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Protean Valuation Multiples

Discover revenue and EBITDA valuation multiples for Protean and similar public comparables like Bravura Solutions, Mastech Digital, and Ctac.

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

India
Employees

713

Website

proteantech.in

Financials

LTM Revenue $101M

LTM EBITDA $10.4M

EV

$430M

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Protean Financials

Protean has a last 12-month revenue (LTM) of $101M and a last 12-month EBITDA of $10.4M.

In the most recent fiscal year, Protean achieved revenue of $98.5M and an EBITDA of $17.4M.

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

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Protean P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $101M XXX $98.5M XXX XXX XXX
Gross Profit $101M XXX $22.8M XXX XXX XXX
Gross Margin 100% XXX 23% XXX XXX XXX
EBITDA $10.4M XXX $17.4M XXX XXX XXX
EBITDA Margin 10% XXX 18% XXX XXX XXX
EBIT $6.7M XXX $6.2M XXX XXX XXX
EBIT Margin 7% XXX 6% XXX XXX XXX
Net Profit $11.4M XXX $10.8M 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.

Protean Stock Performance

As of May 30, 2025, Protean's stock price is INR 962 (or $11).

Protean has current market cap of INR 39.0B (or $457M), and EV of INR 36.7B (or $430M).

See Protean trading valuation data

Protean Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$430M $457M XXX XXX XXX XXX $0.28

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Protean Valuation Multiples

As of May 30, 2025, Protean has market cap of $457M and EV of $430M.

Protean's trades at 4.3x EV/Revenue multiple, and 24.4x EV/EBITDA.

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 40.2x.

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Protean Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $457M XXX $457M XXX XXX XXX
EV (current) $430M XXX $430M XXX XXX XXX
EV/Revenue 4.3x XXX 4.3x XXX XXX XXX
EV/EBITDA 41.2x XXX 24.4x XXX XXX XXX
EV/EBIT 63.7x XXX 66.8x XXX XXX XXX
EV/Gross Profit 4.3x XXX n/a XXX XXX XXX
P/E 40.2x XXX 41.7x XXX XXX XXX
EV/FCF n/a XXX 31.8x XXX XXX XXX

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Protean Margins & Growth Rates

Protean's last 12 month revenue growth is 12%

Protean's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $23K for the same period.

Protean's rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Protean's rule of X is 40% (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 2025 FY 2026 FY 2027
Revenue Growth 12% XXX 7% XXX XXX XXX
EBITDA Margin 10% XXX 18% XXX XXX XXX
EBITDA Growth 44% XXX -13% XXX XXX XXX
Rule of 40 29% XXX 29% XXX XXX XXX
Bessemer Rule of X XXX XXX 40% XXX XXX XXX
Revenue per Employee XXX XXX $0.1M XXX XXX XXX
Opex per Employee XXX XXX $23K XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a 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 17% XXX XXX XXX

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Protean Public Comps

See public comps and valuation multiples for IT Consulting comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
Ctac XXX XXX XXX XXX XXX XXX
Mastech Digital XXX XXX XXX XXX XXX XXX
Atturra XXX XXX XXX XXX XXX XXX
Bravura Solutions XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Protean M&A and Investment Activity

Protean acquired  XXX companies to date.

Last acquisition by Protean was  XXXXXXXX, XXXXX XXXXX XXXXXX . Protean acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Protean

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Protean

When was Protean founded? Protean was founded in 1995.
Where is Protean headquartered? Protean is headquartered in India.
How many employees does Protean have? As of today, Protean has 713 employees.
Who is the CEO of Protean? Protean's CEO is Mr. Suresh Sethi.
Is Protean publicy listed? Yes, Protean is a public company listed on BOM.
What is the stock symbol of Protean? Protean trades under 544021 ticker.
When did Protean go public? Protean went public in 2023.
Who are competitors of Protean? Similar companies to Protean include e.g. , Ctac, Mastech Digital, Atturra.
What is the current market cap of Protean? Protean's current market cap is $457M
What is the current revenue of Protean? Protean's last 12 months revenue is $101M.
What is the current revenue growth of Protean? Protean revenue growth (NTM/LTM) is 12%.
What is the current EV/Revenue multiple of Protean? Current revenue multiple of Protean is 4.3x.
Is Protean profitable? Yes, Protean is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Protean? Protean's last 12 months EBITDA is $10.4M.
What is Protean's EBITDA margin? Protean's last 12 months EBITDA margin is 10%.
What is the current EV/EBITDA multiple of Protean? Current EBITDA multiple of Protean is 41.2x.

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