1. Opening Hook
Remember when telecom EPC was the hottest thing on Dalal Street? Pace Digitek does — and it has already moved on. While the Street is still trying to understand BSNL receivables, Pace is busy stacking lithium-ion cells and pitching 85% EBITDA annuity dreams with a straight face.
H1 numbers dipped, analysts panicked, management smiled. Why? Because when you’re sitting on a ₹9,000+ crore order book, quarterly revenue becomes a rounding error.
Between SECI mega-orders, MSEDCL battery parks, and a factory that’s doubling capacity faster than investor attention spans, Pace Digitek’s concall felt less like an earnings call and more like a long-term infrastructure thesis.
Read on — because this isn’t about Q2. It’s about whether batteries can do for Pace what towers once did.
2. At a Glance
- Revenue ₹900 cr (H1) – Front-loaded pessimism, back-loaded optimism.
- EBITDA Margin ~21% – EPC with discipline, not desperation.
- PAT Margin 13.6% – Inflated by milestone booking, management admits it.
- Order Book ₹9,135 cr – Telecom steady, energy stealing the spotlight.
- Net Debt ₹150 cr – Balance sheet flexing quietly.
- Cash & FD ₹213 cr – Liquidity before IPO money even kicks in.
3. Management’s Key Commentary
“We are an end-to-end turnkey telecom and energy company.”
(Translation: We don’t outsource headaches 😏)
“Energy order book may rise by ₹8,000–10,000 cr this year.”
(Translation: Telecom made us, batteries will scale us.)
“BESS annuity projects deliver ~85% EBITDA.”
(Translation: Depreciation will humble us later.)
“H1 revenue dip was due to mix change.”
(Translation: Less hardware, more services — optics suffer.)
“10 GWh capacity will support ₹6,000–7,000 cr revenue.”
(Translation: Factory math > market mood.)
