Protean eGov Technologies Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,578 Cr
- P/E
- 29.99
- ROE
- 10.01%
- PEG
- -30.29
- Price to sales
- 2.49
- Debt to equity
- 0.08
- 52W high / low
- ₹869 / ₹446
- Sales growth (5Y)
- 10.59%
- EBITDA margin
- 10.75%
- Net profit margin
- 10.41%
- Sales (last year)
- ₹1,038 Cr
Incorporated in December 1995, Protean eGov Technologies Limited is engaged in the business of developing citizen-centric and population-scale e-governance solutions.[1]
Guidance scorecard · Q1 FY27 call
What Protean eGov Technologies Ltd's management guided
and where it ranks in IT - Services
IT - Services
RevenueQ1 FY27 call
10–20%- Revenue grew 19% YoY to INR251 crores in Q1FY27, driven by growth in core businesses and new initiatives.
- New initiatives contributed 17% of quarterly revenues, up from 10% in FY26, indicating diversification.
- Strong pipeline and traction in enterprise solutions, government RFPs, and strategic mandates (e.g., Aadhaar Seva Kendra).
- Expecting revenue from Aadhaar Seva Kendra centers as they become stable and operational in Q3 and Q4 FY27.
- Continued focus on scalable, high-margin businesses, moving from product selling to solution-led approach.
- Growth supported by expanding value-added offerings like eSign Pro and DPI-in-a-box for domestic and international markets.
2 more points from Protean eGov Technologies Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Protean eGov Technologies Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Protean is making upfront investments of around INR18 crores in the current quarter for implementing multiple RFP mandates, impacting near-term EBITDA margins.
- These investments are strategic to build futures businesses such as Aadhaar Seva Kendra centers and new product initiatives like RISE with Protean and eSign Pro.
- The company plans selective capital allocation, focusing on high-margin, scalable, and globally deployable champion solutions.
- Investments include infrastructure, technology, and project execution, with a focus on leveraging AI and improving operational efficiency.
- Protean aims to pursue inorganic growth opportunities that improve processes, reduce costs via automation, or add directly to revenue and profitability.
2 more points from Protean eGov Technologies Ltd's call on capex
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FundraisingQ1 FY27 call
See what Protean eGov Technologies Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Protean eGov Technologies highlighted strong traction on the enterprise side with a very good and well-placed pipeline for product solutions and journeys.
- On the government side, they are participating in mandated RFP (Request for Proposal) processes, expecting interesting wins soon.
- The Aadhaar Seva Kendra project rollout is underway with 75 centers across 24 states, revenue from these centers has commenced, and full implementation is expected by Q3 FY27.
2 more points from Protean eGov Technologies Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Services
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
IT - Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹28,129 Cr | 107.9 | |
| 2 | 40%+ | Flat | ₹1,612 Cr | 37.6 | |
| 3 | 40%+ | Flat | ₹1,534 Cr | 131.2 | |
| 4 | 40%+ | Flat | ₹571 Cr | 24.8 | |
| 5 | 40%+ | Flat | ₹378 Cr | 26.9 | |
| 6 | 40%+ | Flat | ₹84 Cr | 8.3 |
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Pro shows every company guiding 40%+ revenue growth →Full IT - Services rankingFinancials of Protean eGov Technologies Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Protean eGov Technologies Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 232 | 220 | 236 | 204 | 222 | 197 | 220 | 202 | 222 | 211 | 250 | 229 | 308 |
| Expenses + | 197 | 186 | 199 | 207 | 200 | 181 | 188 | 187 | 204 | 194 | 221 | 197 | 270 |
