Your Directors are pleased to present the Thirty-first (31^st) Annual Report together with the Audited Financial Statements of the
Company for the financial year ended March 31, 2026.

1. FINANCIAL SUMMARY

1.1 PERFORMANCE AT A GLANCE

Revenue

Revenue from operations stood at H9,964.30 million in 2025-26
compared to H8,413.70 million in 2024-25, registering a year-on-
year increase of 18.43%. The Increase was primarily attributable
to increase in RFP business revenue The Profit After Tax (PAT)
during the year was H 943.20 million as compared to H 925.80
million in previous year. The company has made provision for
Tax of H 295.30 million (Current Year Tax).

Expenses

The total expenses of the company stood at H 9,416.60 million in
2025-26 compared to H7,912.60 million in 2024- 25, registering a y-o-y
increase of 19.01%. The increase in expenses was due to increase in
salary cost and RFP related cost.

Profitability
Profit before tax

The Company's profit before tax stood at H 1,238.50 million in
2025-26 compared to H 1,185.50 million in 2024-25.

Profit after tax

The Company's profit after tax stood at H 943.20 million in
2025-26 compared to H 925.80 million in 2024-25.

1.2 DIVIDEND

The Board of Directors have recommended a dividend of 100%

i.e. H 10/- per equity share (on the face value of H 10 each)
for FY 2025-26 for consideration of the Shareholders. The
dividend distribution would result in a cash outflow of H 406.20
million (approx.) (Pay- out ratio of 43% approx.). The Dividend
Declaration Policy is available on the Company Websitehttp://
www.protRantRch.in/corporatR-governancR.

1.3 TRANSFER TO RESERVES

No amount is proposed to be transferred to reserves.

2. PROGRESS AT PROTEAN EGOV

A. KEY PROJECTS

Tax Modernization Services

1) Tax Information Network (TIN)

Your company has established and manages nationwide
Tax Information Network (TIN) on behalf of Income Tax
Department (ITD). The principal component of TIN is the
automation of system for administering Tax Deducted
at Source (TDS) which today forms a significant part of
direct tax collection. Besides, TIN provides a facility for
Government Categories of Filers to furnish Statement
of Financial Transactions (SFT) containing information
regarding high value transactions undertaken by various
taxpayers. TIN also provides a facility to Government Offices
for upload of Form 24G Statements to be filed by Account
Offices (AO/PAO/DTO). These Account Offices are identified
by an Account Office Identification Number (AIN) which is
mandatorily required for furnishing Form 24G Statements.
Your Company processes applications for issuance of AIN to
Account Offices. Your company also processes applications
for issuance of Permanent Account Number (PAN) and Tax
Deduction and Collection Account Number (TAN).

2.) Online PAN Verification (OPV) Facility

Your company has established a facility to enable authorized
entities to avail internet based service for verification
of PANs i.e. Online PAN Verification facility on behalf of
Income Tax Department. The users have three options for
accessing this service viz;

1. Screen based PAN verification

2. File based PAN verification

3. Software API based PAN verification

Social Security & Welfare

3) Central Recordkeeping Agency Services (CRA)

India's social security landscape is undergoing significant
transformations in response to increasing formalization,
rising life expectancy, and the growing need to address
income insecurity for informal and gig economy workers.
As of March 31, 2026, the National Pension System
(NPS) and Atal Pension Yojana (APY) have collectively
surpassed 9.39 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 India's pension
ecosystem. With over 16 years of experience in expanding
technology-led pension infrastructure at a population scale,
Protean has built India's 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 India's pension ecosystem.

Certificate in accordance with Regulation 18(2b) Pension
Fund Regulatory and Development Authority (Central
Recordkeeping Agency) (Amendment) Regulations, 2023 is
enclosed as Annexure - E. The company maintains separate
accounts in relation to CRA activities under NPS and other
pension schemes. Separate audited financial Statement
for CRA activities is included under Financial statement
of Annual Report.

Audit of Processes & Operations

Protean has established a robust governance and control
framework to ensure compliance with the regulatory
requirements governing CRA operations. As part of this
framework, comprehensive audits of CRA processes,
systems, operations and controls are conducted through
empanelled Internal Auditors on a quarterly basis. The
scope of such audits encompasses operational processes,
system controls, regulatory compliance, reconciliation
mechanisms, implementation of regulatory amendments,
and the adequacy and effectiveness of internal control
systems. The audit observations, recommendations and
improvement areas identified through these reviews are
examined in detail by the management and appropriate
corrective and preventive actions are undertaken.

National Pension Scheme (NPS)

i. 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 FY 2025-26, 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 3.38 Lakh Nodal Offices of State
Governments (including the offices of 2,179 SABs) are
registered with Protean.

ii. NPS Private Sector:

As part of the pension offerings, Protean offers NPS
services to Private Sector consisting of 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, 107 entities were acting as Points of Presence (POPs)
servicing subscribers under these sectors through more
than 1,07,158 touch points across the country. So far, more
than 19,200 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.

iii. NPS Vatsalya:

Pension scheme for Minors: In line with the Government's
vision to expand pension coverage and in still financial
discipline from an early age, the National Pension System

(NPS) Vatsalya was launched in September 2024. Aimed at
minors, this pioneering scheme allows individuals to enroll
in the NPS right from infancy, offering an extended vesting
period and harnessing the power of compounding to build a
substantial retirement corpus over time.

As highlighted by Honorable Finance Minister Smt. Nirmala
Sitharaman at its launch, NPS Vatsalya promotes a
disciplined savings habit from a young age and provides
a government-backed platform for long-term wealth
accumulation. The initiative also addresses the growing
need for pension preparedness in the context of India's
ageing population and increasing life expectancy. The
response to the scheme has been overwhelmingly
positive — with over 1 lakh accounts opened within the
first six months, and Protean capturing nearly 75% of its
market share. NPS Vatsalya marks a significant step in
India's pension reform journey — enabling early financial
inclusion, encouraging lifelong savings, and empowering
the next generation to retire with dignity. During FY 2025-26,
49,593 NPS Vatsalya accounts have been generated and as
on March 31,2026 there are 1,24,262 NPS Vatsalya accounts
contributing to 58% of its market share. Further, during
the year, NPS Vatsalya Aashirwad facility was introduced,
enabling extended family members, relatives, and friends
to "gift" financial contributions directly into the child's
pensionaccount.

iv. 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 around 1.82 Lakh
branches under APY as service branches. APY is India's
flagship contributory pension scheme targeting low-income
and informal sector workers. Protean was appointed as the
CRA for APY by PFRDA. Total APY subscriber's base in India
crosses 7.45 crore as on 31^st March,2026.

v. Unified Pension Scheme (UPS)

The Unified Pension Scheme (UPS), launched by the
Government of India on April 1, 2025, marks a significant
milestone in India's pension landscape. Introduced as
an option under the National Pension System (NPS) for
Central Government Employees, UPS is designed to ensure
long-term financial security, stability, and dignity post¬
retirement — delivering assured pension pay-outs and
inclusive social protection. While 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 UPS provides assured pay-out based on certain
prescribed conditions. An existing Central Government
employee in service as of 1 April 2025, who was covered
under NPS is eligible to opt for UPS. Also, a newly recruited
Central Government employees joining service on or
after 1 April 2025 is eligible to opt for UPS within 30 days

of joining. In addition, a Central Government employee
who was covered under NPS, retired on or before
31^st March 2025 and who meets certain prescribed
conditions (as stipulated) is eligible to opt for UPS. In order
to have seamless implementation of UPS from April 1, 2025,
during FY 2024-25, various activities were undertaken by
CRA such as system development for operationalizing UPS,
training & handholding to Nodal Offices on UPS operations,
SMS/ email intimation about UPS to Subscribers, information
dissemination through CRA website etc. During FY 2025¬
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 8000 subscribers
have started receiving monthly pension payout under UPS.

