Hi. Good evening, everyone.

I welcome you all to the quarter four and FY '26 results discussion. You must have received the results, press release, and investor presentation of the company, which is available on BSE and NSE and as well as on the company's website.

As usual, we will begin the forum with the opening remarks by our CEO and CFO, and then we will open the floor for the question-and-answer session. If any of your questions remain unanswered, you may reach out to us afterwards.

The management on today's call would be represented by Mr. V.

Easwaran, Whole-time Director and CEO, Mr. Rakesh Dosi, Chief Business and Product Officer, Mr.

Sandeep Mantri, CFO, and myself, Pushpa Mani, Head Investor Relations. Before we begin, I would like to mention that some of the statements in today's discussion may be forward-looking in nature, and we believe that the expectations contained in these statements are reasonable.

However, these statements involve a number of risks and uncertainties that may lead to different results. With this, I invite our MD, Mr.

V. Easwaran, to address you all.

Thank you, and over to you, sir.

Thank you, Pushpa, and good evening, everyone, and thank you for joining us today for Protean eGov Technologies earnings call for the fourth quarter and the full year ended 31st March 2026. India's digital economy continues to witness strong momentum, driven by rapid formalization, rising internet penetration, increasing financial inclusion, and continued expansion of digital public infrastructure across sectors.

Over the last few years, India has emerged as a global leader in population-scale digital systems with platforms such as UPI, Aadhaar, and pension, transforming the delivery of financial and citizen services at unprecedented scale. Simultaneously, increasing adoption of digital identity, pension inclusion, and open digital ecosystems across sectors such as insurance, healthcare, and agriculture continue to create large, long-term opportunities for technology-led infrastructure providers like Protean.

Against this backdrop, FY '26 has been a landmark year for Protean, as we continue to strengthen our position as one of India's leading digital public infrastructure companies. Our performance during the year reflects the strength of our core businesses, continued market leadership across critical population-scale ecosystems, and our ability to participate meaningfully in India's rapidly expanding digital economy.

Coming to our financial performance, FY '26 was a milestone year for Protean, as we delivered our highest-ever consolidated revenue from operations of ₹998 crores, reflecting a strong 18.7% year-on-year growth. EBITDA grew strongly by 27% to ₹188 crores, with EBITDA margins improving to 17.6%.

Adjusted profit after tax stood at ₹105 crores, despite continued investments in new growth initiatives. These results demonstrate the resilience of our diversified business model and the increasing relevance of digital infrastructure-led services in India's formalization journey.

Turning to our core businesses, our tax services business continued to deliver strong performance during the year, with revenue growing 17.5% year-on-year to ₹498 crores. We continue to maintain our leadership in this segment with a 59% market share, issuing more than 4.7 crore PAN cards during FY '26.

With increasing digitization and formalization of the economy, PAN remains a foundational enabler for financial inclusion, compliance, and access to formal financial services. Protean continues to play a pivotal role in this ecosystem by powering secure, scalable, and population-scale tax identity infrastructure for millions of citizens across the country.

Our CRA service business continues to show resilient growth, with FY '26 revenue growing by 7.5% to ₹304 crores. The broader pension ecosystem in India is witnessing rapid expansion, led by regulatory reforms, increasing awareness, and rising financial inclusion.

There is an encouraging 13% growth in subscribers added during the year, with more than 1.5 crore new CRA subscribers, capturing 96% of incremental subscriber additions during the year. We also onboarded more than 3,000 corporates during FY '26, which is the highest-ever annual addition for the company.

These numbers reinforce the scale, trust, and operating strength of our platform. During the year, PFRDA introduced several progressive reforms aimed at improving pension inclusion and accessibility.

Initiatives such as NPS Sanchay are expected to significantly improve participation from India's informal sector, which constitutes nearly 90% of total workforce. Simplified onboarding, increased flexibility in withdrawals and investment, and broader accessibility are expected to accelerate long-term pension adoption across the country.

Coming to identity services segment, revenue for FY '26 stood at ₹92 crores. We continue to see volume growth across most foundational ID products, and we remain optimistic on the long-term opportunity driven by Digital India initiatives, rising digital authentication requirements.

Our focus continues to remain on value-added solutions like eSign Pro, Rise with Protean, and KYC search and reporting solutions. Our new businesses continue to gain traction during FY '26, with revenue from the segment increasing nearly three times year-on-year to ₹103 crores.

