1. GLOBAL ECONOMY
The global economy in FY2025-26 was shaped by two forces pulling in opposite directions. The first was an accelerating technology cycle, driven by the deployment of artificial intelligence and the capital expenditure associated with it, which lifted activity across economies positioned within the global technology value chain. The second was supply shock arising from the outbreak of conflict in the Middle East, which lifted energy and freight costs, disrupted shipping routes and interrupted a disinflation trend that had held since early 2024. The interaction of these forces produced an outcome that was uneven across regions but, in aggregate, more resilient than had been feared at the onset of the conflict.
Global growth is projected at 3.0% in 2026 and 3.4% in 2027, down from the 3.5% average observed over 2024 and 2025 but broadly unchanged on a cumulative basis relative to the April 2026 projections.[1] [3] The moderation reflects the drag from the conflict, partly offset by demand-driven momentum in the technology cycle. Global headline inflation is expected to rise from 4.1% in 2025 to 4.7% in 2026, before easing to 3.9% in 2027, with the increase concentrated in energy and food prices; the disinflation trend in place since early 2024 has stalled. World trade volume growth is projected to slow from 5.0% in 2025 to 3.5% in 2026, recovering to 4.3% in 2027 as trade linkages and production chains adjust.[1]
The defining structural feature of the year was the mainstreaming of artificial intelligence as a driver of measurable economic activity rather than an experimental capability. The dispersion of outcomes made this visible: the four largest net exporters of AI- related hardware recorded an average positive growth surprise of 4.4% points in the first quarter of 2026, against a surprise of negative 0.3% point for the rest of the world. Korea, an energy importer with direct exposure to the conflict, nonetheless grew at an annualised 7.5% on the strength of a semiconductor and AI-hardware export cycle.[1] Economies with limited participation in that value chain, including many low-income countries, experienced the energy shock without the offsetting benefit.
Commodity markets absorbed the disruption better than initial pricing implied. Energy prices settled roughly 25% above preconflict levels, with the average petroleum spot price assumed at USD 89.27 per barrel for 2026. Crude oil prices are projected to rise 32% and natural gas 22% in 2026 relative to 2025, with fertilizer prices up 26% and food prices up 8%. Financial conditions have eased from their April 2026 peaks and remain accommodative by historical standards, although markets have repriced policy rate expectations upward in response to renewed inflationary pressure.[1]
Among advanced economies, growth is projected at 1.7% in 2026 and 1.8% in 2027. The United States is expected to grow 2.3% in 2026 and 2.2% in 2027, supported by fiscal policy,
accommodative financial conditions and continued technology- related business investment and insulated to a degree by its position as a net energy exporter. The Euro Area is projected to grow 0.9% in 2026 and 1.2% in 2027, weighed down by higher energy costs and soft consumer confidence. The United Kingdom is expected to expand 1.0% in 2026 and 1.3% in 2027 and Japan 0.6% and 0.7% respectively. Canada is projected at 1.1% in 2026 and 1.7% in 2027.[1]
Emerging market and developing economies are projected to grow 3.8% in 2026 before recovering to 4.5% in 2027, with revisions distributed unevenly according to commodity dependence, geographic exposure and position in the technology value chain. Chinas growth is expected to moderate to 4.6% in 2026 and 4.1% in 2027. India remains among the fastest-growing major economies, supported by private consumption and services activity and is the only large economy in the table below projected to grow above 6% across the forecast horizon.[1]
Emerging Markets and Developing Economies
Growth across emerging and developing Asia is projected at 5.0% in 2026 and 4.8% in 2027. Within the region, outcomes are being determined less by traditional trade exposure and more by participation in the technology upturn. Malaysia is projected to grow 4.7% in 2026, aided by data centre activity and Vietnam 7.5% on stronger-than-expected technology exports alongside robust domestic demand. Thailands 2026 projection was revised upward to 1.9% on emergency fiscal measures and technology- related exports and investment.[1] Indias outlook remains the most resilient in the group, anchored by domestic demand.
Sub-Saharan Africa
Growth in Sub-Saharan Africa is expected to remain broadly stable at 4.3% in 2026 and 4.5% in 2027, although the aggregate conceals substantial divergence. Oil-importing and non-resourceintensive economies are more adversely affected by higher energy and food prices, while larger economies continue to benefit from earlier stabilisation and reform. Nigeria is projected at 4.1% in 2026, supported by improved macroeconomic stability and favourable terms of trade, and South Africa at 1.1%, with the outlook improving on strengthened policy frameworks.[1] The region is largely absent from the AI-driven technology upswing and faces headwinds from declining official development assistance, which raises the strategic value of affordable, deployable digital infrastructure.
Middle East and Central Asia
Growth in the Middle East and Central Asia is projected to fall sharply to 0.7% in 2026 before rebounding to 6.5% in 2027, consistent with a phased reopening of shipping routes. Commodity producers most affected by disruptions to energy output and transport are expected to contract in 2026 and expand at double-digit rates in 2027. Saudi Arabia, with more diversified export routes, is projected to grow 1.7% in 2026 and
5.5% in 2027.™ Commodity importers in the region have proved relatively resilient to the terms-of-trade shock, while the Caucasus and Central Asia continue to experience favourable growth tailwinds.
Latin America, the Caribbean and Emerging Europe
Growth in Latin America and the Caribbean is projected to be stable at 2.4% in 2026 and to pick up modestly to 2.7% in 2027.™ Brazil is expected to remain resilient in 2026 before slowing, while Mexico is projected to accelerate modestly amid less restrictive domestic policy. Emerging and developing Europe is expected to grow at about 2.0%, with higher energy revenues providing partial relief to some economies and increased defence spending offsetting part of the drag on others.
IMF Global Growth Forecast as on July 2026 (% change, y-o-y)[1][2]
| 2024 | 2025 | 2026 (P) | 2027 (P) | |
| World Output | 3.5 | 3.5 | 3.0 | 3.4 |
| Advanced Economies | 1.9 | 1.9 | 1.7 | 1.8 |
| United States | 2.8 | 2.1 | 2.3 | 2.2 |
| Euro Area | 1.0 | 1.4 | 0.9 | 1.2 |
| Japan | -0.2 | 1.1 | 0.6 | 0.7 |
| United Kingdom | 1.0 | 1.4 | 1.0 | 1.3 |
| Canada | 2.0 | 1.9 | 1.1 | 1.7 |
| Other Advanced Economies | 2.5 | 3.0 | 2.8 | 2.3 |
| Emerging Markets & Developing Economies | 4.5 | 4.5 | 3.8 | 4.5 |
| China | 5.0 | 5.0 | 4.6 | 4.1 |
| India* | 7.1 | 7.7 | 6.4 | 6.7 |
*For India, data and projections are presented on a fiscal-year basis, with FY 2024-25 shown in the 2024 column and FY2025-26 in the 2025 column. Source: IMF, World Economic Outlook Update, July 2026, Table 1 and Annex Table 1.
Global Economy - Outlook
The balance of risks has become even more than it was at the height of the conflict, but remains tilted to the downside. A renewed escalation would extend commodity price volatility, strain supply chains and tighten financial conditions, with inventories already close to multi-year lows. Trade fragmentation could accelerate if trade diversion prompts further tariff and non-tariff measures. A downward reassessment of expectations around AI-related profitability and productivity could trigger an abrupt retrenchment in technology-intensive investment and a sharp correction in concentrated equity markets. Eroded
fiscal buffers in several major economies amplify each of these channels.[1]
Set against this, growth could surprise on the upside if energy markets normalise faster than assumed, if AI-related capital spending remains exceptionally strong or if durable trade and cooperation agreements lower barriers and revive delayed investment. Policy priorities identified by multilateral institutions centre on restoring price stability with credible communication and central bank independence, rebuilding fiscal space through durable revenue measures and better-targeted expenditure, and pursuing structural reform in energy security, AI readiness and digital infrastructure.™
For providers of population-scale digital infrastructure, the more consequential shift is compositional rather than cyclical. Growth differentials between economies are increasingly explained by the depth of digital and technology infrastructure, the credibility of institutions and the capacity to deliver services at population scale. That reframes DPI from a governance efficiency measure into a determinant of national competitiveness and it is the environment in which India and Protean, continue to hold a distinctive position.
References
i1Ihttps://www.imf.org/-/media/files/publications/weo/2026/update/july/
english/text.pdf
l2Ihttps://www.imf.org/en/publications/weo/issues/2026/07/08/world-
economic-outlook-update-july-2026
l3Ihttps://www.imf.org/en/publications/weo/issues/2026/04/14/world-
economic-outlook-april-2026
2. INDIAN ECONOMY
India recorded its strongest full-year expansion in over a decade in FY2025-26, outperforming both official and market expectations through the year. On the Provisional Estimates released on 5 June 2026, real GDP grew 7.7% in FY2025-26, compared witRs. 7.1% in FY2024-25, reaching 1323 lakh crore at constant prices.[1] Nominal GDP grew 8.9% to 1346 lakh crore.[1] Real Gross Value Added grew 7.9%, against 7.3% in the preceding year.[1] These estimates are compiled on the new National Accounts series with base year 2022-23, released on 27 February 2026, which incorporates improved coverage of multi-activity enterprises, richer administrative datasets and a supply-and- use-table framework.[1] [2]
The expansion was broad-based and importantly for the sectors in which the Company operates, led by services. The tertiary sector grew 9.3% at constant prices and the secondary sector 8.8%, while the primary sector grew 3.2%. Within services, ‘Financial, Real Estate, IT and Professional Services grew 10.4% in real terms and 12.8% in nominal terms and now accounts for 27% of nominal Gross Value Added, the single largest block in the economy. ‘Trade, Hotels, Transport, Communication and Services related to Broadcasting and Storage grew 11.0%, and Manufacturing grew 10.7%, its second consecutive year of high single-digit-plus expansion.[1]
On the expenditure side, the recovery was demand-led rather than merely statistical. Private Final Consumption Expenditure grew 7.7% at constant prices, against 5.8% in FY2024-25, reflecting the combined effect of lower personal income tax incidence, the rationalisation of Goods and Services Tax rates, moderate inflation and a lower policy rate. Gross Fixed Capital Formation grew 8.2% for the year and accelerated to 10.8% in the fourth quarter, indicating that the investment cycle strengthened as the year progressed. Per capita GDP at current prices rose 7.9% to 12,43,803 on an estimated population of 1,421 million.[1]
Quarterly momentum was well distributed. Real GDP grew 6.8% in the first quarter, 8.3% in the second, 8.0% in the third and 7.8% in the fourth. The fourth quarter combined 7.9% real GVA growth witRs. 10.8% growth in Gross Fixed Capital Formation, a configuration consistent with durable rather than transitory expansion.[1]
Policy continued to reinforce the growth impulse. The Union Budget 2026-27, presented on 1 February 2026, budgeted total expenditure of 153 lakh crore, with capital expenditure raised to 112 lakh crore and effective capital expenditure of 117 lakh crore, equivalent to 4.4% of GDP and the highest in ten years.The fiscal deficit is estimated at 4.4% of GDP in the Revised Estimates for FY2025-26 and budgeted at 4.3% for FY2026-27, with a debt consolidation path targeting a central government debt-to-GDP ratio of 50% plus or minus 1% by FY2030-31, from 55.6% currently.Nominal GDP growth for FY2026-27 has been assumed at 10%.The Budget followed a broader reform sequence, with more than 350 measures notified since August 2025, including Goods and Services Tax rate rationalisation and the operationalisation of the Labour Codes.[3] [4]
Several Budget provisions bear directly on the digital economy. The Ministry of Electronics and Information Technology was allocated 121,633 crore and the Department of Telecommunications 173,991 crore. The Modified Programme for Development of Semiconductors and Display Manufacturing was raised to 18,000 crore and the IndiaAI Mission was allocated 11,000 crore for the year within a multi-year approved outlay of 110,372 crore. [6] A Research, Development and Innovation Fund with a corpus of 11 lakh crore was outlined, witRs. 120,000 crore allocated for FY2026-27 and an explicit focus on deep technology, including AI applications in agriculture, health and education.? [4] On the tax side, foreign companies providing global cloud services through notified data centre infrastructure in India were granted income tax exemption until 2047, subject to servicing Indian customers through a domestic reseller and a wide range of IT and IT- enabled services was brought under a unified category with a safe harbour margin of 15.5%, materially simplifying transfer pricing compliance for the sector.[5]
Indian Economy - Outlook
India is expected to retain its position as the fastest-growing major economy, with growth moderating from the exceptional FY2025-26 outturn to a still-elevated trajectory. The IMF projects growth of 6.4% in FY2026-27 and 6.7% in FY2027-28, supported by momentum in private consumption and services activity.? The Reserve Bank of India, in its Monetary Policy Statement of 5 August 2026, raised its projection for FY2026-27 to 6.7%, from 6.6% in June, describing the risks around the estimate as evenly balanced even as the West Asia conflict and the monsoon remain watch items.[9] The Economic Survey presented in Parliament in January 2026 placed the range at 6.8% to 7.2% and the Chief Economic Adviser has since indicated an upward bias to that range.[10]
Three features of the outlook are relevant to the Companys operating environment. First, the growth composition remains services-led and formalisation-driven, which expands the addressable base for identity, tax, pension and data-exchange infrastructure. Second, the fiscal stance combines consolidation with sustained capital expenditure, favouring platform-based delivery models that lower the unit cost of public service provision. Third, the policy architecture is shifting from building digital rails to monetising and exporting them, evident in the tax treatment of data centres, the AI-linked research funding, and Indias hosting of the India-AI Impact Summit at Bharat Mandapam, New Delhi from 16 to 20 February 2026, the first global AI summit held in the Global South.[7]
References
[2] https://www.pib.gov.in/PressReleasePage.aspx?PRID=2233518
[3] https://prsindia.org/files/budget/budget_parliament/2026/Union_Budget_ Analysis-2026-27.pdf
[4] https://www.indiabudget.gov.in
[6] https://internetfreedom.in/analysis-of-the-2025-2026-budget/
[7] https://www.pib.gov.in/PressReleasePage.aspx?PRID=2216805 l8]https://www.imf.org/-/media/files/publications/weo/2026/update/july/ english/text.pdf
[9]https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR80907599
DE5FD164918A49085C9D6270116.PDF
[,0] https://www.indiabudget.gov.in/economicsurvey/
3. OVERVIEW OF INDUSTRY
Protean eGov Technologies Limited operates at the intersection of Indias digital transformation and its financial services economy, across the Indian IT and ITeS sector, Banking, Financial Services and Insurance, and Digital Banking and Finance. With a portfolio spanning Tax Services, Central Recordkeeping Agency services, Identity services, Open Digital Ecosystems, Cloud and Information Security and Data Stack. The Company operates the infrastructure on which a significant share of citizen-facing financial and administrative transactions are executed. The sections that follow set out the conditions in each of these markets during FY2025-26.
