Pace Digitek Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Pace Digitek Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Pace Digitek reported Q4 FY26 consolidated revenue of Rs.1,097 crores, up 60.5% year-on-year, and full year FY26 revenue of Rs.2,641 crores, up 8.3% over FY25. Full year EBITDA declined to Rs.455 crores from Rs.482 crores as the revenue mix shifted toward the lower-margin energy segment, while PAT grew 10.1% to Rs.307 crores. Management described BESS manufacturing capacity expansion from 2.5 GWh to 10 GWh by October 2026 and an executable order book of Rs.11,338 crores split between energy and telecom.
Numbers mentioned
Consolidated revenue from operations: Rs.1,097 crores (Q4 FY26)
p. 6
“Our consolidated revenue from operations for the Q4 FY26 stood at Rs.1,097 crores compared to Rs. 683 crores in Q4 FY25, representing a 60.5% year-on-year growth.”
Rajavendhan P, page 6 of the filed PDF · View the filing
Revenue from operations: Rs. 2,641 crores (FY26)
p. 6
“For the full year FY26, we have reported revenue from operations of Rs. 2,641 crores compared to Rs.2,439 crores of the last year, which indicates a year-on-year increase of 8.3%.”
Rajavendhan P, page 6 of the filed PDF · View the filing
Gross profit: Rs.249 crores (Q4 FY26)
p. 7
“Coming to profitability, the gross profit for Q4 FY2026 stood at Rs.249 crores compared to Rs.130 crores in Q4 FY2025.”
Rajavendhan P, page 7 of the filed PDF · View the filing
EBITDA: Rs.455 crores (FY26)
p. 7
“For the full year, the EBITDA stood at Rs.455 crores compared to Rs.482 crores in the previous year.”
Rajavendhan P, page 7 of the filed PDF · View the filing
PAT: Rs. 307 crores (FY26)
p. 7
“PAT for FY2026 stood at Rs. 307 crores compared to Rs. 279 crores of the previous financial year, indicating a YoY growth of 10.1%.”
Rajavendhan P, page 7 of the filed PDF · View the filing
PAT margin: 11.4% (FY26)
p. 7
“PAT margin increased to 11.4% from 11.3% in FY2025.”
Rajavendhan P, page 7 of the filed PDF · View the filing
Total debt: Rs. 961 crores (as on 31st March 2026)
p. 8
“The total debt as on 31st March 2026 stood at Rs. 961 crores compared to Rs.161 crores of the previous year.”
Rajavendhan P, page 8 of the filed PDF · View the filing
Return on equity: 13.6% (FY26)
p. 8
“Return on equity for the FY2026 stood at 13.6% and return on capital employed stood at 14.3%.”
Rajavendhan P, page 8 of the filed PDF · View the filing
Executable order book: Rs.11,338 crores (as on May 25, 2026)
p. 7
“Coming to order book, the total executable order book as on May 25, 2026 stood at about Rs.11,338 crores, consisting of energy at Rs. 8,854 crores and telecom & ICT at Rs. 2,484 crores.”
Rajavendhan P, page 7 of the filed PDF · View the filing
BESS containers delivered: 178 containers (FY26)
p. 3
“We have also delivered 178 BESS containers during the last year, which was a record”
M. Venugopal Rao, page 3 of the filed PDF · View the filing
Trade receivables: Rs. 2,442 crores (FY26)
p. 8
“Second, trade receivables stood at Rs. 2,442 crores.”
Rajavendhan P, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — Rs.3,200 to Rs.3,400 crores · FY27
stated firmly by Rajavendhan P
p. 8
“Based on the current execution visibility and order book, we maintain our revenue guidance for FY27 at Rs.3,200 to Rs.3,400 crores and for FY28 at Rs. 4,000 crores to Rs. 4,200 crores.”
Rajavendhan P, page 8 of the filed PDF · View the filing
BESS manufacturing capacity — 5 GWh operational · July 2026
stated firmly by M. Venugopal Rao
p. 4
“The machinery and equipment have been received, installation is underway and the 5 GWh facility is expected to be operational from July 2026 onwards.”
M. Venugopal Rao, page 4 of the filed PDF · View the filing
BESS manufacturing capacity — 10 GWh operational · October 2026
stated firmly by M. Venugopal Rao
p. 4
“As a result, by October, we would be operating with 10 GWh operational capacity for BESS manufacturing.”
M. Venugopal Rao, page 4 of the filed PDF · View the filing
African market BESS orders — 300 to 500 MWh · FY27
stated as an aspiration by M. Venugopal Rao
p. 21
“For FY27 and FY28, we expect approximately 300 to 500 MWh of orders, starting from FY27.”
M. Venugopal Rao, page 21 of the filed PDF · View the filing
African market BESS order growth — 20% to 25% over FY27 levels · FY28
stated as an aspiration by M. Venugopal Rao
p. 21
“In FY28, we may grow by a further 20% to 25% over FY27 levels.”
M. Venugopal Rao, page 21 of the filed PDF · View the filing
Cell manufacturing backward integration
stated as an aspiration by M. Venugopal Rao
p. 10
“Point number three, cell manufacturing is very much on the cards. We will be coming up soon with an announcement.”
M. Venugopal Rao, page 10 of the filed PDF · View the filing
In-house container fabrication efficiency gain — 4% to 5%
stated as an aspiration by M. Venugopal Rao
p. 12
“In addition to that, we expect overall pricing and operating efficiencies to improve by approximately 4% to 5% through in-house container fabrication.”
