Protean eGov Technologies shares plunge 20% after downgrade amid PAN 2.0 project withdrawal
Protean eGov Technologies
, a
digital public infrastructure
company, plunged 20% - the lowest tradable limit of the day - on Monday as analysts downgraded the stock after the company said the company is no longer in contention for the government's
PAN 2.0 project
.
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.
by Taboola
by Taboola
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"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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