3.1 IT & ITeS Sector
Indias technology industry crossed the USD 300 billion revenue threshold in FY2025-26, with revenue estimated at USD 315 billion, a year-on-year expansion of 6.1% over a revised FY2024-25 base of USD 297 billion. Export revenue accounted for USD 246 billion of the total, growing 5.6%, while the domestic market expanded 7.9%. By segment, IT services contributed USD 149 billion, engineering research and development USD 63 billion, business process management USD 59 billion, software products USD 23 billion and hardware USD 21 billion.[1][2]
The composition of that growth mattered more than its headline. FY2025-26 was the year in which artificial intelligence moved from experimentation to function-specific deployment, reshaping operating models and lifting productivity. AI-linked revenue is estimated at USD 10 billion to USD 12 billion for the year. More than two million professionals were upskilled in AI, of whom an estimated 2,00,000 to 3,00,000 acquired advanced AI competencies. The industry added a net 1,35,000 jobs, taking total headcount to approximately 5.95 million, a hiring rate of about 2.3%.[1] The divergence between 6.1% revenue growth and 2.3% headcount growth is itself the clearest evidence of the productivity shift underway and it marks a structural break from the linear headcount-to-revenue relationship that characterised the sector for two decades.
Global Capability Centres remained the most dynamic part of the ecosystem. India hosts over 1,800 such centres across close to 3,000 delivery units, employing approximately 1.9 million to 2.0 million professionals and they accounted for roughly 38% of office leasing across Indias top seven cities in 2025. The ecosystem is projected to exceed 2,500 centres and 2.8 million professionals, generating around USD 105 billion in revenue, by 2030.[3] Their mandates have moved decisively beyond cost arbitrage into product engineering, AI development and enterprise-wide decision-making.
Policy support was directed at the enabling layer rather than at headline incentives. The unified safe harbour margin of 15.5% for IT and IT-enabled services, with the eligibility threshold raised from 1300 crore to 12,000 crore, materially reduces transfer pricing friction for a sector where a large share of revenue is intragroup. The income tax exemption extended to 2047 for foreign providers of global cloud services operating through notified Indian data centres is intended to anchor hyperscale compute capacity domestically, which has direct implications for the cost and sovereignty of AI workloads run on Indian data.[4] Alongside these, the semiconductor programme, the IndiaAI Mission and the Research, Development and Innovation Fund together constitute an attempt to move India up the technology value chain rather than to defend its position within services delivery.
References
nlhttps://nasscom.in/knowledge-center/publications/technology-sector-india-
strategic-review-2026
[2]https://community.nasscom.in/communities/nasscom-insights/technology-
sector-india-strategic-review-2026
l3Ihttps://www.jll.com/en-in/guides/gcc-office-guide
mhttps://assets.kpmg.com/content/dam/kpmgsites/in/pdf/2026/02/
technology-pov-union-budget-2026-27.pdf
3.2 Banking & Financial Services (BFSI)
The Indian banking system recorded one of its strongest years of the current cycle in FY2025-26, with credit growth accelerating sharply from the moderation of the preceding year. Non-food bank credit grew 15.9% year-on-year to 1213 lakh crore as on March 2026, against 10.9% growth in FY2024-25, an incremental 129 lakh crore of credit in a single year.[1] Deposits grew 13.5% to approximately 1262 lakh crore, narrowing the gap between credit and deposit growth that had constrained balance sheet expansion, with the credit-deposit ratio at approximately 81%.[7]
Growth was broad-based across segments. Credit to services recorded the highest growth among segments at 19% year-on- year, against 12% in the previous year, led by lending to nonbanking financial companies, trade and commercial real estate. Personal loans, at about 33% of total credit, grew 16.2% against 11.7%. Industrial credit grew 15%, with infrastructure and core industries leading the pickup.[1] The acceleration reflects the combined effect of policy rate reductions, sustained government capital expenditure and an improvement in private investment.
Sectoral output data corroborates the strength of financial intermediation. ‘Financial, Real Estate, IT and Professional Services grew 10.4% in real terms and 12.8% in nominal terms in FY2025-26 and expanded at double-digit rates in every quarter of the year.[5] The outlook for the banking sector remains stable, with the asset quality cycle expected to stay benign and credit growth in the low-to-mid teens in FY2026-27, the principal risk being a prolonged West Asia conflict.™
Financial inclusion continued to deepen measurably rather than only in headline account numbers. The Reserve Bank of Indias Financial Inclusion Index rose to 70.0 for the year ended March 2026, from 67.0 in March 2025, an increase of 4.5%, with growth across all three sub-indices of Access, Usage and Quality and with
the improvement driven primarily by usage.[2] That distinction matters: the marginal gain in Indias inclusion story is now coming from how intensively existing accounts and instruments are used, which is precisely the layer that transaction infrastructure serves.
The pension ecosystem, in which the Company operates as a Central Recordkeeping Agency, recorded a year of record expansion. Assets under management across the National Pension System architecture stand at approximately 117.5 lakh crore, equivalent to about 5% of GDP till July 2026.[3] The Atal Pension Yojana crossed 9 crore gross enrolments, adding a record 1.35 crore subscribers during FY2025-26 with scheme assets exceeding 154,000 crore and womens participation reaching a record 55.1% of enrolments during the year.[4] Enrolment growth among the 18 to 25 age cohort was a notable feature of the year. Pension coverage nonetheless remains low relative to a workforce that is predominantly informal, which frames the size of the structural opportunity rather than the extent of its realisation.
References
121 https://www.business-standard.com/industry/banking/rbi-s-financial- inclusion-index-rises-to-70-in-fy26-on-higher-usage-126071601414_1.html [3] https://npstrust.org.in/aum-and-subcriber-base
mhttps://www.pib.gov.in/PressReleasePage.aspx?PRID=2263426®
=48&lang=2
151 https://www.mospi.gov.in/uploads/latestReleases/latest_
release_1780655857536_5ac01869-ca4a-422d-b7a7-57b81da60932_Press_
Note_on_GDP_Estimates_for_Q4_2025-26_and_PE_FY_2025-26_F.pdf
[6]https://www.businesstoday.in/industry/banks/story/indian-banks-outlook-
remains-stable-but-a-prolonged-conflict-in-west-asia-could-throw-up-
challenges-moodys-519939-2026-03-10
I7,https://www.business-standard.com/industry/banking/bank-credit-growth-
surges-to-16-in-fy26-outpaces-deposit-growth-126041501398_1.html
3.3 Digital Banking and Finance
FY2025-26 marked the completion of a decade of the Unified Payments Interface and with it, the point at which digital payment in India ceased to be a channel and became the default. UPI processed ~24,162 crore transactions wortRs. 1314 lakh crore during FY2025-26, against ~18,587 crore transactions wortRs. 1261 lakh crore in FY2024-25, representing growth of 30.0% in volume and 20.6% in value.[2] [4] As on March 2026, 703 banks were live on the platform, against 21 at launch in April 2016 and 55.5crore users had been onboarded as on June 2026.[1] [2]
The divergence between volume growth of 30.0% and value growth of 20.6% is instructive. It indicates a continued decline in average ticket size and therefore a deepening of UPI into everyday, low-value merchant transactions rather than a concentration in high-value transfers. UPI now accounts for approximately 86% of Indias retail digital payment volume and roughly 49% of global real-time payment transactions, more than three times the share of the next largest system, with acceptance extending across eight countries.™
Connectivity expanded in step. Total internet subscribers rose to ~1,093 million as on 31st March 2026, from 1,028.6 million at the end of December 2025, a quarterly increase of 6.24%. The broadband subscriber base grew 5.8% to ~1,066 million. Total telephone subscribers stood at ~1,331 million, taking overall tele-density to 93.3%, with urban tele-density at 151.5% and rural tele-density at 60.5%.[3] Average wireless data usage stood at 26.7 GB per subscriber per month at an average realisation of 17.51 per GB[3], among the lowest data costs globally. 5G services have been rolled out across all states and union territories and are available in 99.9% of districts, with population coverage of approximately 85%.[5]
India retains the third-largest fintech ecosystem globally, after the United States and the United Kingdom, and ranked among the most-funded fintech ecosystems for a second consecutive year.[6] Funding conditions in early 2026 became more selective, with investors placing greater weight on revenue visibility, capital efficiency and scalable distribution than on customer acquisition velocity. For infrastructure providers, this shift is favourable: it moves value toward regulated, high-reliability rails and away from customer acquisition subsidised by capital.
A comparable rail is now being laid in insurance. Bima Sugam, notified by the Insurance Regulatory and Development Authority of India in March 2024 as a DPI with open standards and interoperable platforms, is designed to bring insurers, intermediaries and policyholders onto a single interface for the purchase, servicing, portability and claims settlement of policies. The Regulations require the marketplace to be established by a not-for-profit company under Section 8 of the Companies Act, 2013, with shareholding held widely across life, general and health insurers and no single entity holding a controlling stake, a governance design intended to keep the platform neutral infrastructure rather than any one distributors sales channel. [7] The marketplace is operated by the Bima Sugam India Federation, whose information hub went live in September 2025. Rollout is phased, beginning with standardised motor products and extending to health and term life as insurers complete technology integration, with the initial motor, health and term offerings indicated for availability by the end of September 2026.[8]
The scale of the opportunity is defined by the gap the platform is meant to close. Insurance penetration in India stood at 3.7% of GDP in FY2024-25, unchanged from the preceding year and approximately half the global average, with life penetration easing to 2.7% and non-life flat at 1.0%, even as insurance density rose to USD 97 per capita.[9] Distribution economics, not product availability, remain the binding constraint. For operators of citizen-facing digital infrastructure the significance is structural: Bima Sugam extends the identity, e-KYC, consent and recordkeeping architecture already proven in payments and pensions into a fourth regulated market and shifts the locus of value from distribution margin toward verified identity, portable records and interoperable servicing.
References
mhttps://www.pib.gov.in/PressReleasePage.aspx?PRID=2257087
[3] https://www.trai.gov.in/sites/default/files/2026-06/QPIR_22062026.pdf
l4Ihttps://www.npci.org.in/what-we-do/upi/product-statistics
[5]https://www.pib.gov.in/PressReleasePage.aspx?PRID=2206477
[6Ihttps://iclg.com/practice-areas/fintech-laws-and-regulations/india/
7https://irdai.gov.in/document-detail?documentId=4583640
[8]https://www.business-standard.com/finance/insurance/bima-
sugam-to-launch-initial-products-by-sept-end-irdai-chairman-
seth-126063000744_1.html
[9Ihttps://www.business-standard.com/finance/insurance/india-s-insurance-
penetration-needle-remains-flat-at-3-7-in-2024-25-126010900679_1.html
Structural Tailwinds Supporting Sectoral Expansion Population Dynamics and Economic Empowerment
Indias demographic and income profile continues to underwrite demand for citizen-scale digital services. The population stood at 1,421 million in FY2025-26, with a median age below 30 years, sustaining a large and digitally native consumer base. Per capita GDP at current prices rose 7.9% to 12,43,803 in FY2025-26, and per capita Private Final Consumption Expenditure rose 8.4% to 11,38,324.[1] Rising disposable income at this scale translates directly into higher transaction frequency across payments, identity verification, tax and pension systems, which is the volume base on which digital infrastructure economics rest.
Accelerated Urbanisation and Formalisation
Urbanisation and formalisation continue to reinforce one another. The formalisation of enterprise activity through Goods and Services Tax registration, Udyam registration and digital invoicing has created verifiable data trails that support credit assessment, and the rationalisation of GST rates during the year widened the compliance base further. For infrastructure providers, formalisation is a compounding driver: each newly formalised enterprise or household generates recurring requirements for identity verification, tax filing, credit assessment and pension enrolment rather than a single transaction.
