Protean eGov Technologies Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Protean eGov Technologies Ltd trades at ₹582, in a downtrend and 73 weeks into that stage. That is −15.8% against its own 200-day average. It sits at 24% of a 52-week range of ₹480 to ₹905. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a downtrend — week 73 of stage 4, confirmed. At ₹582 it trades −15.8% versus its 200-day average and sits at 24% of its 52-week range (₹480–₹905).

Against the market, two honest reads. Cumulative: over the last 2.7 years the stock moved −49% while the NIFTY 500 moved +32% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 8th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Protean eGov Technologies Ltd trades at 23.2× P/E, near the bottom of its own range — cheaper only 8% of the time. Its long-run median P/E is 42.2×, measured across 2.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 23.2× is near the bottom of its own range — cheaper only 8% of the time, against a long-run median of 42.2× measured over 2.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +8.6% against a −27.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Protean eGov Technologies Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 6 quarters ago at −25.4% and has held its recovery at +8.7%, ROCE holding at 12.2%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

44.9/100 — rank 9 of 12 in IT Enabled Services · 90% evidence confidence

Protean eGov Technologies Ltd scores 44.9 out of 100 against the 12 companies it is compared with in IT Enabled Services, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.9 + 12.6 + 9.1 + 3.3 = 44.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Protean eGov Technologies Ltd reported ₹308 Cr of revenue in the Mar 26 quarter, +38.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 8 years it has compounded at 1.3% a year. The last full year, FY26, came in at ₹998 Cr. The last four reported quarters add to ₹998 Cr.

Protean eGov Technologies Ltd reported ₹308 Cr of revenue in the Mar 26 quarter, +38.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 8 years it has compounded at 1.3% a year. The last full year, FY26, came in at ₹998 Cr. The last four reported quarters add to ₹998 Cr.

FY26 revenue came in at ₹998 Cr (+18.7% on the year), capping 8 years at 1.3% compound. The latest quarter (Mar 26) printed ₹308 Cr, +38.7% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +18.2% growth against the decade's 1.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +18.7% over the last 4 quarters against +6.4%/yr over the last 8 — accelerating; TTM profit +8.7% vs +0.5%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 12.0% this quarter (+4.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Protean eGov Technologies Ltd's operating margin is 12.0% in the Mar 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0% to 23.0%. The current quarter sits inside that band.

Protean eGov Technologies Ltd's operating margin is 12.0% in the Mar 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0% to 23.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.0%, +4.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0%–23.0%.

Why the margin moved: operating margin went +4.3 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +50.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Protean eGov Technologies Ltd earned ₹30.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹101 Cr. The 8-year compound rate is −3.7%. That is 9.7% of the quarter's revenue. The same quarter a year earlier earned ₹20.0 Cr.

Protean eGov Technologies Ltd earned ₹30.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹101 Cr. The 8-year compound rate is −3.7%. That is 9.7% of the quarter's revenue. The same quarter a year earlier earned ₹20.0 Cr.

Mar 26 profit was ₹30.0 Cr, +50.0% year on year. On the full year, FY26 printed ₹101 Cr (+9.8%), and the 8-year compound rate is −3.7%.

Why profit moved: revenue contributed +38.7% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +11.4% vs revenue +18.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 113% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 113% of Protean eGov Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹78.0 Cr of operating cash against ₹101 Cr of profit. After ₹69.0 Cr of capital spending, ₹9.0 Cr was left as free cash.

FY26: operating cash of ₹78.0 Cr against reported profit of ₹101 Cr, leaving free cash of ₹9.0 Cr after ₹69.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 113% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 113%: the cash cycle tightened 45 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹214 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Protean eGov Technologies Ltd's cash conversion cycle runs 75 days in FY26, down from 120 days in FY21. Capital spending ran ₹214 Cr over the last 3 years. At FY26 sales of ₹998 Cr each day of that cycle holds about ₹2.7 Cr, so roughly ₹205 Cr sits inside the business at any moment.

FY26: debtors at 75 days (an asset-light business — no inventory to speak of) — for a full cycle of 75 days, tighter than FY21's 120.

In money terms: at FY26 sales of ₹998 Cr, each day of the cycle holds about ₹2.7 Cr — so the 75-day loop keeps roughly ₹205 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹214 Cr over the last 3 fiscal years against ₹102 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 13% and the ROIC − WACC spread is −5.8 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Protean eGov Technologies Ltd earns a ROCE of 13% in FY26. That is up from a trough of 12% in FY25. Return on invested capital clears the cost of that capital by −5.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 10.1% net margin on 0.68× asset turns.

FY26 ROCE is 13%, recovered from a FY25 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 10.1% net margin × 0.68× asset turns × 1.37× balance-sheet leverage ≈ 9.4% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 6.2% − 12.0% = a −5.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.08.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Protean eGov Technologies Ltd carries total debt of ₹87.0 Cr against shareholder equity of ₹1,077 Cr as of Mar 26, a debt-to-equity of 0.08 — effectively unlevered. On the annual view that ratio went from 0.01 in FY23 to 0.08 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹87.0 Cr against shareholder equity of ₹1,077 Cr — a debt-to-equity of 0.08. On the annual view, debt-to-equity went from 0.01 (FY23) to 0.08 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 8.9 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 8.9 points of Protean eGov Technologies Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.2% of the company. Foreign institutions moved −2.6 points over the same window, to 6.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −8.9 points over 8 quarters to 21.2%; Foreign institutions: −2.6 points over 8 quarters to 6.0%.

🚨 Why the register moved: domestic institutions drove it (−8.9 points), alongside foreign institutions (−2.6 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Protean eGov Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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