{"id":303101,"date":"2026-10-12T16:40:01","date_gmt":"2026-10-12T11:10:01","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=303101"},"modified":"2026-10-12T16:40:01","modified_gmt":"2026-10-12T11:10:01","slug":"digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/","title":{"rendered":"3 Digital Public Infrastructure and Outsourced Service Stocks With a Strong Future Roadmap: Protean eGov Technologies, Sagility and Black Box"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Protean Rs 640.65, P\/E 31.47. Sagility Rs 44.00, P\/E 20.52. Black Box Rs 892.10, P\/E 67.27. Closing prices of 9 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Digital public infrastructure and outsourced service stocks with the clearest long-term roadmaps today include Protean in digital public infrastructure such as tax-linked identity services, Sagility in business services for health insurers and providers and Black Box in IT infrastructure and managed services. FY26 revenue growth was 17.8% at Protean, 29.6% at Sagility and 6.0% at Black Box. P\/E stands at 31.47 for Protean (industry 17.30), 20.52 for Sagility (industry 17.30) and 67.27 for Black Box (industry 17.30). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Digital public infrastructure and outsourced service stocks give investors exposure to digital services behind government systems, health insurers and large companies. Volumes, contracts and margins decide how much of that demand turns into profit.<\/p>\n<p>This list covers three digital public infrastructure and outsourced service stocks: Protean eGov Technologies for digital public infrastructure such as tax-linked identity services, Sagility for business services for health insurers and providers and Black Box for IT infrastructure and managed services. Every figure comes from the latest reported financials and the 9 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#What_Are_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks\" title=\"What Are Digital Public Infrastructure and Outsourced Service Stocks?\">What Are Digital Public Infrastructure and Outsourced Service Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_at_a_Glance\" title=\"Digital Public Infrastructure and Outsourced Service Stocks at a Glance\">Digital Public Infrastructure and Outsourced Service Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Why_Do_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Digital Public Infrastructure and Outsourced Service Stocks Have a Strong Roadmap in India?\">Why Do Digital Public Infrastructure and Outsourced Service Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Protean_eGov_Technologies_Government_Platforms_Drive_the_Pipeline\" title=\"Protean eGov Technologies: Government Platforms Drive the Pipeline\">Protean eGov Technologies: Government Platforms Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Sagility_Healthcare_Services_Contracts_Build_the_Next_Leg\" title=\"Sagility: Healthcare Services Contracts Build the Next Leg\">Sagility: Healthcare Services Contracts Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Black_Box_Enterprise_Networking_Services_Build_the_Next_Leg\" title=\"Black Box: Enterprise Networking Services Build the Next Leg\">Black Box: Enterprise Networking Services Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Best_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_in_India_Protean_vs_Sagility_vs_Black_Box_on_Key_Financials\" title=\"Best Digital Public Infrastructure and Outsourced Service Stocks in India: Protean vs Sagility vs Black Box on Key Financials\">Best Digital Public Infrastructure and Outsourced Service Stocks in India: Protean vs Sagility vs Black Box on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#How_to_Evaluate_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Digital Public Infrastructure and Outsourced Service Stocks to Buy Before You Invest\">How to Evaluate Digital Public Infrastructure and Outsourced Service Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Risks_to_Consider_Before_Investing_in_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks\" title=\"Risks to Consider Before Investing in Digital Public Infrastructure and Outsourced Service Stocks\">Risks to Consider Before Investing in Digital Public Infrastructure and Outsourced Service Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#FAQs_on_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks\" title=\"FAQs on Digital Public Infrastructure and Outsourced Service Stocks\">FAQs on Digital Public Infrastructure and Outsourced Service Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Which_are_the_best_digital_public_infrastructure_and_outsourced_service_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best digital public infrastructure and outsourced service stocks in India with a strong roadmap?\">Which are the best digital public infrastructure and outsourced service stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Is_Protean_eGov_Technologies_a_good_stock_to_buy_now\" title=\"Is Protean eGov Technologies a good stock to buy now?\">Is Protean eGov Technologies a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#What_is_the_PE_ratio_of_Protean_Sagility_and_Black_Box\" title=\"What is the P\/E ratio of Protean, Sagility and Black Box?\">What is the P\/E ratio of Protean, Sagility and Black Box?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Which_of_these_digital_public_infrastructure_and_outsourced_service_stocks_has_the_highest_return_on_equity\" title=\"Which of these digital public infrastructure and outsourced service stocks has the highest return on equity?