Budgetary Support and Digital Financial Inclusion
Direct budgetary commitment to the digital economy remained substantial through the year. In the Union Budget 2026-27, the Ministry of Electronics and Information Technology was allocated 121,633 crore and the Department of Telecommunications 173,991 crore, with a further 18,000 crore for the semiconductor and display manufacturing programme.[2][3] The Research, Development and Innovation Fund, with a corpus of 11 lakh crore and 120,000 crore allocated for FY2026-27, is directed at deep technology including AI applications in agriculture, health and education, and is structured to catalyse private research investment.^
Budgetary support for DPI now extends into agriculture. AgriStack, the farmer-centric registry layer of the Digital Agriculture Mission, is targeted to generate 11 crore Farmer IDs by FY2026-27 and over 10 crore had been created as on 3 August 2026, with the Digital Crop Survey covering more than 31 crore plots across 648 districts in the Rabi 2025-26 season. The Union Budget 2026-27 proposed Bharat-VISTAAR, a multilingual artificial intelligence tool that will integrate the AgriStack portals and the Indian Council of Agricultural Research package of practices, moving the agricultural stack from registry building towards advisory and decision support.[5] For infrastructure providers, an agricultural registry of this scale creates the same compounding requirement
for identity verification, consent-governed data exchange and scheme delivery that identity and tax platforms already carry.
The flagship platforms of Indias DPI, Aadhaar, UPI and DigiLocker, have moved from expanding access to intensifying usage, which is reflected in the Reserve Bank of Indias Financial Inclusion Index reaching 70.0 for the year ended March 2026 on the strength of the usage sub-index.[4] Complementing this, the Unified Lending Interface, the Account Aggregator framework and the extension of consent-based data sharing continue to lower the cost of credit assessment for rural and micro, small and medium enterprise borrowers. Collectively these measures broaden financial access, reduce the unit cost of public service delivery and strengthen long-term economic resilience.
References
lIhttps://www.mospi.gov.in/uploads/latestReleases/latest_
release_1780655857536_5ac01869-ca4a-422d-b7a7-57b81da60932_Press_
Note_on_GDP_Estimates_for_Q4_2025-26_and_PE_FY_2025-26_F.pdf
l2]https://prsindia.org/files/budget/budget_parliament/2026/Union_Budget_
Analysis-2026-27.pdf
[3]https://internetfreedom.in/analysis-of-the-2025-2026-budget/
l4]https://www.business-standard.com/industry/banking/rbi-s-financial-
inclusion-index-rises-to-70-in-fy26-on-higher-usage-126071601414_1.html
[5]https://www.pib.gov.in/PressNoteDetails.aspx?ModuleId=3&NoteId=
157351®=3&lang=2
4. INDIAS DPI ECOSYSTEM
Indias Digital Public Infrastructure completed its transition during FY2025-26 from a domestic delivery mechanism to an exportable model of governance. Built on the India Stack, which integrates identity through Aadhaar and e-KYC, payments through UPI and the Aadhaar Payment Bridge, and data governance through DigiLocker and the Account Aggregator framework, the DPI now reaches effectively the entire adult population and functions as the substrate for both public service delivery and private financial innovation.
The scale metrics continued to compound, ~144 crore Aadhaar numbers have been generated, with cumulative authentication transactions exceeding 17,000 crore and cumulative e-KYC transactions exceeding 2,300 crore.[1][2][3] Aadhaar face authentication has gained particular traction, accounting for a majority of digital life certificates generated by pensioners.[1] DigiLocker crossed 70 crore registered users by March 2026, with over 850 crore documents issued[4], having become the default mechanism for verified credential exchange across education, transport and government services. The Open Network for Digital Commerce had over 1.16 lakh retail sellers live across more than 630 cities and towns as on December 2025.[5]
Artificial intelligence became a first-order component of the DPI agenda during the year rather than an adjacent technology. India hosted the India-AI Impact Summit at Bharat Mandapam, New Delhi from 16 to 20 February 2026, the first global AI summit convened in the Global South, structured around the pillars of People, Planet and Progress. The Summit Declaration was endorsed by 92 countries and international organisations, and the New Delhi Frontier AI Impact Commitments were announced by 13 leading global and Indian frontier model developers to promote
trustworthy and inclusive AI deployment, including strengthened multilingual and contextual AI evaluation for under-represented languages and geographies. Infrastructure-related commitments announced around the Summit exceeded USD 250 billion, alongside approximately USD 20 billion in venture and deep technology investment.? For a country whose DPI generates population-scale, multilingual, consent-governed data flows, the intersection of AI and DPI is the most significant opportunity of the coming decade and, equally, the area requiring the most careful governance.
Complementary regulatory work continued through the year. The Unified Lending Interface has moved to integrate diverse data sources, including land records, to compress appraisal times for rural and MSME borrowers. The Account Aggregator framework continues to extend consent-based financial data portability. The Digital Personal Data Protection framework has raised the compliance bar for entities handling citizen data, which favours operators with institutional-grade security, audit and governance capability over lighter-weight intermediaries.
DPI in a Box: Internationalising the India Stack
DPI in a Box is Proteans productised distillation of Indias DPI. It assembles the building blocks proven at Indian scale, spanning digital identity, e-KYC, payments, consent-governed data sharing and open digital ecosystems, into a deployable stack that a partner country can adopt in modules, adapt to local requirements, and operate securely from the outset. The proposition has moved from concept to contracted delivery. India has signed memoranda of understanding and cooperation agreements on India Stack and Digital Public Infrastructure witRs. 24 countries, and multilateral institutions including the World Bank, UNDP and the G20 continue to advance DPI as a foundation for inclusive growth.171
During FY2025-26 the Company converted this positioning into international mandates, including a Digital Public Infrastructure engagement for Ethiopias agriculture ecosystem covering AI- enabled digital platforms, unique farmer identification and integrated agricultural data management, alongside its existing engagements in national education infrastructure and digital health enterprise architecture. Supported by multilateral partnerships and a wholly owned international subsidiary in the UAE, the Company remains the first Indian DPI operator to have taken population-scale public infrastructure into overseas deployment.181 The strategic logic is durable: economies excluded from the AI-driven technology upswing, particularly across Africa, South and Southeast Asia, face the sharpest need for low- cost, sovereign and rapidly deployable digital systems, and the reference implementation for that need was built in India.
References
[1https://www.pib.gov.in/PressReleasePage.aspx?PRID=2235812
[2] https://www.pib.gov.in/PressReleasePage.aspx?PRID=2246220® =48&lang=2
[3] https://www.pib.gov.in/PressReleasePage.aspx?PRID=2129121& reg=1&lang=1
mhttps://www.pib.gov.in/PressReleasePage.aspx?PRID=2278422®
151 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2204664 ®=48&lang=2
[6] https://www.pib.gov.in/PressReleasePage.aspx?PRID=2230952 ®=48&lang=2
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2291054
[SIhttps://www.proteantech.in/articles/dpi-2-0-2-4-developments/
l9Ihttps://www.business-standard.com/industry/banking/rbi-s-financial-
inclusion-index-rises-to-70-in-fy26-on-higher-usage-126071601414_1.html
5. Proteans Business - Overview
5.1 About the Company
Protean eGov Technologies Limited: Established in 1995, Protean eGov Technologies Limited has been instrumental in shaping Indias digital transformation journey with more than 3-decade legacy in building, designing and operating mission critical, citizen-scale platforms. Since its inception, the Company has been involved in 21+ critical projects across several key ministries, contributing meaningfully to the improvement of citizen services nationwide with deep capabilities in policy-tech execution, citizen-scale security and last-mile service delivery. From laying the foundation of the countrys depository system to pioneering transformative initiatives such as the Tax Information Network (TIN), PAN issuance, Central RecordKeeping Agency (APY, NPS & UPS), Identity Services, Open Digital Ecosystem, Data Stack, Cloud & Infosec and taking these stacks to Global markets. Protean has consistently been at the forefront of e-governance innovation. Protean stands as a trusted partner to governments, regulators and institutions, delivering end-to-end digital identity solutions, secure data exchange frameworks and robust cloud infrastructure.
Headquartered in Mumbai, the company has consistently played a pioneering role in building inclusive, citizen centric DPI. Having maintained a leadership position in the DPI space, Protean is now strategically positioned to drive the next wave of digital transformation through Request for Proposal Projects (RFPs) like CERSAI CKYCRR 2.0, Bima Sugam and Aadhaar Seva Kendra. These projects help the company to diversify its business portfolio. The company also secured a project in Ethiopia for the implementation of Digital Public Infrastructure and Services in Agriculture Ecosystem. This is in line with our strategy to leverage and expand our DPI capabilities internationally.
The Company made a strategic acquisition of 4.95% equity stake in NSDL Payments Bank Ltd. (NPBL), a wholly owned subsidiary of National Securities Depository Limited (NSDL) worth ~INR 30.2 crore. The collaboration brings together digital-first banking capabilities and Indias DPI to enable innovative solutions across identity, data and consent. By leveraging complementary nationwide digital and assisted distribution networks, the partnership is expected to support greater last-mile access to financial services, with potential applications across MSME credit, pensions and citizen-centric e-governance services.
These initiatives underscore the continued focus on leveraging technology for financial inclusion, public service delivery and scalable innovation.
5.2 Business Lines
A. TAX SERVICES
Protean eGov Technologies Limited continues to play a pivotal role in Indias tax administration ecosystem through its longstanding partnership with the Income Tax Department (ITD). As an authorised PAN Service Provider since 2003, the Company facilitates the issuance, reissuance and updation of Permanent Account Numbers (PAN), processing of Tax Deduction and Collection Account Numbers (TAN), Online PAN Verification (OPV) and operates one of the countrys largest assisted service delivery networks through PAN Centres and TIN Facilitation Centres (TIN-FCs).
During FY2025-26, the Company played a pivotal role in supporting the Income Tax Department in implementing a significant transformation in the PAN ecosystem, including the rollout of revised PAN application forms effective April 1, 2026. Anticipating the regulatory changes in PAN documentation and application requirements, the Company proactively strengthened its processes and technology platforms to enable a seamless transition and faster implementation. This enabled the Company to effectively manage the surge in PAN issuance volumes during the second half of FY2025-26, while strengthening its market position.
The transition involved extensive changes across application workflows, validation rules, document requirements, customer communication channels, assisted service centres, digital platforms and backend processing systems. Protean worked closely with the Income Tax Department to ensure a seamless
migration while maintaining uninterrupted service delivery across the country.
The Company continued to provide PAN enrolment, correction, reprint and e-PAN issuance services through its extensive nationwide distribution network comprising over 5 lakh active assisted service touchpoints across more than 12,000 locations covering all States and Union Territories. In addition, approximately 7,500 TIN Facilitation Centres continued to provide e-TDS/TCS return acceptance services, enabling seamless tax compliance for deductors across the country.
Proteans digital-first approach continued to strengthen the PAN ecosystem through enhanced online services, customer self-service capabilities and API-based integrations with banks, financial institutions, fintechs and government agencies.
The Company continued to maintain its leadership position in PAN processing with cumulative market share of 64%. Its robust technology platforms, secure processing infrastructure and deep domain expertise enabled the Company to deliver scalable, resilient and high-quality services while supporting evolving regulatory and compliance requirements.
Beyond PAN issuance, Protean continued to offer value-added services including PAN card reprint, demographic updates, digital customer support, call centre operations and assisted service delivery through its extensive partner network. Continuous investments in process automation, operational efficiency and customer experience helped improve service quality while supporting large transaction volumes.
As Indias DPI ecosystem continues to evolve, Protean remains focused on leveraging its trusted distribution network, technology platforms and government partnership experience to expand into adjacent digital public services.
• PAN continues to evolve as the foundational identity for taxation, financial services and regulatory compliance.
• PAN remains mandatory across a growing range of financial transactions, investments, securities markets and government services.
• India continues to witness significant growth in first-time taxpayers, young workforce entrants and digitally onboarded customers, expanding the addressable PAN market.
• Government initiatives promoting financialisaton of the economy and digital governance continue to strengthen longterm demand for PAN-related services.
• Proteans nationwide assisted service network and digital capabilities position it to address both assisted and digital customer segments across urban and rural India.
PAN Ecosystem - Strategic Developments
FY2025-26 marked a significant transition for the PAN ecosystem with the implementation of revised PAN/TAN/TDS application forms under the revised Income Tax Act of 2025 and associated process changes by the Income Tax Department. Protean successfully executed the required technology enhancements, operational readiness initiatives, stakeholder training and nationwide rollout activities to ensure smooth transition with minimal disruption to citizens and institutions.
B. CENTRAL RECORDKEEPING AGENCY SERVICES
Indias social security landscape is undergoing significant transformation in response to rising life expectancy and the growing need to address income insecurity for informal and gig economy workers. As on March 31, 2026, the NPS and APY have collectively surpassed 9.4 crore subscribers, driven by policy reforms, platform innovation and inclusive outreach. Protean eGov Technologies Limited has been a pioneer in this space, conceptualizing, designing and developing the Central Recordkeeping infrastructure for Indias pension ecosystem. With over 16 years of experience in expanding technology-led pension infrastructure at a population scale, Protean has built Indias first Digital Pension Infrastructure and currently serves as the largest Central Recordkeeping Agency (CRA) for NPS and APY, boasting a combined market share of over 97%. As the CRA, Protean has established robust IT infrastructure and handles administration and customer service functions for all subscribers, playing a vital role in Indias pension ecosystem.
i. National Pension Scheme (NPS)
NPS Government Sector: The Government Sector consists of Central Government (including Central Autonomous Bodies) and State Governments/ Union Territories (including State Autonomous Bodies). Protean has been servicing India both at the Centre and State level from the initialization of NPS and continuing to have major market share. So far, 32 State Governments/ Union Territories have entered into agreement with Protean for availing its services as CRA. During FY2025-26, more than 76,000 Nodal Offices were registered for Government Sector. In totality, more than 28,900 Nodal Offices of Central Government (including the offices of 718 CABs) and 3.4 lakh Nodal Offices of State Governments (including the offices of 2,179 SABs) are registered with Protean.
