*Protean eGov In Focus - Big negative.* 📉 Disclosed that it is no longer in contention for Government of India’s PAN 2.0 project It has been eliminated from the RFP race Government had plans to overhaul PAN/TAN services under PAN 2.0 with a Rs 1440 cr budget Despite earlier confidence, PROTEAN is now completely out of the running Equirus Says, This is a material negative, as PAN services contribute ~50% of the company’s revenue FY26 impact may be muted, expect a 75-100% collapse in this revenue stream over the next 2-3 years 35% decline in FY27 overall revenue Segment has historically generated free cash that funded new initiatives — now under threat Additional headwinds include an impending NPS pricing revision in FY27 and stagnant ONDC retail volumes Downgrade to Sell from Add; Cut TP to Rs 900 from Rs 1730.