As the Central Recordkeeping Agency (CRA), Protean was
entrusted with the design, development, and deployment
of this critical reform. Leveraging its deep domain expertise
and technological capabilities, Protean successfully delivered
a fully compliant, scalable, and secure digital platform
within a record timeline enabling seamless onboarding and
administration of UPS with robust infrastructure and user
experience. The launch of UPS reinforces the Government's
commitment to pension reform and showcases Protean's
pivotal role in delivering nation-critical, citizen-centric digital
infrastructure that shapes the future of retirement security
in India. Complementing the success of key schemes,
Protean also 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.

vi. Protean's Edge as CRA

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. eSign/ OTP based authentication facility has
been integrated in eNPS platform to enable a Subscriber to
sign his/her PRAN application electronically. This process
ensures that PRAN is available to the Subscriber instantly.
Also, this paperless on-boarding process has eliminated the
requirement of submission of physical documents to CRA, thus
enhancing the ease of registration process. During FY 2025-26,
around 6.13 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 13.80 Lakh Tier II accounts, nearly 9.15 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 H 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 FY 2025-26.

D-Remit facility: Under NPS, various modes are available for
contributing. However, contribution made through any mode
on eNPS platform is credited into the PRAN account of the
Subscriber on T 2 working days and thus the NAV is allotted
on T 2 day (T being the day of remittance of funds by the
Subscriber). D-Remit is a process/ facility wherein a Subscriber
will get NAV of the same day (provided the contribution is
made to Trustee Bank before a pre-decided cut-off time - at
present 1:30 pm) and provides the Subscriber with an option
to make systematic investments in the PRAN account. During
the FY 2025-26, more than 13.82 Lakh D-Remit transactions
were made for which contribution of more than H 1,400 crore
was settled across sectors.

Bharat Bill Payment System (BBPS): To enhance ease
and accessibility for National Pension System (NPS)
Subscribers, the Bharat Bill Payment System (BBPS)— an
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 of March 31, 2026, 1,20,795 Subscribers
have contributed an amount of H 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 FY 2025-26, more than 4.40
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 3.53 Lakh PRANs have been generated during FY 2025-26
using Online PRAN Generationfacility.

vii. Empowering Subscribers

Paperless exit & enhancements:

The facility of online processing of withdrawal request in a
paperless manner has been made available for subscribers,
wherein the Subscriber only needs to raise online withdrawal
request, upload the necessary documents online and submit
the request using the eSign/ OTP verification. The associated
Nodal Office/ POP will verify details online and authorize the
request, post which the request will be processed in the CRA.
As part of the process, Bank Account details of Subscriber are
verified through online Bank Verification to ensure seamless
transfer of funds. Since, FY 2023-24, facility of Systematic Lump

sum Withdrawal (SLW) has been provided to subscribers.
The subscribers are allowed to withdraw up to 60% of their
pension corpus, through SLW on a periodical basis for a
period till 85 years of age as per the choice.

During the FY 2025-26, PFRDA notified Exits And Withdrawals
(Amendment) Regulations, 2025 dated 12^th December, 2025
under the National Pension System. To comply with these
regulations different features such as change in threshold
limit for complete withdrawal, change in frequency & number
of partial withdrawals, Systematic Unit Redemption (SUR) etc.
were implemented in CRA during FY 2025-26.

ePRAN and welcome Kit: Subscribers are provided with the
option of ePRAN/ Welcome kit instead of Physical PRAN card
at the time of registration in NPS in order to optimize the cost
borne by the subscribers.

Mobile App: In order to provide ease of access, NPS Mobile
App has been made available for NPS Subscribers. Using
this App, Subscriber can access various functionalities such
as Transaction Statement, Contribution Remittance, details
of latest contributions, change in contact details, change in
address details, change in Scheme Preference under NPS
after providing PRAN as User ID and password. The App
is available for download on 'Google Play Store' as 'NPS by
Protean eGov' for Android users. The App is also available for
iOS and Windows users. This Mobile App is a common Mobile
App for both NPS and APY Subscribers as well. As on March
31, 2026, there are more than 2.33cr downloads for Mobile
App (NPS regular and APY).

Pension Sarathi: Advanced AI-powered virtual assistant
Pension Sarathi was introduced during the FY 2025-26. This
has revolutionized to handle pension-related queries and
support services with significantly higher efficiency & faster.
Pension Sarathi is a next-generation conversational AI bot built
on Natural Language Processing (NLP) and Large Language
Model (LLM) technology. 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 1^st Nov. 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 (NPP): NPP has been made available
under NPS for the benefit of subscribers. NPP is futuristic and
offers personalized retirement planning for the subscribers,
based on their past contribution, expected income rise in
the future and their cost of living. The calculator provides the
Subscriber with the reasonable projections which aid in better
retirement planning to ensure adequate and sustainable
old-age income.

Balanced Life Cycle Fund (BLC): A new life cycle fund viz.
Balanced Life Cycle Fund (BLC) was introduced during FY 2024¬
25 for private sector subscribers (Corporate and All Citizen)
to provide automatic rebalancing of the asset classes as per
age and risk profile of the subscriber. The maximum equity
allocation under BLC shall be 50% which shall taper down after
the age of 45 years as compared to 35 years under existing life
cycle funds. During the FY 2025-26, the choice of BLC has been
extended to Central Government and on choice basis to State
Governments As on March 31, 2026, 52,878 Subscribers have
opted for Balanced Life Cycle Fund.

Multiple Scheme Framework (MSF) - During the FY 2025-26,
Multiple Scheme Framework (MSF) was introduced for non¬
Government 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 Adviser: The Retirement Advisers (RA) are
appointed by PFRDA to engage in the activity of providing
advice on NPS and thereby to extend the reach of NPS.
The RA can be an individual, registered partnership firm,
body corporate, or any registered trust or society. An online
platform has been made available in the CRA system to
facilitate registration of Retirement Advisers. As on March 31,
2026, 87 Retirement Advisers have been registered and are
Active in the CRA system and more than 1,600 PRANs have
been generated through them.

Capacity Building and Marketing Initiatives: Several
initiatives have been taken to reach out to different
stakeholders of NPS during FY 2025-26. Also, Subscriber
Awareness Programmes (SAP) are conducted to complement
the efforts of PFRDA to make NPS popular amongst the masses
and also to increase the awareness about NPS across India
and about various features of NPS. During FY 2025-26, more
than 2584 training sessions (including SAPs) were conducted
across all sectors online as well as offline for the Nodal
Offices on various processes involved under NPS, operational
requirements and process disciplines to be followed.

Information on NPS Investments through Consolidated
Account Statement (CAS): The CAS provided by National
Securities Depository Limited (NSDL) and Central Depository
Services Ltd (CDSL) offers a consolidated view of the personal
investments in the securities market with updated mark-to-
market values. It encompasses holdings of Demat accounts
and mutual fund holdings of the investors. In line with the
Government of India's vision to create a comprehensive record
of every individual's financial asset, NPS Transaction Statement
has been integrated with CAS provided by depositories (NSDL
/ CDSL). The facility to include NPS Transaction Statement in
CAS will be available to NPS subscribers on consent basis.
Till March 31, 2026, nearly 1,40,181 subscribers have evinced
interest and provided their consent to avail the facility.

