Latest news with #PAN-related
Business Upturn
19-05-2025
- Business
- Business Upturn
Protean eGov hits 20% lower circuit as it exits PAN 2.0 race
By News Desk Published on May 19, 2025, 09:30 IST Shares of Protean eGov Tech Ltd hit the 20% lower circuit at ₹1,143.20 on Monday morning, falling ₹285.70 from the previous close. The stock touched its lowest level ever, as per exchange data at 9:24 AM, following news that the company is no longer in contention for the Government of India's ₹1,440 crore PAN 2.0 project. This project, aimed at overhauling PAN/TAN services nationwide, was expected to be a key future revenue stream for the company. According to brokerage firm Equirus, the development is materially negative, as PAN-related services contribute nearly 50% of Protean's revenue. Equirus estimates a 75–100% collapse in this segment's contribution over the next 2–3 years, potentially leading to a 35% decline in FY27 overall revenue. The segment had also historically generated free cash flows that funded new initiatives — a lever now under serious threat. Additional headwinds for Protean include the upcoming NPS pricing revision in FY27 and stagnant ONDC-linked retail volumes. Equirus has downgraded the stock to Sell and sharply cut its target price to ₹900 from ₹1,730. Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult certified financial professionals before making any investment decisions. News desk at
Business Upturn
19-05-2025
- Business
- Business Upturn
Protean eGov in focus: Out of PAN 2.0 race, Equirus downgrades to sell
By News Desk Published on May 19, 2025, 08:00 IST Protean eGov Technologies has been eliminated from the Government of India's PAN 2.0 project, a significant blow for the company that previously expressed confidence in securing the mandate. The Rs 1,440 crore initiative aimed at overhauling PAN/TAN services will now proceed without Protean's participation. Brokerage firm Equirus has termed this development a material negative, noting that PAN-related services contribute approximately 50% of the company's revenue. Equirus expects the revenue stream from PAN services to collapse by 75–100% over the next 2–3 years, resulting in a projected 35% decline in overall revenue by FY27. The segment has also historically provided free cash flows used to fund new initiatives, now at risk. Additional concerns include a potential pricing revision in the NPS business in FY27 and stagnant ONDC retail volumes. Equirus has downgraded the stock from add to sell, slashing its target price from Rs 1,730 to Rs 900. Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult certified financial professionals before making any investment decisions. News desk at