The company continue to strengthen its presence across emerging digital public infrastructure opportunities with strategic RFP projects like CERSAI, CKYC, CRR 2.0, and Bima Sugam. Further, UIDAI's Aadhaar Seva Kendra mandate is progressing well, and successful rollout of 44 Aadhaar Seva Kendras across 20 states and union territories.

Revenue generation from these centers has commenced, with early performance in line with expectations. From a financial standpoint, our balance sheet remains extremely strong, with healthy cash reserves and zero debt, giving us the flexibility to continue investing in innovation, platform expansion, and new growth opportunities.

As we move into FY '27, our strategic priorities remain clear: deepening leadership in core DPI ecosystems, expanding pension and social security participation, scaling enterprise and platform-led services, driving operating leverage while continuing strategic investments, and taking India Stack global. As we enter the next phase of growth, I am also delighted to inform that Mr.

Ajay Rajan will join us as the Managing Director and CEO of Protean with effect from 1st June 2026. With his extensive experience across banking, digital transformation, and working with fintech ecosystems, we believe Protean is well-positioned to further strengthen its leadership in India's evolving digital economy.

As we conclude FY '26, we remain optimistic about the business opportunities ahead for the company, backed by strong fundamentals, deep domain expertise, and a growing portfolio of transformative initiatives. I would like to sincerely thank our team for their dedication and our investors for their continued trust and support.

Thank you, and with that, I would now like to hand over to our CFO, Mr. Sandeep Mantri, to discuss the financials.

Thank you.

Thank you, Easwaran. Good evening, everyone.

Thank you for joining us today. As artificial intelligence increasingly reshapes the global technology landscape, the role of digital public infrastructure platforms is expected to evolve from being transaction processing systems to becoming more intelligent, interoperable, and predictive digital ecosystems.

AI-led automation, analytics, and decision intelligence are expected to significantly enhance citizen service delivery, fraud detection, personalization, and operational efficiency across large-scale public platforms. This evolution aligns strongly with Protean's long-term strategic positioning as a trusted digital public infrastructure company managing population-scale platforms across taxation, pension, identity, and other citizen services.

With this, now let me take you to the financial performance for the fourth quarter and full year ended 31st March 2026. First, I'll talk about quarter, and then I'll go to the yearly numbers.

This quarter, we have closed revenue at ₹308 crores, which is a growth of 38% YoY as compared to ₹222 crores in same quarter last year. This was primarily driven by healthy performance across our core businesses, along with increasing momentum in new and emerging business segments.

Revenue for this quarter also include ₹44 crores on account of storage charges. EBITDA for the quarter stood at ₹53 crores, reflecting a robust growth of 55% YoY, supported by improved operating leverage and higher operational efficiencies.

Consequently, EBITDA margin expanded by 208 basis points to 16.5% in this quarter from 14.4% in the corresponding quarter of last year. The adjusted profit after tax for the quarter stood at ₹31 crores, marking a growth of 53% YoY, with PAT margin of 9.6%.

The adjusted PAT include a one-time statutory impact of ₹75 lakhs for the quarter relating to implementation of new labor code. Exclude.

Coming to the annual performance, FY '26 performance, this year has been a strong year for Protean from both a growth and profitability standpoint. As rightly said by Easwaran, during the year, the company delivered consolidated revenue from operations of ₹998 crores, which is the highest in the history of the company, registering a healthy growth of 19% YoY.

EBITDA for FY '26 stood at ₹188 crores as against ₹149 crores in FY '25, which reflect a robust growth of 27% on a YoY basis. Also, EBITDA margin expanded by 125 basis points to 17.6%, driven by improved operational leverage.

Adjusted profit after tax for FY '26 stood at ₹105 crores, despite continued investment towards technology capabilities, execution readiness for large-scale mandates, and expansion of our digital public infrastructure platforms. PAT margin remained healthy at 9.8% during the year.

From a cost perspective, we continue to maintain a disciplined approach while simultaneously investing for future growth and sustainability. Employee benefit expenses, which is part of cost, increased during the year primarily on account of capability building, strategic hiring, and strengthening execution team for large-scale projects.

Other expenses also saw calibrated increases linked to infrastructure expansion, technology investment, and project execution. We delivered an earnings per share of ₹24.8 for FY '26, up 8.6% on a YoY basis, and the board has recommended a final dividend of 100%, which means ₹10 per share and approximately 40% payout on a PAT, reflecting our commitment to sharing wealth and profits with shareholders.