NPS Private Sector: As part of the pension offerings, Protean offers NPS services to Private Sector consisting on All Citizens of India sector (also referred to as Unorganized Sector i.e. UOS) and Corporate Sectors (B2C and B2B). As of March 31, 2026, over 100 entities were acting as Points of Presence (POPs) servicing subscribers under these sectors through more than 1,00,000 touch points across the country. So far, more than 19,000 Corporates have been registered to enroll their employees as NPS subscribers under NPS which also includes Public Sector Banks and Public Sector Enterprises who have mandatorily implemented NPS.
NPS Vatsalya: Pension scheme for Minors: NPS Vatsalya was launched in September 2024 for minors to enable early financial inclusion, encouraging lifelong savings and
empowering the next generation to retire with dignity. During FY2025-26, over 49,000 new subscribers were onboarded taking the total number of subscribers to more than 1,24,000. Further, during the year, NPS Vatsalya Aashirwad facility was introduced, enabling extended family members, relatives and friends to "gift" financial contributions directly into the childs pension account. Moreover, PFRDA eased withdrawal norms like allowing partial withdrawal, exit upto 80% as a lumpsum etc.
ii. Atal Pension Yojana (APY)
APY is an initiative towards making India a pensioned society through financial inclusion. The assured pension and fixed instalment amount with respect to the age not only makes the scheme more attractive to the economically weaker sections but also makes the product simpler and comprehensible. Till March 31, 2026, 440 APY Service Providers have joined, and these APY-SPs have registered more than 1 .8 lakh branches under APY as service branches. APY is Indias flagship contributory pension scheme targeting low-income and informal sector workers. Protean was appointed as the CRA for APY by PFRDA. During FY2025-26 APY recorded its highest-ever annual subscriber addition of over 1.35 crore. Total APY subscribers base in India crosses 7.5 crore as on March 31, 2026.
iii. Unified Pension Scheme (UPS):
The UPS, launched by the Government of India on April 1, 2025, marks a significant milestone in Indias pension landscape. Introduced as an option under the NPS for Central Government Employees, UPS is designed to ensure long-term financial security, stability and dignity postretirement — delivering assured pension pay-outs and inclusive social protection. The scheme is currently available for Central Government Employees and AIS Officers of various State Govts, going forward the State Government can also implement UPS.
The launch of UPS reinforces the Governments commitment to pension reform and showcases Proteans pivotal role in delivering nation-critical, citizen-centric digital infrastructure that shapes the future of retirement security in India. Complementing the success, Protean launched a revamped mobile app during the year, featuring an intuitive interface, enhanced security and advanced functionalities such as new account opening and Tier II activation, further strengthening access to pension services.
During FY2025-26, various important features such as processing of UPS Claims under different categories, UPS Calculator, UPS NPS Comparison Calculator, Dashboard for Offices, Passbook facility, extension of UPS to AIS Officers of various State Govts, alerts to Nodal Offices & subscribers etc. have been implemented under UPS. As on March 31, 2026, under UPS 1,02,067 subscribers have registered & 1,00,127 subscribers have migrated from NPS to UPS. Further, as on March 31, 2026, 8,975 claims have been processed for UPS Subscribers. In addition, as on March 2026, more than 8,000 subscribers have started receiving monthly pension payout under UPS.
eNPS: Protean in its continuous endeavour to simplify procedures and modalities of NPS, developed an online platform (based on PFRDA guidelines) for registration and contribution. This platform has been made available to non-government as well as Government Sector. Under eNPS, multiple options of registration such as through Aadhaar, Digi Locker, CKYC, PAN & KYC Verification by Nodal Office have been provided.
During FY2025-26, more than 6.1 lakh PRANs were generated under UOS, of which more than 23% PRANs were generated through eNPS. Further, till March 2026, 2.71 lakh Government subscribers have been registered through eNPS. The facility to activate Tier II account by existing subscribers has also been made available under eNPS. Out of 13.8 lakh Tier II accounts, more than 9.1 lakh accounts are opened / activated through the eNPS.
At present, Bill Desk and RazorPay act as Payment Gateway Service Providers for eNPS contributions, and more than 70 banks are associated with them through which subscribers can remit contribution to their NPS accounts. Contribution payment using UPI has also been made available in eNPS. Further, more than 6,200 crore was contributed through eNPS (by both, existing as well as new subscribers of NPS regular and Lite including Tier II, by more than 36 lakhs) during FY2025-26.
D-Remit facility: D-Remit facility allows subscribers to get NAV on the same day instead of T+2 working days in any other mode. It provides the subscriber with an option to make systematic investments in the PRAN account. During FY2025-26, more than 13.8 lakh D-Remit transactions were made for which contribution of more than 1,400 crore was settled across sectors.
Integration with BHIM App: NPS registration services with the BHIM App for SBI and ICICI Bank, enabling seamless digital NPS account opening through the platform.
Bharat Bill Payment System (BBPS): To enhance ease and accessibility for NPS subscribers, BBPS the RBI-conceptualized platform for bill payments—has been integrated with the NPS ecosystem. This integration enables Tier I and Tier II contributions to be made securely and conveniently through a wide range of channels under the BBPS framework. As on March 31, 2026, 1,20,000 subscribers have contributed an amount of I 104 cr. (including Tier I and Tier II account) through BBPS.
Online PRAN generation by Nodal Offices: In addition to eNPS, to facilitate the process of PRAN generation and timely upload of NPS contributions, Protean has developed and made available the functionality of Online PRAN Generation to Nodal Offices & POPs. During FY2025-26, more than 4.4 lakhs PRANs (UOS + Corporate) have been generated. This accounts for more than 59% of the total PRANs generated under Private Sector. Whereas in government sector, more than 3.5 lakh PRANs have been generated during FY2025-26 using online PRAN generation facility.
Empowering Subscribers:
• Pension Sahayak: Integrated with PFRDAs AI-enabled Pension Sahayak platform to enable simplified, transparent and multilingual grievance redressal through web, mobile and WhatsApp channels, supported by standardised grievance categories in the CRA system.
• NPS Sanchay: Implemented NPS Sanchay in the CRA system to expand pension coverage among the informal-sector workforce, with enrolment available to Indian citizens aged 18-85 years through online and assisted channels.
• NPS WhatsApp Service: Developed a secure, consent- based WhatsApp service to provide 24x7 access to key NPS services, including profile information, transactions, statements and e-PRAN.
• NPS PRIDE - DISHA: Enabled PFRDAs performance comparison and decision-support tool on the Protean CRA website, providing subscribers with choice-specific, XIRR- based insights into Pension Fund Manager performance. •
• NPS Central: Contributed to the implementation of NPS Central, a unified digital interface envisaged to provide subscribers across CRAs with seamless onboarding, servicing and account access.
• Paperless Exit & Withdrawal: Enabled seamless, paperless withdrawal processing with eSign/OTP verification, online bank verification and enhanced withdrawal options under the amended regulations. During the FY2025-26, PFRDA notified Exits and Withdrawals (Amendment) Regulations, 2025 dated December 12, 2025, under the NPS. To comply with these regulations different features were implemented in CRA during FY2025-26.
• ePRAN & Welcome Kit: Enabled subscribers to opt for ePRAN and digital welcome kits, reducing reliance on physical PRAN cards and associated costs.
• Mobile App: Enhanced subscriber convenience through a unified NPS and APY mobile app, recording more than 2.3 crore downloads as on March 31, 2026.
• Pension Sarathi: Introduced during FY2025-26, Pension Sarathi is an advanced conversational AI assistant powered by Natural Language Processing (NLP) and Large Language Model (LLM) technologies, enabling faster and more efficient handling of pension-related queries and support services. This intelligent assistant serves as go-to resource for all pension-related information, guidance and support. Pension Sarathi has been implemented on all CRA web applications with effect from November 1, 2025. Existing as well as prospective subscribers can access Chatbot for information/ queries on NPS as well as APY. NPS subscribers can get information specific to NPS Account like Account Summary, Recent Transactions View, Statement of Transaction, etc. using Pension Sarathi.
• NPS Prosperity Planner: Enabled personalised
retirement planning through contribution, income and cost-of-living based projections to support sustainable retirement outcomes.
• Balanced Life Cycle Fund: Extended the Balanced Life Cycle Fund to government subscribers, with more than 52,000 subscribers opting for the fund as on March 31, 2026.
• Multiple Scheme Framework: During the FY2025-26, Multiple Scheme Framework (MSF) was introduced for nonGovernment Sector. Under MSF, Pension Funds (PFs) offer schemes that are tailored to specific subscriber persona. For subscribers, the MSF represents a major expansion of choice and personalization. It enables them to balance conservative and aggressive strategies within the same PRAN, to plan for different life stages with tailored schemes and to access transparent and low-cost retirement savings products. As on March 31, 2026, more than 80,000 subscribers have opted for MSF.
• Retirement Advisers: Enabled digital registration of Retirement Advisers, witRs. 87 advisers active on the CRA platform and over 1,600 PRANs generated through them.
• Capacity Building & Awareness Conducted over 2,584 training and subscriber awareness sessions during FY2025- 26 to strengthen NPS awareness and operational capabilities.
• Consolidated Account Statement: Enabled consent- based integration of NPS transaction statements with CAS, with nearly 1.40 lakh subscribers opting for the facility as on March 31, 2026.
• Aadhaar Authentication: Strengthened CRA system security through mandatory two-factor Aadhaar authentication, with over 1 lakh Nodal Offices linked to Aadhaar.
• Digital Media Initiatives: Expanded digital outreach across social media and digital content platforms to enhance awareness and engagement around NPS, APY and UPS. Protean CRAs Facebook page has over 84,000 followers whereas our Instagram page called Protean CRA. CRA has over 27,000 followers. Our YouTube channel - NPS Ki Pathshala has over 2.11 lakh subscribers, with over 7.2 million views and the same has been utilized in imparting knowledge about NPS & APY and related operational aspects.
Subscriber centric enhancements
1. Simplified e-NPS Registration: Streamlined the e-NPS registration process for private sector subscribers, enabling faster and more user-friendly onboarding.
2. Extended Age Eligibility: Increased the maximum entry and contribution age under NPS from 70/75 years to 85 years, expanding access to pension benefits.
3. Enhanced PFM Selection: Enabled direct access to NPS Trusts PFM return details during scheme preference or PFM change requests, facilitating informed decision-making.
4. NPS Vatsalya Ashirwad: Introduced NPS Vatsalya
Ashirwad, enabling extended family members, relatives and friends to contribute to a childs pension account.
C. IDENTITY SERVICES
Indias rapidly expanding digital economy is anchored by trusted identity infrastructure and robust Know Your Customer (KYC) frameworks. As regulatory requirements continue to evolve across banking, capital markets, insurance and fintech, the need for secure, interoperable and real-time digital identity verification solutions has increased significantly.
Protean is a leading provider of digital identity verification services, uniquely offering a comprehensive suite of identity solutions spanning all four key facets of the digital identity ecosystem through an integrated platform. This end-to-end capability enables seamless, secure and compliant identity verification across diverse customer segments and use cases, creating a differentiated value proposition for governments, financial institutions and enterprises.
With deep domain expertise, technology-led innovation and scalable digital platforms, Protean continues to strengthen Indias digital identity ecosystem by delivering secure, efficient and future-ready identity solutions. The Companys capabilities support digital onboarding, regulatory compliance and trusted digital interactions, reinforcing its position as a key enabler of Indias DPI and the broader digital transformation agenda.
Aadhaar-Based Authentication & e-KYC Services
Protean is authorized by the Unique Identification Authority of India (UIDAI) to operate as Authentication Service Agency (ASA), Authentication User Agency (AUA), KYC Service Agency (KSA) and KYC User Agency (KUA). These authorizations enable Protean to provide Aadhaar based authentication and e-KYC services to a wide range of entities including central and state governments, banks, payment banks, PSUs and insurance companies to verify identities electronically using Aadhaar data. Proteans Aadhaar-based authentication and e-KYC services are trusted by 45+ organizations across sectors, including central and state government departments, banks, payment banks, public sector undertakings and insurance companies. By enabling seamless digital onboarding and regulatory-compliant identity verification, the Company plays a vital role in strengthening trusted digital transactions and supporting Indias expanding DPI.
i. Aadhaar Authentication: Proteans Aadhaar-based
authentication services enable secure, real-time and consent-based identity verification across a wide range of government and enterprise use cases. Leveraging its UIDAI-authorised infrastructure, the Company facilitates seamless digital authentication that enhances service delivery, strengthens regulatory compliance and improves operational efficiency.
Key applications of the platform include:
• Direct Benefit Transfers (DBT): Enabling Aadhaar seeding of bank accounts to facilitate targeted and efficient delivery of government welfare benefits.
• Digital Governance: Supporting Aadhaar-
based authentication for attendance and access management, improving transparency and accountability across government departments and educational institutions.
• Tax and Financial Ecosystem: Enabling Aadhaar-PAN linking and identity verification to support regulatory compliance, strengthen KYC processes and promote trusted digital transactions.
ii. Electronic Know Your Customer (e-KYC): The platform enables organisations to digitally verify customer identities using the Aadhaar ecosystem with the explicit consent of the resident, ensuring compliance with applicable regulatory and privacy requirements. The platform supports secure, real-time and paperless customer onboarding across a broad spectrum of sectors, including government, banking, financial services, insurance and public sector undertakings.
