The selected pulses viz., chickpea, faba bean, red lentil, and red gram were used for the extraction of protein concentrates using alkaline extraction followed by the isoelectric precipitation. The effect of processing on moisture, protein, lipid, ash, and carbohydrate content of pulse flours and respective protein concentrates (PC) ranged between 5.05% and 13.40%; 17.10% and 84.80%; 1.09% and 5.30%; 2.24% and 3.27%; 3.37 and 60.90%, respectively. The amino acid profile of the pulse protein concentrates (PPC) was on par with that of soybean PC and meets the amino acid requirements of children and adults as per the FAO (Food and Agriculture Organization) specifications. The PC had a smaller particle size (126.70–192.70 nm) than pulse flours (251.90–301.90 nm). Water holding capacity (WHC) and oil holding capacity (OHC) of PC were higher than pulse flours. The solubility of protein concentrates was high at acidic and alkaline pH and low at pH 4.5 (isoelectric pH). The significant reduction in anti‐nutritional factors and better protein digestibility resulted from processing of pulse flours. The processing of pulses into PC will serve as a potential functional food ingredient in various food formulations. Novelty impact statement Pulses are processed for the extraction of their fractions and utilized for better food product development. In this research, pulse protein concentrate was extracted from easily available pulses for better utilization and the properties were studied for the development of PPC‐incorporated food products similar to soy protein. In the future, all pulse proteins can be used as alternative proteins for soybean to meet our nutritional requirements in a cheaper manner.