1. Opening Hook
In a quarter where most IT firms were complaining about “macro headwinds,” Protean eGov was busy wiring India’s digital backbone—PAN by PAN, pension by pension, and Aadhaar by Aadhaar. While your average startup is still figuring out how to get paid, these folks just landed a ₹1,370 crore UIDAI mandate. Yes, the same team that once made PAN cards cool in the 2000s is now cashing in on the Aadhaar boom. Stick around—there’s a “Quantum Vault” and “AI-in-a-box” coming up. No, not sci-fi—just government tech done profitably. 🚀
2. At a Glance
- Revenue ₹251 crore (+19% QoQ, +14% YoY)– Bureaucracy, but make it scalable.
- EBITDA ₹44 crore (16.6% margin)– Fewer powerpoints, more profit.
- PAT ₹24 crore (9% margin)– Even red tape can turn green.
- Cash ₹800 crore; Debt: Nil– The government pays slowly, but they still hoard wisely.
- Order Book ₹1,600 crore (2x annual revenue)– Backlog bigger than some ministries’ budgets.
- Aadhaar Seva Kendra Deal ₹1,370 crore– 188 districts, one digital nation.
3. Management’s Key Commentary
Suresh Sethi (MD & CEO):“We remain at the forefront of India’s digital transformation.”(Translation: We built the pipes everyone else calls ‘ecosystem’.)
“Revenue up 19% QoQ, driven by CRA and new businesses.”(Translation: Pensions and paperwork never looked this lucrative.)
“98% pension market share—our dominance continues.”(Translation: The competition’s still filling forms while we’re filing profits.)😏
“New businesses now contribute 12% of revenue vs 4% last year.”(Translation: The new kids finally started earning their keep.)
“UIDAI awarded ₹1,370 crore mandate for Aadhaar Seva Kendras.”(Translation: We just became the official face of your Aadhaar headaches.)
“Quantum-safe data vault and AI-in-a-box launched at GFF 2025.”(Translation: Because even government tech can sound like a Marvel sequel.)
Sandeep Mantri (CFO):“EBITDA margin dipped 280 bps due to RFP investments.”(Translation: We spent now to invoice more later.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Revenue | ₹251 Cr | +14% | Bureaucracy monetized. |
| EBITDA | ₹44 Cr | -2.8 pts margin | Short-term pain, long-term projects. |
| PAT | ₹24 Cr | +11% | Steady as a pension check. |
| Cash + Investments | ₹800 Cr | Flat | War chest > working capital. |
| Order Book | ₹1,600 Cr | +100% YoY | Future-proofed earnings. |
| New Business Share | 17% of rev | +13 pts | Finally worth the buzzwords. |
Protean’s core is steady; new verticals add voltage. The margins dimmed a bit—but that’s just capex glow.⚙️
5. Analyst Questions
Dalal & Broacha:“Why are system support costs up 96%?”Mgmt:“Because RFPs don’t run on free Wi-Fi.”
Equirus:“Any international wins?”Mgmt:“Still negotiating—government speed limits apply globally.”
Finterest:“Receivables ballooning—temporary?”Mgmt:“Yes, some clients are governments. Enough said.”
AKSA Capital:“Margins to improve?”Mgmt:“Yes, once Aadhaar money starts flowing—and it will.”
Astute Investments:“Aadhaar project profitability?”Mgmt:“20% EBITDA possible—if Indians keep showing up for biometrics.”
6. Guidance & Outlook
Protean expects its new business share to hit25% of total revenue in 3 years, powered by data stack, cloud, and
