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Protean eGov Technologies Results: Latest Quarterly Results & Analysis

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Protean eGov Technologies Ltd. 07 Nov 2025 12:24 PM
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Q2FY26 Quarterly Result Announced for Protean eGov Technologies Ltd.

IT Consulting & Software company Protean eGov Technologies announced Q2FY26 results

  • Protean delivered consolidated revenue from operations of Rs 251 crore for Q2FY26, growing by 19% QoQ and 14% YoY led by continued momentum in CRA Services and New Businesses.
  • EBITDA stood at Rs 44 crore in Q2FY26 vs Rs 45 crore in Q2FY25 with an EBITDA margin of 16.6%.
  • PAT stood at Rs 24 crore with PAT Margin of 9.0% in Q2FY26.
  • The Balance sheet continues to remain strong with more than Rs 800 crore of cash equivalents & marketable securities and zero debt as on 30th September’25.

Suresh Sethi, Managing Director & Chief Executive Officer, said: "I'm glad to share that Protean has delivered a resilient performance in Q2FY26, with 19% QoQ and 14% YoY growth in revenue. Our strategy to expand to sectors including and beyond BFSI, aligned with our core strength of building digital public infrastructure for the nation, has started yielding results with new businesses contributing 12% to our revenue. With a strong order book and a robust balance sheet, we're well-positioned to capitalize on emerging opportunities.

The company secured a landmark Rs 1,370 crore mandate from UIDAI to establish and operate 188 District-Level Aadhaar Seva Kendras (ASKs) — a strong testament to Protean’s proven capability in executing population-scale projects. With this mandate, Protean becomes the only organisation to manage and scale both Aadhaar and PAN —two foundational IDs that anchor our digital nation. This milestone goes beyond a business achievement; it underscores Protean’s commitment to advancing India’s digital transformation and improving the lives of millions through efficient, secure, and accessible Aadhaar services across the country.

With a continued focus on innovation, financial inclusion and digitalisation, we're excited about the future and look forward to continuing to make a meaningful impact in the digital public infrastructure space while delivering long term value to all our stakeholders."

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IT Consulting & Software company Protean eGov Technologies announced Q1FY26 results

Q1FY26 Financial Highlights:

  • Protean delivered consolidated revenue from operations of Rs 211 crore for Q1FY26 vs Rs 197 crore for Q1FY25. CRA Services continued to show growth momentum, growing at 16% on a YoY basis.
  • EBITDA stood at Rs 45 crore in Q1FY26 vs Rs 34 crore in Q1FY25 with an EBITDA margin of 18.8% an increase of 284 bps on YoY basis.
  • PAT stood at Rs 24 crore in Q1FY26 vs Rs 21 crore in Q1FY25 with PAT Margin of 10.0% in Q1FY26.
  • The Balance sheet continues to remain strong with more than Rs 800 crore of cash equivalents & marketable securities and zero debt as on 30th June’25.

Business Highlights:

  • Tax Services – The segment saw a market share gain of nearly 80 basis points, increasing from 58.2% in Q4FY25 to 59.0% in Q1FY26. Protean issued around one crore PAN cards in Q1FY26.
  • CRA Services – The segment posted healthy double-digit revenue growth of 16% YoY. During the quarter, 32.4 lakh new subscribers were on-boarded capturing a significant 98% market share in the new subscriber’s addition. More than 753 corporates were on-boarded during the quarter. The company continues to hold dominant market share of 97% across NPS, APY & UPS.
  • Strengthening Financial Inclusion in Aspirational Districts - Protean eGov Technologies has entered a Statement of Intent (SoI) with NITI Aayog to advance implementation of key social security schemes like the Atal Pension Yojana (APY) across 64 Aspirational Districts.
  • Identity Services – Identity Services segment saw robust volume growth across most ID products during the quarter. However, revenue was impacted due to slab-based pricing and pricing pressure at the foundational level. Despite this, we remain optimistic about the segment's future growth prospects, driven by the continued momentum of the Digital India initiative. Our value-added products, such as eSignPro and RISE with Protean, which leverage our foundational Identity Services, are well-positioned to capitalise on this growth trend.

