As per the September quarter shareholding data, Agrawal holds about 1.5% or over six lakh shares in Protean, formerly known as NSDL e-Governance Infrastructure, while market veteran Ramesh Daman owns a 1.05% stake amounting to more than four lakh shares, according to disclosures made to the Bombay Stock Exchange.
The stock came under heavy selling pressure in May when Protean announced it was not shortlisted for the government’s high-profile PAN 2.0 project. Shares nosedived nearly 20% in a single session after the disclosure. The project was expected to be a major revenue driver given that PAN-related services currently contribute nearly 45–50% of the company’s top line.
In its clarification to the exchanges, Protean confirmed that its bid for the role of Managed Service Provider under the PAN 2.0 initiative was not considered for the next stage by the Income Tax Department. However, it emphasised that ongoing PAN services under the existing agreement remain unaffected.
The company has since been working to expand into other digital service verticals. In August, it secured a major Rs 1,160 crore contract from the Unique Identification Authority of India (UIDAI) to set up and manage Aadhaar Seva Kendras across 188 districts. These centres will handle Aadhaar enrolment, updates, and related services, both online and offline.
For the June quarter of FY26, Protean reported consolidated revenue of Rs 211 crore, up 7% year-on-year but down 5% sequentially. EBITDA rose 31% YoY to Rs 45 crore with margins improving to 18.8%, while profit after tax stood at Rs 24 crore, up 13% YoY and 17% QoQ. The company maintained a strong financial position with over Rs 800 crore in cash and marketable securities and remained debt-free as of June 30, 2025.Protean eGov, which plays a crucial role in building and maintaining digital infrastructure for government and regulatory systems, has been at the forefront of projects related to PAN issuance, National Pension System (NPS), and Aadhaar enrolment. The company’s business model is closely aligned with India’s broader digital transformation agenda, making it a long-term play on the digitisation of public services.Also read: Diwali ain’t over yet! Sensex hits 52-week high, Nifty tops 26K; 5 factors pushing D-St near all-time peak
Despite steady earnings, Protean’s stock has struggled, falling 40% over the past six months and 42% year-to-date. It closed the Muhurat trading session on October 22 flat at Rs 867 per share.
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