) and Open Digital Ecosystems (ODE). The industry is evolving from pure e-governance to 'Fintech-led' infrastructure services.
Competitive Landscape
Competition in RFP-led projects (e.g., Aadhaar projects) where competitors guide for ~20% EBITDA margins; Protean maintains market leadership through scale and reliability.
Competitive Moat
Strong moat through 58% market share in PAN services, 1/3rd revenue from high-operating-lever annuity services, and deep integration into national-scale government systems.
Macro Economic Sensitivity
Sensitive to India's GDP growth (6.5% - 8.2% range) and government digital adoption policies. Pension penetration growth directly impacts CRA revenue (12% YoY growth).
Consumer Behavior
Increasing reliance on digital identity (Aadhaar) and online tax compliance (PAN), with Aadhaar authentication transactions growing to 23.8 Cr in Q2FY26.
Geopolitical Risks
Minimal for core domestic operations; international expansion introduces regional regulatory and geopolitical risks in the Middle East.
Regulatory & Governance
Industry Regulations
Subject to PFRDA regulations for CRA services, UIDAI norms for Aadhaar services, and Income Tax Department protocols for PAN services.
Environmental Compliance
Not disclosed; company operates in the low-carbon-footprint IT/digital services sector.
Taxation Policy Impact
Effective tax rate of approximately 25% (INR 8 Cr tax on INR 32 Cr PBT in Q2FY26).
Legal Contingencies
Not disclosed in the provided earnings and presentation documents.
Risk Analysis
Key Uncertainties
Short-term margin volatility (16.6% vs 19.4% YoY) due to the transition from core annuity business to RFP-led new business models.
Geographic Concentration Risk
High concentration in India; international revenue is currently in the setup phase.
Third Party Dependencies
Dependency on government policy for pension schemes (UPS/NPS) and digital identity mandates.
Technology Obsolescence Risk
Mitigated by continuous investment in new-age tech stacks (Cloud, ODE, and SaaS products).
Credit & Counterparty Risk
Receivables increased to INR 238 Cr, primarily due to government/RFP billing cycles, which may impact working capital if delayed.
