Protean from India’s DPI Backbone to a Global Platform Play

has played an important role in building and operating some of India’s critical digital public infrastructure across taxation, pension, identity and other citizen-centric services. This provides the company with deep domain expertise, established relationships with government institutions and the ability to manage technology platforms operating at significant scale. The company’s core businesses continue to provide a relatively stable revenue base, while newer initiatives are being developed to reduce dependence on traditional government-linked businesses. In FY26, Protean reported revenue from operations of ₹998 crore, growing 19% YoY, while EBITDA increased 27% to ₹188 crore. EBITDA margin improved to 18%, indicating increasing operating leverage. The balance sheet also remained strong, with more than ₹850 crore of cash equivalents and marketable securities and zero debt at the end of FY26