\">Which of these digital public infrastructure and outsourced service stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#What_are_the_risks_of_investing_in_digital_public_infrastructure_and_outsourced_service_stocks\" title=\"What are the risks of investing in digital public infrastructure and outsourced service stocks?\">What are the risks of investing in digital public infrastructure and outsourced service stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#How_did_Protean_Sagility_and_Black_Box_perform_in_Q1_FY27\" title=\"How did Protean, Sagility and Black Box perform in Q1 FY27?\">How did Protean, Sagility and Black Box perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#Do_digital_public_infrastructure_and_outsourced_service_stocks_pay_dividends\" title=\"Do digital public infrastructure and outsourced service stocks pay dividends?\">Do digital public infrastructure and outsourced service stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/digital-public-infrastructure-and-outsourced-service-stocks-future-pipeline-picks\/#How_can_I_invest_in_digital_public_infrastructure_and_outsourced_service_stocks_in_India\" title=\"How can I invest in digital public infrastructure and outsourced service stocks in India?\">How can I invest in digital public infrastructure and outsourced service stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks\"><\/span><strong>What Are Digital Public Infrastructure and Outsourced Service Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Digital public infrastructure and outsourced service stocks are shares of companies that run digital public services, outsourced operations and IT infrastructure. Results depend on volumes, contracts and margins, so contracts and margins separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_at_a_Glance\"><\/span><strong>Digital Public Infrastructure and Outsourced Service Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three digital public infrastructure and outsourced service stocks as of the 9 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/protean\/protean-egov-technologies-ltd-share-price-today\">Protean eGov Technologies<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">640.65<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,600<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">31.47<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.30<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.34%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.08<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/sagility\/sagility-india-ltd-share-price-today\">Sagility<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">44.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20,364<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.52<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.30<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.57%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/bbox\/agc-networks-ltd-share-price-today\">Black Box<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">892.10<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15,210<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">67.27<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.30<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.34%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.90<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among technology services stocks, all three trade at a premium to their industry P\/E multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Digital Public Infrastructure and Outsourced Service Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Digital public infrastructure and outsourced service stocks have a strong roadmap in India because governments, insurers and enterprises keep moving work to digital platforms and outsourced teams. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Public digitisation:<\/strong> Tax, identity and payment services keep expanding.<\/li>\n<li><strong>Outsourcing demand:<\/strong> Health insurers hand over operations work.<\/li>\n<li><strong>Managed services:<\/strong> Enterprises outsource network and IT upkeep.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Protean_eGov_Technologies_Government_Platforms_Drive_the_Pipeline\"><\/span><strong>Protean eGov Technologies: Government Platforms Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Protean&#8217;s roadmap rests on digital public infrastructure services such as tax-linked identity services, pension record keeping and e-governance platforms, with several government-linked service lines supporting revenue.<\/p>\n<p>Revenue grew from Rs 770.18 crore in FY22 to Rs 1,070.60 crore in FY26, a 39.0% rise, and FY26 revenue was 17.8% higher than FY25. FY26 net profit rose 8.8% to Rs 100.59 crore. In Q1 FY27, revenue grew 11.3% to Rs 266.36 crore. Operating margin was 18.41% in FY26.<\/p>\n<p>Debt to equity is 0.08 and return on equity is 9.34%. FY26 operating cash flow was Rs 78.47 crore against capital expenditure of Rs 66.78 crore. Protean paid a dividend of Rs 10 per share for FY26, a yield of 1.56%. At a P\/E of 31.47 against an industry P\/E of 17.30, the stock trades above its industry multiple.<\/p>\n<p>What to watch: The P\/E of 31.47 sits above the industry P\/E of 17.30, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sagility_Healthcare_Services_Contracts_Build_the_Next_Leg\"><\/span><strong>Sagility: Healthcare Services Contracts Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Sagility&#8217;s roadmap rests on technology-enabled business services for health insurers and healthcare providers, with long-term service contracts supporting revenue.<\/p>\n<p>FY26 revenue was Rs 7,290.83 crore, 29.6% higher than FY25. FY26 net profit was Rs 924.77 crore. In Q1 FY27, revenue grew 27.7% to Rs 1,977.80 crore, and net profit rose 45.9% to Rs 216.81 crore. Operating margin was 25.38% in FY26.