Key project wins, we talk about, we talked about earlier also, include Bima Sugam and Aadhaar Seva Kendra mandate from UIDAI and a strategic mandate to build an AI-powered digital agriculture platform for Ethiopia. The total outstanding order book as on date stood at more than ₹1,500 crores.

During the year, we acquired 4.95% strategic stake in NSDL Payments Bank with an investment of ₹30.2 crores. This gives us an opportunity to collaborate closely with them in co-creating replicable certified digital banking technology, which can further be deployed across BFSI industry.

Our business model continue to remain asset-light and cash generative. During FY '26, the company continued to generate healthy operating cash flow supported by stable collections and working capital management.

From a balance sheet standpoint, we remain in a strong financial position. As on March 31, 2026, the company had cash, equivalent, and marketable securities of more than ₹850 crores, and continue to remain completely debt-free.

This provide us significant flexibility to pursue growth opportunities, invest in technology and innovation, and maintain long-term financial resilience. As we move into FY '27, while we remain cautious with the ongoing war situation affecting economies and supply chains across the world, our focus largely will remain on improving operating leverage, scaling product-led and RFP businesses.

With a strong balance sheet, robust cash position, improving business mix, and a good order pipeline, we believe that the company remains well-positioned for a long-term sustainable growth. With that, I conclude my remarks and request the moderator to open the floor for questions.

Thank you so much.

Good afternoon, sir. Thanks for the opportunity.

Sir, this ₹44 crores that you have received on storage charges, just wanted to recheck, this is the same for which we have provided earlier, or is there some other thing for which we have received this storage charges?

This is not the one which we have provided earlier. Whatever we have provided earlier is already collected, and last year only we did some reversal of, receivable provisioning.

This is a new income which is towards storage charges as per, contract with Income Tax Department.

This run rate will continue on an annual basis, ₹44 crores?

No, this is for a few years. This will not be the run rate for, next year.

Next year will be a bit lower than this. This is for 2.5 years.

Sure. Sir, second, for the full year, we have done roughly ₹112 crores, ₹110 to ₹112 crores of EBITDA if we exclude other income.

If you can help me split that EBITDA between, say, the tax services business, the CRA business, and identity services?

Rohan, you are aware that we only declare one segment, and, because of these reason, I would not be able to, provide you EBITDA business-wise. Having said that, you can definitely, touch base with our investor relations team, and they can guide you, how we model these numbers.

Sure. On the employee base, with the Aadhaar Seva Kendra going live and maybe more Seva Kendras that you will add, how should one think on the employee cost for FY '27?

Employee cost for '27 will increase because we'll have to deploy our employees in 190 centers across the country. There will be about, for each center, there is a minimum contractual requirement depending on the type of center.

The employee cost will definitely is definitely going to increase. Having said that, this is part of project revenue and project cost.

You have to, when you're modeling your business model for this business, you have to model in a way that it gives you Basically, these are direct costs for running the operations.

Right. Ballpark, what kind of an increase can we expect on employee cost?

Around ₹65 to ₹70 crores of an incremental cost once all the centers go live, would that be a fair assumption?

It would be difficult to give numbers on this, but what I can say is, we will add about 2,000-odd employees for these Aadhaar centers. These are now mostly, entry-level jobs or very, those kind of people.

You can, roughly calculate those numbers.

Sure. Just wanted an update on PAN 2.0, how are we positioned there in terms of our role, and any further clarity on the impact?

I think PAN 2.0, we stand where we were earlier. There is no change as such.

Our stance remains very clear, whatever we said in future, our past, remains true for future as well. We are working with the department.

How will distribution We believe that distribution will remain, and therefore, how will distribution prevail in next 1.5 years, we'll need to see. I don't think we have an update beyond that.

Rakesh, you may want to add that?

We believe that assisted model for our kind of demographics and geography stand a very good chance to keep continuing. This is what, during last quarters also, the assessment that we had, and we continue to believe the same.

Sure. PAN 2.0 is yet to go live from IT department's perspective, right?

Yes, absolutely.

Okay. Got it.

Lastly Go ahead,

yeah. You were saying something?

Sorry, sorry.

Yeah. Sir, lastly on the support and maintenance

It is not live and.

No, sir, you were adding something. You may please continue.

No, I just responded to your question.

