PROTEAN
Protean eGov Technologies Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
PROTEAN
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹616 today
BEAR
₹429
-30%
14.4% a year · 15.1x exit
BASE
₹673
+9%
25% a year · 21.7x exit
BULL
₹1,230
+100%
34% a year · 37.1x exit
Where the market has priced it
7x25x today62x
- the guided figure reached earnings through a low-confidence bridge
- this company has too little filed history for a multiple band of its own, so the exit multiple is the median of 23 Information Technology Services peers
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹24.77 (screener) |
|---|---|
| Guided growth | 25% a year, said on the call of 26-May-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — low confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 15.14x / 21.73x / 37.07x, this company’s own p20 / median / p80 across 23 filed years |
| Filed-industry peers | median 21.73x across 23 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from a third-party research digest · not our own extraction
implied earnings growth 25%
New businesses to grow to 25% of total revenue in 2-3 years; Aadhaar Seva Kendra full rollout by Sep-Oct 2026 with revenue visibility in Q3 FY27; EBITDA margin expansion of 300-400 bps over long-term; international projects (e.g., Ethiopia) and AI-driven margin improvements.
Call 26-May-2026 · bridge confidence low · transcript PDF