Any current/future new fundraising through debt or equity?

The company is currently funding existing Build-Own-Operate (BOO) projects primarily through IPO proceeds and internal accruals. Out of the four BOO projects, the first three are funded via IPO funds or internal accruals. The fourth BOO project is being funded through external debt resources. There are no plans to initiate further BOO projects without external investment in place. For FY27 and FY28, the focus will be on increasing product business and selling to the external market rather than on new BOO projects. No mention of planned new equity fundraising or warrants issuance was made. Over

Any current/future capex/capital investment/strategic investment?

Expansion of BESS manufacturing capacity from 2.5 GWh to 5 GWh, expected operational from July 2026. Further expansion to 10 GWh capacity by October 2026, advancing earlier plans due to strong demand and order book visibility. In-house fabrication of BESS containers to optimize logistics and reduce costs, with plant operational from July 2026. Investment in building strong internal teams for manufacturing, field operations, and project execution to support scaling. Strategic inventory buildup as of March 31, 2026, to mitigate raw material (lithium-ion cells) cost and exchange rate risk

Future growth expectations in sales/revenue/volumes?

FY27 revenue guidance is Rs. 3,200 crores to Rs. 3,400 crores, with further growth expected in FY28 to Rs. 4,000 - 4,200 crores. Energy segment, especially utility-scale BESS projects, is a major growth driver, comprising ~78% of the order book. Manufacturing capacity to ramp up from current 2.5 GWh to 10 GWh by October FY27, enhancing product-led revenues. Expect 75%-80% utilization of manufacturing capacity by end of FY27, supporting volume growth. BOO (Build-Own-Operate) projects contribute significant order book with revenues expected to be Rs. 1,000 crores from MSEDCL project alon

Future growth expectations in earnings/operating earnings/profits/EPS?

FY27 Expectations: - Confident of achieving growth and topline targets based on strong order book and execution visibility (Page 23). - PAT margin expected in the range of 10% to 11%, slightly lower than previous year due to higher contribution from energy segment which has lower EBITDA margins compared to telecom (Pages 20 & 7). - Operating cash flow expected to normalize and turn positive by September 2026; CFO positivity anticipated in FY28 (Page 17). Medium to Long Term: - Expansion of BESS manufacturing capacity from 2.5 GWh to 10 GWh by October 2026 to support higher volumes a

Current/ Expected Orderbook/ Pending Orders?

Total executable order book as of May 25, 2026: Rs. 11,338 crores - Energy orders: Rs. 8,854 crores - Telecom & ICT orders: Rs. 2,484 crores BESS order book: Around 6 GWh (including BOO and EPC projects) - BOO segment: 2.72 GWh Energy order book constitutes approximately 78.1% of total order book, telecom & ICT 21.9% Key projects include - BOO projects with approx. 12% to 13% IRR - Projects in Africa for grid-scale BESS with estimated 300 to 500 MWh of orders in FY27, growing 20-25% in FY28 Execution timelines: - Standalone BESS projects: ~1.5 years - So

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Pace Digitek LtdQ1 FY26Telecom - Services

Pace Digitek Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹200P/E: 15.4Market Cap: ₹3.9K CrSector: Telecom - Services

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY27 revenue guidance is Rs. 3,200 crores to Rs. 3,400 crores, with further growth expected in FY28 to Rs. 4,000 - 4,200 crores.
→Energy segment, especially utility-scale BESS projects, is a major growth driver, comprising ~78% of the order book.
→Manufacturing capacity to ramp up from current 2.5 GWh to 10 GWh by October FY27, enhancing product-led revenues.
→Expect 75%-80% utilization of manufacturing capacity by end of FY27, supporting volume growth.
→BOO (Build-Own-Operate) projects contribute significant order book with revenues expected to be Rs. 1,000 crores from MSEDCL project alone in FY27.
→African market entry expected to generate 300-500 MWh orders starting FY27, growing 20-25% in FY28.
→Focus on diversifying into grid-scale BESS, Commercial and Industrial (C&I) segments, and telecom infrastructure for further revenue expansion.
→PAT margin for BOO business targeted around 10%, supporting profitable growth.

Margin guidance

Category 3

→FY27 Expectations:
→ - Confident of achieving growth and topline targets based on strong order book and execution visibility (Page 23).
→ - PAT margin expected in the range of 10% to 11%, slightly lower than previous year due to higher contribution from energy segment which has lower EBITDA margins compared to telecom (Pages 20 & 7).
→ - Operating cash flow expected to normalize and turn positive by September 2026; CFO positivity anticipated in FY28 (Page 17).
→Medium to Long Term:
→ - Expansion of BESS manufacturing capacity from 2.5 GWh to 10 GWh by October 2026 to support higher volumes and improve operating leverage (Pages 4 & 3).
→ - Anticipated revenue guidance of Rs. 4,000+ crores in FY28, with conservative estimates considering 75-80% capacity utilization (Pages 18 & 17).
→ - Targeting PAT margin of around 10% at BOO segment level; overall growth driven by increasing product-led manufacturing alongside project execution (Pages 18 & 17).
→ - Revenue expected to grow from strong opportunities in utility-scale BESS, telecom modernization, and digital infrastructure (Pages 4 & 3).

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Fundraise plans

→The company is currently funding existing Build-Own-Operate (BOO) projects primarily through IPO proceeds and internal accruals.
→Out of the four BOO projects, the first three are funded via IPO funds or internal accruals.
→The fourth BOO project is being funded through external debt resources.
→There are no plans to initiate further BOO projects without external investment in place.
→For FY27 and FY28, the focus will be on increasing product business and selling to the external market rather than on new BOO projects.
→No mention of planned new equity fundraising or warrants issuance was made.
→Overall, no immediate fresh fundraising through debt or equity is planned beyond what is already in place for existing projects.

Order book

Yes

→Total executable order book as of May 25, 2026: Rs. 11,338 crores
→ - Energy orders: Rs. 8,854 crores
→ - Telecom & ICT orders: Rs. 2,484 crores
→BESS order book: Around 6 GWh (including BOO and EPC projects)
→ - BOO segment: 2.72 GWh
→Energy order book constitutes approximately 78.1% of total order book, telecom & ICT 21.9%
→Key projects include
→ - BOO projects with approx. 12% to 13% IRR
→ - Projects in Africa for grid-scale BESS with estimated 300 to 500 MWh of orders in FY27, growing 20-25% in FY28
→Execution timelines:
→ - Standalone BESS projects: ~1.5 years
→ - Solar plus BESS projects: 2 to 3 years
→Growth target supported by strong order book and execution visibility for FY27 and FY28

Capex plans

Yes

→Expansion of BESS manufacturing capacity from 2.5 GWh to 5 GWh, expected operational from July 2026.
→Further expansion to 10 GWh capacity by October 2026, advancing earlier plans due to strong demand and order book visibility.
→In-house fabrication of BESS containers to optimize logistics and reduce costs, with plant operational from July 2026.
→Investment in building strong internal teams for manufacturing, field operations, and project execution to support scaling.
→Strategic inventory buildup as of March 31, 2026, to mitigate raw material (lithium-ion cells) cost and exchange rate risks.
→Plans for upcoming cell manufacturing facility announced as "very much on the cards" with details to be shared soon.
→Increase in debt from Rs. 161 crores to Rs. 961 crores to fund BESS manufacturing expansion, energy asset creation, and project execution.

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