MAJOR CONTRACTS CAPEXTelecommunication

Pace Digitek announces a new order win

Pace DigitekPACEDIGITK

TL;DR

The specific capital expenditure incurred for the commissioning of the 2.5 GWh BESS manufacturing line and its exact funding breakdown between internal accruals and incremental debt are not separately disclosed in the available financial data or structured KPI records. While project-level line-item breakdowns are not reported, broader capital expenditure and debt figures for FY26 are available: Consolidated TTM Capex: Rs 105.77 Crores.

What was the total capital expenditure incurred for the commissioning of the new 2.5 GWh BESS manufacturing line, and how much of this was funded through internal accruals versus incremental debt as disclosed in the latest balance sheet or investor presentation?

The specific capital expenditure incurred for the commissioning of the 2.5 GWh BESS manufacturing line and its exact funding breakdown between internal accruals and incremental debt are not separately disclosed in the available financial data or structured KPI records.

Available Financial Context

While project-level line-item breakdowns are not reported, broader capital expenditure and debt figures for FY26 are available:

  • Consolidated TTM Capex: Rs 105.77 Crores [1].
  • Standalone TTM Capex: Rs 38.86 Crores [2].
  • Consolidated Total Debt: Rs 960.73 Crores [3], consisting of non-current borrowings of Rs 606.72 Crores [4] and current borrowings of Rs 354.01 Crores [5].
  • Standalone Total Debt: Rs 172.06 Crores [6], consisting of non-current borrowings of Rs 7.43 Crores [7] and current borrowings of Rs 164.63 Crores [8].

Given the doubling of capacity to 5 GWh, what is the management's stated timeline for achieving optimal capacity utilization on the new line, and how does this align with the current order book visibility for BESS projects reported in the latest quarterly filings?

Analyst Read

Specific management guidance regarding the operational timeline for optimal capacity utilization on the new 5 GWh line and explicit order book visibility figures for Battery Energy Storage System (BESS) projects are not separately disclosed in the company's Q4 FY26 financial statements.

While full-year financial filings confirm substantial scale expansion—with consolidated TTM revenue reaching Rs 2,641.3 Crores [9] and FY26 consolidated capex outlays totaling Rs 105.77 Crores [1]—qualitative commentary on cell line ramp-up schedules and project-level BESS order backlogs is omitted from reported financial line items.

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Reported Capex and Balance Sheet Asset Tracking

The reported financial filings through Q4 FY26 reflect capital allocation and fixed asset creation as follows:

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Key Operational Implications

  • Asset Capitalization Status: Capital Work in Progress (CWIP) reduced from Rs 59.17 Crores in Q2 FY26 [13] to Rs 38.28 Crores in Q4 FY26 [14]. This reduction, alongside Rs 105.77 Crores of TTM capex [1], indicates active commissioning of new capital assets into operational status during the fiscal year.
  • Revenue Scale vs. Utilization Efficiency: Consolidated quarterly top-line expansion to Rs 1,096.8 Crores in Q4 FY26 [12] demonstrates strong volume throughput. However, consolidated EBITDA margins moderated to 16.7% in Q4 FY26 [21] (down from 19.9% in Q3 FY26 [20]), which is consistent with initial absorption overheads typically seen when scaling up expanded manufacturing infrastructure.

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Specific Disclosure Gaps

1. 5 GWh Utilization Ramp Timeline: Specific target dates for phase-wise commercial production, trial runs, or reaching optimal capacity utilization on the expanded 5 GWh line are not detailed in financial disclosure tables. 2. BESS Order Book Breakdown: Dedicated order book figures quantifying project-wise BESS megawatt-hour (MWh) commitments, executable order backlogs, and customer delivery schedules are not broken out within reported segment or revenue data.

Asset & Execution MetricQ2 FY26Q3 FY26Q4 FY26FY26 Full Year / TTMAnalyst Read
Consolidated Revenue (Rs Cr)533.45 [10]643.97 [11]1,096.8 [12]2,641.3 [9]Revenue expanded 105.8% QoQ in Q4 FY26
Capital Work in Progress (Rs Cr)59.17 [13]-38.28 [14]38.28 [15]CWIP declined by Rs 20.89 Cr, signaling ongoing asset capitalization
Property, Plant & Equipment (Rs Cr)183.85 [16]271.97 [17]176.78 [18]176.78 [18]Fixed asset base reflects reclassifications/adjustments across quarters
TTM Capex (Rs Cr)---105.77 [1]Net annual additions to manufacturing/operational asset base
Consolidated EBITDA Margin (%)19.5% [19]19.9% [20]16.7% [21]19.0% [22]Operating leverage pressured during rapid Q4 revenue scale-up

Sources

  1. [1]TTM Capex
  2. [2]TTM Capex
  3. [3]Total Debt
  4. [4]Non-Current Borrowings
  5. [5]Current Borrowings
  6. [6]Total Debt
  7. [7]Non-Current Borrowings
  8. [8]Current Borrowings
  9. [9]TTM Revenue INR
  10. [10]Revenue INR
  11. [11]Revenue INR
  12. [12]Revenue INR
  13. [13]Capital Work in Progress
  14. [14]Capital Work in Progress
  15. [15]Latest Capital Work in Progress
  16. [16]Latest Property Plant and Equipment
  17. [17]Fixed Assets
  18. [18]Latest Property Plant and Equipment
  19. [19]EBITDA Margin
  20. [20]EBITDA Margin
  21. [21]EBITDA Margin
  22. [22]TTM EBITDA Margin
  23. [23]TTM Revenue INR
  24. [24]EBITDA
  25. [25]TTM EBITDA
  26. [26]PAT
  27. [27]TTM PAT
  28. [28]Cost of Materials Consumed
  29. [29]COGS
  30. [30]TTM Revenue INR
  31. [31]TTM EBITDA
  32. [32]TTM PAT
  33. [33]TTM Revenue INR
  34. [34]TTM EBITDA
  35. [35]TTM PAT
  36. [36]TTM Revenue INR
  37. [37]TTM EBITDA
  38. [38]TTM PAT
  39. [39]TTM Revenue INR
  40. [40]TTM EBITDA
  41. [41]TTM PAT
  42. [42]TTM Revenue INR
  43. [43]TTM EBITDA
  44. [44]TTM PAT
  45. [45]Finance Costs
  46. [46]TTM Finance Costs
  47. [47]TTM Changes in Inventories

Keep digging

What was the total capital expenditure incurred for the commissioning of the new 2.5 GWh BESS manufacturing line, and how much of this was funded through internal accruals versus incremental debt as disclosed in the latest balance sheet or investor presentation?

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