/images/ppid_59c68470-image-177934262714120168.webp)
What is the story about?
Shares of Protean eGov Technologies Ltd., the e-governance solutions, systems integration, and IT consulting services provider, are locked in an upper circuit of 20% on Thursday, May 21, in response to their March quarter results. Yet, the stock remains an underperformer.
For the March quarter, Protean eGov reported a 38.5% growth in its overall topline to ₹307.5 crore. On a sequential basis, that number was up 34.4% as well.
Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by more than 100% to ₹38.5 crore from ₹18.1 crore last year.
EBITDA margin expanded to 12.5% from 8.2% in the year-ago period.
For the March quarter, Protean's tax services segment saw growth of 17.5% from last year. Growth for this business was led by a 232 basis points market share gain and sharp increase in PAN Card issuances in the fourth quarter.
However, starting April 1, 2026, the regulatory changes in PAN documentation has taken effect. Full-year EBITDA margin also improved by nearly 200 basis points to 11.6% from 9.7% earlier.
Protean eGov has no promoter holding, while mutual funds too, have only 2.22% stake.
Among public shareholders, Canara Bank , Bank of Baroda, PNB, Axis Bank, and SBI, together own a 13.11% stake in the company.
As many as 2.1 lakh retail shareholders, or those with authorized share capital of up to ₹2 lakh, own over 45% of the company. For retail investors with authorized share capital of above ₹2 lakh, they own a 9.6% stake.
Veteran Dalal Street investors Mukul Agrawal and Ramesh Damani also own 1.48% and 1.05% at the end of the March quarter as per the company's shareholding pattern.
Despite the 20% upper circuit that the stock finds itself in, the stock is still 17% below its IPO price of ₹792. The stock is still down 13% for the year, having declined 61% in 2025.
From its August 2024 peak of ₹2,225, the stock is down 70%.
For the March quarter, Protean eGov reported a 38.5% growth in its overall topline to ₹307.5 crore. On a sequential basis, that number was up 34.4% as well.
Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by more than 100% to ₹38.5 crore from ₹18.1 crore last year.
EBITDA margin expanded to 12.5% from 8.2% in the year-ago period.
For the March quarter, Protean's tax services segment saw growth of 17.5% from last year. Growth for this business was led by a 232 basis points market share gain and sharp increase in PAN Card issuances in the fourth quarter.
However, starting April 1, 2026, the regulatory changes in PAN documentation has taken effect. Full-year EBITDA margin also improved by nearly 200 basis points to 11.6% from 9.7% earlier.
Strong Retail Interest
Protean eGov has no promoter holding, while mutual funds too, have only 2.22% stake.
Among public shareholders, Canara Bank , Bank of Baroda, PNB, Axis Bank, and SBI, together own a 13.11% stake in the company.
As many as 2.1 lakh retail shareholders, or those with authorized share capital of up to ₹2 lakh, own over 45% of the company. For retail investors with authorized share capital of above ₹2 lakh, they own a 9.6% stake.
Veteran Dalal Street investors Mukul Agrawal and Ramesh Damani also own 1.48% and 1.05% at the end of the March quarter as per the company's shareholding pattern.
Outperformer But Underperformer
Despite the 20% upper circuit that the stock finds itself in, the stock is still 17% below its IPO price of ₹792. The stock is still down 13% for the year, having declined 61% in 2025.
From its August 2024 peak of ₹2,225, the stock is down 70%.
/images/ppid_a911dc6a-image-177934122552073574.webp)