<\/p>\n<p>Debt to equity is 0.12 and return on equity is 9.57%. FY26 operating cash flow was Rs 1,202.97 crore against capital expenditure of Rs 192.21 crore. Sagility paid a dividend of Rs 0.15 per share for FY26, a yield of 0.34%. At a P\/E of 20.52 against an industry P\/E of 17.30, the stock trades above its industry multiple.<\/p>\n<p>What to watch: The P\/E of 20.52 is a modest premium to the industry P\/E of 17.30, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Black_Box_Enterprise_Networking_Services_Build_the_Next_Leg\"><\/span><strong>Black Box: Enterprise Networking Services Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Black Box&#8217;s roadmap rests on IT infrastructure, networking and managed services for large enterprises, with long-term service contracts supporting revenue.<\/p>\n<p>Revenue grew from Rs 5,376.53 crore in FY22 to Rs 6,327.83 crore in FY26, a 17.7% rise, and FY26 revenue was 6.0% higher than FY25. FY26 net profit rose 6.2% to Rs 217.52 crore. Over four years, net profit rose from Rs 72.72 crore in FY22 to Rs 217.52 crore. In Q1 FY27, revenue grew 24.0% to Rs 1,722.25 crore, and net profit rose 17.9% to Rs 55.92 crore. Operating margin was 8.90% in FY26 and 8.42% in Q1 FY27 against 7.60% a year earlier.<\/p>\n<p>Debt to equity is 0.90 and return on equity is 21.34%. FY26 operating cash flow was Rs 83.95 crore against capital expenditure of Rs 72.15 crore. Black Box paid a dividend of Rs 1 per share for FY26, a yield of 0.12%. At a P\/E of 67.27 against an industry P\/E of 17.30, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Net profit margin is only 3.4%, so small cost changes move earnings. The P\/E of 67.27 sits above the industry P\/E of 17.30, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_in_India_Protean_vs_Sagility_vs_Black_Box_on_Key_Financials\"><\/span><strong>Best Digital Public Infrastructure and Outsourced Service Stocks in India: Protean vs Sagility vs Black Box on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best digital public infrastructure and outsourced service stocks in India, Protean leads on the lowest debt to equity and dividend yield; Sagility leads on FY26 revenue growth and FY26 operating margin; Black Box leads on return on equity. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Protean<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Sagility<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Black Box<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,070.60<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7,290.83<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,327.83<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">100.59<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">924.77<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">217.52<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.41%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.38%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.90%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">27.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.34%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.57%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.34%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">31.47<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.52<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">67.27<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.08<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.90<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.56%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.34%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">78.47<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,202.97<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">83.95<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Services earnings follow volumes, contracts and margins, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Digital Public Infrastructure and Outsourced Service Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen digital public infrastructure and outsourced service stocks and shortlist digital public infrastructure and outsourced service stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which is 17.30 for all three here.<\/li>\n<li>Check recurring income, operating margin and cash flow together.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these digital public infrastructure and outsourced service stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks\"><\/span><strong>Risks to Consider Before Investing in Digital Public Infrastructure and Outsourced Service Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Valuation:<\/strong> Black Box and Protean trade at 67.27 and 31.47 times earnings against an industry multiple of 17.30.<\/li>\n<li><strong>Contract timing:<\/strong> Large contracts can shift revenue.<\/li>\n<li><strong>Client concentration:<\/strong> A few clients can account for much of the income.<\/li>\n<li><strong>Quarterly trends:<\/strong> A single weak quarter can change near-term earnings, so track results every quarter.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Protean, Sagility and Black Box live.<\/em><\/p>\n<p>Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.<\/p>\n<p>Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three technology services stocks cover public digital services, healthcare outsourcing and IT infrastructure. Protean leads on the lowest debt to equity and dividend yield; Sagility leads on FY26 revenue growth and FY26 operating margin; Black Box leads on return on equity.