<p>The study proposes a polynomial-based homomorphic encryption technique integrated with binary transformation and lossless compression to address the critical challenge of balancing computational efficiency with handling of encrypted data. The study benchmarks the proposed approach against established approaches like AES and TenSEAL using light weight numerical data on the fronts of encryption and decryption speeds alongside their storage requirements. Findings revealed the proposed approach to be better than TenSEAL on all three fronts of benchmarks whereas performed on-par with AES, establishing the proposed approach as a viable option for real-world applications.</p>