By enabling seamless digital identity verification, Proteans e-KYC services reduce onboarding turnaround time, enhance operational efficiency and strengthen regulatory compliance, while delivering a secure and frictionless customer experience. As digital adoption continues to accelerate across industries, the Companys scalable e-KYC platform remains a key enabler of trusted digital transactions and Indias evolving DPI.
iii. Online PAN Verification: Proteans Online PAN Verification (OPV) platform is a critical component of Indias digital identity and compliance ecosystem, enabling authorised entities to validate Permanent Account Number (PAN) details directly against the Income Tax Departments database. With an estimated market share of approximately 90%, the Company processes over 8.3 million PAN verification requests daily, underscoring the scale, reliability and resilience of its platform.
The OPV solution supports real-time as well as bulk PAN verification through multiple modes, including screen-based access, file-based uploads and seamless API integration. Its flexible architecture enables banks, financial institutions, government agencies and enterprises to integrate PAN verification into their digital workflows, supporting customer onboarding, account opening, lending, tax compliance and other regulatory processes.
Key Differentiators of Proteans OPV Platform
• Real-time PAN verification directly against the Income Tax Departments database, ensuring accurate and reliable identity validation
• Flexible integration capabilities through REST APIs, supporting both single and bulk PAN verification workflows for seamless enterprise integration
• Critical enabler of regulatory compliance, supporting KYC, Anti-Money Laundering (AML) and fraud risk management across digital onboarding journeys
• Trusted at scale by organisations across banking, financial services, insurance, lending, HRMS, fintech and Government-to-Citizen (G2C) platforms for high- volume identity verification
iv. eSign: Proteans eSign platform enables Aadhaar holders to electronically sign documents using Aadhaar-based authentication through OTP or biometric verification, facilitating secure, paperless and legally valid digital transactions. The platform supports a wide range of use cases across banking, financial services, insurance and government, including account opening, loan origination, eNACH mandate registration, investment onboarding and execution of regulatory and customer documentation.
During the year, the Company further strengthened its eSign platform by enhancing system reliability, security, authentication capabilities and regulatory compliance. Key enhancements included the introduction of Time-based One-Time Password (TOTP) and Face Authentication, improved transaction processing capabilities, enhanced platform monitoring, proactive service communication, Android 16 compatibility and client- specific customisations. These initiatives improved customer experience, enhanced platform resilience and supported higher transaction throughput.
Proteans eSign platform is trusted by over 180 active organisations, including banks, NBFCs, stockbrokers and government entities, for secure digital document execution. During FY26, the platform processed approximately 16.7 crore eSign transactions, taking cumulative transactions to 75.6 crore, while supporting a daily processing capacity of approximately 4.6 lakh transactions. Backed by its scalable infrastructure, technology-led innovation and strong execution capabilities, Protean continues to maintain a leadership position in Indias eSign ecosystem.
D. OPEN DIGITAL ECOSYSTEM (ODE)
Indias DPI is evolving through the development ofODEs - interoperable, population-scale platforms designed to enable inclusive and seamless digital service delivery across sectors. Built on open standards, open APIs and open-source technologies, these ecosystems foster collaboration among governments, regulators, enterprises and service providers. The Government of Indias continued focus on sector- specific ODEs across e-Commerce, agriculture, healthcare, education and financial services presents significant opportunities for technology partners with proven expertise in designing, building and operating digital public infrastructure.
Leveraging its deep domain experience, Protean continues to play a key role in enabling the design, implementation and operation of Open Digital Ecosystems. The Companys capabilities in building secure, scalable and interoperable digital platforms, supported by strong execution expertise and a robust governance framework, position it as a trusted technology partner in advancing Indias next phase of digital transformation.
Proteans ODE architecture is structured around two foundational layers:
• Digital Public Infrastructure Layer:
Comprises foundational building blocks such as registries, gateways and reference solution providers that enable trusted identity, secure data exchange and interoperable digital transactions across ecosystem participants.
• Application & Ecosystem Layer:
Enables seamless interaction between service providers and users through open, standards-based digital networks. This layer supports scalable deployment of sector-specific Open Digital Ecosystems across e-Commerce, healthcare, agriculture, education, skilling, mobility and financial services.
i. e-Commerce, Mobility and Open Finance
Protean continued to expand its presence across multiple high- impact sectors by enabling large-scale digital platforms for e-Commerce, mobility and financial services.
As a founding technology partner for the Open Network for Digital Commerce (ONDC), the Company supports critical network infrastructure, including gateway, registry and settlement capabilities, enabling seamless interaction between buyer and seller applications while fostering an open and interoperable digital marketplace.
Building on its platform expertise, Protean has also extended its capabilities to the mobility sector by enabling integrated digital transport services across cabs, auto-rickshaws, buses and metro networks, creating a seamless experience for users while empowering local mobility providers.
In financial services, the Company has developed technology capabilities that enable the discovery and distribution of financial products, including loans, insurance and investment products, supported by secure, consent-based data sharing. These initiatives strengthen Proteans presence across emerging digital ecosystems and create new avenues for scalable, long-term growth.
ii. Agriculture
Indias agricultural digitisation is transitioning from foundational registries to large-scale adoption of DPI enabled services. The rapid expansion of AgriStack has established a trusted national digital foundation for farmer-centric service delivery, creating one of the largest agriculture data ecosystems globally, with over 10 crore Farmer IDs created, extensive digitisation of agricultural land records and large-scale crop registry implementation.
Protean has been at the forefront of this transformation as technology partner for the Central AgriStack platform, delivering core registries, interoperability frameworks, consent-based data-sharing mechanisms and scalable digital infrastructure. Further, the Company aims to support the next phase of digital agriculture transformation through state-level agricultural DPI programs and farmer-facing digital services spanning registries, AI-enabled advisory systems, market linkages, subsidy delivery and innovation ecosystems. Emerging opportunities across states including Bihar, Uttarakhand, Assam, Madhya Pradesh and Maharashtra are expected to encompass digital farmer services, AI-powered advisory systems, agriculture data exchanges and marketplace infrastructure. This will create a materially larger addressable market for sustained technology-led growth.
Beyond government platforms, the Company sees significant opportunity in value-added digital services built on the AgriStack foundation. These include agri-input marketplaces enabling farmers to digitally access seeds, fertilizers and pesticides through assisted and agent-led channels. Agriculture lending platforms that leverage farmer identity, crop and land records, digital KYC, eSign and account aggregator frameworks connect farmers with multiple lenders and improve credit access. Further, AI-enabled agriculture services offer personalised advisory on crop planning, input optimisation, pest management, irrigation and market access, drawing on authenticated farmer, land and crop datasets.
International markets present a further growth avenue, with AgriStacks success generating interest among countries seeking DPI-based digital agriculture ecosystems. Ongoing engagements under Open AgriNet and multilateral-funded programmes demonstrate export potential across the Global South.
Looking ahead, the agriculture business is expected to evolve from project-based implementation into a broader platform ecosystem spanning infrastructure, data exchanges, marketplaces, credit enablement and AI-based advisory services, positioning Protean as a leading enabler of agriculture transformation in India and internationally.
iii. Education & Skilling
Protean plays a foundational role in developing and managing key digital platforms for education and skilling in India.
a. Vidyasaarathi
Vidyasaarathi is a digital scholarship management platform connecting underprivileged students with corporate CSR- funded scholarships, aligned with Section 135 and Schedule VII of the Companies Act. The platform offers corporates a compliant, transparent and customisable solution for deploying CSR funds towards education. Since inception, the platform has registered over 19 lakh students, with several prominent Indian companies disbursing scholarships through it, providing critical financial support that improves access to quality education, employment prospects and long-term socio-economic mobility.
b. ONEST (Open Network for Education and Skilling Transformation)
ONEST aims to transform Indias fragmented education and skilling ecosystem into an open, decentralised and interoperable digital network, connecting learners with courses, training programmes and scholarships through unified digital infrastructure. Protean serves as the technology backbone and knowledge partner for ONEST, enabling integration for providers nationwide. This collaborative effort includes ONDC as network facilitator, EkStep as incubator and FIDE as protocol partner, ensuring equitable access to learning and livelihood opportunities regardless of geography or socio-economic background.
iv. Health
Indias healthcare sector is undergoing rapid digital transformation, supported by the Ayushman Bharat Digital Mission (ABDM), which is building interoperable digital infrastructure to connect citizens, healthcare providers and other stakeholders. With the growing adoption of digital health identities and registries, ABDM is creating the foundation for more accessible, efficient and connected healthcare delivery at scale.
Proteans Role: Protean is supporting this transformation through the digitisation of 400+ Aapla Dawakhana primary healthcare clinics across Maharashtra under ABDM. Its integrated solution, comprising a Clinic Management Information System (CMIS), Citizen Personal Health Record (PHR) application and centralised monitoring dashboards, enables digitised patient management, streamlined workflows and improved monitoring of healthcare delivery.
Healthcare is an emerging growth opportunity for Protean, with an estimated ~1500 crore addressable opportunity identified by the Company. Building on its experience in designing and operating secure, interoperable and population-scale digital infrastructure, Protean is leveraging its capabilities to develop scalable solutions for the evolving digital healthcare ecosystem.
v. Insurance
India is the fastest-growing and 10th-largest insurance market globally and is positioned to become the sixth largest by 2032. Insurance penetration in the country has risen steadily from 2.7% at the turn of the millennium to 3.8% in 2025.[2]
Pursuant to the Insurance Regulatory and Development Authority of India Regulations, 2024, the Bima Sugam India Federation (BSIF) has been established as a not-for-profit company under Section 8 of the Companies Act, 2013. The initiative aims to establish and operate the Insurance Electronic Marketplace as a robust DPI with open standards and interoperable platforms, enabling the purchase, sale and servicing of insurance policies, claims settlement and grievance redressal.
Bima Sugam is positioned to transform the insurance industry by serving as a comprehensive platform for consumers, insurers,
intermediaries and agents, supporting transparency, efficiency and collaboration across the value chain. As India progresses towards the Insurance for All by 2047 vision, Bima Sugam seeks to universalise and democratise insurance, bridging the countrys insurance penetration gap.
E. CLOUD AND INFOSEC
Protean is strengthening its presence in sovereign cloud infrastructure through its open-source, MeitY-certified cloud platform, enabling the Company to participate in government- led digital initiatives. The platform is designed to support secure, scalable and resilient cloud infrastructure for large-scale e-governance and enterprise applications, positioning Protean to address the growing demand for trusted cloud services in India.
The platform also incorporates energy-efficient and patented green technologies, developed through partnerships with specialised technology providers, supporting a more sustainable approach to cloud infrastructure. With its capabilities across cloud, cybersecurity and large-scale digital infrastructure, Protean is well positioned to address emerging opportunities in
secure, sovereign and sustainable cloud services.
Competitive Advantages
Proteans Cloud and Information Security offerings are differentiated by a combination of regulatory certifications, indigenous technology, security capabilities, cost efficiency and energy-efficient infrastructure:
• Strong certifications: MeitY, PCI-DSS, SOC 1, SOC 2, SOC 3, ISO and HIPAA certifications, supporting deployments across regulated and sensitive environments.
• Indigenous Quantum-Safe Data Vault: A Made in India Quantum-Safe Data Vault, integrated with digital services such as eSign, providing enhanced protection for sensitive data against emerging security threats. •
• Data sovereignty: An indigenous cloud platform
designed to address data residency, security and compliance requirements, particularly for government and regulated sectors.
• Lower total cost of ownership: An open-source architecture reduces dependence on proprietary technologies and associated licensing costs.
• Ease of deployment and management: Designed to be operated using resources familiar with traditional onpremise technologies, reducing the need for specialised cloud-certified talent.
• Energy efficiency: Incorporation of patented green technologies helps improve energy efficiency and reduce operating costs.
• Proven scalability and security: Built to support millions of events per second (EPS) and backed by Proteans experience in operating secure, population-scale digital infrastructure.
• Target markets: The platform is positioned to serve BFSI, healthcare, public sector and Independent Software Vendors (ISVs), among other sectors.
The platform also offers live migration, performance monitoring dashboards and configurable resource allocation, providing flexible and scalable infrastructure for startups, small businesses and mid-market enterprises.
Core Offerings:
Proteans Cloud and Information Security portfolio comprises an integrated suite of infrastructure, storage, virtual workspace and security services:
i. Infrastructure as a Service (IaaS): Protean provides secure, scalable and configurable compute, storage and networking infrastructure through its MeitY-certified cloud platform. IaaS enables organisations to deploy and manage applications without significant investment in physical infrastructure, supporting greater agility and cost efficiency.
ii. Storage as a Service (StaaS): The Company offers block, object and file storage to support growing enterprise data requirements. The solutions provide flexible capacity, high availability and data durability, with seamless integration across enterprise applications.
iii. Desktop as a Service (DaaS) & Virtual Office: Protean provides cloud-hosted virtual desktops preconfigured with Windows OS, Microsoft Office and enterprise-grade security. The solution enables secure remote access, centralised management and simplified IT administration for government and private-sector organisations, particularly those with distributed workforces.
iv. Security Architecture: Protean deploys a multi-layered security architecture incorporating threat detection and response capabilities, including Security Information and Event Management (SIEM). Supported by certifications including ISO 22301, ISO 27001, PCI-DSS and HIPAA, its security solutions provide protection across data, applications and networks, leveraging indigenous technologies proven at national scale.
v. Managed Security Services: Protean provides end-to- end management of IT environments, covering operating systems, middleware and security configurations, helping customers strengthen compliance, reduce operational risks and maintain the reliability of mission-critical applications. Its Managed Security Operations Centre (SOC) provides 24x7 monitoring and response through in-house security professionals, supported by the Companys experience in operating secure, large-scale digital infrastructure.
vi. Analytics as a Service: Protean Cloud has Launched New offering that is Analytics as a Service, is a multi-persona Decision Intelligence platform perfectly blending the Art & Science of Data to help you discover the world of data intelligence and fuel your imagination from Insight to Foresight.
