Protean e-Gov Technologies Limited, a pioneer in building Digital Public Infrastructure (DPI), has announced its financial results for the second quarter and half-year ending September 30, 2025, showcasing resilient performance and strategic expansion.

Financial Highlights

The company reported a consolidated revenue from operations of ₹251.00 crore for Q2FY26, marking a significant growth of 19% quarter-on-quarter (QoQ) and 14% year-on-year (YoY). This growth was primarily driven by continued momentum in Central Recordkeeping Agency (CRA) Services and New Businesses.

Here's a breakdown of the key financial metrics:

Despite the robust revenue growth, the company experienced a slight decline in profitability, with PAT decreasing by 15% YoY to ₹24.00 crore in Q2FY26.

Business Segment Performance

• Tax Services: Maintained a leading market share of 58% in Q2FY26, issuing over one crore PAN cards during the quarter.
• CRA Services: Posted healthy double-digit revenue growth of 12% YoY, onboarding 41 lakh new subscribers and adding 690 corporates. The segment captured a significant 97% market share in new additions.
• Identity Services: Continued to build on the strong momentum of the Digital India movement, offering all four facets of Digital Identity.
• New Businesses: Contributed 12% of total revenue in H1FY26, compared to 4% in FY25, marking a significant milestone in the company's diversification strategy.

Strategic Win: UIDAI Aadhaar Seva Kendra Mandate

Protean secured a landmark mandate from UIDAI worth ₹1,370.00 crore for establishing and running District-Level Aadhaar Seva Kendras (ASKs) in 188 districts across India. This six-year engagement encompasses end-to-end responsibilities from infrastructure setup to daily operations of Aadhaar services. The contract is expected to generate ₹200 crore annual recurring revenue post deployment.

Financial Position

Protean eGov Technologies maintains a debt-free balance sheet with over ₹800 crore in cash equivalents and marketable securities, indicating a strong financial position.

Management Commentary

Suresh Sethi, Managing Director and CEO, commented on the results: "I'm glad to share that Protean has delivered a resilient performance in Q2FY26, with 19% QoQ and 14% YoY growth in revenue. Our strategy to expand to sectors including and beyond BFSI, aligned with our core strength of building digital public infrastructure for the nation, has started yielding results with new businesses contributing 12% to our revenue."

He further added, "With this mandate, Protean becomes the only organisation to manage and scale both Aadhaar and PAN —two foundational IDs that anchor our digital nation. This milestone goes beyond a business achievement; it underscores Protean's commitment to advancing India's digital transformation and improving the lives of millions through efficient, secure, and accessible Aadhaar services across the country."

Looking Ahead

With a strong order book and a robust balance sheet, Protean eGov Technologies is well-positioned to capitalize on emerging opportunities in the digital public infrastructure space. The company's focus on innovation, financial inclusion, and digitalization sets a positive outlook for future growth and value creation for all stakeholders.

Protean e-Gov Technologies Ltd, a pioneer in building Digital Public Infrastructure (DPI) in India, has reported a robust financial performance for Q2FY26, along with a significant new contract win. The company continues to strengthen its position in the e-governance and digital identity services sector.

Financial Highlights

• Revenue Growth: Protean reported a consolidated revenue from operations of ₹251.00 crore for Q2FY26, marking a 14% year-on-year increase and a 19% quarter-on-quarter growth.
• Profitability: The company's EBITDA stood at ₹44.00 crore with an EBITDA margin of 16.60%. Profit After Tax (PAT) was ₹24.00 crore, resulting in a PAT margin of 9.00%.
• Strong Balance Sheet: As of September 30, 2025, Protean maintained a robust financial position with more than ₹800.00 crore in cash equivalents and marketable securities, and zero debt.

Key Business Developments

UIDAI Contract Win

Protean has secured a landmark ₹1,370.00 crore mandate from the Unique Identification Authority of India (UIDAI). This contract involves:

• Establishing and operating 188 District-Level Aadhaar Seva Kendras (ASKs) across India
• An initial engagement period of six years
• End-to-end responsibilities from infrastructure setup to daily operations
• Estimated annual recurring revenue of ₹200.00 crore post-deployment

This contract solidifies Protean's position as the only organization managing and scaling both Aadhaar and PAN—two foundational IDs crucial to India's digital ecosystem.

Segment Performance

1. Tax Services:

   • Maintained a leading market share of 58% in Q2FY26
   • Issued over one crore PAN cards during the quarter

2. CRA Services:

   • Posted 12% YoY revenue growth
   • Onboarded 41 lakh new subscribers, capturing 97% market share in new additions
   • Onboarded more than 690 corporates during the quarter

3. Identity Services:

   • Continued to build on the Digital India movement momentum
   • Achieved sustained volume growth across most ID products

4. New Businesses:

   • Contributed 12% to total revenue in H1FY26, up from 4% in FY25
   • Expanded into multiple Open Digital Ecosystems (ODEs) across various sectors

Management Commentary

Suresh Sethi, Managing Director and CEO, stated: "Protean has delivered a resilient performance in Q2FY26, with 19% QoQ and 14% YoY growth in revenue. Our strategy to expand beyond BFSI, aligned with our core strength of building digital public infrastructure for the nation, has started yielding results."

Future Outlook

With its strong order book, robust balance sheet, and strategic expansion into new sectors, Protean eGov Technologies is well-positioned to capitalize on emerging opportunities in India's digital infrastructure space. The company's focus on innovation, financial inclusion, and digitalization is expected to drive long-term value for all stakeholders.

As India continues its digital transformation journey, Protean's role in building and maintaining critical digital infrastructure is likely to become increasingly significant, potentially leading to further growth opportunities in the coming years.