Suresh Sethi, Managing Director & Chief Executive Officer, said: "Protean continues to retain its position as a leader in the Digital Public Infrastructure space, delivering yet another resilient quarter. Our Tax and CRA services have demonstrated steady growth, with CRA recording a robust 16% YoY increase. Our partnership with NITI Aayog will further strengthen financial inclusion in Aspirational Districts and is a significant step towards empowering vulnerable sections of the society and enhancing their financial security.

I'm proud of our team's efforts in winning the strategic Rs 100 crore RFP mandate from Bima Sugam, to build a firstof-its kind DPI in the Insurance space, envisaged as a unified, nationwide marketplace for Insurance products and services.

With a continued focus on innovation, financial inclusion and scale, we are committed to delivering long term value to all our stakeholders".

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IT Consulting & Software company Protean eGov Technologies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 222 crore in Q4FY25 vs Rs 222 crore in Q4 FY24, 0% YoY (Flat)
  • EBITDA: Rs 34 crore vs Rs 35 crore, 1% YoY
  • Profit After Tax (PAT): Rs 20 crore vs Rs 19 crore, 6% YoY

FY25 Financial Highlights:

  • Protean delivered consolidated revenue from operations of Rs 841 crore for FY25 down 5%. Pension Services continued to show growth momentum, growing at 12% on a YoY basis.
  • EBITDA stood at Rs 149 crore in FY25 vs Rs 157 crore in FY24 with an EBITDA margin of 16.3%.
  • PAT stood at Rs 92 crore in FY25 vs Rs 97 crore in FY24 with PAT Margin of 10.2%.
  • Cash flow from operations stood at Rs 193 crore in FY25 from Rs 58 crore in FY24.
  • The Balance sheet continues to remain strong with more than Rs 800 crore of cash equivalents & marketable securities and zero debt as on 31st March’25.

Commenting on the results, Suresh Sethi, Managing Director and Chief Executive Officer, said: “FY25 has been a year of resilience and progress, highlighted by steady performance, new product launches, and strategic wins. We achieved significant market share growth in our Tax Services vertical, while Pension Services maintained strong momentum, delivering robust double-digit growth for the year. The company secured missioncritical population-scale mandates contributing to the next phase of Agristack, strengthening the Central KYC stack, and developing a national BUDS (Banning of Unregulated Deposit Schemes) registry for CERSAI.

Building on India’s success with Digital Public Infrastructure, we further expanded our thought leadership by conceptualizing the “DPI-in-a-Box” approach for global markets. It is a customizable, open-source playbook of digital building blocks that countries can use to rapidly build foundational digital systems including digital ID, payments, consent-based data sharing, tax and pension services. We deployed a first-of-its-kind Education DPI in Morocco, leveraging this concept, marking our first win in the international markets. We further expanded our international footprint with a win in Ethiopia in the Health sector.

With a continued focus on innovation, financial inclusion, and scale, we are committed to delivering long -term value to all our stakeholders”.

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IT Consulting & Software company Protean eGov Technologies announced Q3FY25 results

  • Consolidated revenue from operations for Q3FY25 stood at Rs 202 crore. Tax services and pension services continued to grow at 3% and 12% respectively on a YoY basis.
  • Adj. Operating Profit for the quarter stood at Rs 21 crore with operating margin of 10.3%.
  • PAT grew by 51% YoY, increasing from Rs 15 crore in Q3FY24 to Rs 23 crore in Q3FY25. However, after adjusting for ECL, normalized PAT stood at Rs 23 crore for Q3FY25 and 22 for Q3FY24. The normalized PAT margin stood at 10.4% for Q3FY25, compared to 9.5% in Q3FY24.
  • The Balance sheet continues to remain strong with more than Rs 750 crore of cash equivalents & marketable securities and zero debt as on 31st December’24.

