Protean eGov Technologies Ltd(PROTEAN)

NSE: PROTEANBSE: 544021

₹ 608.25+3.21%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,480 crWebsite: www.proteantech.inUpdated: 27 Oct 2026

About

Protean eGov Technologies Ltd is an Indian digital public infrastructure company operating across Tax Services (PAN issuance), Central Recordkeeping Agency (CRA) for pension, Identity Services, and emerging New Businesses including CKYC, Bima Sugam, and Aadhaar Seva Kendras. In FY26 the company recorded its highest-ever consolidated revenue from operations of ₹998 crore, up 19% year-on-year. It holds 62% market share in PAN issuance and 97% market share across NPS, APY and UPS pension recordkeeping as of Q1 FY27.^[1][2]

Business segments

Tax Services generated ₹498 crore in FY26 (+17.5% YoY), representing the largest segment; covers PAN card issuance and related tax documentation services for the Income Tax department.^[1]
CRA Services generated ₹304 crore in FY26 (+7.5% YoY); operates as the Central Recordkeeping Agency for the National Pension System, Atal Pension Yojana, and Unified Pension Scheme.^[1]
Identity Services revenue grew 16% YoY to ₹27 crore in Q1 FY27, offering e-KYC, Aadhaar authentication, eSignPro, and the RISE with Protean API stack.^[2]
New Businesses (Others) segment grew ~3x YoY to ₹103 crore in FY26 (10% of revenue vs 4% in FY25), then surged to 17% of quarterly revenue in Q1 FY27, driven by CKYC, Bima Sugam, and Aadhaar Seva Kendra revenues.^[1][2]

Key operating numbers

PAN market share reached 62% in Q1 FY27, up 275 bps from 59% in FY26, despite a 12% industry-wide decline in PAN issuances following regulatory changes to documentation norms.^[2]
Protean issued over 1 crore PAN cards in Q1 FY27 and 4.7 crore PAN cards across full-year FY26.^[2][1]
CRA onboarded 3.9 million new pension subscribers in Q1 FY27, capturing 95% of incremental additions; onboarded more than 1,000 new corporates in Q1 FY27, the highest ever in a single quarter since inception.^[2]
CRA onboarded more than 1.5 crore new subscribers in FY26 (+13% YoY) and 3,000+ new corporates in FY26, the highest ever annual addition.^[1]
RISE with Protean processed over 3.4 crore transactions in Q1 FY27; Identity Services combined volume growth was 20% YoY in Q1 FY27.^[2]
e-KYC transactions reached 77.7 crore and Aadhaar authentication transactions reached 23.8 crore in Q2 FY26.^[3]
New Businesses revenue contribution rose from 4% in FY25 to 10% in FY26 and further to 17% of quarterly revenue in Q1 FY27.^[1][2]

Order book and mandates

Total outstanding order book stood at more than ₹1,500 crore as of Q4 FY26, nearly twice annual revenue, anchored by UIDAI ASK (₹1,370 crore), CERSAI CKYCRR 2.0, Bima Sugam (₹100 crore), and the Ethiopia agri-platform (₹25 crore).^[1]
Protean secured a ₹1,370 crore, 6-year mandate from UIDAI to set up and operate district-level Aadhaar Seva Kendras across 188 districts; expected to generate ~₹200 crore annual recurring revenue once fully operational.^[3][1]
International mandate count reached 4 across 3 markets as of Q3 FY26, including a ₹25 crore mandate to implement digital public infrastructure for Ethiopia's agricultural ecosystem.^[4]

Operations and infrastructure

102 Aadhaar Seva Kendras are operational across 25 states and union territories as of July 2026; the remaining 88 centres are expected to be operational by Q3 FY27, completing the full 190-centre rollout.^[2]
Protean is building the next-generation Central KYC Record Registry (CKYCRR 2.0) under a CERSAI mandate, migrating 1 billion+ records backed by all four financial regulators: RBI, PFRDA, SEBI, and IRDAI.^[2]
Processing charges as a percentage of revenue were 35% in FY26 and 32 - 33% in Q2 FY26.^[1][3]

Customers and distribution

CRA maintains 97% market share across NPS, APY, and UPS as of Q1 FY27, and held 98% cumulative market share as of Q3 FY26.^[2][4]
NPS Vatsalya added 78,000 subscribers in Q1 FY27.^[2]
Pension coverage in India remains below 6% versus nearly 70% in OECD nations, representing the addressable expansion opportunity for the CRA business.^[3]

Expansion and capex

Approximately 2,000 employees are to be added for Aadhaar Seva Kendra operations; related employee costs are treated as direct project costs.^[1]
Protean acquired a 4.95% strategic stake in NSDL Payments Bank for ₹30.2 crore, funded through internal accruals, to co-create replicable digital banking technology deployable across the BFSI industry.^[1][3]
International expansion is being pursued through a partnership-led, capital-light model focused on select geographies, with a DPI-in-a-Box approach for government markets; active pipeline across Africa, Middle East, and Southeast Asia.^[2][4]
The company is actively evaluating inorganic opportunities focused on the BFSI/enterprise segment to accelerate go-to-market and add to top-line and bottom-line growth.^[2]

Recent developments

Q1 FY27 revenue from operations grew 19% YoY to ₹251 crore; EBITDA declined 38% YoY to ₹28 crore (margin 10.4%) due to ~₹18 crore upfront RFP mandate implementation costs; normalised EBITDA margin was 17.2%.^[2]
Q4 FY26 revenue was ₹308 crore (+38% YoY), including a one-time ₹44 crore storage charge recognition from the Income Tax department covering 2 - 3 years of document storage.^[1]
Protean is shifting its Identity Services pricing model from per-API-call transactional pricing to per-journey/per-outcome solution pricing, bundling identity, CKYC, eSign, account aggregator, and documentation workflows for BFSI clients.^[2]
Cash and marketable securities stood at more than ₹800 crore as of Q1 FY27.^[2]

Market Cap

₹2,480 Cr

High / Low

₹883 / 445

Stock P/E

29.4

Price / Book

2.3

Book Value

₹265

EPS

₹24.8

No. of Shares

4.06 Cr

ROCE

12.8%

ROE

9.7%

OPM

13.2%

Debt / Equity

0.00

Sales

₹998 Cr

Net Profit

₹101 Cr

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials