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Swing Capital

Protean eGov Technologies Ltd

NSE: PROTEAN BSE: 544021Infra

Incorporated in December 1995, Protean eGov Technologies Limited was previously known as NSDL e-Governance Infrastructure Ltd and is engaged in the business of developing citizen-centric and population-scale e-governance solutions.[1]

₹529
52W: ₹444 — ₹1199
PE 21.8 · Book ₹253 · +109% vs book
Market Cap₹2,147 Cr
Stock P/E21.8Price to Earnings
ROCE11.8%Return on Capital
ROE9.51%Return on Equity
Div. Yield1.89%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 40.3%
  • +Debtor days have improved from 81.2 to 62.5 days.

Weaknesses

  • −The company has delivered a poor sales growth of 3.23% over past five years.
  • −Company has a low return on equity of 11.2% over last 3 years.
  • −Earnings include an other income of Rs.70.9 Cr.

Shareholding Pattern

Promoters0%
FIIs8.62%
DIIs21.25%
Public70.13%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs8.61%6.71%▼1.99.9%▲3.210.9%▲1.08.78%▼2.17.77%▼1.07.54%▼0.28.62%▲1.1
DIIs30.07%28.87%▼1.230.09%▲1.227.8%▼2.324.75%▼3.121.68%▼3.121.45%▼0.221.25%▼0.2
Public61.32%64.43%▲3.160%▼4.461.29%▲1.366.46%▲5.270.54%▲4.171%▲0.570.13%▼0.9

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales235203222196219202222210250228
Expenses198206199181187186204191218198
Operating Profit37-32315321618193231
OPM %16%-1%10%8%15%8%8%9%13%13%
Net Profit34152022312121262622
EPS ₹8.323.815.065.377.535.165.196.546.455.33

AI Insights

Revenue Trend

TTM revenue at ₹910Cr, up 8.3% YoY. OPM at 11%.

Debt Position

Borrowings at ₹14Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹14Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.25% (-29.79pp change). FIIs: 8.62% (-2.02pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 12% (Mar 2025). Working capital days: -23.

Valuation

PE 21.8x with 11.8% ROCE. Price is 109% above book value of ₹253. Dividend yield: 1.89%.

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