Protean eGov Technologies (544021) Q4 25/26 earnings summary

Executive summary

• FY 2026 achieved record consolidated revenue of INR 998 crore, up 18.7–19% YoY, with EBITDA up 27% to INR 188 crore and margin expansion to 17.6%.

• Core businesses (PAN/Tax, CRA, Identity) maintained leadership, with PAN revenue up 17.5% YoY and 59% market share; new business segments contributed 10% of total revenue.

• Major projects like Aadhaar Seva Kendra, Bima Sugam, and international expansion (notably Ethiopia) progressed well, with significant mandates secured.

• Appointment of Ajay Rajan as new MD & CEO effective June 1, 2026, and Nandkumar Saravade as Independent Director.

• Audited standalone and consolidated financials for FY26 were approved with an unmodified auditor's opinion.

Financial highlights

• Q4 FY26 revenue reached INR 308 crore, up 38% YoY, with INR 44 crore from storage charges (multi-year, non-recurring).

• FY26 consolidated revenue was INR 997.75 crore, up from INR 840.70 crore; consolidated net profit was INR 100.59 crore, up from INR 92.46 crore.

• EBITDA margin improved by 125 bps to 17.6%; adjusted PAT for FY26 was INR 105 crore, with a PAT margin of 9.8%.

• EPS for FY26 was INR 24.8, up 8.6% YoY; final dividend of INR 10/share (100% payout), about 40% of PAT.

• Cash and equivalents exceeded INR 850 crore; company remains debt-free.

Outlook and guidance

• Full rollout of 190 Aadhaar Seva Kendras expected by September/October 2026, with full revenue potential by Q4 FY27.

• New business segments targeted to reach 25% of total revenue in 2–3 years; international business, especially in Africa, expected to grow.

• Margin improvement remains a focus, with automation and technology deployment expected to drive expansion.

• Company continues to monitor regulatory changes, including Labour Codes, and will adjust accounting as needed.