Protean - Public Comps and Valuation Multiples

Protean Overview

About Protean

Protean eGov Technologies Ltd is engaged in providing Information Technology (IT) enabled e-Governance services. It works on tax modernization, open digital ecosystems, and social security-related projects. It offers citizen services, e-governance solutions, system integration, business process re-engineering, data center co-location, and IT consulting services for citizens, corporations, and the government. Some of the projects that the company works on include the acceptance and processing of PAN applications, e-KYC, GST verification, PAN verification, and others. Geographically, the company currently offers its services only in India.

Founded

1995

HQ

Employees

742

Website

proteantech.in

Sectors

IT Consulting
Service Providers

Financials

LTM Revenue $101M

LTM EBITDA $10.9M

EV

$249M

Valuation Multiples

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Protean Financials

As of December 2025, Protean reported last 12-month revenue of $101M and EBITDA of $10.9M.

In the same period, Protean achieved $11.1M in LTM net income.

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Protean P&L

In the most recent fiscal year, Protean reported revenue of $90.9M and EBITDA of $16.2M.

Protean expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$101M	XXX	$90.9M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$37.3M	XXX	XXX	XXX
Gross Margin	n/a	XXX	41%	XXX	XXX	XXX
EBITDA	$10.9M	XXX	$16.2M	XXX	XXX	XXX
EBITDA Margin	11%	XXX	18%	XXX	XXX	XXX
EBIT	$6.6M	XXX	$7.0M	XXX	XXX	XXX
EBIT Margin	7%	XXX	8%	XXX	XXX	XXX
Net Profit	$11.1M	XXX	$10.1M	XXX	XXX	XXX
Net Margin	11%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Protean including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $101M. EBITDA for the last twelve months was $10.9M. In the most recent fiscal year, Protean achieved $90.9M in revenue and $16.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$101M	Analyst estimates available to subscribers	$90.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$37.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	41.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$10.9M	Analyst estimates available to subscribers	$16.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	10.8% EBITDA margin	Analyst estimates available to subscribers	17.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$6.6M	Analyst estimates available to subscribers	$7.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	6.6% EBIT margin	Analyst estimates available to subscribers	7.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$11.1M	Analyst estimates available to subscribers	$10.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.0% net profit margin	Analyst estimates available to subscribers	11.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Protean

This financial data table provides comprehensive performance metrics for Protean, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Protean generated $101M in revenue over the last twelve months.
The company achieved $10.9M in EBITDA over the last twelve months.
Net income over the last twelve months reached $11.1M.

Fiscal Year Performance

In the most recent fiscal year, Protean reported $90.9M in total revenue.
Fiscal year EBITDA was $16.2M.
The company maintained a gross profit margin of 41.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.8%.
Net profit margin reached 11.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Protean. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Protean Stock Performance

Protean has current market cap of INR 25.3B (or $276M), and EV of INR 22.8B (or $249M).

Market Cap Evolution

Protean Stock Data

As of January 30, 2026, Protean's stock price is INR 622 (or $7).

See Protean trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$249M	$276M	XXX	XXX	XXX	XXX	$0.28

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Protean Valuation Multiples

Protean's trades at 2.5x EV/Revenue multiple, and 19.3x EV/EBITDA.

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Protean Financial Valuation Multiples

As of January 30, 2026, Protean has market cap of $276M and EV of $249M.

Equity research analysts estimate Protean's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Protean has a P/E ratio of 24.8x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$276M	XXX	$276M	XXX	XXX	XXX
EV (current)	$249M	XXX	$249M	XXX	XXX	XXX
EV/Revenue	2.5x	XXX	2.5x	XXX	XXX	XXX
EV/EBITDA	22.8x	XXX	19.3x	XXX	XXX	XXX
EV/EBIT	37.5x	XXX	35.8x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	24.8x	XXX	24.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	19.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Protean Margins & Growth Rates

Protean's last 12 month revenue growth is 15%

Protean's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $41K for the same period.

Protean's rule of 40 is 33% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Protean's rule of X is 48% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Protean Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	15%	XXX	13%	XXX	XXX	XXX
EBITDA Margin	11%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	14%	XXX	-13%	XXX	XXX	XXX
Rule of 40	33%	XXX	28%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$41K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	33%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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