Transcript of Earnings Conference Call on Company''s Operational and Financial Performance for Q2 & H1FY27, held on Thursday, November 05, 2026.

Ref: Protean/Secretarial/2026-27/58 November 11, 2026 BSE Limited (“BSE”) National Stock Exchange of India Limited P.J. Towers, Dalal Street, Exchange Plaza, C-1, Block G, Fort, Mumbai – 400001 Bandra Kurla Complex, Bandra (E), Mumbai – 400051, India Scrip Code: 544021 Trading symbol: PROTEAN Dear Sir/Madam, Subject: Transcript - Earnings Conference Call on Company’s Operational and Financial Performance for Q2 & H1FY27 Pursuant to Regulation 30 read with Schedule III and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation to our letter dated October 29, 2026, please find enclosed herewith Transcript of Earnings Conference Call on Company’s Operational and Financial Performance for Q2 & H1FY27, held on Thursday, November 05, 2026. This is for your information and records. Thanking you, Yours truly, For Protean eGov Technologies Limited Maulesh Kantharia Company Secretary & Compliance Officer FCS 9637 Encl.: As above Protean eGov Technologies Limited 1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013 CIN: L72900MH1995PLC095642 | T: +91 22 4090 4242 | E: cs@proteantech.in | W: www.proteantech.in “Protean eGov Technologies Limited Q2 & H1FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. AJAY RAJAN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. V. EASWARAN – WHOLE-TIME DIRECTOR AND CHIEF OPERATING OFFICER MR. RAKESH DOSI – CHIEF BUSINESS & PRODUCT OFFICER MR. SANDEEP MANTRI – CHIEF FINANCIAL OFFICER MS. PUSHPA MANI – HEAD, INVESTOR RELATIONS, ESG & CSR Moderator: Ladies and gentlemen, good day and welcome to Q2 and H1FY27 Earnings Conference Call hosted by Protean eGov Technologies Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this call is being recorded. I now hand the conference over to Ms. Pushpa Mani, Head Investor Relations, ESG and CSR from Protean eGov Technologies Limited. Thank you, and over to you, ma'am. Pushpa Mani: Thanks, Ashi. Good evening, everyone. I welcome you all to the Q2 and H1FY27 results discussion. You must have received the results, press release and investor deck of the company, which is available on BSE, NSE and as well as on the company's website. As usual, we will start the forum with the opening remarks by our MD and CEO, followed by CFO and then we will open the floor for the question-and-answer session. If any of your questions remain unanswered, you may reach out to us afterwards. The management on today's call would be represented by Mr. Ajay Rajan, MD and CEO, Mr. V. Easwaran, Whole-Time Director and COO, Mr. Rakesh Dosi, Chief Business and Products Officer, Mr. Sandeep Mantri, CFO and myself. Before we begin, I would like to mention that some of the statements in today's discussion may be forward-looking in nature and we believe that the expectations contained in these statements are reasonable. However, these statements involve a number of risks and uncertainties that may lead to different results. With this, I invite our MD, Mr. Ajay Rajan. Thank you and over to you. Ajay Rajan: Thank you, Pushpa, good evening, everyone and thank you for joining us for our Q2FY27 Earnings Call. This quarter marks an important milestone for Protean. The two large RFP mandates where we invested a lot of our bandwidth and capital over the year, the CERSAI CKYCRR 2.0 and the UIDAI Aadhaar Seva Kendra project, both are now nearing implementation completion. The investments required to deliver them are largely behind us and we will have better predictability on both revenue and margins in the quarters ahead. I had also set out in my first interaction with you how I see Protean's next chapter, our three pillars, which is deepening our core DPI franchise, bundling solutions for enterprises in addition to selling bespoke products and taking the India's DPI model to the world. Over the quarter, we have moved from articulating that strategy to starting to execute it and I will spend the second half of my remarks on what that execution looks like on the ground. First, let me take you through the numbers. In terms of financial performance, Protean delivered a steady and resilient performance in Q2FY27. Revenue from operations grew 8% year-on-year to INR 271 crores, driven by continued momentum across our core and new businesses and led by market share gains across all our key offerings. Our EBITDA stood at INR 43 crores in Q2FY27, with an EBITDA margin of 15%. Similar to last quarter, the margin for this quarter also factored some upfront investments of INR 10 crores towards implementation of our strategic RFP project. Excluding these investments, the EBITDA would have been INR 53 crores, which is an increase of 22% year-on-year and an EBITDA margin of 18%. The profit after tax stood at INR 16 crores in Q2FY27. Excluding the impact of the investments which I mentioned about towards the RFP project, normalized PAT would have been INR 24 crores. I would also like to reiterate from last year that we will see over a few quarters a timing gap between cost and revenue pertaining to our Aadhaar Seva Kendra project, since we had to spend first to build the capability and the revenue would follow as the service volume expands. With 150 Aadhaar Seva Kendra’s open till September and 187 out of the mandated 192 ASK centres live as of October’26, the major investments are all behind us and as the network matures, we expect the related revenue to exceed the cost over the next couple of quarters and continued momentum thereafter. The early signs that we are seeing are alluding towards this direction. From a balance sheet perspective, we remain in strong financial position, zero debt and approximately INR 750 crores of cash and marketable securities as of 30th September 2026. This gives us the flexibility to not only invest in our products and systems upgrades, but also pursue business growth, which we will do while maintaining fiscal discipline. Our approach to capital allocation will remain rigorous, we will continue to evaluate our portfolio and prioritize investments and opportunities where we see the strongest potential for revenue growth, margin improvement and long-term value creation. Let me run you through the business performance. Our Tax Service business, which is a source of transactional revenue, grew 13% year-on-year to INR 121 crores. In a de-growing market, we have cemented our dominance by increasing our market share to 65.8%, an increase of 330 basis points sequentially and 780 basis points on a year-on-year basis. We issued 1.3 crores PAN cards this quarter, of which 70% of the applications came through the assisted mode via our vast network spread across 18,000 PIN codes in India. The strength of this distribution network is a key USP and differentiator for us, which is very hard to replicate, and it matters for assisted delivery models like PAN issuance and other G2C services that we plan to offer through that. Our CRA service business, which comprises majorly annuity revenue, continues to present a significant long-term opportunity. We onboarded 4.7 million new subscribers during the quarter, up 15% year-on-year, which is 95% of all new subscribers in the CRA ecosystem. We also onboarded more than 1,400 new corporates, our highest-ever corporate onboarding in a single quarter and a clear proof of our focus on the non-government segment, where the penetration is low, but the annuity opportunity is the largest. Our combined market share across NPS, APY and UPS stands at 97%. Under NPS Vatsalya, we added around 1.5 lakh subscribers, which is the highest-ever quarterly addition under the scheme. We continue to do well on the [Showing first 8,000 characters — download PDF for full document]