Protean FY26: Core DPI Strength, New Mandates Scale Up

FY26 revenue from operations was 998 crore, EBITDA was 188 crore (EBITDA margin 17.6%), and adjusted PAT was 105 crore, as per the investor presentation and concall.

Q4FY26 revenue from operations was 308 crore and EBITDA was 53 crore. Management noted Q4 revenue included 44 crore of storage charges, which is not expected to repeat at the same run rate.

From the investor presentation table for FY26: Tax Services 498 crore, CRA Services 304 crore, Identity Services 92 crore, and Others 104 crore.

Protean stated the mandate is for 190 Aadhaar Seva Kendras. As of May 2026, 44 centers across 20 states and UTs were operational. Management plans all 190 to be live by September to October 2026.

Management said revenue generation has commenced for operational centers and indicated fuller revenue run-rate visibility a few months after full rollout, around February to March 2027.

Management stated the company is debt-free and had cash and cash equivalents including marketable securities of more than 850 crore as of March 31, 2026.

The CFO stated the aspiration is for New Businesses to contribute about 25% of total revenue in 2 to 3 years; New Businesses contribution was stated to be about 10% in FY26, up from about 4% in FY25.