Synopsis: Protean eGov Technologies shares climbed 6% as Q3FY26 results showed 13% YoY revenue growth and a 101% surge in EBITDA, including a 59% market share in PAN services with 1.1 crore cards issued.
The shares of this company that are engaged in the business of developing citizen-centric and population-scale e-governance solutions are in the spotlight after reporting its Q3 results with 101% EBITDA growth and PAN card issuances crossing 1.1 crore.
With a market capitalisation of Rs. 2,673 cr, the shares of Protean eGov Technologies Ltd were trading at Rs. 657.65 per share, increasing over 6% in today’s market session, making a high of Rs. 686.60, up from its previous close of Rs. 645.50 per share. As of Q3FY26, Ace investor Mukul Agrawal holds a stake of 1.48% in the company.
Q3 Results
Protean eGov Technologies reported a 13% increase in revenue, with sales rising to Rs. 229 crore in Q3FY26 from Rs. 202 crore in Q3FY25. EBITDA surged sharply by 101% to Rs. 31.8 crore from Rs. 15.8 crore, driven by improved operating leverage. Net profit declined marginally by 1.7% YoY to Rs. 22.5 crore from Rs. 22.9 crore, while EPS also fell by 2% YoY to Rs. 5.54 from Rs. 5.66 over the same period.
On a sequential basis, revenue declined by 8% from Rs. 250 crore in Q2FY26 to Rs. 229 crore in Q3FY26. Despite the drop in topline, EBITDA improved 8.5% to Rs. 31.8 crore from Rs. 29.3 crore, indicating better margins. Net profit decreased by 6% to Rs. 22.5 crore from Rs. 23.9 crore, while EPS declined 6% QoQ from Rs. 5.88 to Rs. 5.54.
Protean delivered strong momentum across core segments during the quarter. The Tax Services business reported 14% YoY revenue growth, supported by higher PAN issuances following the extended Aadhaar–PAN linkage deadline, strengthening its market leadership with a 59% market share and over 1.1 crore PAN cards issued.
In CRA Services, regulatory reforms by PFRDA continue to drive pension adoption, with Protean onboarding over 35 lakh new subscribers, capturing 94% of incremental additions, and maintaining a dominant 98% market share across NPS, APY, and UPS.
The Identity Services segment saw 7% volume growth, aided by Digital India initiatives, despite pricing pressures. New businesses contributed 11% of total revenue in 9MFY26, up from 4% in FY25, with 34 Aadhaar Seva Kendras now operational across 19 states.
On the international front, Protean secured a Rs. 25 crore mandate in Ethiopia, expanding its global DPI footprint. Additionally, the company acquired a 4.95% stake in NSDL Payments Bank, strengthening its strategic presence in digital banking and financial inclusion.
Protean eGov Technologies Ltd is a leading technology-enabled solutions provider focused on building and operating population-scale digital public infrastructure in India. The company plays a key role in tax, identity, pension, and digital governance services, supporting large national platforms such as PAN, NPS, and Aadhaar-linked ecosystems, while also expanding into international and new digital initiatives.
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