Mandatory two - Factor Aadhaar Authentication for CRA
System Access w.e.f. 1^st April 2024: Government Nodal
Offices (PrAO/DTA/PAO/DTO/DDO) and Private Offices
(Point of Presence/Corporates), are granted with access to

CRA system to conduct NPS related tasks, perform activities
and generate various reports. The additional security layer,
2-Factor Aadhaar based authentication process implemented
compulsorily for Government Nodal Office users logging into
the CRA system, effective from 1^st April 2024. The two-factor
approach significantly reduces the risk of unauthorized access
to the CRA system. Also, this additional layer safeguards NPS
transactions and protects the interests of both subscribers
and stakeholders. Similar to NPS, 2-Factor Aadhaar-based
authentication is also implemented for Nodal Offices of APY
& NPS Lite. As on March 31, 2026, more than 1.02 lakh Nodal
Offices across sectors (NPS Regular, NPS Lite & APY) have
linked their Aadhaar in CRA.

Digital Media Initiatives: To be in step with digital revolution,
we have made ourselves significantly present in the digital
space. Protean CRA has ramped up digital marketing initiatives
which are focused on driving interest towards NPS, APY and
UPS. Various new digital marketing initiatives, in the form
of social media, audio- visual content, online collaborative
campaigns were aimed to increase reach and engagement
with subscribers and stakeholders. Further, by scaling up
these initiatives with captivating visual content, CRA has been
able to spread large scale awareness in a creative way on new
developments in NPS & APY and their feature & benefits. We
are actively present on four most powerful platforms of the
digital era - Facebook, YouTube, Quora and Instagram.

Protean CRA's Facebook page has over 84,800 followers
whereas our Instagram page called 'Protean. CRA has over
27,800 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.

As the largest CRA with a footprint across sectors like
Government, Non-Government, Corporate as well the
economically underprivileged, we would like to make pension
more accessible by increasing the reach of the Service
Providers. With this vision, we are working on identifying
and activating new Channels and Channel Partners to
increase the penetration of NPS at scale amongst the Indian
populace. 'Pension' as a subject is lesser-known area and even
lesser is the information available, Protean CRA has worked
continuously towards creation of awareness and providing
the support to the channel partners in creating visibility for
the product. Our Social Media imprint and Digital content are
widely circulated and utilized by all stakeholders.

Protean was the first CRA in the NPS architecture and with
the passage of more than 16 years, the technology has
taken massive strides of change. In line with these changes,
we have undertaken various technology initiatives towards
supporting automation through the availability of a suite
of APIs for all services, creation of better and simpler User
experience through a change in the entire UI/UX for all
our stakeholders and a one stop mobile application for
everything under NPS.

AUM & Subscribers for last six financial years (across all
sectors including APY).

Milestones & Subscriber centric initiatives

1. Record 135 Lakh APY (including NPS Lite) accounts
opened in FY 2025-26, the highest ever annual addition

2. 266 Autonomous Bodies onboarded in FY 2025-26,
the highest annual registration in the last seven years

3. 2,912 Corporates registered in FY 2025-26, the second-
highest annual achievement since inception.

Subscriber centric enhancements

1. Enhanced and simplified registration process has been
implemented in e-NPS for Private Sector Subscribers,
ensuring a quicker onboarding experience. The same
has ensured a faster and more user-friendly registration
process for Private Sector Subscribers.

2. To provide greater flexibility and extended pension
benefits, the maximum entry age for subscriber
registration has been increased from 70 years to 85
years. Also, Subscribers can now continue making
contributions up to 85 years of age, compared to the
earlier limit of 75 years.

3. To take informed decision, a direct link of NPS Trust
website (having PFM return details) has been enabled
during Scheme Preference/PFM change requests,
allowing subscribers to conveniently view and
compare PFM returns

4. The NPS Vatsalya Ashirwad has been introduced
under NPS Vatsalya. This provision allows extended
family members, relatives, and friends to gift financial
contributions directly into the child's pension account.

Way Forward:

• "Pension Sahayak" - We have integrated with PFRDA
Pension Sahayak portal, which is an AI-enabled grievance
redressal platform designed to provide subscribers
with a simple, accessible and transparent mechanism
for grievance resolution. The platform's AI-powered
assistance system provides instant responses to
subscriber queries and automatically categorizes and
routes grievances to the appropriate entity, significantly
reducing manual intervention and improving resolution
efficiency. Subscribers are able to access grievance-related
services through a conversational interface without the
need to navigate complex processes or multiple service

channels. Subscribers will be able to lodge complaints or
queries across various channels such as web, mobile and
WhatsApp, in multiple Indian languages.

As part of integration with Pension Sahayak portal,
now the uniform structure of grievance categories
and sub-categories have been implemented in
Central Grievance Management System (CGMS) in
CRA. Protean CRA worked closely with PFRDA for the
seamless implementation of the platform and was
part of key activities including discussions on the
proposed application architecture, process workflows,
data migration strategy, system testing, and related
implementation requirements.

• "NPS Sanchay", a simplified variant of the NPS primarily
aimed at increasing pension coverage among India's large
informal-sector workforce has been implemented in the
CRA system. Any Indian citizen aged 18 to 85 years can
enroll through a PoP/PoP-SP or online platform and opt
for NPS Sanchay. The investment pattern for this scheme
will be default scheme aligned with the extant investment
guidelines applicable to Government Sector Schemes
(UPS/Govt-NPS/APY Schemes) and it will be available
across all PFRDA-registered Pension Funds.

• Now, Protean CRA has integrated with the BHIM App for
two banks—State Bank of India (SBI) and ICICI Bank to
offer NPS registration services. This integration enables
individuals to open an NPS account with either SBI or ICICI
Bank directly through the BHIM App in a seamless and
convenient manner.

• NPS WhatsApp Service - is being developed to
provide NPS subscribers with a secure, consent-based
conversational interface on WhatsApp, allowing them
to access important NPS services 24X7, without needing
to log into a portal or download an App. Under this
service, access will be granted only after explicit consent
by subscriber. Phase-I one related to this initiative has
been successfully developed and is currently under User
Acceptance Testing (UAT). As part of Phase-I, features
such as Profile Information, Transactions & Statements,
e-PRAN Card etc. will be made available to Subscribers
through this service.

The initiative aims to make WhatsApp a convenient service
channel for NPS subscribers, improving accessibility,
digital engagement, and self-service capabilities while
maintaining security and privacy through explicit
consent mechanisms.

• NPS PRIDE - DISHA - PRIDE stands for P-Pension
Fund | R-Returns for | I-Informed | D-Decision & |
E-Empowerment. It is a comparison and decision-support
tool that leverages historical NAV data that is updated
daily to present XIRR-based performance of the various
Pension Fund Managers under the National Pension
System (NPS). It is tailored to a subscriber's investment
choice (Active or Auto), date of investment and amount
contributed for Tier I (Pension Account). The intent is to

help subscribers identify significant retirement wealth
creators by evaluating historical performance in a
choice-specific manner rather than only scheme-wise,
point-to-point returns. This PFRDA developed tool
has been made available on Protean CRA website for
Subscribers and Nodal offices.

• NPS Central - a common digital interface for all
NPS subscribers irrespective of the underlying CRA,
enhancing subscriber experience through unified
onboarding, servicing and account access. NPS Central
is envisaged as a subscriber-centric digital infrastructure
initiative aligned with PFRDA's vision of enhancing
accessibility, improving subscriber experience,
promoting financial inclusion and supporting the long¬
term growth of the pension ecosystem.

