Protean e-Gov Technologies Limited has witnessed notable changes in its shareholding pattern for the September quarter, with investor Mukul Mahavir Agrawal acquiring a 1.50% stake, representing over 6 lakh shares. Alongside him, veteran investor Ramesh Damani holds a 1.05% stake, accounting for more than 4 lakh shares. These developments come amid a challenging period for the company, with its stock declining 42% year-to-date to close at ₹867 per share.
Recent Stock and Business Developments
Protean’s stock has faced pressure following the announcement in May that the company was not shortlisted for the government’s PAN 2.0 project, a key revenue contributor accounting for 45–50% of its turnover. The news led to a nearly 20% drop in share price. Despite this setback, the company secured a ₹1,160 crore contract from UIDAI in August to manage Aadhaar Seva Kendras across 188 districts, demonstrating resilience in its core business operations.
Financial Performance – June Quarter
For the quarter ended June 2025, Protean reported consolidated revenue of ₹211 crore, up 7% year-on-year, while profit after tax rose 13% to ₹24 crore. EBITDA for the period stood at ₹45 crore, yielding a margin of 18.8%. The company maintains a strong balance sheet, with over ₹800 crore in cash and marketable securities and zero debt, providing financial flexibility to support ongoing projects and future growth initiatives.
Investor Sentiment and Outlook
The recent stake acquisition by Mukul Mahavir Agrawal and the holdings of Ramesh Damani may reflect investor confidence in Protean’s long-term growth prospects, despite short-term market volatility. The company continues to deliver steady financial results and strategic project wins, such as the UIDAI contract, which partially offsets the impact of the PAN 2.0 project loss.
Protean’s focus on core services and financial prudence positions it to navigate current challenges while capitalizing on opportunities in India’s expanding digital governance and e-services sector. Investors are advised to monitor developments in project execution and business expansion as indicators of future performance.
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