Sure. Sir, support and maintenance cost of ₹160-odd crores, which businesses are driving most part of this?

Which one you're talking about?

Support and maintenance cost, ₹160 crores.

System and maintenance cost, you mean?

Huh, sir, system and maintenance, yes.

These costs are primarily, the implementations are basically for project-led businesses, and the system maintenance and support is for all the businesses, which is historically remains in some levels, right? Any addition is primarily because of the project-led businesses, which is CERSAI, Bima Sugam, and some of those projects.

Sure, sir. Sure.

Thanks a lot.

Congratulations for a strong set of numbers. Sir, my first question pertains to rollout of this Aadhaar Seva Kendra.

What percentage we have completed by the end of Q4 FY '26, and how do we see the rollout in FY '27, both in terms of percentage completion and the full revenue rollout-wise, what revenue that we booked in Q4 FY '26 and how do we see this rollout in FY '27 also? That will be my first question, sir.

Thank you so much. Let me tell you, Aadhaar Aadhaar Seva Kendra is as as per the RFP terms, it it divided into a few phases: a Phase 1, Phase 2, and and a Phase 3.

The total is 189-odd Aadhaar Kendras, yeah, 190. It's 190 Aadhaar Seva Kendras.

34 was supposed to be opened in the Phase 1, and and further in in various phases. Currently, as of now, 44 Aadhaar Seva Kendras are operational, which is around 23% of the total.

Like, out of 190 190, 44 are operational. We have started seeing the revenue streams in FY '26

As for FY, we are not disclosing the revenue for a particular project, but having said that, we have already started monetizing these 34 Aadhaar Seva Kendras which were live before March 31st. As of today, we have about 44.

Our plan is to go live with all 189 Aadhaar Seva Kendras by September or by October next.

By September, October of the FY '27, right? '26 only.

Yeah.

Okay. Sir, once the full rollout happens

That's what I'm saying. Full-scale revenue you will see sometime after three or four months from, maybe in February, March, probably.

Okay.

Maybe third quarter will be the first quarter where full after full rollout, we will see the full revenue potential?

You will see revenue for all the Aadhaar centers coming in, and fourth quarter we should see more revenues coming in.

Okay. Sir, what will be, because roughly with this five-year contracts, that number year-wise works out to close to ₹200 crores.

That will be the right assumption to assume once all rollout happens, the full rollout happens?

This is what, as per bid estimate, while we have to see how the volumes drive in these sectors.

Got it. Sir, any guidance on the working capital cycle which will be involved in this?

No, this is a managed service project. There will not be any working capital gap in this project.

Means 30 or 60 days, you get your money.

Got it. Sir, this, can we get some-odd, once the full rollout happens, close to 20% sort of operating margin, would that be the right assumption?

I would not be able to disclose, Bajrang, the margin for each project because we are governed under confidentiality clauses with these government contracts, and I would not

That's not an

issue. Yeah.

Sir, yeah, broadly if we see the margin trajectory going forward, will that be, last year we have done close to, let's say, 12-odd percent excluding other income. How do you see that margin playing out in '27 and '28, on a broad basis, because this year our revenues are definitely going to be high because of this Aadhaar and other RFPs?

I would not give a one-year or a one-quarter or two-quarter perspective, but having said that, we said in last quarter earnings call also and, prior to that also, that our aim or our initiative is to improvise margin with each passing year. A lot of things play in, margin expansion.

Of course, our whole endeavor is to automate more and more, use technology, deploy technology in every, area of activities or operations we are, and, therefore, earn high and high margin with each passing, quarter. Guidance would be, guidance on margins remains the same like what we said in last few quarters.

We are, and we endeavor to improve our margins significantly in next two, three years.

Got it. Sir, on Bima Sugam, how do you see attraction because now IRDAI is also talking about a lot.

How do you see the traction on the ground and building other revenue streams like that? What is your sense, how this is as per your expectation, the rollout or the success?

If you could guide something on that, will be really helpful.

Rakesh, would you answer that?

The Bima Sugam project, with the guidance from the regulator and also the Bima Sugam team, looks to be very positive. It is now being built to cater to some very interesting areas on the insurance, especially on the health side and the motor side, the way it is going to come out.

It's also expected to increase the insurance penetration within the country, that's one of the key mandates, and make it affordable. Therefore, we believe that beyond the project also, there are some adjacencies that in due course would open up, which we are exploring.