4) IDENTITY SERVICES

Authentication, e-KYC & e-Authentication
services

1) DIGITAL IDENTITY SERVICES

Protean has been authorised by Unique Identification
Authority of India (UIDAI) as an Authentication Service
Agency (ASA) and Authentication User Agency (AUA)
for providing Aadhaar Authentication Services to
various entities. Protean has also been authorised
by UIDAI as KYC Service Agency (KSA) and KYC User
Agency (KUA) for providing Aadhaar based e-KYC
services to various entities. e-KYC is a unique service
through which Know Your Client (KYC) process can be
performed electronically using Aadhaar database with
explicit authorization by the Resident. As of now, more
than 85 entities including Central/ State Governments,
Banks/ Payment Bank, PSUs, Insurance Companies
avail these services from Protean. As of now, more
than 85 entities including Central/ State Governments,
Banks/ Payment Bank, PSUs, Insurance Companies
avail these services from Protean. Potential Uses
cases are Customer Onboarding, Employee Lifecycle
Management, Contractor & Vendor Management,
Welfare & Benefit Programs and Digital Governance.

2. e-Sign Service Provider (ESP) licensed by Controller
of Certifying Authorities (CCA)

e-Sign is an online electronic (digital) signature
service to facilitate Aadhaar holders to digitally sign
documents. UIDAI provides facility for Aadhaar
authentication using biometric of the Resident or
One Time Pin (OTP), sent on the respective mobile
number of the Resident registered with UIDAI. e-Sign
aims at transforming the use of digital signatures
and promote paperless digital environment using
Aadhaar. e-Sign has been recognized as a valid mode
of signature under provisions of Second Schedule of
the Information Technology Act and Guidelines issued
by CCA (Electronic Authentication Technique and
Procedure) Rules, 2015. e-Sign services can be used
for various purposes like digital signing of application

for opening of bank account, loans, Trading and/
or DEMAT Account, customer onboarding, eNACH
mandate, application for PAN, application for
Permanent Retirement Account Number (PRAN) for
National Pension System (NPS)/Atal Pension Yojana
(APY) among others.

So far, more than 175 entities comprising Banks,
Insurance Companies, Non Banking Financial
Company (NBFC), Depository Participants, Stock
Brokers, e-Commerce organizations, Financial
Institutions, Corporate Bodies, among others. have
been registered with Protean as Application Service
Provider (ASPs). Online PAN application and Online
NPS modules of Protean have implemented e-Sign
services and are operational as an ASP.

5) EDUCATION AND SKILL FINANCING
SOLUTIONS

Vidyasaarathi Portal for online acceptance of
applications and distribution of scholarships to
students

Vidyasaarathi Portal (VSP) is developed by your company
for online acceptance of scholarship applications and
distribution of scholarships to students. VSP is a technology-
enabled initiative by Protean and Tata Institute of Social
Sciences (TISS) to bridge the huge gap in education finance
in the country through an online platform.

This solution has the ability to bring together various
stakeholders like students, institutes and corporates on a
single platform. The solution becomes more relevant in the
wake of the CSR policy mandate and will assist subscriber
organizations in shaping their CSR policy related to education.

Features of Vidyasaarathi:

• Corporates can design their own educational
finance schemes.

• Easy management of designed schemes.

• Online system for submission and processing of
scholarship application forms. Archiving and retrieval
of past scholarship records.

• Central trust for scholarship disbursal.

• Help Desk support for students, corporates
and institutes.

• Career related online tests for students.

Progress so far (as on March 31, 2026):

i. Number of students registered on the VSP: 19,43,550

ii. Number of students who have applied for
scholarships: 16,44,637

iii. Number of Corporates on-board: 72

iv. Number of Scholarship schemes published: 1,410

v. Total scholarship corpus: H 122.03 Cr

vi. Total scholarships awarded/ disbursed: 56,678

6) OTHER PROJECTS

Workflow Management System for Central Board
of Film Certification ("CBFC")

Central Board of Film Certification ("CBFC") of the
Ministry of Information and Broadcasting,

Government of India has engaged Protean as the
"Implementation Agency" for Design, Development,
Implementation, Hosting and Maintenance of Online
Film Certification Application Processing System and the
CBFC website. The existing contract extended till March
31, 2027. This system enables applicants to submit film
certification application online, upload scanned copies of
supporting documents, make online payments, upload
short films online and track the status of their certification
application online. It also facilitates the CBFC Officials to
process the application, by providing a web-based interface
to capture end-to-end application approval workflow for
the departmental users associated with the certification
process, including screening of short films. This system also
helped the Department to better the inter-departmental
user interfaces, reduce administrative hassles, increase
efficiency, transparency and minimized need of in-person
visits by the applicants (producers/ agents) to CBFC Offices.

This system was made operational on March 27, 2017
and has so far generated 1,46,272 certificates for films of
various categories till March 31, 2026. Digitization of old
paper certificates issued by CBFC before the launch of this
system was also undertaken and has been completed.
These digitized certificates have been made available in the
new system for internal reference.

Data Stack:

Your Company will also provide services related to Digital
Identity Services, KYC, Digital Customer On- boarding, Data
Analytics Services to entities from BFSI and other sectors.
Other services such as GSP/GVS services, ITR verification,
MCA data verification, Employment verification among
others would also be provided to complete the entire
gamut of Verification Services.

Account Aggregator:

Your Company will leverage its existing relationships with
Banking and other financial sector organizations to offer
Account Aggregator services that will help offer consent
management to citizens and consented fetching of data
to various regulators from RBI, SEBI, IRDA and PFRDA
regulated entities to promote greater financial inclusion.

Cloud Services:

As an extension of our commitment to building population
scale technology solutions and providing the necessary
interventions for ecosystem creation, your company
has launched made-in-India, high performance and
energy-efficient Cloud Services.

Open Digital Ecosystems:

Your Company is also one of the main contributors and
enablers towards building of sustainable and innovative

technology solutions ensuring inclusivity, ease of access
and fair pricing structure. Open Digital Ecosystems would
enable government and private entities to collaborate for
service delivery and allow various players to build new
services and solutions which will coexist in this ecosystem.

ISO Certifications

i. ISO/IEC 27001:2022 Certification (Information
Security Management System Standard)

Protean continues to hold the ISO/IEC 27001:2022
Certification for its TIN, PAN, CRA, Aadhaar
Authentication & e-KYC Services, and GST projects.
This certification demonstrates Protean's commitment
to maintaining a robust Information Security
Management System (ISMS) and implementing
industry-recognized security controls to safeguard
information assets. ISO/IEC 27001:2022 is the latest
version of the internationally accepted information
security standard published by the International
Organization for Standardization (ISO).

ii. ISO 22301:2019 Certification (Business Continuity
Management Standard)

Protean is committed to delivering uninterrupted
services to its customers and stakeholders. To achieve
this objective, the Company has implemented a
Business Continuity Management System (BCMS)
in accordance with ISO 22301:2019 for its CRA-NPS
project and continues to maintain the certification.
The BCMS framework enables the Company to
establish, manage, maintain, and continually improve
its business continuity capabilities and practices. An
organizational structure comprising cross-functional
teams has been established to ensure effective
implementation of the BCMS. Periodic testing and
validation of Business Continuity Plans (BCPs) are
conducted to strengthen organizational resilience and
preparedness against disruptions.

iii. ISO/IEC 20000-1:2018 Certification (IT Service
Management Standard)

To effectively meet the service-level requirements
of the Regulator, the Company has adopted the
Information Technology Service Management (ITSM)
framework for the Central Recordkeeping Agency
(CRA) System under the National Pension System
(NPS) and continues to hold the ISO/IEC 20000-1:2018
Certification. The ITSM policy objectives focuses on
enhancing customer satisfaction, leveraging emerging
technologies, aligning IT services with business
requirements, maintaining domain expertise and
productivity of people above defined benchmark levels.
Continuous improvement of service quality remains a
key objective to enhance customer experience. The
ITSM framework facilitates the effective integration
of People, Processes, Technology, and Partners
(Customers and Suppliers), enabling efficient service
delivery and ongoing service improvement.

iv. ISO 9001:2015 Certification (Quality Management
System Standard)

Quality of service forms the foundation of customer
satisfaction. Considering the nature of services
provided by the Company and the high volume of
transactions processed, maintaining consistently
high service quality is of paramount importance. To
support this objective, the Company has implemented
a Quality Management System (QMS) in accordance
with ISO 9001:2015 for its TIN and PAN processes
and continues to maintain the certification. The
standard provides a structured framework for process
management, continual improvement, and customer
focus, thereby enabling the Company to deliver
reliable and high-quality services on a sustained basis.

