Protean eGov Technologies Limited (IN:PROTEAN)
:PROTEAN
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Protean eGov Technologies Limited
(PROTEAN)
Select Model
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Rating:68Neutral
Price Target:
₹713.00
▲(27.57% Upside)
Action:Reiterated
Date:05/22/26
The score is driven primarily by financial performance: strong revenue growth and a very low-debt balance sheet are tempered by significant FY2026 operating margin compression and weaker cash generation/cash conversion. Technicals are constructive but near overbought, while valuation is moderate with a modest dividend yield.
Positive Factors
Platform Business Model
Protean’s core model is delivering and operating government-scale DPI platforms and managed services. That creates recurring revenue, high switching costs and network effects across intermediaries and users, supporting durable demand and predictable fee and transaction income.
Negative Factors
Margin Compression
The sharp decline in gross and operating margins signals either pricing pressure, higher cost of services, or adverse mix shifts. If persistent, this reduces cash generation and the platform’s ability to fund growth and returns, making profitability recovery critical for long-term value.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform Business Model
Protean’s core model is delivering and operating government-scale DPI platforms and managed services. That creates recurring revenue, high switching costs and network effects across intermediaries and users, supporting durable demand and predictable fee and transaction income.
Read all positive factors
Protean eGov Technologies Limited (PROTEAN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹26.30B
Dividend Yield1.28%
Average Volume (3M)17.70K
Price to Earnings (P/E)18.0
Beta (1Y)1.30
Revenue Growth18.68%
EPS Growth8.59%
CountryIN
Employees711
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)10.91
Shares Outstanding40,616,730
10 Day Avg. Volume14,797
30 Day Avg. Volume17,703
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)30.2
Revenue Forecast (FY)₹11.13B
Protean eGov Technologies Limited Business Overview & Revenue Model
Company Description
Protean eGov Technologies Limited, together with its subsidiaries, provides information technology (IT) enabled e-governance services in India. The company conceptualizes, develops, and executes critical and population scale greenfield technology ...
How the Company Makes Money
PROTEAN primarily makes money by providing technology services to government bodies and ecosystem participants (such as intermediaries, institutions, or regulated entities) for building, operating, and maintaining large-scale digital platforms and...
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 | 1.16B | 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 Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹18.90B | 24.70 | ― | 0.49% | 115.23% | 9.35% | |
69 Neutral | ₹21.24B | 59.05 | ― | 0.14% | -16.42% | -29.48% | |
68 Neutral | ₹26.30B | 18.02 | ― | 1.28% | 18.68% | 8.59% | |
67 Neutral | ₹35.98B | 6.61 | ― | 1.17% | 14.92% | 33.42% | |
63 Neutral | ₹97.64B | 17.24 | ― | 0.69% | 21.53% | 3.38% | |
62 Neutral | ₹3.49B | 29.21 | ― | 0.63% | 24.56% | -17.58% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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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.