Okay. Far your, our this basically expectation versus the delivery, I'm just trying to sense, gauge on that account in terms of acceptance in the market or, the footfalls that are coming on that.

Something if you could cite on that account, will be really appreciated. It's a

Bima Sugam platform is a work in progress, also given I said the guidances that are coming from Bima Sugam team from the entire industry perspective. It's a build-up right now.

That platform is in the WIP stage.

Okay. When we would see the full rollout of this?

Thank you.

Thank you for the opportunity. I have got a couple of questions.

Firstly, sir, processing charges, if we look it as a percentage of the revenue, it comes at 35% for this particular year. In the last four quarters, it has gone to 32 as well, 36 as well.

What percentage can be assumed to be a sustainable number because it has drastically come down in the last one year? Secondly, my second question is, how much of the revenues from Bima Sugam, CERSAI, and ASK have you booked in this particular year, and what can one estimate for FY '27?

Secondly, sir, how much of the revenue has come from organically PAN card issuances? Ex of your one-time the PAN card rules which has come from 1st of April, where the PAN card and Aadhaar card name has to be the same.

Ex of that, what organic growth has come? These are my questions.

Okay. Meet, first question was on processing charges, how do we see processing charges from here?

This quarter it was 35.1%. This year it was 35%, mota-mota, and 40% was last year.

I guess processing charges will hover in these ranges only, between 35% to 38%. It depends on what kind of transactions we are doing.

If it is online transaction, your processing charges goes down. If it is assisted online, it goes up further, goes up from online.

If it is completely physical, then it processing charges are heavy. We have seen the trend that assisted online is the one which is more prevalent, and therefore, the processing charges you should assume in the same range, which is 35%, 38%

35% to 38% bracket. Got it.

Hope that answer your question, right?

Absolutely.

Yeah. Your second question was on revenue from project services, right, which is Bima Sugam or CERSAI or other project.

ASK, right?

You are aware that we are not giving project-wise revenues, for the project turnkey projects which we are executing. Having said that, you may connect with our investor relations and get some ideas about how these revenues are being booked, and accordingly model some of these numbers.

Your third question was on how what is the organic kind of business in PAN card, which is aside of Aadhaar-PAN linkage. I don't think we have these numbers, but what number we have is that the total PAN card issues.

How much of it is because of Aadhaar-PAN linkage, we would not know, because those kind of analytics are not available. It is simply we get application, we process application, and the PAN card or PAN numbers are allotted by department.

This according to us, this whole thing is organic. There is nothing which is inorganic in this.

Hope this answers all your questions, right? These were the three questions.

Yeah. Just to harp on the PAN card thing.

Q4 run rate wouldn't be the one that I can assume it for Q1 FY '27, correct? Because that Aadhaar card, PAN card linkage was

No, I don't think we will be able to assume, Meet, on this Aadhaar-PAN linkage, how much is because of Aadhaar-PAN linkage and how much is because of Aadhaar-PAN linkage is one of the events which triggers the PAN card issuance in the country, but I don't think we will be able to assume what number we can allocate to each of these activities. There are many triggers which happens on and every time.

What we will get is the total number of PAN card issuance in the country.

Got it. Fine, sir.

Thanks a lot.

Thank you.

Thanks for the opportunity. Sir, my first question is on Bima Sugam, that when do we expect the platform to go live, and on whenever we go live, do we expect some significant revenue in that quarter because of a milestone getting hit?

The mandate on which the Bima Sugam team is working is they have the platform going live and also the products going live. Like I said, the health and the motor, these are two significant product lines on the insurance that they have been mandated to do that.

The mandate from regulator for that to happen is within the next 3 to 4 months that needs to be done or prior to that. This is also in the domain of how Bima Sugam would want to kind of communicate it back to the regulator and to the market.

This is all that we could possibly share on this call.

Your second part of the question was on the revenue, right? These are turnkey projects.

While milestone is for billing, but the revenues are accounted based on estimated effort to margin basis. Revenue will get recognized whenever we are putting effort into this project basis what it takes to completely go live the project.

Therefore, we just estimate the effort and cost, and we apply a markup to recognize revenue as a part of Having said that milestone is only a billing thing.

Right, sir. Of course, on this project, there will be also some recurring revenue, right, for in terms of maintenance, etc., going forward once the go-live is done?