Capability Maturity Model Integration ("CMMI")

Capability Maturity Model Integration (CMMI), developed
by the Software Engineering Institute (SEI) of Carnegie
Mellon University, is a globally recognized framework
for organizational process improvement and capability
assessment. Protean eGov Technologies Limited is
re-appraised at CMMI for Services (CMMI-SVC) Maturity
Level 5 in February 2026 for its Central Recordkeeping
Agency (CRA) - Subscriber Services and CRA Systems
Infrastructure. Maturity Level 5 i.e., the highest level of
process maturity, reflects the organization's commitment
to continuous improvement, quantitative process
management, operational excellence and the consistent
delivery of high-quality, customer-centric services.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34(2)(e) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('SEBI Listing Regulations, 2015'), the
Management Discussion and Analysis Report for FY 2025-26,
forms part of the Annual Report.

RISK MANAGEMENT

Your Company has adopted a Risk Assessment and Management
Policy. The Risk Management Committee of the Board reviews
key risks affecting the Company and mitigation measures
thereof. In the opinion of the Board, there are no elements
of risks which may threaten the existence of the Company.
The details of Risk Management Committee are given in the
Corporate Governance Report

BOARD LEVEL CHANGES

Board Level changes during FY 2025-26 are mentioned below:

• Mr. Jayesh Sule (DIN: 07432517) resigned and ceased as
Whole Time Director & COO w.e.f. August 1, 2025.

• Mr. V Easwaran (DIN: 08055728) was appointed as Whole
Time Director w.e.f. December 17, 2025.

• Ms. Preeti Mehta (DIN: 00727923) ceased as Independent
Director w.e.f. February 15, 2026 due to end of her first term.

• Mr. Suresh Sethi (DIN: 06426040) resigned and ceased as
Managing Director & CEO w.e.f. April 1, 2026.

The Board composition as on March 31, 2026 is as below:

'ceased to be a Director w.e.f. February 15, 2026

²ceased to be a Director w.e.f. August 1,2025

³ceased to be a Managing Director& CEO w.e.f. April 1,2026

To recommend appointment of Director(s) as
per Companies Act, 2013:

a) To recommend Director(s) retiring by
Rotation to the Board:

In accordance with the provisions of the Act
and the Articles of Association of the company,
Mr. Shailesh Haribhakti (DIN: 00007347), Non-Executive
Non-Independent Director of the company, retires
by rotation at the ensuing Annual General Meeting
(AGM) and being eligible has offered himself for
re-appointment. The details for re-appointment
including the terms and conditions are mentioned in
the Item No. 3 of AGM Notice.

All the above appointments/ re-appointments
have been recommended by the Nomination &
Remuneration Committee and the Board.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of sub-section (51) of Section 2 and
Section 203 of the Act read with the Rules framed thereunder,
the following persons are the Key Managerial Personnel of the
Company as on March 31, 2026:

1. Mr. Suresh Sethi - Managing Director & Chief

Executive Officer

2. Mr. V Easwaran - Whole-time Director & Chief

Operating Officer

3. Mr. Sandeep Mantri- Chief Financial & impact Officer

4. Mr. Maulesh Kantharia - Company Secretary &

Compliance Officer

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) of the Companies
Act, 2013, the Directors confirm that to the best of their knowledge

and belief and according to the information and explanations

obtained by them:

i. in the preparation of the annual accounts for the financial year
ended March 31, 2026, the applicable accounting standards
had been followed along with proper explanation relating to
material departures;

ii. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the
state of affairs of the company at the end of the financial year
and of the profit and loss of the company for that period;

iii. the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with the provisions of this Act for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;

iv. the Directors have ensured that the annual accounts are
prepared on a going concern basis;

v. the Directors had laid down internal financial controls to be
followed by the company and that such internal financial
controls are adequate and were operating effectively;

vi. the Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems
were adequate and operating effectively.

GOVERNANCE:

a. Corporate Governance Report:

Pursuant to Regulation 34(3) and Schedule V of the SEBI
Listing Regulations, 2015, a Corporate Governance Report
for FY 2025-26 and Certificate from the Secretarial Auditor
confirming compliance with the conditions of corporate
governance prescribed under the SEBI Listing Regulations,
2015 is forming part of the Annual Report.

b. Business Responsibility and Sustainability Report

Pursuant to Regulation 34(2)(f) of the SEBI Listing
Regulations, 2015 read with SEBI Master Circular No. SEBI/
HO/CFD/PoD2/CIR/P/2023/120 dated 11 July 2023, the
Business Responsibility and Sustainability Report ('BRSR')
for FY 2025-26 has been prepared based on the framework
of the National Guidelines on Responsible Business Conduct
and in the format prescribed by SEBI.

c. Annual Return

As per the provisions of Section 92(3) read with Section
134(3)(a) of the Companies Act, 2013 and the rules made
thereunder, Annual Return for the financial year ended on
March 31, 2026 in prescribed Form MGT-7 is available on
the website of the company on:

https://www.protRantRch.in/financial-reports

d. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, an
annual performance evaluation of the Board as a whole,
the Directors individually as well as the evaluation of the

Committees of the Board has been carried out in the
following manner as per the parameters laid down:

• As per the provisions of the Section 178(2) of the
Companies Act, 2013, the Nomination & Remuneration
Committee has carried out evaluation of every
Director's performance;

• As required under Schedule IV of the Companies Act,
2013, Independent Directors of the company have
carried out performance evaluation of the Chairman
and of Non-Independent Directors and Board as a
whole and have also assessed the quality, quantity
and timeliness of flow of information between the
company Management and the Board; and

• As per Section 134(3)(p) read with Schedule IV of the
Companies Act, 2013, the entire Board has carried out
the annual evaluation of their own performance and
that of its Committees and Individual Directors.

A separate Meeting of the Independent Directors was
held on March 23, 2026 to review the performance of
Non-Independent Directors and the Board, taking into
account the views of Directors. The performance of the
Independent Directors was evaluated by the entire Board
except the person being evaluated. The performance
of the Committees was evaluated by the Board seeking
inputs from the Committee Members. The Board carried
out the evaluation of their own performance and that of its
Committees and individual Directors keeping in mind.

e. Transfer of Unpaid & Unclaimed dividend and
shares to Investor Education and Protection Fund

The Company did not have any requirement to transfer
funds to Investor Education and Protection Fund. For
FY 2023-24 H 1,32,089.36 & FY 2024-25 H 2,67,194 is lying in
unpaid dividend account.

