Protean eGov Technologies Ltd
Incorporated in December 1995, Protean eGov Technologies Limited was previously known as NSDL e-Governance Infrastructure Ltd and is engaged in the business of developing citizen-centric and population-scale e-governance solutions.[1]
- Market Cap ₹ 3,266 Cr.
- Current Price ₹ 804
- High / Low ₹ 2,074 / 716
- Stock P/E 34.5
- Book Value ₹ 253
- Dividend Yield 1.24 %
- ROCE 11.8 %
- ROE 9.51 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 40.3%
- Debtor days have improved from 81.2 to 62.5 days.
Cons
- Stock is trading at 3.17 times its book value
- The company has delivered a poor sales growth of 3.23% over past five years.
- Company has a low return on equity of 11.2% over last 3 years.
- Earnings include an other income of Rs.76.7 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Information Technology Information Technology IT - Services IT Enabled Services
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 898 | 756 | 716 | 603 | 691 | 741 | 880 | 840 | 883 | |
| 717 | 589 | 568 | 518 | 567 | 622 | 788 | 758 | 799 | |
| Operating Profit | 181 | 167 | 148 | 85 | 124 | 119 | 92 | 82 | 84 |
| OPM % | 20% | 22% | 21% | 14% | 18% | 16% | 10% | 10% | 10% |
| 27 | 35 | 38 | 49 | 79 | 41 | 68 | 68 | 77 | |
| Interest | 0 | 0 | 2 | 1 | 0 | 1 | 2 | 2 | 4 |
| Depreciation | 11 | 20 | 27 | 17 | 17 | 18 | 27 | 28 | 35 |
| Profit before tax | 197 | 182 | 157 | 116 | 186 | 141 | 131 | 120 | 122 |
| Tax % | 31% | 32% | 23% | 20% | 22% | 24% | 23% | 22% | |
| 136 | 124 | 121 | 92 | 144 | 108 | 100 | 94 | 95 | |
| EPS in Rs | 33.88 | 31.12 | 30.30 | 23.03 | 35.72 | 26.60 | 24.81 | 23.23 | 23.34 |
| Dividend Payout % | 23% | 0% | 0% | 0% | 98% | 38% | 40% | 43% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 7% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | -6% |
| TTM: | 7% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -55% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 11% |
| Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 41 | 41 |
| Reserves | 530 | 626 | 714 | 628 | 748 | 818 | 890 | 964 | 988 |
| 0 | 0 | 14 | 0 | 0 | 8 | 21 | 69 | 14 | |
| 172 | 184 | 173 | 195 | 200 | 239 | 238 | 239 | 279 | |
| Total Liabilities | 741 | 850 | 940 | 863 | 989 | 1,105 | 1,189 | 1,313 | 1,322 |
| 136 | 135 | 64 | 51 | 52 | 63 | 86 | 150 | 153 | |
| CWIP | 6 | 5 | 5 | 1 | 4 | 11 | 11 | 11 | 14 |
| Investments | 287 | 373 | 406 | 288 | 375 | 540 | 563 | 674 | 619 |
| 312 | 338 | 465 | 523 | 557 | 491 | 529 | 478 | 537 | |
| Total Assets | 741 | 850 | 940 | 863 | 989 | 1,105 | 1,189 | 1,313 | 1,322 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 99 | 127 | 54 | 100 | 95 | 138 | 60 | 195 | |
| -78 | -103 | -13 | 154 | 75 | -283 | 16 | -161 | |
| -31 | -31 | -39 | -183 | -34 | -44 | -47 | -42 | |
| Net Cash Flow | -11 | -7 | 2 | 71 | 136 | -189 | 29 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 67 | 88 | 107 | 120 | 106 | 103 | 78 | 63 |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 67 | 88 | 107 | 120 | 106 | 103 | 78 | 63 |
| Working Capital Days | 21 | 25 | 99 | 55 | 41 | 19 | 21 | -23 |
| ROCE % | 29% | 22% | 16% | 20% | 17% | 15% | 12% |
Documents
Announcements
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Grant Of Employee Stock Options Under Protean Egov Technologies Limited - Employee Stock Option Plan, 2017 ('ESOP 2017')
2d - Grant of 2,101 ESOPs on Nov 28, 2025; prices Rs.814.30 (1328) and Rs.10 (773); vesting 1–4 years.
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Announcement under Regulation 30 (LODR)-Change in Management
25 Nov - Bertram D’Souza resigns as EVP (Chief Products & Innovation Officer); resigns Nov 25, 2025; last day Dec 19, 2025.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 10 Nov
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Announcement under Regulation 30 (LODR)-Newspaper Publication
8 Nov - Newspaper Publication of Unaudited Financial Results (Standalone & Consolidated) for Q2FY26.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
7 Nov - Management to participate in Avendus Spark INDX 2025 conference on November 17, 2025.
Concalls
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptPPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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May 2025TranscriptPPTREC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Feb 2024TranscriptNotesPPT
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Dec 2023Transcript PPT
Business Verticals