PACEDIGITK Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,097 Cr
verified against source
Revenue YoY
16.5%
reported change
EBITDA
₹163 Cr
latest reported figure
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Pace Digitek delivered a strong Q4 FY26 with consolidated revenue of INR 896 crore (+16.5% YoY), driven by execution momentum in both telecom and energy segments. Full-year FY26 revenue stood at INR 2,641 crore (+8.3% YoY). The company transitioned from a telecom infrastructure player to an integrated BESS (Battery Energy Storage Systems) platform, having operationalized a 2.5 GWh manufacturing facility and delivered a record 178 BESS containers during the year. The executable order book stands at INR 11,338 crore (Energy: INR 8,854 crore; Telecom: INR 2,484 crore), providing strong revenue visibility. Management guided FY27 revenue of INR 3,200–3,400 crore and FY28 of INR 4,000–4,200 crore, with PAT margins expected at 10–11% range. Key risks include elevated cell costs ($48–50/kWh at peak due to geopolitical supply disruptions), working capital stress with receivables up 32% YoY despite 8.3% revenue growth, and incoming competitive intensity as other players commission BESS assembly capacities.
Colored figures show movement against the previous available record.
Guidance to track
- Supported by diversified order book of INR 11,338 crore with energy being the major contributor. BO projects expected to contribute approximately INR 800 crore in FY27.
- Based on 10 GWh operational capacity, expected 75-80% utilization, and execution of 5.3 GWh BO order book alongside EPC/product business.
- Management acknowledges margins will moderate from FY26 levels (PAT margin 11.4%) due to higher energy segment mix (lower margins vs telecom), but maintains 10-11% range as target.
- Capacity expansion from 2.5 GWh to 5 GWh (July 2026) to 10 GWh (October 2026) is ahead of original plans, driven by strong demand visibility and order book strength.
Risks flagged
- Cell costs (60-63% of container cost) are at peak levels of $48-50/kWh due to China rebate policy changes and Middle East shipping disruptions. Management has used price contingency in bids and built inventory buffer for Q1, but sustained high costs could pressure margins.
- Receivables grew 32% YoY (vs 8.3% revenue growth) and inventory increased significantly (INR 540 crore) for strategic stocking. CFO expects normalization by September 2026 with INR 300 crore already collected from Q4 sales. However, telecom receivables include 5-year retention from BSNL project.
- An analyst (Sankit S) flagged a INR 399 crore discrepancy in FY25 receivables between the RHP/annual report (INR 1,843 crore) and Q4 FY26 results balance sheet (INR 1,565 crore). Management attributed it to reclassification into non-current portion but the discrepancy remains unexplained to the analyst's satisfaction, suggesting potential accounting treatment concerns.
- An analyst questioned whether the holding company books EPC profits from subsidiary projects at arm's length pricing, effectively double-counting returns (EPC margin + BO IRR of 12-13%). Management defended this as standard market practice but did not provide specific margin details, leaving profitability attribution unclear.
Key quotes
- We have operationalized best manufacturing facility with installed capacity of 2.5 gawatt hour during FI26. We have also delivered 178 best containers during the last year which was the record. There is no other company which has manufactured 178 containers within India.
- We have diversified executable order book of 11,338 crores. The bifurcation of that is in energy sector is 8,854 crores. On the telecom side we have the order book of 2,484 crores.
- Cell cost is almost 60% to 63% of the overall container cost. The container cost ranges again the current price is about $82 to $84 is the current trending prices and the cell is at about $48 to $50 currently which is on the peak now and we hope that after this war settles down and commodity prices should come down.
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