Protean eGov In Focus - Big negative

 Protean eGov In Focus - Big negative


Disclosed that it is no longer in contention for Government of India’s PAN 2.0 project It has been eliminated from the RFP race Government had plans to overhaul PAN/TAN services under PAN 2.0 with a Rs 1440 cr budget Despite earlier confidence, PROTEAN is now completely out of the running Equirus Says, This is a material negative, as PAN services contribute ~50% of the company’s revenue FY26 impact may be muted, expect a 75-100% collapse in this revenue stream over the next 2-3 years 35% decline in FY27 overall revenue Segment has historically generated free cash that funded new initiatives — now under threat Additional headwinds include an impending NPS pricing revision in FY27 and stagnant ONDC retail volumes Downgrade to Sell from Add; Cut TP to Rs 900 from Rs 1730

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