Suresh Sethi, Managing Director and Chief Executive Officer, said: Protean continues to retain its position as a leader in the Digital Public Infrastructure space, delivering yet another resilient quarter. Our tax and pension services have demonstrated steady growth, with pension services recording a robust 12% YoY increase. The encouraging response to initiatives like NPS Vatsalya highlights our ongoing commitment to enhancing financial inclusion.

This quarter, we achieved key milestones, including securing the prestigious CKYCRR 2.0 mandate and powering India’s first ONDC-enabled e-commerce service integrated on Prasar Bharti’s OTT platform, WAVES. These achievements underscore our expertise in leveraging emerging technologies to execute impactful, large-scale projects.

Looking ahead, Protean remains well-positioned to drive sustainable growth, strong partnerships, and a focus on emerging opportunities in Open Digital Ecosystems. We remain committed to delivering long-term value to our stakeholders while supporting India's journey towards a digitally inclusive future.

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IT Consulting & Software company Protean eGov Technologies announced Q2FY25 results

Financial Highlights:

  • Consolidated revenue from operations for Q2FY25 stood at Rs 220 crore, with a growth of 12% QoQ. Tax services and pension services continued to demonstrate stable growth.
  • Adj. Operating Profit for the quarter grew by 21% QoQ to Rs 32 crore with operating margin of 14.4% vs 13.3% in Q1FY25.
  • PAT grew by 33% QoQ from Rs 21 crore in Q1FY25 to Rs 28 crore in Q2FY25. However, the normalized PAT post adjustment of ECL was Rs 26 crore in Q1FY25 with normalised PAT Margin of 12.2% vs 12.0% in Q2FY25.
  • The Balance sheet continues to remain strong with more than 750 crore of cash equivalents & marketable securities and zero debt as on Q2FY25.

Business Highlights:

  • Tax Services: The segment revenue grew by 22% QoQ, mainly due to the launch of certain govt. schemes post-elections. The company witnessed a significant gain in market share from 51.6% in Q2FY24 to 55.4% in Q2FY25 showcasing Protean’s strength in PAN business. Total no of PAN cards issued by Protean in Q2FY25 stood at 1.2 crore.
  • Pension Services: The segment continues to demonstrate robust growth, growing 7% QoQ. During the quarter, 3.6 million new subscribers were onboarded, reflecting a growth of 40% QoQ. More than 826 corporates have been on-boarded during the Quarter.
  • NPS Vatsalya: The pension scheme for minors launched by the Government of India in mid-September 2024 got off to a good start with more than 25,000 accounts opened with Protean.
  • New Businesses: Continue to show early momentum and the company’s focus on contributing towards multiple Open Digital Ecosystems (ODEs), is gaining traction, especially in the areas of e-commerce (ONDC) and Agriculture. Our suite of digital services, built as a vertical integration on top of the foundational identity DPI, is also growing steadily, complementing India’s digital growth story.

Suresh Sethi, Managing Director and Chief Executive Officer, Protean eGov Technologies, said: “With another good quarter, Protean continues to drive robust growth in alignment with Digital India's vision, evidenced by steady performance across key business segments. The digital landscape in India has witnessed notable developments in recent months, especially in the financial and identity sectors, where DPIs are creating new avenues for citizens and enterprises alike. We continue to expand our multi-sectoral reach, innovating in ODEs across e-commerce, mobility & transport, open finance, agriculture, health, education, and sustainability. The recent launch of our open finance stack within ONDC is one such initiative, enabling seamless last-mile access to financial services. Another key initiative, Protean LIFE, aims to bridge the gap between seekers and providers by streamlining the discovery, engagement, and management of sustainability initiatives from inception to completion.

Protean’s recognition as the Best Digital Public Infrastructure company at the Global Fintech Fest 2024 reflects our commitment to high-impact, scalable solutions that are strengthening a digitally enabled future across the globe. We continue to leverage our unique expertise in e-governance and digital services, remaining agile and responsive to new opportunities in India’s evolving digital landscape as well as other parts of the world. With a strong foundation, we remain confident of delivering value to our stakeholders while strongly contributing towards India’s digital transformation”.