Pursuant to Sections 124 and 125 of the Act read with
the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 as
amended, dividends, if not claimed for a consecutive period
of 7 years from the date of transfer to Unpaid Dividend
Account of the Company, are liable to be transferred to the
Investor Education and Protection Fund ("IEPF").

f. REMUNERATION POLICY

In accordance with the provisions of Companies Act, 2013,
the Board has, on the recommendation of the Nomination
& Remuneration Committee framed a policy relating to the
remuneration for its Directors, Key Managerial Personnel
and other employees. The Board approved Remuneration
Policy is uploaded on the website of the company at:
https://www.proteantech.in/corporate-governance/

g. Employee Stock Option Plan

The Company grants share-based benefits to eligible
employees with a view to attracting and retaining the

best talent, encouraging employees to align individual
performances with the Company objectives, and promoting
their increased participation in the growth of the Company

Pursuant to "Protean eGov Technologies Limited Employee
Stock Option Plan 2017", as amended by the Shareholders
by passing Special Resolution at their Meetings held on
December 3, 2020 and September 23, 2021 which covers
eligible employees of the company and its present and future
subsidiaries, the Company has granted stock options (each
option carrying entitlement for one equity share) to eligible
employees. These stock options are vested after the expiry
of one year from the date of grant and can be exercised as
per grant conditions for respective employees from the date
of vesting at the exercise price and payment of perquisite
tax. Pursuant to exercise of stock options by employee of the
company during the year, the Board approved the allotment
of 68,492 (Sixty Eight Thousand Four Hundred and Ninety-
two only) fully paid equity shares of face value of H 10/-
(Rupees Ten only) each of the Company to eligible employees
in accordance with the terms of ESOP Scheme, 2017.

Relevant disclosures under the Companies Act, 2013 on
Employee's Stock Option is set out as Annexure - C and
forms part of this report.

CORPORATE SOCIAL RESPONSIBILITY

Your Company has been actively contributing to socially and
environmentally beneficial projects, reflecting its commitment to
inclusive and sustainable development.

The Company remains committed to its role as a socially responsible
corporate citizen and continues to contribute towards meaningful
and impactful initiatives that support the larger community.

During the financial year 2025-26, the Company undertook CSR
initiatives across key focus areas permitted under Schedule VII of
the Companies Act, 2013. These included Education, Healthcare,
and Environmental Sustainability. The Company spent Rs. 2.66
Crs on various projects impacting over 9,000 beneficiaries. The
details are covered in Social and Relationship Capital section of
this Report in pages 70 to 83 .

The Annual Report as required under Companies (Corporate Social
Responsibility Policy) Rules, 2014, on CSR activities undertaken by
the company is annexed herewith as Annexure - A and forms
part of the Report.

OTHER DISCLOSURES

1. The Company has not issued any equity shares with
differential rights as to dividend, voting or otherwise.

2. Except shares issued under ESOP Plan 2017, the Company
has not issued any other shares (including sweat equity
shares) to employees under any scheme.

3. There was no revision in the financial statements.

4. There has been no change in the nature of business
of the Company.

5. The Managing Director & CEO of the Company did not
receive any remuneration or commission from any of
its subsidiaries.

6. No significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the going
concern status and Company's operations in future.

7. There have been no material changes or commitments
affecting the financial position of the Company which have
occurred between the end of the financial year and the date
of this report.

8. There are no proceedings, pending under the Insolvency
and Bankruptcy Code, 2016 corporate insolvency resolution

DETAILS OF SUBSIDIARIES

i. Protean eGov Technologies Australia Pty Ltd.
(formerly known as NSDL e- Governance Australia
Pty Ltd.)

Your company has incorporated a wholly-owned subsidiary
company in Australia in FY 2020-21, in the name NSDL
e-Governance Australia Pty Ltd. (name changed w.e.f. January
25, 2022). The purpose of setting up this subsidiary is to design,
develop, manage, and implement e-Governance projects
through efficient use of information and communication
technologies in Australia and other neighbouring countries.
The said subsidiary is in the process of winding-up.

ii. Protean Account Aggregator Limited (formerly
known as NSDL e-Governance Account Aggregator
Limited)

Account aggregation is an initiative of the Government
under the aegis of RBI to facilitate aggregation of customers'
assets and deliver reporting services that can help spread
financial services. Your company has incorporated a wholly-
owned subsidiary company in the name NSDL e-Governance
Account Aggregator Limited which has received in-principle
approval from RBI on October 27, 2021. Final Certificate of
Registration was received on January 9, 2023.

iii. Protean InfoSec Services Limited (formerly
known as NSDL e-Governance InfoSec Services
Limited)

Protean InfoSec Services Limited is incorporated for
providing Cyber Security Consulting and Advisory services.

Scheme of Arrangement between Protean Infosec
Limited (the 'Demerged Company') andProtean eGov
Technologies Limited (the 'Company' or the 'Resulting
Company'):Background and Regulatory Approvals

The Board of Directors of Protean eGov Technologies
Limited (the 'Company' or 'PETL' or the 'Resulting Company')
at its meeting held on 21 May 2025, approved a Scheme
of Arrangement under Sections 230-232 of the Companies
Act, 2013 for the demerger of the Governance, Risk &
Compliance (GRC) and Security Operations Centre (SOC)
businesses ('Demerged Undertakings') of its wholly

owned subsidiary Protean Infosec Limited ('PISL' or the
'Demerged Company') into PETL (the 'Resulting Company'
or the 'Company').

Pursuant to the sanction of the Scheme by the National
Company Law Tribunal (NCLT), a certified copy of the NCLT
Order was received on 10 March, 2026 and filed with the
Ministry of Corporate Affairs (MCA)/Registrar of Companies
(ROC). In accordance with the Scheme:the Appointed Date is
1 April, 2025; and the Effective Date (i.e., the date on which
the certified order was filed with MCA/ROC) is 12 March
2026."Nature of transaction and accounting framework

The transfer of the GRC and SOC businesses of the
Demerged Company to PETL is a business combination
under common control (the Demerged Company being a
wholly owned subsidiary of the Company) and has been
accounted for in the standalone financial statements
of PETL in accordance with Appendix C to Ind AS 103 -
Business Combinations (Business Combinations of Entities
or Businesses under Common Control), using the Pooling of
Interests Method.

Protean InfoSec will continue to operate its remaining
business, viz., Vulnerability Assessment and Penetration
Testing (VAPT). The details are mentioned in Note No. 44 of
the standalone financial statement.

The financials of the subsidiary companies are made
available and consolidated in terms of the requirements
of Section 129(3) of the Companies Act, 2013. Pursuant to
provisions of Section 129(3) of the Companies Act, 2013
read with Rule 5 of the Companies Accounts (Rules) 2014,
a statement in Form AOC-1 is attached to the financial
statements of the company.

iv. Protean International DMCC

Your company has incorporated a wholly-owned
subsidiary company in Dubai, UAE in FY 2024-25, in
the name Protean International DMCC. The purpose of
setting up this subsidiary is to diversify into new sectors
leveraging emerging technologies, while embracing
new business models & geographies and for our global
expansion strategy and expand our business footprint into
international geographies.

AUDITORS

i. STATUTORY AUDITORS

The Members at the Twenty-Sixth (26^th) Annual General
Meeting of the company held on September 23, 2021
had re-appointed M/s. BSR & Associates LLP, Chartered
Accountants, [ICAI Registration Number 116231W/W-
100024] as Statutory Auditors of the company to hold office
for a period of five years from FY 2021-22 till the conclusion
of AGM to be held in the year 2026.

