Author: Prashant Marathe
Date Published: May 21, 2025

🧾 At a Glance

• Total Income (Q4): ₹2,389.70 Cr
• Net Profit (Q4): ₹210.50 Cr
• EPS (Q4): ₹5.20
• CMP: ₹1,057
• EduFair Value: ₹1,050–₹1,150
  👉 Verdict: A PSU for the digital decade. But priced like a premium tech stock.

🏢 About the Company

Protean eGov Technologies Ltd (formerly NSDL e-Gov) is the digital infrastructure PSU that powers:

• Aadhaar issuance
• PAN card systems
• National Pension Scheme (CRA)
• Tax filing back-ends

This is the invisible backend of Indian governance — secure, scalable, and run with clockwork precision.

📊 FY25 Performance

FY25 EPS (est): ₹19.60 – ₹20.40
Annual PAT: ₹790–820 Cr

🧠 EduInvesting Take

“Protean isn’t sexy. It’s secure. And that’s why it should be in your long-term core.”

✅ Monopoly-style contracts
✅ No marketing spend
✅ Government-mandated work
✅ Margin-rich and data-heavy

But…

❌ Low float
❌ Expensive at 50x earnings
❌ Still new to the market

This is like India’s CDSL + TCS hybrid, but inside a PSU wrapper.

🧮 EduFair Value Estimate

• EPS FY25 = ₹20.00
• Fair P/E = 50–55x (given SaaS + e-Gov moat)
  ✅ EduFair Value = ₹1,050 – ₹1,150

CMP = ₹1,057 → Fairly priced

This is a rare case where the market got it right early.

⚠️ Risks

• 🧾 Delays in contract renewals or central tenders
• 👀 Market not yet fully aware of what they do
• 🧯 Slower growth in years without major policy changes
• 📉 If classified wrongly as a “tech PSU” = derating risk

💸 CMP vs EduFair Value

🏁 EduFinal Word

Protean is:

• Highly profitable ✅
• Government-linked ✅
• Premium priced ❗
• Future-ready ✅

Edu Verdict:
Hold if you got it via IPO.
Buy small if you want secure digital PSU compounding.
Wait for dips below ₹950 for value entry.