Concalls · Software Services · Small cap

Protean e-Gov posts record ₹998 cr revenue, new businesses triple to 10% of mix

Q4FY26 results show 27% EBITDA growth; management eyes 25% revenue from new ventures in 2–3 years as 44 of 190 Aadhaar Seva Kendra centers go live.

— 7 earlier stories on Protean e-Gov Technologies Ltd. →

PROTEAN By Tipsheet Editorial 21 May 2026 · 4:44 PM IST Verify on BSE · NSE

Mkt cap₹2,425 cr

P/E24.11×

ROE9.26%

Debt / eq.0.00

Div yld1.65%

₹998 cr Record Q4FY26 revenue

What's new

Record revenue of ₹998 crore in Q4FY26, EBITDA up 27%.
New businesses now 10% of revenue, tripled from last year; target is 25% in 2-3 years.
44 of 190 planned Aadhaar Seva Kendra centers are live; Bima Sugam implementation underway.

Why this matters

Protean's legacy business is mature. The bet is that new ventures—Aadhaar Seva Kendras and Bima Sugam—can scale fast enough to re-rate the stock. The tripling to 10% is a good start, but the target implies a steep acceleration from here. The new MD & CEO will be under pressure to deliver.

What we're watching

Cadence of Aadhaar Seva Kendra rollouts: 44 of 190 live, timeline for the rest.
Bima Sugam revenue contribution and implementation milestones.
First commentary from the new MD & CEO on strategy and capital allocation.

The full read

Protean e-Gov Technologies delivered a record quarter—₹998 crore in revenue, EBITDA up 27%—but the headline number isn't the whole story. The legacy business is steady; the excitement is in new ventures that tripled to 10% of revenue. Management wants that to hit 25% in 2–3 years, a stretch that relies on two big projects: 190 Aadhaar Seva Kendras (44 live so far) and the Bima Sugam insurance platform. The new MD & CEO takes charge at a pivotal moment. Execution is everything now.

Mentioned: Aadhaar Seva Kendra · Bima Sugam · Q4FY26

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Protean e-Gov Technologies Ltd.

Software Services

₹2,434 cr

P/E 24.20×

Latest quarter · Mar 2026

Sales₹308 cr

Net profit₹30 cr

Op. margin+12.3%

EPS₹7.48

Strength & growth

Debt / equity0.00×

Current ratio2.08×

Story so far

All notes on PROTEAN →

21 May 2026 · 4:44 PM IST Protean e-Gov posts record ₹998 cr revenue, new businesses triple to 10% of mix
9d ago Protean e-Gov ties up with NECTAR for NE digital push
25d ago Protean e-Gov loses CTO with just one day's notice
47d ago Protean's transcript is the paper trail. Not the event.
53d ago Protean e-Gov posts record ₹998 cr revenue, new business share more than doubles