Protean e-gov technologies has received approval from the National Company Law Tribunal (NCLT) Mumbai Bench for its composite scheme of arrangement involving a demerger with Protean Infosec Services Limited. The tribunal pronounced the demerger order as 'allowed' during an open court hearing held on February 27, 2026.

NCLT Approval Details

The approval covers the composite scheme of arrangement between Protean Infosec Services Limited (the demerged company) and Protean eGov Technologies Limited (the resulting company), along with their respective shareholders and creditors. The scheme has been sanctioned under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

Regulatory Compliance and Next Steps

The company has informed both BSE Limited and National Stock Exchange of India Limited about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This notification follows an earlier communication dated May 21, 2025, indicating the ongoing nature of this corporate restructuring process.

Documentation Process

Protean eGov Technologies is currently in the process of obtaining a certified copy of the NCLT order. The company has committed to submitting this certified copy to the stock exchanges once it becomes available. This step is crucial for completing the regulatory compliance requirements associated with the approved scheme.

Corporate Structure Impact

The approved composite scheme of arrangement will result in the demerger of Protean Infosec Services Limited into Protean eGov Technologies Limited. This restructuring affects both companies' shareholders and creditors as outlined in the scheme that received tribunal approval. The development marks a significant milestone in the corporate reorganization process that has been under consideration since mid-2025.

Protean eGov Technologies Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, demonstrating resilient performance with significant growth across key metrics. The Board of Directors approved these results at their meeting held on February 11, 2026, pursuant to Regulation 33 of SEBI regulations.

Financial Performance Overview

The company delivered strong consolidated revenue from operations during the third quarter, driven by robust performance in Tax Services and New Businesses segments.

Segment-wise Performance

The company's diversified revenue streams showed varied performance across different business verticals during the quarter.

Key Business Highlights

Tax Services segment reported 14% YoY revenue growth, driven by a 90-basis point sequential gain in market share during the quarter. The company strengthened its market leadership with 59% market share and issued over 1.1 crore PAN cards during the quarter, benefiting from extended deadline for Aadhaar and PAN card linkage.

CRA Services maintained strong operating momentum, onboarding over 35 lakh new subscribers and capturing 94% of incremental industry additions. The company added more than 620 corporates and maintains a dominant 98% market position across NPS, APY, and UPS.

New Businesses achieved significant milestone, contributing 11% of total revenue in 9MFY26 compared to 4% in FY25. The company successfully operationalized 34 Aadhaar Seva Kendras across 19 States and Union Territories, with revenue generation commencing from these centres.

Board Meeting Outcomes

The Board meeting, which commenced at 2:00 PM and concluded at 4:00 PM on February 11, 2026, approved the unaudited financial results for both standalone and consolidated entities. Additionally, the Board announced that Ms. Preeti Mehta (DIN: 00727923) will complete her term as an Independent Director with effect from the close of business hours on February 14, 2026.

Exceptional Items Impact

The company reported exceptional items worth ₹3.95 crore during the quarter, attributed to the statutory impact of new labour codes notified by the Government of India on November 21, 2025. This impact consists of gratuity provisions of ₹3.77 crore and compensated absences of ₹0.18 crore, primarily arising from changes in wage definition.

Strategic Developments

The company secured a strategic national-level mandate valued at ₹25 crore to implement Digital Public Infrastructure services for Ethiopia's agricultural ecosystem. Protean has now secured four international mandates across three markets, reinforcing its growing global footprint.

Protean also made a strategic investment by acquiring 4.95% stake in NSDL Payments Bank, positioning itself to collaborate in co-creating replicable certified digital banking technologies for the BFSI industry.

Financial Position

The company maintains a robust balance sheet with approximately ₹800 crore of cash equivalents and marketable securities with zero debt as of December 31, 2025. EBITDA margin improved to 19%, representing an increase of 335 basis points on YoY basis, while PAT margin stood at 10.90%.