FY2026 Focus Areas
With the foundational technology built over the last two to three years, the focus this year was on building the sales pipeline and creating market awareness of Proteans offering. At Global Fintech Fest 2025, the Company presented its partnerships across two key areas of forward-looking technology solutions:
• API Life Cycle Management Solution
As a Make in India-focused cloud solutions provider, the Company seeks to build partnerships based on shared philosophies and ways of thinking. Protean has partnered with a Mysore-based start-up, that has developed a competitive product against global players such as Googles Apigee and IBMs API Connect. The Company has created a cloud-based API life cycle management offering already garnering strong market interest.
• AI-in-a-Box
AI and GPU-as-a-Service have gained prominence in the cloud market in recent years, both in India and globally. AI-based offerings are being launched at a considerable pace, driven by corporate interest in exploring AI-based development on both cloud and on-premise infrastructure.
Data localisation and data protection have emerged as important priorities following the Governments introduction of the DPDPA in 2025. Corporates are seeking to develop indigenous solutions using in-house AI capabilities, instead of relying on global providers. This has created a considerable market for AI-in-a-Box offerings, which provide a dedicated GPU for a customer either on the cloud or on their premises.
Proteans existing partnership has resulted in the launch of an AI-in-a-Box hardware and software solution, available through Proteans cloud platform for clients seeking to experiment with small-scale AI compute and launch offerings based on indigenous solutions.
Protean InfoSec has been an emerging segment, growing by more than 75% year-on-year. The Companys offerings under this segment include •
• Tech Services (VAPT, WAPT, security review, application code reviews and ransomware table-top exercises),
DPDPA Assessment Services and Consent Management Solution
New regulations are a major driver for cybersecurity adoption. The Digital Personal Data Protection Act (DPDP), 2023 establishes the legal foundation for data sovereignty. Further, the draft 2025 DPDP rules push this closer to active implementation.
Businesses now face strict legal requirements for cross-border data transfers and breach notifications. Consequently, Identity Threat Detection and Response (ITDR) has become essential for Indian companies. Over the next three years, enforcement of this law is expected to drive significant surge in corporate spending on privacy and compliance services.
• Accelerated digital adoption across key sectors, including finance, healthcare, manufacturing and government
• Ongoing national programmes such as Digital India, e-governance and data localisation mandates
• The growth of AI, analytics, edge computing and pay-as-you-go models
• Increased cloud investment by public and private sector entities, including major expansions by global players and Indian IT companies.
F. DATA STACK
Indias data ecosystem is undergoing rapid transformation, driven by increasing regulatory requirements, growing adoption of AI, the expansion of the API economy and the rising need for data-led solutions supporting financial inclusion. Against this backdrop, Protean continues to strengthen its Data Stack, building a robust and inclusive digital ecosystem through technology-led platforms and solutions across identity management, financial inclusion, digital documentation and data interoperability.
Proteans Data Stack comprises a modular suite of platforms and tools leveraging emerging technologies such as Artificial Intelligence (AI), blockchain, API integration and digital authentication. These capabilities enable use cases across lending, identity verification, digital documentation and data exchange, supporting informed decision-making and agile operations for public and private sector stakeholders. The Company continues to build on these capabilities to deepen its presence in the evolving data ecosystem, while strengthening and complementing its core identity solutions business.
i. RISE with Protean
RISE with Protean is the Companys proprietary API marketplace, designed to simplify the discovery and integration of digital assets through a comprehensive portfolio built around Proteans core identity and infrastructure capabilities. Its integrated offering provides an advantage over fragmented point solutions and enables use across Banking, Financial Services, Government and Digital Enterprises.
During FY2025-26, RISE expanded its suite of identity, verification, financial and mobility APIs, including Mobile and Image Enrichment, Unified Vehicle RC, DigiLocker 3.0, Offline Aadhaar Verification, Video KYC and AI-driven verification capabilities. Enhancements to API governance, security and cloud-native architecture further strengthened the platforms scalability and reliability. By providing access to multiple digital verification and compliance services through a single integration layer, RISE supports digital onboarding, fraud mitigation and regulatory compliance, while creating opportunities for scalable and recurring revenue growth for the Company.
ii. AI-Enabled CKYC
Proteans AI-enabled CKYC solution streamlines customer onboarding by providing verified and pre-filled KYC data through API-based access to the CERSAI infrastructure. The solution reduces duplication and manual effort, thereby improving operational efficiency and simplifying compliance processes for regulated entities. During the year, the platform further strengthened automation of
registry uploads and regulatory compliance updates, while expanding its applicability across NBFCs, fintechs and insurance sectors, enabling partners to reduce onboarding friction and manage KYC compliance more efficiently.
iii. eSignPro
Launched in 2024, eSignPro is Proteans digital documentation suite integrating eSign, eStamping and workflow automation to enable seamless execution of contracts and KYC processes. With multi-channel accessibility through WhatsApp, SMS and email, the platform caters to diverse sectors including BFSI, real estate, healthcare, education and HR. During the year, eSignPro through enterprise-grade capabilities, enhanced security and user experience and integrations with enterprise systems. The platform enables organisations to improve turnaround times, reduce documentation costs and strengthen compliance, while supporting the Companys expansion into the growing digital documentation market.
iv. Account Aggregator (AA)
As an RBI-licensed Account Aggregator, Protean facilitates secure, consent-based financial data sharing across institutions. The AA framework supports data-driven lending and personalized financial services, contributing to greater financial access and inclusion. This positions Protean to capitalize on the growing open banking and digital lending market requiring secure financial data exchange.
• AI adoption in public services is driving demand for data stacks that enable real-time processing, ML pipelines, and semantic models.
• Cloud-native and edge computing adoption is boosting demand for modular, containerized data stack components.
• Programs like Digital India and Gati Shakti require unified platforms, driving growth in data lakes and warehouses.
• Rising focus on data localization and citizen data protection is creating demand for secure, compliant data stack solutions.
• Policy initiatives like ECMS (Electronics Component Manufacturing Scheme) support homegrown digital infrastructure and indigenous development of data stack components.
Key RFPs Won and Proteans Role
i. CERSAI CKYCRR 2.0
Launched in 2016, the Central KYC Records Registry (CKYCRR) is an ambitious initiative backed by all four key financial regulators—RBI, SEBI, IRDAI, and PFRDA. CKYCRR 2.0 is a next- generation modernisation initiative aimed at creating a more scalable, secure and user-friendly centralised KYC infrastructure for Indias financial sector. The platform is designed to enable seamless reuse and updation of KYC records across banking, securities, insurance and pension sectors through an API-first architecture, while leveraging technologies such as AI-based deduplication, face matching, OCR and real-time document validation to enhance data quality, security and efficiency. It aims to revolutionize customer onboarding by creating a centralized KYC database to streamline compliance and efficiency across financial institutions.
In FY2025, the company had secured a prestigious INR 161 crore mandate from CERSAI, a Government of India undertaking, to develop CKYCRR 2.0—the upgraded Central KYC Records Registry.
Protean operates as a System Integrator, functioning between the CERSAI, the project owner, regulator and the broader financial network of Reporting Entities and their customers. The Company oversees the application, the underlying infrastructure and the operational services required to keep the Registry running.
Proteans responsibilities cover the complete lifecycle of the platform, from solution design to steady-state operations across the term of the project. As a system integrator, the Company retains all functionality of the existing CKYCRR system while introducing a substantial set of enhancements, including the following:
• AI-based deduplication and face-match technology for near real-time generation of KYC identifiers.
• An Aadhaar Data Vault (ADV) integrated with Aadhaar Service Agencies (ASAs).
• OCR-based validation of uploaded documents against the underlying data fields.
• Real-time validation of Officially Valid Documents (OVDs) with the relevant issuing authorities.
• Image and photo matching for identity verification.
• A client-facing access channel for viewing records and submitting update requests. •
• Client consent mechanisms and a graded KYC framework based on risk profile.
• Record deactivation, suspension and reactivation workflows.
• Expanded API-based services for record upload and update.
As the platform moves from implementation to steady-state operations, the companys continued execution on security, data quality and citizen-facing features will be central to achieving CERSAIs vision of a modern, unified KYC infrastructure.
With growing volumes of KYC records and increasing participation from financial institutions, CKYCRR 2.0 is expected to strengthen the KYC-once framework and reduce friction in customer onboarding across the financial ecosystem.
ii. Bima Sugam - Digital Public Infrastructure for Insurance
Bima Sugam is an industry-led, regulated digital public infrastructure initiative envisaged to create a unified, open and interoperable marketplace for insurance, bringing customers, insurers and intermediaries onto a common digital ecosystem. Governed under the IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024, the platform is designed to simplify the insurance journey across discovery, comparison, purchase, policy servicing and claims. Its core architecture encompasses a unified insurance marketplace, digital policy repository, e-KYC and consent utility and real-time claims servicing gateway.
The platform is expected to enhance accessibility, transparency and efficiency across the insurance value chain by enabling paperless processes, standardised APIs, seamless digital integrations and consent-based data exchange. It is designed to support both self-service and assisted channels, expand access to underserved markets and facilitate faster claims servicing, thereby contributing to the broader objective of deepening insurance penetration and advancing the vision of "Insurance for All".
During, FY2025-26, the Company secured a strategic mandate from Bima Sugam Insurance Foundation (BSIF) to serve as the Technology Solution Provider for the design, development, implementation, integration, support and maintenance of Bima Sugam, Indias Insurance Electronic Marketplace. The mandate, valued at approximately 1100 crore and extending over 72 months, marks a significant addition to the Companys portfolio of DPI initiatives.
iii. UIDAIs Aadhaar Seva Kendra (ASK)
Aadhaar is a critical DPI enabling trusted identity verification and access to public and private-sector services. With increasing adoption and the need for accessible citizen services, UIDAI issued a mandate in July 2025 to establish and operate district-level Aadhaar Seva Kendras (ASKs) across 471 districts. The centres will provide Aadhaar enrolment, biometric and demographic updates, including mandated biometric updates for children at ages 5 and 15 years.
During FY2025-26, Protean won the mandate to establish and operate district-level Aadhaar Seva Kendras (ASKs) across 190 districts in India for an initial period of six years. The mandate, with an estimated order value of approximately 1,370 crore
including taxes represents a significant expansion of Proteans role in Indias digital identity ecosystem.
Under the mandate, Protean is responsible for the end-to- end establishment and managed operations of the ASKs,
including deployment of dedicated infrastructure, hardware and trained manpower. The centres will serve as key citizen-facing facilities for Aadhaar enrolment, demographic and biometric updates and other Aadhaar-related services, supporting both appointment-based and walk-in services. The scope also includes services associated with new births and mandatory biometric updates at specified age milestones, further strengthening the last-mile delivery of Aadhaar services.
The ASK mandate strengthens Proteans position as a trusted infrastructure partner in Indias identity ecosystem, complementing its established presence across PAN and other citizen-scale digital platforms. Leveraging its technology capabilities and nationwide execution experience, the Company successfully rolled out 102 Aadhaar Seva Kendras (ASKs) across 25 States and Union Territories as on July 2026. Revenue generation from the centres has commenced, with early performance in line with expectations, providing visibility for sustainable, recurring revenues.
International Expansion - Taking India Stack Global
Protean is taking India Stack global via Protean International DMCC, with active mandates in Morocco and Ethiopia and pilots across Africa, MENA and Southeast Asia. This represents significant growth opportunity as countries seek to replicate Indias DPI success.
DPI Components for International Market:
• Foundation ID: Open-source digital identity systems for population-scale implementation
• ITAS (Integrated Tax Administration System): Complete tax infrastructure solutions
• E-KYC and E-Sign: Digital onboarding and AML compliance systems
• Open Digital Ecosystem - E-commerce, Mobility, Agriculture, Health and Education
• Pension and Social Security: NPS-based social security system Revenue Model
RFP-led DPI implementations that create opportunities for recurring support and maintenance revenues and enable the development of value-added enterprise solutions.
The Company continued to diversify its international portfolio beyond Digital Identity, leveraging its modular DPI-in-a-Box approach to offer scalable, interoperable and adaptable digital solutions for government-led transformation programmes. The approach builds on Proteans experience in deploying population- scale digital infrastructure in India and enables faster adaptation of proven digital building blocks to local requirements.
During the year, Protean strengthened its global ecosystem through strategic partnerships with governments, development institutions, technology partners and open digital infrastructure organisations. Key engagements include:
Empowering Ethiopian Agriculture
In collaboration with ATI and the Ministry of Agriculture, the company secured a 125 crore national mandate in Ethiopia. Under the engagement, Protean will act as a system integrator, providing end-to-end technology, programme management and engineering services covering the design, development, deployment and ongoing support of an AI-powered digital platform. The initiative aims to establish unified agricultural ecosystem through unique farmer and farm identities, integrated data covering crops, soil & livestock and AI-driven advisory services. This mandate represents an important step in the Companys strategy to leverage its DPI capabilities internationally and expand its role in developing Digital Public Goods (DPGs) for large-scale, citizen-centric ecosystems.
Transforming Social Security in Zanzibar
Secured an international mandate to implement the Zanzibar Old Age Pension Disbursement Platform, leveraging OpenG2P technology to enable transparent, efficient and direct delivery of social security benefits.
