Protean eGov Technologies Ltd. share price target

Q4FY26 performance: Protean reported healthy Q4FY26 performance with revenue rising 38% YoY and 34% QoQ to 308 crore. However, it also includes onetime storage charges of 44cr, adj. for which revenue growth was 18.9% YoY, 15.3% QoQ. EBITDA margins reported at 12.4%, up 429 bps YoY however declined 157 bps QoQ. PAT grew 53% YoY and 18% QoQ to 31 crore. Tax services revenue surged 65% YoY and 56% QoQ to 177 crore aided by higher PAN card issuances ahead of regulatory changes and 44 crore storage charge income. New business revenue nearly doubled YoY, growing 95% YoY and 40% QoQ to 29 crore,...

Protean eGov Technologies reported a healthy revenue of Rs3.1bn (up 38% y/y and 34% q/q) in Q4FY26, driven by a regulatory-induced PAN issuance surge ahead of revised documentation norms effective 1st of Apr26 and Rs440m one-time storage charge booking.

The company has 3 core verticals including i) Tax services, ii) social security & welfare and iii) identity authentication. Further, it has ventured in new age businesses including Open Digital Ecosystem (ODE), Cloud & Infosec. Q3FY26 performance: Protean reported margin improvement in Q3 while revenue was broadly in line at 229 crore, registering a growth of 13.4% YoY while declining 8.8% QoQ. Segmentally, i) Tax services i.e pan card related business reported revenue of 107 crore (up 14% YoY, 6% QoQ) on the back of rise in overall PAN card issuances due to the extended deadline for Aadhaar and Pan card...

Q2FY26 performance: Protean reported revenue of 251 crore which increased by 14% YoY and 19% QoQ, mainly led by new business segment which reported revenue of 43 crore (up by 513% YoY). Tax services i.e pan card related business reported revenue of 107 crore (declined 10% YoY), CRA services i.e. pension related business revenue: 78 crore (up by 12% YoY), Identity services i.e. related to PAN and Aadhar authentication revenue: 22 crore (declined 6% YoY). EBITDA reported at 29 crore with EBITDA margin of 11.7%, up 480 bps YoY while it...

Protean eGov Technologies reported a stable revenue of Rs2.5bn (up 14% y/y) in Q2 FY26, while EBITDA fell 7% y/y, due to higher operating expenses. It secured a mandate from UIDAI worth Rs13.7bn.

Event Update: Protean eGov Technologies Limited has received a work order from the Unique Identification Authority of India (UIDAI), Government of India, to act as a service provider for establishing and operating District Level Aadhaar Seva Kendras (ASK) across 188 districts in the country. The contract, valued at ~1,160 cr (exclusive of taxes), covers a period of six years and involves delivering Aadhaar enrolment, various kind of updates (demographic, biometric) and related services through both appointment and walk-in modes. ASK work order improves revenue visibility esp. post PAN 2.0 miss: This 1,160...

Driving India's digital financial solutions

IPO NOTE