Protean eGov Technologies Ltd

PROTEAN

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Market Cap

₹ 3,174 Cr

P/E

34.86

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Protean eGov Technologies Limited specializes in digital public infrastructure and citizen-centric e-governance solutions. It has pioneered the development of foundational government IT solutions across sectors.

The company is a market leader in PAN and Tax services, holding a 58% share, reflecting robust operational capabilities in issuing over a crore of PAN cards during the quarter.

Protean has secured a notable ₹1,370 crore mandate from UIDAI to establish Aadhaar Seva Kendras, reinforcing its strategic focus on national identity infrastructure.

The company has witnessed a 19% quarter-on-quarter growth in revenue, supported by strong performances in CRA services and new business lines contributing significantly to revenues.

Protean's innovations, such as Quantum-Safe Data Vault and AI-in-a-Box, position it at the forefront of cybersecurity and AI solutions, opening new market opportunities.

Sector

IT - Software

Industry

IT Enabled Services / Business Process Outsourcing

Market Cap

3,174 Cr

Volatility

High Risk

P/E Ratio

34.9

Industry P/E

29.9

PEG Ratio

2.7

P/B Ratio

3.1

52W High

2,074.40

52W Low

716.50

Sales CAGR

-4.69%

6.71%

3.23%

10Y

—

Profit CAGR

-4.96%

-13.16%

-4.92%

10Y

—

ROE

TTM

8.94%

10.82%

12.67%

10Y

16.12%

ROCE

TTM

11.30%

13.55%

15.78%

10Y

20.10%

Technicals

‌

Forecasts

No. of Analysts

7

1Y Price Target

1026.99 ▲ 31.25%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 05, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
COLAB	192.80	3,933 Cr	838.26	144.03	0.00	16.94	16.87	11.50
SAGL	49.91	3,479 Cr	499.10	31.34	0.00	6.36	5.60	2.72
PROTEAN	781.00	3,174 Cr	34.86	3.12	1.28	8.94	11.30	6.92
NPST	1484.15	3,093 Cr	109.77	7.40	0.00	6.76	9.17	5.87
TEAMLEASE	1612.30	2,700 Cr	22.98	2.81	0.00	12.24	11.25	5.15
RPSGVENT	743.00	2,496 Cr	397.11	0.94	0.00	-1.59	9.88	0.99
BCG	11.26	2,268 Cr	2.81	0.24	0.00	8.56	12.41	7.39

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	220	236	204	222	197	220	202	222	211	251
Expenses	186	199	207	200	181	188	187	204	194	221
Operating Profit	34	36	-3.08	22	15	32	16	18	16	29
OPM %	15.47	15.48	-1.51	9.87	7.69	14.40	7.80	8.05	7.78	11.71
Other Income	13	13	29	13	19	14	19	17	29	15
Interest	0.22	0.41	0.52	0.52	0.50	0.49	0.26	1.09	1.52	1.51
Depreciation	4.91	5.48	6.19	11	6.77	7.14	5.81	8.10	11	10
Profit Before Tax	42	43	19	24	27	38	29	25	32	32
Tax %	22.79	24.26	21.29	17.95	22.18	25.37	19.60	19.18	26.32	25.53
Net Profit	32	33	15	19	21	28	23	20	24	24
EPS in Rs	—	—	3.67	4.73	5.16	6.86	5.60	4.99	5.84	5.85

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	755	716	603	691	742	882	841	855
Expenses	578	568	518	567	624	793	760	773
Operating Profit	177	148	85	124	118	89	80	82
OPM %	23.44	20.63	14.06	17.92	15.89	10.14	9.56	9.56
Other Income	33	38	49	79	42	68	68	77
Interest	2.19	1.62	0.94	0.48	0.93	1.67	2.34	3.36
Depreciation	28	27	17	17	18	27	28	32
Profit Before Tax	180	157	116	186	140	128	118	124
Tax %	31.56	22.88	20.19	22.46	23.77	23.91	21.93	23.02
Net Profit	124	121	92	144	107	97	92	95
EPS in Rs	—	—	—	—	26.47	24.45	22.61	22.29
Dividend Payout %	0.00	0.00	0.00	125.87	37.76	41.77	44.15	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	40	40	40	40	40	40	41
Reserves	626	714	628	748	817	886	958
Borrowings	20	14	0.00	12	7.92	21	69
Other Liabilities	184	172	195	188	239	238	239
Total Liabilities	870	940	863	988	1,104	1,185	1,307
Fixed Assets	157	64	51	65	63	86	153
CWIP	5.13	5.43	1.42	4.49	11	13	11
Investments	373	406	285	364	529	550	661
Other Assets	335	465	525	555	501	536	482
Total Assets	870	940	863	988	1,104	1,185	1,307