<\/p>\n<p>Across digital public infrastructure and outsourced service stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the digital public infrastructure and outsourced service stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Digital_Public_Infrastructure_and_Outsourced_Service_Stocks\"><\/span><strong>FAQs on Digital Public Infrastructure and Outsourced Service Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_digital_public_infrastructure_and_outsourced_service_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best digital public infrastructure and outsourced service stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Protean eGov Technologies, Sagility and Black Box stand out for their roadmaps in public digital services, healthcare outsourcing and IT infrastructure. FY26 revenue growth was 17.8% at Protean, 29.6% at Sagility and 6.0% at Black Box, and return on equity ranges from 9.34% to 21.34%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Protean_eGov_Technologies_a_good_stock_to_buy_now\"><\/span><strong>Is Protean eGov Technologies a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Protean eGov Technologies has a debt to equity ratio of 0.08, a return on equity of 9.34% and a P\/E of 31.47 against an industry P\/E of 17.30. Valuation, contracts and client spending move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Protean_Sagility_and_Black_Box\"><\/span><strong>What is the P\/E ratio of Protean, Sagility and Black Box?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 31.47 for Protean (industry 17.30), 20.52 for Sagility (industry 17.30) and 67.27 for Black Box (industry 17.30). All of them trade at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_digital_public_infrastructure_and_outsourced_service_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these digital public infrastructure and outsourced service stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Black Box has the highest return on equity at 21.34%, followed by Sagility at 9.57% and Protean eGov Technologies at 9.34%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_digital_public_infrastructure_and_outsourced_service_stocks\"><\/span><strong>What are the risks of investing in digital public infrastructure and outsourced service stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are valuation, contract timing, client concentration and quarterly trends. Black Box and Protean trade at 67.27 and 31.47 times earnings against an industry multiple of 17.30.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Protean_Sagility_and_Black_Box_perform_in_Q1_FY27\"><\/span><strong>How did Protean, Sagility and Black Box perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Protean eGov Technologies reported revenue of Rs 266.36 crore, up 11.3% year on year. Sagility reported revenue of Rs 1,977.80 crore, up 27.7% year on year, and net profit rose 45.9% to Rs 216.81 crore. Black Box reported revenue of Rs 1,722.25 crore, up 24.0% year on year, and net profit rose 17.9% to Rs 55.92 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_digital_public_infrastructure_and_outsourced_service_stocks_pay_dividends\"><\/span><strong>Do digital public infrastructure and outsourced service stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 1.56% for Protean, 0.34% for Sagility and 0.12% for Black Box, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_digital_public_infrastructure_and_outsourced_service_stocks_in_India\"><\/span><strong>How can I invest in digital public infrastructure and outsourced service stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy digital public infrastructure and outsourced service stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best digital public infrastructure and outsourced service stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Protean eGov Technologies, Sagility and Black Box stand out for their roadmaps in public digital services, healthcare outsourcing and IT infrastructure. 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All of them trade at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these digital public infrastructure and outsourced service stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Black Box has the highest return on equity at 21.34%, followed by Sagility at 9.57% and Protean eGov Technologies at 9.34%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in digital public infrastructure and outsourced service stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are valuation, contract timing, client concentration and quarterly trends. Black Box and Protean trade at 67.27 and 31.47 times earnings against an industry multiple of 17.30.\"}},{\"@type\":\"Question\",\"name\":\"How did Protean, Sagility and Black Box perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Protean eGov Technologies reported revenue of Rs 266.36 crore, up 11.3% year on year. Sagility reported revenue of Rs 1,977.80 crore, up 27.7% year on year, and net profit rose 45.9% to Rs 216.81 crore. Black Box reported revenue of Rs 1,722.25 crore, up 24.0% year on year, and net profit rose 17.9% to Rs 55.92 crore.\"}},{\"@type\":\"Question\",\"name\":\"Do digital public infrastructure and outsourced service stocks pay dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, all three companies pay dividends. The dividend yield is 1.56% for Protean, 0.34% for Sagility and 0.12% for Black Box, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in digital public infrastructure and outsourced service stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy digital public infrastructure and outsourced service stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. 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