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Protean eGov Technologies Limited
(PROTEAN)
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Rating:63Neutral
Price Target:
₹650.00
▲(16.39% Upside)
Action:Reiterated
Date:09/26/26
The score is primarily supported by a strong balance sheet with very low leverage and continued revenue growth. It is held back by material FY2026 profitability compression and weaker cash conversion, alongside a premium valuation (P/E ~33.9). Technically, the trend is strong but looks overextended (RSI > 80), adding near-term risk.
Positive Factors
Revenue Growth
Revenue growth demonstrates continued expansion in the company’s technology and managed-services activity. Sustained top-line momentum can support reinvestment in platforms, service capabilities, and operating infrastructure, helping preserve relevance across its public-sector and regulated-ecosystem markets.
Negative Factors
Operating Margin Compression
The sharp decline in gross and EBIT margins shows that revenue growth is currently producing substantially less operating profit. If this compression persists, it could reduce reinvestment capacity, weaken earnings quality, and limit the benefit Protean receives from future platform and transaction growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth demonstrates continued expansion in the company’s technology and managed-services activity. Sustained top-line momentum can support reinvestment in platforms, service capabilities, and operating infrastructure, helping preserve relevance across its public-sector and regulated-ecosystem markets.
Read all positive factors
Protean eGov Technologies Limited (PROTEAN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.87B
Dividend Yield1.64%
Average Volume (3M)113.90K
Price to Earnings (P/E)30.0
Beta (1Y)1.18
Revenue Growth21.39%
EPS Growth-13.43%
CountryIN
Employees711
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)10.91
Shares Outstanding40,779,163
10 Day Avg. Volume18,509
30 Day Avg. Volume113,902
Financial Highlights & Ratios
PEG Ratio2.10
Price to Book (P/B)1.68
Price to Sales (P/S)1.82
P/FCF Ratio19.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)31.7
Revenue Forecast (FY)₹11.61B
Protean eGov Technologies Limited Business Overview & Revenue Model
Company Description
Protean eGov Technologies Ltd., a Mumbai, India-based company established in 1995 (formerly NSDL e-Governance Infrastructure Limited until its rebranding in October 2021), is a leading Indian provider of IT-enabled e-governance services. The compa...
How the Company Makes Money
PROTEAN primarily makes money by building, operating, and providing technology-enabled services for large, mission-critical digital platforms—especially in government/regulated ecosystems—under contractual arrangements. Key revenue streams typical...
Protean eGov Technologies Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
82
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 4.65B | 9.98B | 8.41B |
| Gross Profit | 2.43B | 1.94B | 2.79B |
| EBITDA | 783.60M | 1.84B | 1.49B |
| Net Income | 442.60M | 1.01B | 924.60M |
Balance Sheet | |||
| Total Assets | 13.16B | 14.74B | 13.07B |
| Cash, Cash Equivalents and Short-Term Investments | 2.17B | 3.25B | 2.01B |
| Total Debt | 670.10M | 874.90M | 685.30M |
| Total Liabilities | 2.98B | 3.96B | 3.08B |
| Stockholders Equity | 10.18B | 10.77B | 9.99B |
Cash Flow | |||
| Free Cash Flow | 622.80M | 922.40M | 2.30B |
| Operating Cash Flow | 697.50M | 1.34B | 2.43B |
| Investing Cash Flow | -307.50M | -698.90M | -2.09B |
| Financing Cash Flow | -845.30M | -538.70M | -422.40M |
Protean eGov Technologies Limited Technical Analysis
Positive
558.45
Price Trends
576.93
Positive
582.43
Positive
580.14
Positive
Market Momentum
6.90
Positive
49.18
Neutral
17.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PROTEAN, the sentiment is Positive. The current price of 558.45 is below the 20-day moving average (MA) of 643.43, below the 50-day MA of 576.93, and below the 200-day MA of 580.14, indicating a neutral trend. The MACD of 6.90 indicates Positive momentum. The RSI at 49.18 is Neutral, neither overbought nor oversold. The STOCH value of 17.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:PROTEAN.
Protean eGov Technologies Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹42.16B | 19.49 | ― | 0.70% | 13.17% | 1.95% | |
63 Neutral | ₹24.87B | 29.96 | ― | 1.64% | 21.39% | -13.43% | |
58 Neutral | ₹6.24B | 64.18 | ― | 0.20% | -8.79% | 40.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹1.88B | 9.73 | ― | 1.54% | 7.45% | 8.72% | |
52 Neutral | ₹4.13B | 11.13 | ― | 3.07% | -2.21% | -53.12% | |
43 Neutral | ₹788.44M | -33.02 | ― | ― | -73.73% | 99.90% |
* General Sector Average
IN:PROTEAN
Protean eGov Technologies Limited
609.95
-232.58
-27.60%
IN:3IINFOLTD
3i Infotech Limited
19.91
-0.59
-2.88%
IN:ALANKIT
Alankit Limited
6.95
-5.03
-41.99%
IN:DATAMATICS
Datamatics Global Services Limited
713.30
-207.22
-22.51%
IN:VAKRANGEE
Vakrangee Limited
5.76
-3.19
-35.64%
IN:VLEGOV
VL E-Governance & IT Solutions Ltd.
7.27
-17.30
-70.41%
Protean eGov Technologies Limited Corporate Events
Protean eGov Files SEBI-Mandated Demat Compliance Certificate for September Quarter
Oct 6, 2026
Protean eGov Technologies Limited has submitted a compliance certificate to the stock exchanges for the quarter ended September 30, 2026, as required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certifi...
Protean eGov Sets September 22, 2026 for Virtual 31st AGM with NSDL E-Voting
Aug 28, 2026
Protean eGov Technologies Limited has scheduled its 31st Annual General Meeting for September 22, 2026, at 3:00 p.m. IST, to be conducted via video conferencing and other audio-visual means in line with circulars issued by the Ministry of Corporat...
Protean eGov Technologies Files Q1 FY27 Investor Presentation with Exchanges
Aug 4, 2026
Protean eGov Technologies Limited has submitted an investor presentation to stock exchanges covering its operational and financial performance for the quarter ended June 30, 2026. The disclosure, made under SEBI’s listing regulations, is int...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.