1. Ethiopia agricultural DPI - ₹25 crore mandate On track - At the Q3 FY26 call, management announced a national-level mandate valued at ₹25 crore for Ethiopia's agricultural DPI with Protean as system integrator. The mandate is spread over 2-3 years covering design, development and maintenance, with revenues expected to start flowing in Q4 FY26.
2. CKYC Records Registry 2.0 - ₹161 crore mandate On track - At the Q3 FY25 call, management announced the CKYC Records Registry 2.0 mandate from CERSAI, a turnkey project worth ₹161 crore. The CERSAI project contributed revenue in Q3 FY26, and in Q1 FY27 Protean was building the next-generation central KYC record registry, migrating 100 crore+ records.
3. UPS platform - serve \~35 lakh Central Govt employees Delivered - The Q4 FY25 PPT stated UPS was set to serve \~35 lakh Central Govt employees transitioning from NPS to UPS. The UPS platform launched April 1, 2025 with Protean as primary CRA "in record time", and in Q1 FY27 Protean remains primary CRA for the Unified Pension Scheme.
4. ONDC network - 20-30% monthly growth Delivered - The Q4 FY24 PPT projected the ONDC network to grow at a 20-30% monthly growth rate. In Q1 FY25, ONDC transactions showed a compounded quarterly growth rate of almost 60% over the last four quarters, and by Q2 FY25 the network reached almost 1 crore monthly orders in September.
5. Data stack products - significant revenue in 2-3 quarters On track - At the Q4 FY26 call, management said data stack / new-age products (eSign Pro, RISE, KYC reporting) should see "a very good amount of revenue" in the next 2-3 quarters. In Q1 FY27, RISE with Protean processed >3.4 crore transactions and new initiatives contributed 17% of revenue.
6. Bima Sugam - total project value \~₹100 crore over 72 months On track - At the Q4 FY26 call, the CFO confirmed the Bima Sugam project total value at \~₹100 crore over 72 months, covering implementation plus support. The ₹100 crore mandate is secured, with revenue recognized on an estimated effort-to-margin basis each quarter.
7. CRA business - price stabilization in one more quarter Pending - At the Q3 FY26 call, the CFO said the CRA business should take "one more quarter" for prices to stabilize, then growth should start improving. In Q4 FY26, PFRDA revised CRA charges with a margin dip expected in the short run of 1-2 quarters; Q1 FY27 CRA revenue grew 7% YoY.
8. EBITDA margin expansion - 300-400 bps in next couple of years On track - At the Q3 FY26 call, the CFO guided EBITDA margin expansion of 300-400 bps in the next couple of years from the current 19% EBITDA level, reiterated at Q4 FY26 and Q1 FY27. EBITDA margin was 17.6% in FY26 and 10.4% in Q1 FY27, with \~₹18 crore upfront RFP investments; normalized margin \~17.2%.
9. Revenue run rate - ₹230-250 crore per quarter continuing Delivered - At the Q3 FY26 call, the CFO said the \~₹230-250 crore per quarter run rate "is going to continue" for at least the next 2 quarters. Q4 FY26 revenue was ₹308 crore and Q1 FY27 revenue ₹251 crore - the run rate held, with Q4 FY26 exceeded on one-time storage charges.
10. NSDL Payments Bank stake - funded through internal accruals Delivered - At the Q2 FY26 call, management confirmed the \~₹30.2 crore investment in NSDL Payments Bank would be funded through internal accruals only. A 4.95% stake was acquired for ₹30.2 crore, with cash above ₹800 crore and zero debt maintained throughout.
11. Aadhaar Seva Kendra - ₹180-190 crore annual revenue On track - At the Q1 FY26 call, management said the ASK business would contribute about ₹180-190 crore of revenue per year, later refined to \~₹200 crore per year at full rollout (\~₹50 crore/quarter). ASK revenue commenced in Q3 FY26 with early performance "in line with expectations"; Q1 FY27 new initiatives including ASK contributed ₹42 crore.