Strengthening Moroccos Educational Foundation
To implement a digital Learning Management Platform in Morocco, leveraging SunbirdED to strengthen preschool education through standardized pedagogical tools and developmental milestone tracking.
Strategic Digital Health Consulting in Ethiopia
Provide strategic digital health consulting to Ethiopias Ministry of Health, including the design of a comprehensive Enterprise Architecture for the countrys Digital Health ecosystem using the TOGAF framework.
Going forward, the Company remains focused on converting its growing international pipeline into scalable engagements, deepening partnerships and leveraging its India-developed DPI capabilities to address country-specific digital transformation priorities. With a growing portfolio across sectors and geographies, the international business is positioned as a strategic growth opportunity and an avenue to extend Proteans expertise in building interoperable, secure and population-scale digital infrastructure globally.
Strategic Investment
Protean acquired a 4.95% stake in NSDL Payments Bank Limited for approximately 130.2 crore. The investment strengthens Proteans presence in the digital financial services ecosystem and provides an opportunity to leverage the complementary capabilities and distribution networks of both institutions.
NSDL Payments Bank is a digital-first bank focused on accessible banking and payment services, combining digital platforms with an assisted distribution network to serve customers across urban, semi-urban and rural markets.
The strategic alignment brings together NSDL Payments Banks regulated banking platform and distribution network with Proteans expertise in building secure, interoperable and population-scale digital infrastructure. The partnership provides an opportunity to co-create and deploy certified digital banking solutions, which can subsequently be scaled across banks, fintechs and other regulated entities. It also creates opportunities to extend Proteans digital infrastructure capabilities across last- mile financial inclusion, MSME finance, pensions and other citizencentric financial services, supporting the Companys strategy of expanding into adjacent, technology-led growth opportunities.
5.3 Financial Performance Overview
A CONSOLIDATED PROFIT and LOSS HIGHLIGHTS
| Particulars | FY2025-26 | FY2024-25 | FY2023-24 |
| Total Income | 1,071 | 909 | 950 |
| Expenditure | 936 | 790 | 822 |
| Depreciation and amortization expense | 47 | 28 | 27 |
| Profit before Tax | 135 | 118 | 128 |
| Profit after Tax | 101 | 92 | 97 |
| Net Worth | 1,077 | 999 | 926 |
| Earnings Per Share | |||
| - Basic (1) | 24.79 | 22.83 | 24.06 |
| - Diluted (1) | 24.70 | 22.65 | 23.94 |
| Dividend paid/ proposed (%) (Face Value - 110 per equity share) | 100% | 100% | 100% |
During FY2025-26, Revenue from operations stood at 1 998 crore as compared to 1 841 crore in FY2024-25. The Profit After Tax (PAT) during the year was 1 101 crore as compared to 1 92 crore during the previous year.
i. Revenue
In FY26, Protean recorded revenue from operations of 1998 crore, reflecting a 19% year-on-year increase from 1841 crore in FY25. The increase is primarily on the back of strong growth momentum across core & new business verticals.
ii. Expenses: Total expenses, including depreciation and amortisation, stood at 1936 crore in FY2025-26, compared witRs. 1790 crore in FY2024-25, representing an increase of 18.4% year- on-year. The increase was primarily driven by a one-time increase in processing charges associated with the recognition of 144 crore of storage revenue pertaining to the preceding three years.
Employee benefit expenses increased mainly due to additional hiring undertaken to support the execution of RFP-led projects, along with annual increments. System implementation, support and maintenance expenses also increased in line with the ongoing development and execution of these mandates, reflecting investments made ahead of their full revenue ramp-up.
The Company also recognised accelerated amortisation and impairment of certain intangible assets, based on conservative cash flow assumptions, which further contributed to the increase in total expenses during the year.
iii. Profitability Profit Before Tax
In FY2025-26, the company recorded a profit before tax of approximately 1135 crore, compared to 1118 crore in FY2024-25, reflecting a year-on-year increase of around 10%.
Profit After Tax
The companys profit after tax stood at 1101 crore in FY2025-26 as compared to 192 crore in FY2024-25, recorded a growth of 9% year-on-year.
iv. Dividend
The Board of Directors has proposed a final dividend of 110 per equity share (on a face value of 110 each) for the financial year 2025-26, subject to shareholder approval. This proposed 100% dividend translates to an estimated cash outflow of 140.6 crore, reflecting a complete payout on face value and roughly 40% of Profit After Tax (PAT).
B. CONSOLIDATED BALANCE SHEET HIGHLIGHTS
Assets
| Particulars | FY2025-26 | FY2024-25 | YoY Change (%) |
| Tangible Assets | 65 | 47 | 38.3 |
| Right-of-use & Intangible Assets | 122 | 116 | 1.9 |
| Financial Assets | 610 | 616 | (1) |
| Other Non-Current Assets | 67 | 56 | 19.6 |
| Total Non-Current Assets | 864 | 836 | 3.4 |
| Trade Receivable | 205 | 144 | 42.0 |
| Cash and Bank | 187 | 136 | 36.9 |
| Other Financial and Current Assets | 219 | 191 | 14.6 |
| Total Current Assets | 610 | 471 | 29.4 |
| Total Assets | 1,474 | 1,307 | 12.8 |
i. Non-Current Assets Tangible Assets
The tangible assets of the Company have increased by 38.3% from 147 crore in FY25 to 165 crore in FY26. This growth is attributed to additions during the year, alongside significant capital expenditure during the year.
Right of Use and Intangible Assets
Right of Use and Intangible Assets stood at 1122 crore as on March 31, 2026, compared witRs. 1116 crore in the previous year. The marginal increase was primarily attributable to additions to intangible assets from ongoing technology and product development, partly offset by amortisation and impairment during the year. These investments support the Companys expanding portfolio of digital platforms and solutions.
ii. Current Assets Trade Receivables
The trade receivables of the Company increased by 42.0% from 1144 crore in FY25 to 1205 crore in FY26.
Equity and Liabilities
| Particulars | FY2025-26 | FY2024-25 | YoY Change(%) |
| Shareholders Equity | 1,077 | 999 | 7.9 |
| Lease Liabilities | 70 | 60 | 15.8 |
| Other Non-Current Liabilities | 21 | 22 | -2.4 |
| Total Non-Current Liabilities | 91 | 82 | 10.9 |
| Trade Payables | 136 | 103 | 31.8 |
| Lease Liabilities | 18 | 8 | 113.7 |
| Other Current Liabilities | 152 | 114 | 32.5 |
| Total Current Liabilities | 305 | 226 | 35.2 |
| Total Liabilities | 396 | 308 | 28.7 |
| Total Equity and Liabilities | 1,474 | 1,307 | 12.8 |
iii. Non-Current Liabilities Lease Liabilities Non-current Lease Liabilities
Non-current lease liabilities increased by 15.8% to 170 crore as on March 31, 2026, from 160 crore as on March 31, 2025. The increase was primarily attributable to additional long-term lease commitments undertaken to support the Companys expanding operational requirements for RFP related projects, including capacity additions and renewals of existing lease arrangements.
iv. Current Liabilities Trade Payables
The trade payables of the Company increased by 31.8% from 1103 crore in FY25 to 1136 crore in FY26. This is mainly due to provision taken for RFP related projects. The lease liabilities of the Company increased by 113.7% from 18 crore in FY25 to 118 crore in FY26. This is largely linked to the increase in the RFP related projects work.
C. KEY FINANCIAL RATIOS
| Particulars | FY2025-26 | FY2024-25 | YoY Change (%) |
| Revenue Growth (%) | 18.7% | -4.7% | 2,337 bps |
| Net Profit Margin (%) | 11.0% | 10.2% | 86 bps |
| Operating Profit Margin (%) | 18.8% | 17.7% | 117 bps |
| Basic EPS | 24.79 | 22.83 | 8.6% |
| ROCE | 12.1% | 11.2% | 92 bps |
| Debtors Turnover Ratio (days) | 64 | 72 | -11.9% |
| Current Ratio (x) | 2.0 | 2.1 | -4.3% |
| Return on Net Worth (%) | 9.3% | 9.3% | 5 bps |
| Inventory Turnover Ratio | NA | NA | NA |
| Interest Coverage Ratio | NA | NA | NA |
| Debt Equity Ratio | NA | NA | NA |
• Revenue grew by 18.7% in FY26, mainly due on the back of strong growth momentum across core & new business verticals
• Net Profit Margin stood at 11.0% vs. 10.2% in FY25
• Basic EPS grew from 22.83 in FY25 to 24.79 in FY26
• Return on Capital Employed (ROCE) increased to 12.1% from 111.2% due to investment in setting up new businesses
• Days sales outstanding (DSO) improved to 64 days from 72 days with clearance of past receivables
• Current Ratio stood at 2.0, declined 4.3% from 2.08 in FY25, due to increased trade receivables.
• Return on Net Worth (RONW) remainedflattish at 9.3% vs the same in FY25
D. BUSINESS SEGMENT - FINANCIAL OVERVIEW
i. Tax Services
The segment reported a robust 17.5% YoY revenue growth in FY26, driven by 232 bps gain in market share and a sharp increase in PAN card issuances, ahead of the regulatory changes in PAN documentation norms effective 1st April 2026. Revenue for the year also includes INR 44 crore on account of storage charges. Protean reinforced its leadership position witRs. 59% market share and issued over 4.7 crore PAN cards during the year.
ii. Central Recordkeeping Agency Services
Proteans CRA business demonstrated strong growth of 13% YoY in terms of new subscriber additions during the year. More than 1.5 crore new subscribers were onboarded, capturing 96% market share in incremental additions. The company also strengthened its corporate footprint with more than 3,000 new corporates onboarded, the highest in a single financial year. Overall, the company maintains a dominant market position with a 97% share across NPS, APY, and UPS.
iii. Identity Services
The segment continues to benefit from the strong momentum of the Digital India movement, reflecting in robust volume growth across most ID products during the year. There is a visible increase in demand for value- added offerings by Protean such as eSignPro, RISE with Protean and KYC Search & Reporting Solutions, positioning the company to capitalize on this growth trend. Protean remains focused on expanding market share and scaling differentiated offerings, to further strengthen its position within Indias digital identity ecosystem.
iv. New Businesses
FY26 marks a significant milestone in Proteans diversification journey with new businesses contributing 10% to the total revenue, up sharply from 4% in FY25. The company continued to strengthen its presence across emerging digital public infrastructure opportunities, with strategic RFP projects like CERSAI CKYCRR 2.0 and Bima Sugam.
Company Outlook
FY26 was a landmark year for Protean, with strong growth across our core businesses and meaningful progress in diversification beyond legacy business verticals. While Tax and CRA Services continued to demonstrate resilient growth, increasing traction across Identity and New Businesses reflects the Companys growing role in enabling next-generation DPI. As Indias DPI ecosystem continues to evolve, Protean remains uniquely
positioned at the intersection of technology, inclusion and population-scale digital infrastructure. Our focus continues to be on building resilient, future-ready platforms that enable trusted digital access for citizens, institutions and governments alike.
5.4 Human Resources
Proteans human capital strategy continues to evolve in line with its purpose-led growth agenda and the changing requirements of the DPI landscape. During FY2025-26, the Company focused on strengthening workforce resilience through agile ways of working, fostering employee engagement & inclusion and accelerating digital skilling across levels. During the year, the Company resumed full-time onsite working for all employees.
During FY2025-26, the Company completed a role- and level-wise job mapping exercise to bring greater consistency and transparency to its compensation framework. This was complemented by a digitised performance management system enabling 100% KPI tracking and performance reviews, supported by stakeholder training and leadership validation to strengthen alignment between individual performance and organisational priorities. Diversity, Equity and Inclusion (DEI) remained a key focus, with women representing 21% of the overall workforce and 13% of the Board as on March 2026. Employee attrition stood at 13.3% during the year, supported by structured retention initiatives and CXO-led interventions focused on proactively addressing exit risks, identifying high-potential talent and enhancing career visibility, internal mobility, recognition and employee engagement.
Employee well-being remained a key priority of Proteans workforce strategy. All permanent employees continued to be covered under Group Medical, Personal Accident and Term Life insurance programmes, with no safety incidents reported during the year.
On the learning and development front, in FY2025-26, the company delivered an average of 23 training hours per employee, underscoring its commitment to continuous learning and future readiness. Alongside functional and compliance programs, we prioritized AI skilling and digital capability building, launching the AI Readiness Program (AI 101) to build foundational AI awareness across teams. For more details refer to Human Capital section.
Looking ahead, Protean remains committed to strengthening its Employee Value Proposition across opportunity, well-being, inclusion and engagement. The Company will continue to invest in AI-readiness, HR digitisation and leadership development, ensuring that its workforce remains future-ready, purpose- aligned and anchored in Proteans long-standing ethos of nationbuilding through innovation.
SWOT ANALYSIS6
• Three decades of population-scale delivery: Deep experience in designing, operating and transforming mission-critical digital infrastructure with a proven track record of delivering at national scale.
• Diversified and expanding business portfolio: Presence across Tax Services, CRA Services, Identity Services, Open Digital Ecosystems, Cloud & Infosec, Data Stack and taking India stack global, providing multiple avenues for growth across public and enterprise ecosystems.
• Strong market leadership across core businesses: Sustained leadership in PAN and CRA strong positions in identity services, supported by deep domain expertise and long-standing institutional relationships.
• End-to-end digital identity capabilities: Comprehensive capabilities spanning Aadhaar authentication, e-KYC, PAN validation and eSign, complemented by expertise in AI, cloud, cybersecurity and data technologies.