| Operating Profit | 35 | 34 | 36 | -3 | 22 | 15 | 32 | 16 | 18 | 16 | 29 | 32 | 38 |
| OPM % | 15% | 15% | 15% | -2% | 10% | 8% | 14% | 8% | 8% | 8% | 12% | 14% | 12% |
| Other Income + | 11 | 13 | 13 | 29 | 13 | 19 | 14 | 19 | 17 | 29 | 15 | 10 | 15 |
| Interest | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 2 | 2 | 2 | 2 |
| Depreciation | 5 | 5 | 5 | 6 | 11 | 7 | 7 | 6 | 8 | 11 | 10 | 11 | 14 |
| Profit before tax | 41 | 42 | 43 | 19 | 24 | 27 | 38 | 29 | 25 | 32 | 32 | 29 | 36 |
| Tax % | 23% | 23% | 24% | 21% | 18% | 22% | 25% | 20% | 19% | 26% | 26% | 24% | 17% |
| Net Profit + | 32 | 32 | 33 | 15 | 19 | 21 | 28 | 23 | 20 | 24 | 24 | 22 | 30 |
| EPS in Rs | 7.82 | 7.96 | 8.10 | 3.77 | 4.77 | 5.21 | 6.92 | 5.66 | 5.03 | 5.88 | 5.88 | 5.54 | 7.48 |
Financials of Protean eGov Technologies Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 755 | 716 | 603 | 691 | 741 | 882 | 841 | 998 |
| Expenses + | 578 | 568 | 518 | 567 | 623 | 792 | 760 | 882 |
| Operating Profit | 177 | 148 | 85 | 124 | 118 | 89 | 80 | 116 |
| OPM % | 23% | 21% | 14% | 18% | 16% | 10% | 10% | 12% |
| Other Income + | 33 | 38 | 49 | 79 | 42 | 68 | 68 | 68 |
| Interest | 2 | 2 | 1 | 0 | 1 | 2 | 2 | 7 |
| Depreciation | 28 | 27 | 17 | 17 | 18 | 27 | 28 | 47 |
| Profit before tax | 180 | 157 | 116 | 186 | 140 | 128 | 118 | 130 |
| Tax % | 32% | 23% | 20% | 22% | 24% | 24% | 22% | 23% |
| Net Profit + | 124 | 121 | 92 | 144 | 107 | 97 | 92 | 101 |
| EPS in Rs | 30.90 | 30.31 | 22.99 | 35.75 | 26.47 | 24.05 | 22.80 | 24.77 |
| Dividend Payout % | 0% | 0% | 0% | 126% | 38% | 42% | 44% | 40% |
Financials of Protean eGov Technologies Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 41 | 41 |
| Reserves | 626 | 714 | 628 | 748 | 817 | 886 | 958 | 1,037 |
| Borrowings + | 20 | 14 | 6 | 12 | 8 | 21 | 69 | 87 |
| Other Liabilities + | 184 | 172 | 189 | 188 | 239 | 238 | 239 | 309 |
| Total Liabilities | 870 | 940 | 863 | 988 | 1,104 | 1,185 | 1,307 | 1,474 |
| Fixed Assets + | 157 | 64 | 57 | 65 | 63 | 86 | 153 | 184 |
| CWIP | 5 | 5 | 1 | 4 | 11 | 13 | 11 | 2 |
| Investments | 373 | 406 | 285 | 364 | 529 | 550 | 661 | 638 |
| Other Assets + | 335 | 465 | 519 | 555 | 501 | 536 | 482 | 650 |
| Total Assets | 870 | 940 | 863 | 988 | 1,104 | 1,185 | 1,307 | 1,474 |
Financials of Protean eGov Technologies Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 136 | 54 | 100 | 11 | -8 | 58 | 193 | 78 |
| Cash from Investing Activity + | -104 | -13 | 116 | -139 | 12 | 19 | -159 | -14 |
| Cash from Financing Activity + | -39 | -39 | -183 | -1 | -1 | -47 | -42 | -54 |
| Net Cash Flow | -7 | 2 | 32 | -129 | 2 | 29 | -8 | 10 |
| Free Cash Flow | 109 | 42 | 91 | 4 | -16 | 26 | 145 | 12 |
| CFO/OP | 110% | 70% | 156% | 18% | -0% | 104% | 271% | 82% |
Financials of Protean eGov Technologies Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 88 | 107 | 120 | 106 | 103 | 78 | 63 | 75 |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 88 | 107 | 120 | 106 | 103 | 78 | 63 | 75 |
| Working Capital Days | 25 | 99 | 100 | 41 | 18 | 20 | -24 | 43 |
| ROCE % | 22% | 15% | 19% | 17% | 14% | 12% | 13% |
Guidance history
How Protean eGov Technologies Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | None planned | Rising |
| Q2 FY26 call → | 10–20% | — | None planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
27 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −26.4% | 28% |
| Last 6 months | +19.3% | 74% |
| Last 3 months | +2.0% | 67% |
The price is 71.1% below its all-time high of ₹2,190.3 (30 Aug 2024). Stocks more than 20% below their peak have their score halved, so 54 became 27.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Protean eGov Technologies Ltd: 0.4 × 28 + 0.4 × 74 + 0.2 × 67 = 54, halved to 27 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Protean eGov Technologies Ltd's management said in earlier quarters
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