Yeah. Once the go-live happens, there will be a recurring revenue because these are 5-, 6-, or 7-year projects, whether it is CERSAI or Bima Sugam or other projects.

First two years normally are the implementation years, and then next 3, 4, 5 years are basically maintaining or providing support to run these projects.

Right, sir. Thanks.

My last question is on the cash, we have significant amount of cash in balance sheet. How do we plan to utilize or deploy the cash?

One, as you have heard that we will pay 100% dividend on our share capital, which is about ₹44-odd crores. Then we will need money for working capital, and at the same time, we will need to invest in platforms to be future-ready and sustainable, as this is what I talked about in my speech as well.

These are the three or four areas where we will need money, and we will spend money to grow the business in future.

Right, sir. Thanks.

That's it from my end. Thank you.

Thank you so much.

Hello, sir. Congratulations for the wonderful results.

I have just one couple of questions. First being, how do you see your international business going on, if you can just throw some light on what are the quick wins in terms of RFP towards to these dates?

Yeah. International business, as we have already declared in our speech by the CFO, there are certain wins which have already gone on the agri business in Ethiopia, and the revenues will start flowing in.

Other parts are all going on, there are a lot of engagements happening in various places across Africa currently, where we are looking at similar kind of digital public infrastructure kind of deals where we can get into. These are all in various stages of discussions, and as and when it materializes, we'll definitely come out and inform you.

Having said

No, that would be helpful, sir. Yeah.

Given the current geopolitical situation happening around the Middle East and some parts of the world, there has been a slight slowdown, which we have seen in this month, but we hope that we will this will start picking up and we start getting more traction there.

Sir, how do you see your revenue growth coming from these businesses particularly? Any idea on future prospect, what do you think?

We are very optimistic about our international businesses, for sure, but a word of caution because right now the decision-making in some of these countries is slow because of the war situation or supply chain situation is going on. We are very optimistic about our, our one of our strategies is to get this India Stack to global.

That is our strategy, and we will continue to work towards that, and we think that international business will be one of the significant contributor to our revenue in time to come, may not be in Understand, sir.

Any idea, sir, what's what Mr.

Hello. Good evening, sir.

Thank you so much for taking my question, sir. Firstly, congratulations on a great set of results, sir.

Sir, I just wanted to ask regarding the storage charges that we had in Q4. I joined the call a bit late, if it's a repeated question.

This is, I think I heard that this is a annual charge, it's a multi-year charge, but we've taken the revenue in Q4 only. Can you just explain is there something that we can expect year-on-year to come at this rate, or how would it be, sir?

No, this is because this has to be accepted by Income Tax Department, then only we book these revenues. Otherwise, there is always a question of collectibility.

When Income Tax Department accept this storage charges depending on, whatever data, whatever document that we need for all these historical documents, basis that, we recognize our revenue. Having said that, I think we will have yearly revenues coming out of this storage, for next few years, see.

Sir,

in terms of nature of this service, this is something that we are charging on past services, or is this something that, in the future, because from what I understand

We are charging on storing the document on, for those income tax processing documents which we are storing. For that, we are charging these transaction fees.

That was this ₹44 crores is for document storage done in from, for the last full year, right? A similar quantum can be expected every year, correct?

Matlab, thoda plus-minus, but whatever in

No, not similar. Not similar, I would not say similar, because this ₹44 crores is for two or three years.

As I said, because of collectibility, we recognize revenue only on the basis of, collectibility.

Okay. It's something for past two or three years.

Got it, sir. Sir, just regards to our Aadhaar Seva Kendra setup.

Just wanted to understand, I think we expect by Q4 to completely have all the centers running. The cost, the employee cost, infra, some cost, will start having it before only, right?

This will dampen our margins a bit going forward. Is that a fair assumption?

Not I'm saying for the full may not be for in a long term, but for this year, because we'll have to start building up the full capabilities, right, and hiring people. Will that affect the margins in the meantime because the revenue will not flow, but the cost will start?

This will be a timing mismatch, I would say, wherein we'll be in building phase as well, we will be in revenue phase for some centers. There will definitely be a timing mismatch.

To that extent, the margin will be affected.

Okay. Could we, in for the first two, three or can we expect for the first next first two, three quarters of this financial, we can expect some kind of a margin dip compared to our FY '26 numbers, sir?

I would not be able to comment on this right now because we are yet to test water for many of these centers. Maybe in next one or two quarters, we would be able to comment what kind of volume, we will expect.