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	136	54	100	11	137	58	193
Cash from Investing Activity	-104	-13	157	-139	-282	19	-159
Cash from Financing Activity	-39	-39	-183	-1.19	-44	-47	-42
Net Cash Flow	-7.06	1.65	74	-129	-190	29	-8.08

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Oct 2023	Nov 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Jan 2025	Feb 2025	Mar 2025	Jun 2025	Sep 2025
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	0.00%	2.11%	1.27%	0.37%	1.59%	3.63%	6.83%	7.12%	7.12%	7.83%	5.70%	4.69%
DIIs	100.00%	58.51%	63.50%	53.44%	40.19%	31.95%	33.18%	33.49%	33.49%	30.87%	27.82%	24.76%
Public	0.00%	39.38%	35.23%	46.19%	58.21%	64.43%	60.00%	59.39%	59.39%	61.30%	66.47%	70.55%
Total Shareholders	255	1,23,288	95,678	1,46,313	1,57,975	1,60,638	1,94,623	1,99,454	1,99,454	2,09,538	2,42,185	2,37,719

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 26, 2025	Hrti private limited	Bulk	Buy	893.10	36.15 Cr	4,04,777	0.99
Aug 26, 2025	Hrti private limited	Bulk	Sell	895.46	34.72 Cr	3,87,724	0.95
Aug 26, 2025	Qe securities llp	Bulk	Sell	889.15	21.29 Cr	2,39,426	0.59
Aug 26, 2025	Qe securities llp	Bulk	Buy	888.74	22.64 Cr	2,54,701	0.62
Aug 20, 2025	Hrti private limited	Bulk	Buy	854.23	20.74 Cr	2,42,795	0.59
Aug 20, 2025	Hrti private limited	Bulk	Sell	851.95	21.78 Cr	2,55,692	0.63
May 20, 2025	Nk securities research privat...	Bulk	Buy	1,027.07	22.80 Cr	2,21,959	0.54
May 20, 2025	Hrti private limited	Bulk	Buy	1,033.92	34.32 Cr	3,31,899	0.81
May 20, 2025	Graviton research capital llp	Bulk	Buy	1,032.97	49.57 Cr	4,79,875	1.18
May 20, 2025	Graviton research capital llp	Bulk	Sell	1,033.56	50.10 Cr	4,84,750	1.19

Projection

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
COLAB	192.80	3,933 Cr	838.26	144.03	0.00	16.94	16.87	11.50
SAGL	49.91	3,479 Cr	499.10	31.34	0.00	6.36	5.60	2.72
PROTEAN	781.00	3,174 Cr	34.86	3.12	1.28	8.94	11.30	6.92
NPST	1484.15	3,093 Cr	109.77	7.40	0.00	6.76	9.17	5.87
TEAMLEASE	1612.30	2,700 Cr	22.98	2.81	0.00	12.24	11.25	5.15
RPSGVENT	743.00	2,496 Cr	397.11	0.94	0.00	-1.59	9.88	0.99
BCG	11.26	2,268 Cr	2.81	0.24	0.00	8.56	12.41	7.39

Overview

Detailed Summary

The company is a market leader in PAN and Tax services, holding a 58% share, reflecting robust operational capabilities in issuing over a crore of PAN cards during the quarter.

Protean has secured a notable ₹1,370 crore mandate from UIDAI to establish Aadhaar Seva Kendras, reinforcing its strategic focus on national identity infrastructure.

The company has witnessed a 19% quarter-on-quarter growth in revenue, supported by strong performances in CRA services and new business lines contributing significantly to revenues.

Protean's innovations, such as Quantum-Safe Data Vault and AI-in-a-Box, position it at the forefront of cybersecurity and AI solutions, opening new market opportunities.

Sector

IT - Software

Industry

IT Enabled Services / Business Process Outsourcing

Market Cap

3,174 Cr

Volatility

High Risk

P/E Ratio

34.9

Industry P/E

29.9

PEG Ratio

2.7

P/B Ratio

3.1

52W High

2,074.40

52W Low

716.50

Sales CAGR

-4.69%

6.71%

3.23%

10Y

—

Profit CAGR

-4.96%

-13.16%

-4.92%

10Y

—

ROE

TTM

8.94%

10.82%

12.67%

10Y

16.12%

ROCE

TTM

11.30%

13.55%

15.78%

10Y

20.10%