M. Venugopal Rao, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the delay was two months due to shipping disruptions from the West Asia conflict, and equipment is now installed and will be operational from July.
Answered by M. Venugopal Rao
Asked by Sahil Jinesh Seth: Was the manufacturing capacity commissioning delayed and why?
p. 9
“Yes, it has been delayed by two months, not a full quarter. The primary reason was delay in shipments arising from the conflict in West Asia.”
M. Venugopal Rao, page 9 of the filed PDF · View the filing
Management gave container realization and cell cost ranges and said cell costs form about 60% of container value, with prices expected to ease next quarter.
Answered by M. Venugopal Rao
Asked by Sahil Jinesh Seth: What is the current cell cost and container realization, and what pass-through is expected?
p. 11
“The current container realization is about $82 to $84 per kWh, while cell costs are currently elevated levels in the range of $48 to $50 per kWh.”
M. Venugopal Rao, page 11 of the filed PDF · View the filing
Management said margins may reduce slightly as energy's contribution rises, guiding to 10-11% PAT margin for FY27.
Answered by Rajavendhan P
Asked by Sanket Sadh: Will PAT margin projections of around 11% hold for FY27 given the energy-heavy order book?
p. 12
“Considering the fact that energy is going to play a significant role to the top line in FY2027 we are expecting PAT margins in a range of 10% to 11% for next year.”
Rajavendhan P, page 12 of the filed PDF · View the filing
Management explained a portion of receivables was reclassified from current to non-current due to a five-year BSNL payment schedule.
Answered by Rajavendhan P
Asked by Sanket Sadh: Why is there a discrepancy between receivables reported in FY26 results versus the RHP/annual report?
p. 12
“Considering the fact that one of the telecom projects from BSNL has a five-year payment schedule the related receivables are recoverable over a longer period, and therefore we have classified that portion as non-current.”
Rajavendhan P, page 12 of the filed PDF · View the filing
Management attributed this to inventory build-up for Q1 consumption and Q4-concentrated sales resulting in a lag in receivables collection.
Answered by Rajavendhan P
Asked by Kaushal Sharma: Why did working capital and receivables increase sharply relative to revenue growth?
p. 15
“In Q4, we have recorded sales of Rs. 1,097 crores. Normally, for projects where revenue is booked, the receivable comes over a span of 90 to 120 days.”
Rajavendhan P, page 15 of the filed PDF · View the filing
Management detailed project cost per MWh, VGF support, and stated SPV-level IRR.
Answered by Rajavendhan P
Asked by Kaushal Sharma: What is the IRR and unit economics of the BOO/MSEDCL project?
p. 16
“At SPV level, IRR will be about 12% to 13%.”
Rajavendhan P, page 16 of the filed PDF · View the filing
Management said CFO is expected to normalize by September 2026 as receivables ease.
Answered by Rajavendhan P
Asked by Paras Chheda: When is cash flow from operations expected to turn positive?
p. 17
“We expect this to ease out by September 2026 because, as I explained significantly higher sales were recorded in Q4 FY2026, which resulted in higher receivables.”
Rajavendhan P, page 17 of the filed PDF · View the filing
Management acknowledged the numbers are conservative but said the projections could be met or exceeded depending on order composition.
Answered by M. Venugopal Rao
Asked by Bhagwat: Does the FY28 revenue guidance of Rs.4,000-4,200 crores seem conservative given 10 GWh capacity?
p. 18
“If we put everything together, numbers are a bit conservative, but it is quite possible that we will achieve this or even exceed it.”
M. Venugopal Rao, page 18 of the filed PDF · View the filing
Management estimated order volumes of 300-500 MWh starting FY27, growing further in FY28.
Answered by M. Venugopal Rao
Asked by Yash Jain: What is the expected revenue contribution from the NEC XON African partnership?
p. 21
“They already have some projects for which they are trying to find a financial closure. Once that happens, the order should come.”
M. Venugopal Rao, page 21 of the filed PDF · View the filing
Management pointed to manufacturing scale, field operations support, technical know-how, and existing customer validation such as the L&T order.
Answered by M. Venugopal Rao
Asked by Kartik Mittal: What gives Pace Digitek a right to win projects as competition increases in BESS?
p. 22
“They have awarded us an order of 250 MWh in January after completing their evaluation and validation process.”
M. Venugopal Rao, page 22 of the filed PDF · View the filing
Risks flagged
Shipping disruptions from the West Asia conflict delayed equipment imports from China
p. 9
“The primary reason was delay in shipments arising from the conflict in West Asia.”
M. Venugopal Rao, page 9 of the filed PDF · View the filing
Potential project timeline delays due to input cost and supply chain uncertainty
p. 11
“However, if this situation continues there could be some impact on project timelines because the government has also issued a guidelines under which projects can be extended by two to four months due to this war.”
M. Venugopal Rao, page 11 of the filed PDF · View the filing
Lack of suitable large-scale container manufacturing partners in India increases import reliance and cost
p. 11
“While some limited-scale manufacturing exists, we have not yet found a suitable partner for large-scale BESS container manufacturing.”
M. Venugopal Rao, page 11 of the filed PDF · View the filing
EBITDA margin dilution from shifting revenue mix toward lower-margin energy business
p. 7
“There is a dip in the EBITDA margins because the composition of revenue has changed from a telecom-focused business to a mix of telecom and energy businesses.”
Rajavendhan P, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.