Sometime it happens that from day one, you have, queues standing outside the Aadhaar Seva Kendras. Sometime it may take, months also.

Depends. It will be very difficult for me to give any number right now to, what will be this How long this timing mismatch will be, whether it will be one month, two months, one year, one day, or longer, shorter, I don't know.

Okay. Fair enough.

That's it from my side, sir. Thank you.

All the best.

Thank you so much.

Hello, Protean eGov team.

Yeah. Sir, this is regarding recently your CRA business.

Hello?

Yeah.

I think the PFRDA has revised charges for in terms of certain accounts. Maintain AMC charges and all that.

Does it benefit us, or how does it go through? Also, the second question is in terms of the data stack.

How has been the growth been because since last two years, you have been launched all this. If you can answer the two questions first.

Yeah.

CRA, you want to answer, Eswaran? Or I can.

CRA, the charges were revised in last quarter. The whole intent of PFRDA is to really grow this pension ecosystem in the country.

They want to grow from this level to a very significant level, in next 3 to 5 years. Therefore, the charges were aligned with best practices in industry.

There are, two or three kind of charges. One is AUM-linked for all the private corporate sector.

Then for government, there is a fixed fee. For APY also, there is a fixed fee, right?

These were the three kind of charge structure which are prevailing in CRA. Having said that, in long run, I think this will help the industry because this will help the company also because this AMC-based charges system will really help in, once the AMC will always grow, and therefore, the revenues also will grow to that extent.

PFRDA has a clear mandate that they want to grow NPS or pension ecosystem in the country. This is a clear mandate.

Sir,

how will it help in terms of our margins, sir, going forward, because I think it's more of a dynamic pricing that has come into this, and the more additions that has the CRA has also, sir? Yeah.

I think in long term, it is In short run, we see some dip in margins, but in long run, I think it will help industry and company because the charges become dynamic with, your AUM growing, your subscriber base growing, you will get more and more revenue, right? In one or two quarters, you will see, revenues or charge or margin start picking up significantly from here for the private sector.

It will be margin-accretive to us. It's safe to assume compared to what you're getting in the past two, three years?

In short run, no. In long run, yes.

Okay. About your data stack business, sir, if you can?

Data stack, Rakesh, would you like to talk about? Yeah.

The outlook on the data stack looks to be very positive. On the eSign Pro products, we're seeing now very good traction in funnel.

Also the platforms on the Rise and KYC reporting solutions. That we are seeing a very healthy traction, and from multiple organizations and multiple segments.

That looks to be a very positive area for us.

Sir, can you quantify the growth will be much better, because I understand if the growth is good, but can you quantify how it has been since the time of its launch?

When we are talking about data stack, sorry, what's your name? I'm so sorry.

Parimal Mithani.

Parimal. When we're talking about data stack, we see a very good traction in terms of number of customers, number of transactions, transactions in Rise with Protean are growing significantly, transactions in eSign have started and are growing with each quarter, with each passing day.

At least in next two, three quarters, we see a very good amount of revenue should come from these data products, which is either eSign Pro or Rise with Protean or Protean X or some of those new-age initiatives.

Sir.

Thank you.

Hi. Am I audible?

Hi. Thanks for taking my question.

I just had one clarification regarding the Bima Sugam project that we had won. I believe it was a ₹100-crore kind of a project over 72 months.

I just wanted to understand how the revenue recognition works. Have we already recognized some revenues from it, or maybe it's going to come in going ahead?

I believe you pointed out that first two years is implementation and then support. Could you just help me understand whether these revenues are yet to come in, or we're it's an existing revenue stream?

No. Some, minimal revenue, insignificant revenues are accounted for in this project, but that is not significant one.

I think the implementation revenue will start from this year. Maybe in this year, we will see significant amount of revenue coming from implementation out of this project.

This once implementation is over, then the maintenance revenue, 50%.

The ₹100 crores is for implementation plus support, the entire thing over 72 months, is that correct? Or is it support This is the entire revenue.

₹100 crores is the entire revenue, which is implementation and support for I think four or five years, I guess.

Understood. Thank you.

That's my question.

Thank you so much.

Thank you. Sir, my question is on the storage charges.

We've booked ₹44 crores, and if it is assuming it is for three years, then, the pro rata would be, say, ₹15 crores a year or so. My question is more on the cost.