Further, the Auditors' Report for FY 2025-26 from Statutory
Auditors (BSR) does not contain any qualifications,
reservations or adverse remarks. The report of the Statutory
Auditor forms part of the financial statements.

Pursuant to the provisions of Sections 139, 141, 142 and
other applicable provisions, if any, of the Companies Act,
2013 read with the Companies (Audit and Auditors) Rules,
2014, the provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Audit
Committee and the Board of Directors have approved
and recommended the appointment of M/s. T R Chadha &
Co. LLP ("TRC"), Chartered Accountants (Firm Registration
No. 006711N/N500028), as the Statutory Auditors of the
Company to hold office for a term of five (5) consecutive
years to hold office from the conclusion of 31^st Annual
General Meeting (AGM) to be held in 2026 till the conclusion
of the 36^th AGM of the Company to be held in year 2031,
subject to the approval of the members at ensuing AGM.

Brief profile and other details of M/s. T R Chadha & Co. LLP
(TRC), Practicing Chartered Accountants are disclosed in the
AGM notice approved by the Board. TRC had given their
consent to act as a Statutory Auditor of the company and
have confirmed their eligibility for the appointment.

The Statutory Auditors have also confirmed that they
have subjected themselves to peer review process of the
Institute of Chartered Accountants of India (ICAI) and hold
valid certificate issued by the Peer Review Board of the ICAI.

ii. SECRETARIAL AUDITORS

Pursuant to the amended provisions of Regulation 24A of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Section 204 of the Companies Act,
2013, read with Rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
the Audit Committee and the Board of Directors have
approved and recommended the appointment of M/s. S. N.
Ananthasubramanian & Co., (SNACO) Practicing Company
Secretaries (Firm Registration Number: P1991MH040400)
as the Secretarial Auditors of the Company for a term of 5
(Five) consecutive years from the FY 2025-26 till FY 2029-30,
subject to the approval of the Members at ensuing AGM.

Brief profile and other details of M/s. S. N.
Ananthasubramanian & Co., Practicing Company
Secretaries, are disclosed in the AGM Notice approved
by the Board. They have given their consent to act as
Secretarial Auditors of the Company and have confirmed
their eligibility for the appointment.

The Secretarial Auditors have also confirmed that they
have subjected themselves to the peer review process of
Institute of Company Secretaries of India (ICSI) and hold
valid certificate issued by the Peer Review Board of the ICSI.

The Secretarial Audit Report for FY 2025-26 is annexed
herewith as Annexure - B and forms part of this report. The
Secretarial Audit Report does not contain any qualifications,
reservations or adverse remarks. The applicable Secretarial
Standards have been duly complied by your Company.

iii. INTERNAL AUDITORS

The Company has been undertaking Internal Audit since
inception. In terms of the provisions of the Companies Act,
2013 and Rules notified thereunder, M/s Grant Thornton
Bharat LLP are appointed as Internal Auditors for a period

of two years from FY 2023-24. Further, their appointment
was renewed for a period of one year for FY 2025-26.
The company has further renewed their appointment
for a period of one year for FY 2026-27. Internal Auditors
carry out the audit as per the Audit Plan approved by the
Audit Committee and submit report on a quarterly basis
to the Audit Committee. Internal Auditors evaluate the
effectiveness of internal controls and suggest measures for
their improvement.

iv. COST AUDITORS:

The provision of Section 148(1) of the Companies Act, 2013
read with Rules made thereunder pertaining to maintaining
the cost records do not apply to the company.

v. Reporting of Frauds by Auditors

During the year, the Auditors have not reported any fraud
to the Audit Committee or the Board under Section 143(12)
of the Act read with Rule 13 of the Companies (Audit and
Auditors) Rules, 2014.

PUBLIC DEPOSITS

The company has not invited, accepted or renewed any deposits
from the public within the meaning of Section 73 of the Companies
Act, 2013. Accordingly, the requirement to furnish details relating
to Deposits covered under Chapter V of the Companies Act, 2013
does not arise.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197(12) read with
Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 in respect of employees of the
company is set out as Annexure - D and forms part of this Report.

ORDERS PASSED AGAINST THE COMPANY

During the year under review, there were no orders passed by
the regulators or courts or tribunals impacting the going concern
status and company's operations in future.

RELATED PARTY TRANSACTIONS

The Company has an established and well-governed framework for
the approval and monitoring of Related Party Transactions (RPTs).
In accordance with the Act and the Listing Regulations, the Board
has adopted a comprehensive Policy on Materiality of Related
Party Transactions and dealing with Related Party Transactions
(RPT Policy) which sets out the principles, approval process and
disclosure requirements applicable to all RPTs. The Policy is
available on the Company's website at : https://www.proteantech.in/
corporate-governance/.

Prior to the commencement of each FY, the particulars of all proposed
RPTs, are placed before the Audit Committee for its review and
approval, and thereafter noted by the Board. In addition, the Audit
Committee undertakes a quarterly review of all RPTs. Any new RPTs

or modifications to the limits or terms of previously approved RPTs
were similarly placed before the Audit Committee for prior approval.

All RPTs entered into during the year were in the ordinary course of
business and on an arm's length basis. The Company did not enter
into any Material RPTs during the year. Accordingly, the disclosure
of details under Section 134(3)(h) of the Act in Form AOC-2 is not
applicable. The company has, however, paid remuneration to Key
Management Personnel pursuant to their employment which is in
the ordinary course of business and at arms' length basis.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGO

The company has taken following initiative in respect of
conservation of energy:

Solar Photovoltaic (PV) Panels with Installed capacity of 20 Kw
was commissioned at the Data Centre site in Pune. The Solar PV
system at Data Centre site in Pune has generated 20522 KWH
units in FY 2025-26.

The Company continues to leverage technology and digital
solutions to enhance operational efficiency, improve customer
experience and optimise business processes. During the year, the
Company focused on adopting and upgrading technology solutions
across its operations, including automation. The Company remains
committed to evaluating and adopting emerging technologies in
line with its business requirements and strategic objectives.

Foreign Exchange earnings/outgo during the year
under review:

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

The investments made during the year are in accordance with
the provisions of the Companies Act, 2013. The particulars of
Investments made during FY 2025-26 are set out in the Notes to
Accounts which form part of this Annual Report.

MATERIAL CHANGES AND COMMITMENTS
AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

There have been no material changes and commitments,
affecting the financial position of the company which occurred
during between the end of the financial year to which the
financial statements relate and the date of this report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT
OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013

The company has in place an Anti-Sexual Harassment Policy named
as Positive Work Environment Policy in line with the requirements
of the Sexual Harassment of Women at workplace (Prevention,
Prohibition and Redressal) Act, 2013. The Policy has been formed
to prohibit, prevent or deter the commission of acts of sexual
harassment of women at workplace and to provide the procedure for
redressal of complaints pertaining to sexual harassment. An Internal
Committee (IC) has been set up to redress complaints received
regarding sexual harassment. All employees (regular or temporary
including contractor employees, probationer, trainee and apprentice)
of the company and the Subsidiaries are covered under this policy.

There were no complaints received during the FY 2025-26. Awareness
program for all employees was conducted during the year.

Pursuant to the Companies (Accounts) Amendment Act, 2018, the
company has complied with provisions related to the constitution of
Internal Committee under the Act.

STATEMENT ON MATERITY BENEFIT COMPLIANCE

Your Company adheres to the provisions of the Maternity
Benefit Act, 1961.

STATEMENT ON MATERITY BENEFIT COMPLIANCE

Your Company adheres to the provisions of the Maternity
Benefit Act, 1961.

