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 35.9
- Book Value ₹ 251
- Dividend Yield 1.24 %
- ROCE 11.7 %
- ROE 9.38 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 41.1%
- Debtor days have improved from 81.3 to 62.6 days.
Cons
- Stock is trading at 3.21 times its book value
- The company has delivered a poor sales growth of 3.26% over past five years.
- Company has a low return on equity of 11.0% over last 3 years.
- Earnings include an other income of Rs.78.5 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 755 | 716 | 603 | 691 | 741 | 882 | 841 | 886 | |
| 578 | 568 | 518 | 567 | 623 | 792 | 760 | 806 | |
| Operating Profit | 177 | 148 | 85 | 124 | 118 | 89 | 80 | 79 |
| OPM % | 23% | 21% | 14% | 18% | 16% | 10% | 10% | 9% |
| 33 | 38 | 49 | 79 | 42 | 68 | 68 | 78 | |
| Interest | 2 | 2 | 1 | 0 | 1 | 2 | 2 | 4 |
| Depreciation | 28 | 27 | 17 | 17 | 18 | 27 | 28 | 35 |
| Profit before tax | 180 | 157 | 116 | 186 | 140 | 128 | 118 | 118 |
| Tax % | 32% | 23% | 20% | 22% | 24% | 24% | 22% | |
| 124 | 121 | 92 | 144 | 107 | 97 | 92 | 91 | |
| EPS in Rs | 30.90 | 30.31 | 22.99 | 35.75 | 26.46 | 24.05 | 22.80 | 22.45 |
| Dividend Payout % | 0% | 0% | 0% | 126% | 38% | 42% | 44% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 7% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -6% |
| 3 Years: | -7% |
| TTM: | 9% |
| 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: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 41 | 41 |
| Reserves | 626 | 714 | 628 | 748 | 817 | 886 | 958 | 977 |
| 20 | 14 | 0 | 12 | 8 | 21 | 69 | 67 | |
| 184 | 172 | 195 | 188 | 239 | 238 | 239 | 231 | |
| Total Liabilities | 870 | 940 | 863 | 988 | 1,104 | 1,185 | 1,307 | 1,316 |
| 157 | 64 | 51 | 65 | 63 | 86 | 153 | 155 | |
| CWIP | 5 | 5 | 1 | 4 | 11 | 13 | 11 | 14 |
| Investments | 373 | 406 | 285 | 364 | 529 | 550 | 661 | 605 |
| 335 | 465 | 525 | 555 | 501 | 536 | 482 | 542 | |
| Total Assets | 870 | 940 | 863 | 988 | 1,104 | 1,185 | 1,307 | 1,316 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 136 | 54 | 100 | 11 | 137 | 58 | 193 | |
| -104 | -13 | 157 | -139 | -282 | 19 | -159 | |
| -39 | -39 | -183 | -1 | -44 | -47 | -42 | |
| Net Cash Flow | -7 | 2 | 74 | -129 | -190 | 29 | -8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 88 | 107 | 120 | 106 | 103 | 78 | 63 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 88 | 107 | 120 | 106 | 103 | 78 | 63 |
| Working Capital Days | 25 | 99 | 55 | 41 | 18 | 20 | -24 |
| ROCE % | 22% | 16% | 19% | 17% | 14% | 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