Suppose we have recognized ₹45 crores in this quarter, is there no associated cost, and because the cost could have been booked in the earlier quarters, or was the cost deferred and then the cost has been matched for this quarter?

It's a back-to-back arrangement. We collect, we pay.

There will be a matching of revenue and cost. In this quarter, if you see, our processing charges have increased because of one of the reason, primary reason, is because of the cost on storage.

Sir. That's it from my end.

Sir, just wanted a clarification on the tax rate. Our tax rate is lower than 25%, what is helping us there?

Tax rate is a consolidated tax rate wherein you have one Dubai entity, then another account aggregator, then there is one Infotech, and then this Protean eGov, right? These are the four primary entities.

Dubai, if the tax, tax rate is low, it will definitely be advantageous for Protean, right, to have a lower, on an overall basis, have a lower tax rate. While tax rate legal tax rate is 25.17%, but eventually, you have to in consolidated books, you have to combine, all these entities.

It will be So if you see historically also, we were in 22%, 23% range. We continue to remain in that range because of

Are we having any meaningful revenues on the Dubai entity right now?

Not meaningful, but even insignificant amount of profit will change the tax rate.

Sure. Okay.

Thanks.

Yes,

Thank you, Rohan.

Yes, sir. Sir, just wanted some more clarity on the other revenue business line items, CERSAI, Aadhaar Seva, Bima.

You mentioned about you are very optimistic on international business, but what about other revenue line items? How do you see the revenue mix and the business growth across these revenue line items?

See,

these other revenues, others are the new businesses which we are talking, right, every time. As we guided last in last many calls, our aim or ambition remains, aspiration remains that these revenues should constitute about 25% of our total revenue in two to three years, right?

This is what we are moving towards. If you see, last year our other revenue, the new segment revenue was 4% or 3%, I don't know, but it is now about 10%.

There is a significant increase in the contribution from the new businesses. This is what we are working towards, and we are moving in the right direction.

It will come from international business, it will come from data stack, it will come from your cloud offering, it will come from ONDC or, the project businesses, basically.

This is from less than 3% has grown to 10% plus. This is 3x of growth that we had.

Yeah.

Understood. Just one more question, sir.

How typical your direct cost, which has been attributable to across businesses, any major revenue which includes your direct cost particularly?

Normally, direct cost is in CRA, PAN, and I think

processing cost

you are saying. Processing cost, I'm saying.

Processing cost will be in CRA, processing cost will be in PAN majorly.

Any percentage comes like, or is it

Sorry? How to allocate

I just wanted to understand how it has been allocated between these two business, CRA and pension business, sir?

I would not be able to guide you on that, but mostly these are platform businesses. Whether it is PAN or whether it is CRA, both are platform businesses.

Both are having similar nature. In PAN, though we have, some physical cost, which is distribution commission or, postage charges or some of those elements which, drives this processing cost.

In this CRA, we'll have lesser processing charges because there it is not like, distribution or postage every time. It is only sometime in some cases where, customer has not chosen the green option, we have to dispatch annual statement of account.

Understood. Helpful, sir.

Just, if time permits, my last question. As I can see, because the employee cost is largely accounted related to the tech business, but given that PAN 2.0 version, do you see I understand due to Aadhaar Seva Kendra, business is coming in and your employee cost would increase, but any impact due to PAN 2.0 version?

Would it decrease due to that?

No, right now I don't think we have any impact of PAN 2.0. As of today, I think it will continue, PAN business will continue.

This is what we believe in. Assisted mode will continue, this is what we believe in.

We'll have to wait and watch, after 12, 15, 18 months, we need to see how distribution pans out in new PAN ecosystem, and then we will need to figure out. Right now, I don't see anything.

Got it. Thank you so much.

Yeah. Just one data-related question.

I was looking at the PPT, and in the CRA services, we've mentioned the APY enrollments has crossed 9 crores in April '26. When I checked when I went through the APY subscriber base from the website itself, it shows 7.5 crores.

Am I missing something?

Hi, Meet. Pushpa this side.

Some of

the enrollments that we are speaking about, PFRDA enrolls people under the APY scheme. There are some accounts which becomes dormant or inactive.

When we take our count, what we show in our investor deck, it is minus the deletions.

Got it.

Fine.

Thank you.

Yeah. Okay.

Thanks, everyone, for all your support and joining us. If any queries would have left unanswered, please reach out to us.

We will be very happy to answer. Thank you so much.