CODE OF ETHICS AND VIGIL MECHANISM

Your company believes in the conduct of the affairs of its
constituents in a fair and transparent manner by adopting
highest standards of professionalism, honesty, integrity and
ethical behaviour. The company has adopted a Code of Ethics
("the Code"), which lays down the principles and standards that
should govern the actions of the company, its Directors and
employees. Besides, the Staff Rules adopted by the company
also govern the conduct of the employees.

The Companies Act, 2013 provides for establishment of a vigil
mechanism for Directors and employees of the company to
report genuine concerns. In view of the above, the company
has formulated 'Whistle Blower Policy' to enable its Directors
and employees to report instances of unethical conduct, actual
or suspected fraud or violation of the company's Code and Staff
Rules and t o prescribe the procedures to be followed by them.

Under this policy, any Director or employee of the company can
report any actual or possible violation of the Code or Staff Rules
or other applicable laws or an event he/she becomes aware of
that could affect the business or reputation of the company
as per the procedure specified in the Policy. There is a Whistle
Blower Committee constituted by the company for overseeing
the implementation of this Policy and to deal with complaints
received under the Policy. The vigil mechanism so established

provides for adequate safeguards against victimisation of
persons who use such mechanism and make provision for
direct access to the chairperson of the Audit Committee in
appropriate or exceptional cases. Details of Vigil Mechanism is
provided on your company's website: https://www.proteantech.
in/ financial-reports

ENVIRONMENTAL, SOCIAL AND GOVERNANCE
(ESG) OBJECTIVES

Your company plays an important role in building inclusive,
sustainable, and resilient digital public infrastructure. The efforts are
focused on ensuring equitable access, empowering communities,
and generating lasting socio-economic and environmental value for
the people of India. As a trusted partner to both the government
and citizens, your Company is acutely aware of its responsibility to
drive systemic transformation in alignment with India's sustainable
development goals and global climate action commitments.

Guided by a robust, impact-oriented governance framework, your
company is committed to advancing transparent, accountable,
and purpose-driven practices across all facets of its operations.
Sustainability is not just a priority but an integral part of our decision¬
making process. It is driven by data and embedded at every level of
the organization.

Looking ahead, the Company reaffirms its commitment to
advancing transparency, accountability, and measurable impact as
it continues its journey in Environmental, Social, and Governance
(ESG) practices. The Company remains dedicated to ensuring
that every action it takes not only drives business growth but also
contributes to building a sustainable, equitable future for all.

With this endeavor, the Company has developed its Integrated
Annual Report 2025-26, highlighting its value creation across
multiple capitals and demonstrating the integration of ESG
performance into its business strategy

INSURANCE

Your company has obtained a Comprehensive Business
Risk Insurance Policy to cover risks associated with business
operations. The scope of cover of this Insurance policy includes
legal liability and defense costs arising from third-party financial
losses, errors, omissions, or professional negligence during
service delivery. The policies have been obtained for the projects
mentioned below:

a. Tax Information Network & PAN services

b. Central Recordkeeping Agency (CRA)

c. National Judicial Reference System (NJRS)

d. Aadhaar authentication and e-KYC services

e. e-sign Services to Application Service Providers

f. ONDC Reconciliation & Settlement Framework (RSF)

All the above policies are obtained to mitigate business related
risks involved.

Your company has also obtained following Insurance policies to
cover the organization level risk and the policies are as under:

• Directors & Officers Liability Policy

• Cyber Risk Liability Insurance Policy

• Public Offering of Securities Insurance (POSI) Policy (This is a
one-time policy taken for a period of nine years.)

Apart from these, your company has taken adequate Insurance
cover for premises and equipment. The policy obtained is Electronic
Equipment Insurance (EEI) and Office Umbrella Insurance Policy.

All the policies are renewed on time to ensure continuity.

PROCEEDINGS UNDER INSOLVENCY AND
BANKRUPTCY CODE, 2016

MCA vide Companies (Accounts) Amendment Rules, 2021,
has amended Rule 8 with respect to the disclosure of details
of an application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 during the year along with
their status as at the end of FY. Your company wishes to inform
that there is no such application made or proceeding pending
under the Insolvency and Bankruptcy Code, 2016 with respect to
your company during FY 2025-26.

DIFFERENCE IN AMOUNT OF THE VALUATION

MCA vide Companies (Accounts) Amendment Rules, 2021, has
amended Rule 8 with respect to the disclosure of details of the
difference between the amount of the valuation done at the time
of one time settlement and the valuation done while taking a loan
from the Banks or Financial Institutions along with the reasons
thereof. Your company would like to inform that the same was not
applicable as there was no such instance of either settlement or
loan from Bank or Financial Institution during the year under review.

COMPLIANCE WITH SECRETARIAL STANDARDS
ON BOARD AND GENERAL MEETINGS:

The company has complied with Secretarial Standards issued by
the Institute of Company Secretaries of India on Board Meetings
and General Meetings.

INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS

Internal Financial Controls are an integral part of the risk
management process which in turn forms part of Corporate
Governance addressing financial and financial reporting risks.
The Internal Financial Controls have been documented and
embedded in the business processes. Your Company has
deployed the principles enunciated below to ensure adequacy of
Internal Financial Controls with reference to:

• Effectiveness and efficiency of operations - Reliability of
financial reporting

• Compliance with applicable laws and regulations

• Prevention and detection of frauds

• Safeguarding of assets

Your Company has defined policies and standard operating
procedures for all key business processes to guide business
operations in an ethical and compliant manner. Compliance to
these policies is ensured through periodic self-assessment as
well as internal and statutory audits. The Company continues to
constantly leverage technology in enhancing the internal controls.

Your Board reviews the internal processes, systems and the internal
financial controls and accordingly, the Directors' Responsibility
Statement contains a confirmation as regards adequacy of the
internal financial controls. Assurances on the effectiveness of
Internal Financial Controls is obtained through management
reviews, self- assessment, continuous monitoring by functional
heads as well as testing of the internal financial control systems by
the internal auditors during the course of their audits. The Company
believes that these systems provide reasonable assurance that
its internal financial controls are designed effectively and are
operating as intended.

CAUTIONARY STATEMENT

The Board Report contains statements which are made on behalf of
the company and are based upon the knowledge and information
available to the Directors at the time of making of this report.

APPRECIATION

Our Directors are grateful for the support and co-operation
extended by the Government of India, Reserve Bank of India,
Ministry of Finance, Ministry of Corporate Affairs, Ministry of
Education, Securities Exchange Board of India, BSE Limited,NSE
Limited, Ministry of Information and Broadcasting, Pension
Fund Regulatory and Development Authority (PFRDA), Ministry
of Agriculture & Farmers Welfare, Central Board of Direct Taxes,
Central Board of Indirect Taxes and Customs (CBIC), Central
Board of Film Certification (CBFC), Unique Identification Authority
of India, Controller of Certifying Authorities, State Governments/
Union Territories, State Commercial Tax Departments,
Department of Telecommunications (DoT), Indian Banks'
Association, Business Partners, Facilitation Centres, Points of
Service, Enrolment Agencies, Consultants, Suppliers and Bankers.

Our Directors express their deep sense of appreciation to all the
employees whose outstanding professionalism, commitment,
tireless efforts and initiatives have made the organization's
growth and success possible. The Directors wish to express
their gratitude to our valued Members for their continued
trust and support.

For and on behalf of the Board of Directors of
Protean eGov Technologies Limited

Sd/-

Shailesh Haribhakti

Place: Mumbai Non-Executive, Non-Independent Director

Date: August 4, 2026 DIN: 00007347