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IT Consulting & Software company Protean eGov Technologies announced Q1FY25 results:

  • Protean reported consolidated revenue from operations of Rs 197 crore for Q1FY25, a decline of 11% YoY.
  • This was primarily due to overall lower PAN card issuances in the Q1FY25 largely attributable to election activity. However, Pension and Identity services continued to demonstrate strong double-digit growth.
  • EBITDA stood at Rs 45 crore in Q1FY25 with EBITDA margin of 21.1% vs 20.4% in Q1FY24 an increase of 64 bps YoY. This was contributed largely on account of increase in online pan issuance and continued focus on overall cost efficiencies.
  • PAT stood at Rs 21 crore with PAT margin of 9.8% vs 13.8% in Q1FY24, a reduction of 404 bps YoY due to Rs 11 crore of provision for doubtful debt. Adjusting for the provisioning, PAT margin stands at 14.9% in Q1FY25, an improvement of 76 bps YoY.
  • The balance sheet continues to remain strong with more than Rs 700 crore of cash equivalents & marketable securities and zero debt as on 30th June 24.

Commenting on the results, Suresh Sethi, Managing Director and Chief Executive Officer, said: “Protean has been consistently delivering robust growth and we remain strongly optimistic of Protean’s business strategy, strongly aligned with the Digital India vision. We will continue to add value to enterprises, consumers, and governments through our unique combination of technology and expertise in e-governance. Highly favourable tailwinds have emerged for us from the union budget 2024 – 25 and we are in the best position to embrace these developments and make the best use of our expertise in this space to support the digital transformation of India and develop Digital Public Infrastructure across sectors.

Aligned with India’s visionary DPI framework built on open standards and protocols, Protean continues to expand its multisectoral reach towards eCommerce and Transport (ONDC), Education and Skilling (ONEST), Agriculture (Agristack) & Health. Protean received the mandate to build the Central Agristack from the Government of India in 2023. This aligns with the Government’s nationwide thrust to emphasize productivity and resilience in Agriculture by enabling DPI coverage for farmers, conducting extensive crop surveys, and providing access to credit facilities.

Further, the budget showcased the strong intent of the government in driving the pension penetration in the country. As the leading Central Recordkeeping Agency (CRA) for NPS and APY, we see this as a huge opportunity for market expansion to include 40 crore minors and promote savings from an early stage.

We remain committed to leading India's digital transformation with cutting-edge DPI interventions".

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IT Consulting & Software company Protean eGov Technologies announced FY24 results:

Financial Highlights:

  • Protean delivered consolidated revenue from operations of Rs 882 crore for FY24, growing by 19% YoY on the back of double digit revenue growth across core business verticals.
  • Adjusted EBITDA stood at Rs 196 crore in FY24, up by 11% YoY with EBITDA margin of 20.6% vs 22.6% in FY23.
  • The dip is mainly due to continuous investment in new business lines in line with the company’s future growth strategy. The new businesses are demonstrating early momentum.
  • PAT stood at Rs 97 crore in FY24 down by 9% YoY with PAT margin of 10.2%. Decline in profits was mainly due to increase in depreciation on account of new investments and provision for doubtful debt.
  • The balance sheet continues to remain strong with more than Rs 700 crore of cash equivalents & marketable securities and zero debt as on 31st March 24.

Commenting on the results, Suresh Sethi, Managing Director and Chief Executive Officer, said: “We are proud to report yet another year of resilient performance and steady growth powered by double digit growth across core business verticals. This is a clear indicator of the continued opportunity and headroom for growth across various business verticals. Protean continues to be one of the cornerstones of Digital India evolution - right from creating population scale e-governance platforms to contributing towards multisector Open Digital Ecosystems across ecommerce, mobility, agriculture, education & health aligned with India’s visionary DPI framework. We continue to see early momentum across various new business verticals especially ODE’s, on account of gaining network adoption.”

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