• Strong financial position: Debt-free balance sheet and healthy liquidity provide the financial flexibility to invest in technology, talent and large, multi-year mandates while supporting the Companys growth ambitions.
• Deep nationwide delivery and distribution capabilities: Extensive reach across India, supported by a broad distribution network and population-scale operating infrastructure, including expanding Aadhaar service infrastructure across States and Union Territories.
• Emerging global DPI opportunity: Growing international presence with India Stack expertise translating into contracted DPI implementations across international markets, particularly in Africa and the Middle East, creating opportunities for implementation, support and value-added services.
• Dependence on government-led mandates: A significant portion of the Companys business is linked to government programmes and regulatory frameworks, making project timelines, scope and revenue realisation sensitive to policy changes, programme design and administrative decisions.
• Upfront investment ahead of revenue realisation: Large RFP-led mandates often require upfront investments in technology, talent, infrastructure and implementation before reaching steady-state operations, creating nearterm pressure on margins and cash flows.
• Evolving monetisation in foundational services: High transaction volumes in foundational identity and digital infrastructure services do not always translate proportionately into revenue, highlighting the need to continually expand into higher-value, differentiated offerings. •
• Execution concentration across large mandates: Concurrent execution of multiple large, long-duration projects increases the operational complexity of resource deployment and makes timely execution and ramp-up of individual mandates important to near-term revenue and profitability.
• Globalisation of DPI capabilities: Growing international demand for sovereign, cost-efficient and rapidly deployable digital infrastructure creates an opportunity to take Proteans population-scale DPI capabilities and India Stack expertise to emerging markets, particularly across Africa and the Middle East.
• Expansion of Aadhaar-led services: The rollout of district-level Aadhaar service infrastructure creates opportunities to deepen Proteans role across the identity ecosystem and expand into technology-enabled citizen services with recurring revenue potential.
• Adjacent opportunities in regulated digital infrastructure: Operating critical platforms across KYC, insurance and other regulated ecosystems provides a strong foundation to expand into adjacent services and higher-value layers over time.
• Long-term growth in tax and pension ecosystems: Continued formalisation, financial inclusion and increasing adoption of digital tax and pension services provide significant headroom for growth, particularly across underserved and informal segments of the population.
• Scaling Open Digital Ecosystems and enterprise solutions: Expansion of digital ecosystems across eCommerce, mobility, finance, agriculture, health, insurance and education, along with growing demand for digital documentation, APIs and enterprise solutions, creates opportunities to build higher-value offerings through platforms such as eSignPro and RISE with Protean.
• Favourable structural digitalisation trends: Rising internet and smartphone adoption, increasing digital transaction intensity, financial inclusion and sustained policy support for DPI continue to expand the addressable market for Proteans digital services.
• Intensifying competitive landscape: Increasing competition from domestic and global technology players across government and enterprise digital services, with heightened pricing pressure in commoditised and foundational service segments.
• Policy and regulatory dependence: Changes in government policies, programme architecture, procurement models and regulatory frameworks could impact the scope, pricing, timelines and continuity of existing mandates and create opportunities for new competitors.
• Evolution of the PAN ecosystem: Ongoing evolution of the PAN ecosystem, including the implementation and transition associated with PAN 2.0, could influence the structure of PAN-related services and the Companys role across the value chain.
• Cybersecurity and data protection risks: Operating critical digital infrastructure and processing sensitive citizen data at scale exposes the Company to evolving cybersecurity, privacy and data protection risks, with increasing regulatory and compliance requirements.
• Rapid technological evolution: Accelerating advances in AI, cloud, cybersecurity and other emerging technologies require continuous investment and capability enhancement, while rapid technology cycles may increase the risk of obsolescence. •
• Execution and technology resilience: Increasing scale and complexity of mission-critical digital platforms heighten the importance of operational resilience, cybersecurity preparedness and uninterrupted service delivery, with any disruption potentially affecting stakeholder confidence and business continuity.
7. RISK MANAGEMENT
The Company has a comprehensive and board-approved enterprise Risk Management Policy that underpins a structured governance framework. This framework encompasses a multitiered risk governance structure, a formalized risk assessment process, and robust monitoring mechanisms to ensure proactive and effective risk management across the organization. The Companys risk governance model integrates both top-down and bottom-up approaches to risk ownership. This enables leadership to make informed strategic decisions while fostering decentralized accountability at the business unit level. A senior- level Risk Management Steering Committee, supported by an Enterprise Risk Management (ERM) team, function-specific Risk Champions, and CXOs, collectively drive risk mitigation efforts across their respective domains.
An Enterprise Risk Register is maintained to monitor and manage identified risk exposures. In the event of any breaches, mitigation plans are formulated and escalated to the Board through the Risk Management Committee. This Committee plays a pivotal role in overseeing the Companys risk management framework, including implementation of best practices such as Horizon Scanning and Scenario Analysis to identify emerging risks such as technology, cybersecurity and regulatory changes. It meets periodically with all relevant stakeholders to review and approve associated practices.
The third line of defence is provided by the Internal Audit function, which independently evaluates the design and effectiveness of risk controls and mitigation strategies. Key observations are reported to the Audit Committee, ensuring transparency and continuous improvement. To embed a risk-aware culture, the Company conducts regular training sessions for Risk Owners, Champions and Coordinators. Additionally, newsletters covering diverse aspects of ERM are circulated to enhance awareness and internal capabilities.
Further, Risk Management team evaluates and adopts proactive measures to anticipate challenges and enable coordinated responses. The integration of control indicators and early warning systems further strengthens the Companys ability to detect and respond to risks in a timely manner. This structured and dynamic approach to risk governance supports Protean commitment to sustainable growth, operational resilience.
8. CYBERSECURITY
Cybersecurity remains a foundational pillar of Protean eGov Technologies Limiteds role as a trusted architect of Indias national digital infrastructure. With the growing adoption of digital services across key sectors such as finance, healthcare and governance, ensuring systems are secure, compliant and resilient has become a strategic necessity. The Company has instituted a comprehensive Cybersecurity Policy that provides structured guidelines for safe digital practices, threat mitigation and breach response. This policy is supported by a formal cybersecurity governance framework, which includes oversight
from internal committees and alignment with enterprise-wide risk management protocols. Key governance stakeholders include the Chief Information Security Officer (CISO), Chief Risk and Compliance Officer (CRCO), Chief Information Officer (CIO), Chief Data Officer (CDO) and vertical-specific teams responsible for digital security and compliance. Protean operates a dedicated Security Operations Center (SOC) for 24x7 monitoring and detection of cybersecurity incidents. Alerts are investigated, classified, and prioritized for remediation. Forensic analysis plays a crucial role in both investigating and preventing security breaches. Our robust system architecture is designed to incorporate threat intelligence and indicators of compromise. Additionally, the classification of events is managed with severity-based remediation timelines to ensure prompt and effective responses.
Proteans cybersecurity strategy is built on a defence in-depth model, with a gradual implementation of Zero Trust principles, particularly in identity and Privilege management and network segmentation. The Company conducts Vulnerability Assessment and Penetration Testing (VAPT) half yearly basis to meet regulatory requirements and maintains continuous compliance monitoring processes. To strengthen digital resilience, Protean continues to invest in next-generation technologies, including:
• Zero Trust Architecture
• AI-powered Vulnerability management tools
• Patch Automation
• AI-driven threat detection and anomaly monitoring
Regular training and awareness programs are conducted to promote cyber hygiene among employees, covering topics such as phishing risks and secure system usage. Proteans cybersecurity posture is strengthened by adherence to international standards, including ISO 27001:2022 (Information Security Management Systems), ISO 22301(Business Continuity Management System, ISO 20000 (IT Service Management) and ISO 9001:2015 (Quality Management), affirming its capability to manage high-volume digital transactions with integrity and operational excellence.
In response to the Digital Personal Data Protection Act, 2023 and global frameworks such as the General Data Protection Regulation (GDPR), Protean is actively aligning its cybersecurity and data protection measures with evolving statutory and customer expectations. As a provider of critical digital public infrastructure with nationwide coverage, the Company remains committed to building secure, AI-enabled digital ecosystems that support Indias Industry 4.0 aspirations while upholding the highest standards of data privacy and resilience.
Gen AI Synergies: Building for the Future
The Company has continued to reinforce its leadership in digital public infrastructure through strategic investments in emerging technologies, including Artificial Intelligence (AI), Machine Learning (ML) and Blockchain. These investments are aimed
at enhancing digital service delivery across key sectors such as identity management, finance, transportation, education, agriculture and healthcare. During the year, the Company advanced its AI initiatives by developing natural language search tools for e-commerce platforms, aligned with the Open Network for Digital Commerce (ONDC). These tools are designed to improve user experience and accessibility, enabling more intuitive interactions within digital marketplaces.
In the area of digital identity, Protean has integrated AI to streamline verification processes, mitigate fraud risks, and empower citizens to manage their digital identities securely. The Company is also exploring biometric authentication to further strengthen identity verification systems. Additionally, a blockchain-based platform for verifiable credentials is under development, aimed at ensuring data integrity, transparency, and security. AI is being embedded into open networks to facilitate intelligent data sharing among government agencies, thereby enhancing service delivery and enabling deeper citizen insights. In support of Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) objectives, Protean has deployed AI-driven recommendation systems to match corporates with suitable NGOs and projects, improving alignment and impact.
Investments in AI-driven eKYC and blockchain-based identity management systems have positioned the Company to benefit from the broader industry shift toward automation and operational efficiency. The Company is strategically investing in high-impact products and modernizing its core technologies to enhance scalability, accelerate delivery and drive sustained innovation - reinforcing its leadership as a Gen AI pioneer and a key enabler of AI-driven public infrastructure.
9. ESG VISION
At Protean, ESG is not a parallel agenda but an integral part of how we build and operate Digital Public Infrastructure for millions of citizens. Our vision is to create trusted, inclusive and future-ready digital ecosystems that deliver sustainable economic, social and environmental value while contributing to Indias long-term development aspirations.
We pursue this vision through a balanced approach that combines technological innovation with responsible growth. Environmentally, we are focussed on accelerating the transition towards a lower-carbon future through renewable energy adoption, resource efficiency, sustainable infrastructure and a science-led approach to emissions management. Socially, we aim to expand access to digital and financial services, bridge inclusion gaps and strengthen livelihoods by enabling participation across citizens, enterprises and institutions.
Our governance framework reinforces accountability, transparency and responsible conduct across the organisation. Supported by strong Board oversight, enterprise-wide ESG integration and stakeholder-centric decision-making, we continuously strengthen our ability to manage risks, create positive impact and build enduring trust. Through this integrated approach, Protean seeks to remain a responsible technology partner and a catalyst for sustainable digital transformation.
10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Protean e-Gov Technologies Limited has instituted a robust and well-structured internal control framework that is aligned with the nature and complexity of its digital public infrastructure initiatives, citizen-centric service delivery platforms, and data governance operations. This framework is designed to ensure the integrity of financial reporting, operational efficiency, and regulatory compliance, in alignment with the requirements of Section 134(5)(e) of the Companies Act, 2013. The internal control system encompasses comprehensive policies, standard operating procedures, and control manuals that guide day- to-day operations across all functions. These controls are periodically reviewed and updated to reflect evolving business needs and regulatory changes. Business and functional heads are accountable for maintaining effective controls within their respective domains, supported by periodic self-assessments and control testing.
The Company follows the three lines of defence model, wherein the first line comprises business and functional teams responsible for identifying and managing risks. The second line includes risk management and compliance functions that provide oversight. The third line consists of the independent internal audit function, which offers assurance and conducts reviews.
Internal audits are conducted based on risk assessment or regulatory requirements to assess the design and operating effectiveness of controls. The Audit Committee, comprising independent and professionally qualified Directors, defines the scope and authority of the Internal Audit, who report directly to the Chairperson of the Committee to ensure independence and objectivity. The internal audit plan is developed annually in consultation with statutory auditors and approved by the Committee, with a focus on high-risk areas. Where necessary, third-party professionals are engaged for specialised assessments and/or for the resourcing requirements. Protean has also enhanced its use of technology to strengthen its control environment. Over previous couple of years this included enhancing coverage of business operations and processes. Significant audit findings and recommendations are reviewed by the Audit Committee and acted upon by relevant process owners.
Based on the evaluation conducted during the year, the Board of Directors and the Audit Committee are of the opinion that the Companys internal financial controls are adequate and operating effectively, with no material weaknesses observed.
11. CODE OF ETHICS AND VIGIL MECHANISM
The Company is committed to conducting its business with integrity, transparency, and professionalism. The Company has adopted a Code of Ethics and Staff Rules that guide the conduct of Directors and employees. In line with the Companies Act, 2013, the Company has established a Vigil Mechanism through its Whistle Blower Policy, enabling stakeholders to report concerns related to unethical behaviour, fraud, or violations of the Code. The mechanism ensures confidentiality, safeguards against victimization and allows direct access to the Chairperson of the Audit Committee in appropriate cases.
I CAUTIONARY STATEMENTS
In accordance with applicable securities laws and regulations, certain statements within the Management Discussion and Analysis section may be considered forward-looking statements relating to Proteans strategic objectives, plans, estimates, and expectations. Protean undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ materially from those expressed or implied due to various factors, including but not limited to economic developments within the country, industry specific demand and supply conditions, fluctuations in prices, changes in government regulations and tax laws, litigation and industrial relations. Readers are advised not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. This discussion should be read in conjunction with Proteans consolidated financial statements and the accompanying notes included
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
