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Brokerage Equirus Securities slashed its rating on the stock to sell and price target for March 2026 to ₹900, implying further downside of 21% from Monday’s closing of ₹1,143.2.
Agencies“This is a material negative as PAN services contribute 50% of the company’s revenue,” said the brokerage in a client note. “While FY26 impact may be muted, we expect a 75-100% collapse in this revenue stream over the next 2-3 years.”
As of March 31, Canara Bank, PNB, SBI, Axis Bank and Bank of Baroda jointly owned 13.17% in the firm, which is entirely owned by public shareholders. Investor Ramesh Damani held 1.05% in the company.
“Protean gets about 45-50% of its revenue from PAN operations, so losing the PAN 2.0 contract could hit its earnings from FY27 unless it secures new projects,” said Manish Chowdhury, head of research, StoxBox. ” There’s also talk of a pricing revision for its NPS project in FY27, which, if materialised, could hurt profits.”
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https://economictimes.indiatimes.com/markets/stocks/news/protean-egov-technologies-shares-plunge-20-after-downgrade-amid-pan-2-0-project-withdrawal/articleshow/121278638.cms
