Protean eGov Q4 FY26: Revenue ₹308 Cr, stock +20%

Stock hits upper circuit after earnings update

Protean eGov Technologies surged 20% in early trade to hit an upper circuit at ₹654 after the company flagged record quarterly and annual revenue for FY26. The stock had closed at ₹545 in the previous session. Following the move, the company’s market capitalisation was reported at about ₹2,656 crore. The rally came after the company’s earnings presentation highlighted strong growth across key financial metrics.

What the company reported for Q4 FY26

For the March 2026 quarter (Q4 FY26), Protean eGov reported revenue from operations of ₹308 crore. This was up 38% year-on-year and 34% quarter-on-quarter, as per the company’s disclosure. Total income for the quarter rose to ₹323 crore, up 35% year-on-year and 33% quarter-on-quarter. Profitability also improved, with adjusted profit after tax (PAT) increasing to ₹31 crore, up 53% year-on-year and 18% quarter-on-quarter.

EBITDA improves in the March quarter

The company reported Q4 FY26 EBITDA of ₹53 crore, which was up 55% compared with ₹34 crore a year earlier. Alongside revenue growth, the EBITDA increase indicated stronger operating leverage in the quarter. The disclosures also positioned the March quarter as the company’s strongest quarterly revenue performance to date.

FY26: annual revenue, EBITDA and adjusted PAT

For FY26, Protean eGov’s revenue from operations increased 19% to ₹998 crore. EBITDA for the year rose 27% to ₹188 crore. Adjusted PAT for FY26 climbed 14% to ₹105 crore. The company attributed the annual growth to strong performance across core and new business verticals.

Business positioning: citizen-scale digital infrastructure

Protean eGov said it has been building citizen-scale digital public infrastructure across taxation, social security and identity services. This positioning matters because these services are typically high-volume and tied to compliance and public programmes. The company’s commentary also connected its performance to sustained strength in its CRA and tax businesses, along with early contribution from new business wins.

Q1 FY26 update from management commentary

In a management commentary on Q1 FY26 performance, the company said revenue from operations grew 7% year-on-year to ₹211 crore, compared with ₹197 crore in Q1 FY25. EBITDA for Q1 FY26 was reported at ₹45 crore, up 31% year-on-year from ₹34 crore in Q1 FY25. The company also cited EBITDA margin expansion to 18.8% for the quarter. Profit after tax in Q1 FY26 was reported at ₹24 crore, up 13.1% year-on-year, with a PAT margin of 10%.

Tax services: revenue and market share movement

The company’s tax services revenue was reported at ₹100 crore in Q1 FY26, representing 2% year-on-year growth. It also reported a market share gain of 80 basis points, moving from 58.2% in Q4 FY25 to 59% in Q1 FY26. On a year-on-year basis, it cited market share rising from 54% to 59%.

Key numbers at a glance

Why the move matters for investors

The upper circuit reaction reflects how sharply the market responded to reported record revenue and improved profitability. Q4 FY26 showed both faster revenue growth and higher EBITDA and adjusted PAT, while FY26 delivered double-digit growth across revenue, EBITDA and adjusted PAT. Separately, the Q1 FY26 commentary points to ongoing growth, margin expansion and market share movement in tax services.

What to track next

Investors are likely to watch whether the company sustains revenue momentum after the record Q4 and whether margins remain resilient as newer mandates scale. Updates on performance in taxation, social security and identity-linked services will also be important, given the company’s stated focus areas. Any further disclosures in future quarterly presentations will provide additional clarity on the drivers behind the FY26 step-up.