Protean reports strong Q2FY26 revenue, lands landmark UIDAI mandate

Protean eGov Technologies reported a resilient performance for Q2FY26, with consolidated revenue from operations reaching INR 251 crore, marking a 19% quarter-on-quarter and 14% year-on-year growth. This was driven by strong momentum in CRA services and new businesses, which contributed 12% to total revenue in H1FY26, up from 4% in FY25. EBITDA for the quarter stood at INR 44 crore with a 16.6% margin, and profit after tax (PAT) was INR 24 crore at a 9.0% margin. The company maintains a robust balance sheet with over INR 800 crore in cash equivalents and zero debt as of September 30, 2025.

A significant highlight for the quarter is the landmark INR 1,370 crore mandate secured from UIDAI. This contract involves establishing and operating 188 district-level Aadhaar Seva Kendras (ASKs) across India for an initial period of six years, making Protean the sole organization managing both Aadhaar and PAN foundational IDs. The mandate includes end-to-end responsibility for infrastructure setup and daily operations, ensuring secure and transparent delivery of Aadhaar services, and is expected to add an estimated annual recurring revenue of INR 200 crores post-deployment.

In Q2FY26, Protean maintained its leading market share in tax services (58%), issuing over one crore PAN cards. CRA services saw a 12% year-on-year revenue growth, onboarding 41 lakh new subscribers and 690 corporates, holding a dominant 98% market share. The company also participated in the Global Fintech Fest 2025, launching new fintech solutions and receiving the SKOCH Gold Award for its contributions to governance and development.