PROTEAN EGOV TECHNOLOGIES LTD (PROTEAN) Fair Value & Analysis

Technology · IN · Market cap ₹24.3B

A solid business, but screening 21% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹532.27). The favourable scenario is already priced in.
• Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (18 months)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

18‑month range ₹446.40 – ₹1,454 · fair‑value band ₹329.11 – ₹532.27 · the ₹548.50 price screens above the ₹430.69 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

PROTEAN EGOV TECHNOLOGIES LTD (PROTEAN) currently trades at ₹548.50, while our model-based Fair Value estimate is ₹430.69, implying the stock looks roughly 21.5% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PROTEAN EGOV TECHNOLOGIES LTD generated revenue of ₹10.0B at a net margin of 10.1%. Revenue grew 38.4% year over year. It earns a return on equity of 9.7%. The balance sheet holds a net cash position of ₹990M. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹329.11 (bear case) to ₹532.27 (bull case); at ₹548.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 42% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at 0% fair-value upside, at -21%, PROTEAN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (₹636.15) versus Economic Profit (₹152.92). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Protean eGov Technologies Limited, together with its subsidiaries, provides information technology (IT) enabled e-governance services in India.

Full company description

Protean eGov Technologies Limited, together with its subsidiaries, provides information technology (IT) enabled e-governance services in India. The company conceptualizes, develops, and executes critical and population scale greenfield technology solutions; and offers citizen services, system integration, business process re-engineering, data center co-location, and IT consulting services for individuals, corporates, and the government. It also operates as a central recordkeeping agency and a tax information network; and processes the applications for allotment of permanent account numbers (PAN). In addition, the company offers open digital ecosystems for mobility, e-commerce, health, agriculture, education, and skilling; and Vidyasaarathi and VidyaLakshmi, which are online platforms for education loans. Further, the company provides online PAN verification services; e-KYC to manage authentication of digital IDs; eSign to facilitate digital signatures; eSignPro, which offers e-stamps and digital stamp solutions; Aadhaar authentication for digital identity; GST services; FIP and FIU technology service provider services; Data Stack, a data analytics solution; Rise with Protean, a multisectoral shop for APIs, micro services, and user journeys; ProteanX, a suite of products used to create, issue, store, and manage verifiable credentials; and Protean CKYC solution. Additionally, it offers cloud services, such as desktop as a service, storage as a service, virtual office, infrastructure as a service, managed service, and edge compute with 5G private network; and information security consulting services, including information security architecture, data privacy practice, and cyber security consulting and advisory services. The company was formerly known as NSDL e-Governance Infrastructure Limited and changed its name to Protean eGov Technologies Limited in October 2021. Protean eGov Technologies Limited was incorporated in 1995 and is headquartered in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

PROTEAN EGOV TECHNOLOGIES LTD reported revenue of ₹10.0B in FY2026 versus ₹6.9B in FY2022, a compound +9.7%/yr. Reported net income was ₹1.0B in FY2026, compounding −8.6%/yr from FY2022.

PROTEAN screens 21% overvalued. Compare with International Business Machines Corporation →

Peer Group

Information Technology Services · 490 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Information Technology Services median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.