12. PAN 2.0 - implementation timeline Missed - At the Q4 FY25 call, management said PAN 2.0 design, development and deployment would be a 2-year process per the RFP, with the Q4 FY25 PPT citing an 18-month implementation timeline. Protean's bid was considered unfavorably and it did not advance to the next stage; PAN 2.0 infrastructure was yet to go live as of Q1 FY27.
13. International RFP mandates - operating margins upwards of 20% Pending - At the Q2 FY25 call, management said Protean bids for international RFP-led mandates with operating margins "upwards of 20% in most of these mandates". Wins disclosed include Morocco education DPI, Ethiopia health project and the Ethiopia agricultural DPI at ₹25 crore; no margin disclosure exists for international mandates.
14. New businesses - 25% of revenue in 2-3 years On track - At the Q2 FY25 call, management aspired to move toward a 25% (new businesses) / 75% (core) revenue diversification "in the next two to three years", reiterated through Q4 FY26. Contribution grew from \~4% in FY25 to 10% in FY26 and 17% in Q1 FY27.
15. ONDC monetization - 8-10 bps per transaction Pending - At the Q1 FY25 call, management said the ONDC infrastructure model would "over a period of time" move to a market model paid per transaction, earning "around 8 to 10 basis points", revised down from the 50-150 bps of GMV expected at Q3 FY24. As of Q3 FY25, infra revenues remained cost-plus reimbursed; no per-transaction monetization disclosed through Q1 FY27.
16. PAN issuance - continue to grow at current level Missed - At the Q4 FY24 call, management expected PAN issuance to continue growing at the current level, citing \~1.2 crore youth workforce added annually and >35% of the population without a PAN. Issuance was 5.0 crore in FY24, 4.4 crore in FY25 and 4.7 crore in FY26, declining from FY24 and not returning to that level through FY26.
17. New business verticals - cover own investments in 4 quarters, payback in 18-24 months Partial - At the Q4 FY24 call, management expected new business verticals to cover their own investments "in the coming four quarters" with full payback on an "18 to 24 month trajectory". New businesses grew from \~5% of revenue (\~₹45 crore) in FY24 to 17% in Q1 FY27; no profitability or payback disclosure exists, and Q1 FY27 saw \~₹18 crore upfront RFP investments.
18. Employee cost - stable at current levels Delivered - At the Q3 FY24 call, the CFO guided employee cost would stay at "almost sort of similar levels plus/minus the economic changes", reiterated at Q3 FY25. Headcount was flat from March 2024 to December 2024; the later increase was a disclosed revision - \~2,000 employees for ASK centers, with Q1 FY27 employee benefit expenses up on ASK hiring.
19. Dubai holding company - international operations Delivered - At the Q2 FY24 call, management said it was proposing to set up a holding company in Dubai to house all international operations, with no timeline given. Protean International was established as a 100% subsidiary at DMCC, UAE.
20. Dividend policy - continuation of consistent dividends Delivered - At the Q2 FY24 call, management said no change was proposed to dividend policy and "we expect that this should continue". A 100% final dividend was recommended for FY24, FY25 and FY26, with payout described as 40-45% of profit.
21. Identity services revenue growth - 8-10% Missed - At the Q2 FY24 call, CFO Sudeep Bhatia said identity services revenue growth would be around 8% to 10% overall. Identity services revenue was ₹111 crore in FY24 (+62% YoY), ₹99 crore in FY25 (-10% YoY) and ₹92 crore in FY26 (-8% YoY), before growing 16% YoY in Q1 FY27.
22. PAN issuance - 8-9 crore annual market expectation Missed - At the Q2 FY24 call, management expected overall annual PAN issuance of 8 to 9 crores going forward, framed as a market-level expectation. Issuance was 5.0 crore in FY24, 4.4 crore in FY25 and 4.7 crore in FY26, with management later citing a normalized run-rate of 6-7 crore per year.