Protean eGov Technologies Reports Strong Q2 Growth, Secures Major UIDAI Contract

Protean e-Gov Technologies has reported robust financial performance in its latest quarterly results, showcasing significant growth and securing a major government contract. The company's strategic initiatives and diversification efforts have contributed to its strong market position.

Financial Highlights

Protean eGov Technologies demonstrated impressive growth in its recent quarter:

Metric	Performance
Revenue Growth (QoQ)	19.00%
Revenue Growth (YoY)	14.00%
EBITDA	₹44.00 crores
EBITDA Margin	16.60%
PAT	₹24.00 crores
PAT Margin	9.00%

Major Contract Win

The company has secured a significant mandate from the Unique Identification Authority of India (UIDAI):

Contract Value: ₹1,370.00 crores
Scope: Establishment of district-level Aadhaar Seva Kendras across 188 districts
Expected Annual Recurring Revenue: ₹200.00 crores (once fully operational)

Business Segment Performance

New Businesses

Contribution to operating revenue increased from 4% last year to 17% this quarter
Growth driven by CERSAI and BimaSugam RFP execution

Tax Services

Revenue: ₹107.00 crores (8% sequential growth)
Market share: 58%
Over 1 crore PAN cards issued during the quarter

CRA (Central Recordkeeping Agency) Business

Revenue: ₹78.00 crores (12% year-on-year growth)
41 lakh new pension subscribers onboarded
Market share in pension subscriber base: 98%

Financial Position

Protean eGov Technologies maintains a strong financial position:

Cash and cash equivalents: Over ₹800.00 crores
Debt: Zero
Order book: ₹1,600.00 crores

The company's robust balance sheet and growing order book indicate a solid foundation for future growth and expansion.

Conclusion

Protean eGov Technologies' impressive quarterly performance, coupled with its significant UIDAI contract win, positions the company for continued success in the e-governance and financial services technology sector. The diversification of revenue streams and strong market share in key segments demonstrate the company's resilience and growth potential in the evolving digital landscape of India.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.44%	-1.78%	-5.60%	-19.28%	-44.90%	-44.90%

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:

Metric (₹ in Crore)	Q2 FY26	Q2 FY25	YoY Change
Revenue	251.00	220.00	+14%
EBITDA	44.00	45.00	-3%
PAT	24.00	28.00	-15%
EBITDA Margin	16.6%	19.4%	-281 bps
PAT Margin	9.0%	12.0%	-302 bps

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.