Financial Performance (FY25 vs FY24) <ul><li>In FY25, <a target="_blank" href="https://www.planify.in/research-report/madhur-iron-and-steel/">Madhur Iron &amp; Steel</a> (India) Limited demonstrated strong growth and improved profitability. Total Income rose 42.3% YoY to ₹341.42 Cr in FY25 from ₹239.94 Cr in FY24, driven by increased sales of both manufactured and traded goods. Profitability improved significantly — Profit Before Tax (PBT) increased 45.2% YoY to ₹25.14 Cr versus ₹17.27 Cr last year. </li><li>Net Profit (PAT) jumped 51.1% YoY to ₹18.53 Cr, compared to ₹12.23 Cr in FY24, reflecting robust operational execution and effective cost management. </li><li>Madhur Iron &amp; Steel sustained operational efficiency during its expansion phase. EBITDA (calculated as PBT + Depreciation + Finance Cost) grew to ₹33.72 Cr, implying an EBITDA margin of ~9.9%, compared to ~9.5% in FY24. </li><li>Net Profit Margin improved to 5.4% from 5.1%, highlighting better cost control and operational leverage. The company’s Return on Capital Employed (ROCE) stood at 34.09% in FY25, down from 50.63% in FY24, primarily due to increased capital deployment in ongoing expansion projects.</li></ul>Strategic Developments<ul><li>Corporate Restructuring: The company transitioned from a Private Limited to a Public Limited entity in July 2024, enhancing its corporate governance and market presence. </li><li>Capital Expansion: The company significantly bolstered its equity base through a 1:1 bonus issue and fresh equity issuance, increasing paid-up capital from ₹6.62 Cr to ₹14.89 Cr. </li><li>Product &amp; Market Diversification: Revenue from traded goods saw a substantial increase, contributing ₹99.35 Cr in FY25 compared to ₹29.94 Cr in FY24, indicating a strategic shift toward trading alongside manufacturing. </li><li>Capacity Enhancement: Continued investment in Property, Plant &amp; Equipment (PPE) and Capital Work-in-Progress (CWIP) reflects ongoing capacity expansion and modernization efforts.</li></ul> Outlook<ul><li>Madhur Iron &amp; Steel closed FY25 with its highest-ever profit, supported by increased production, trading activities, and strategic capital infusion. The company is well-positioned to leverage its expanded capital base and ongoing capacity enhancements. </li><li>With a focus on scaling both manufacturing and trading operations, Madhur Iron &amp; Steel aims to strengthen its market presence while maintaining a disciplined approach to profitability and financial stability. </li></ul>

Madhur Iron Delivers Robust FY25 Results

Financial Performance (FY25 vs FY24):&nbsp;Bolzen &amp; Mutter Limited delivered a robust performance in FY25 with total income rising 117.2% YoY to ₹79 Cr, up from ₹36 Cr in FY24. The sharp revenue growth was driven by higher operational income from its core business, which grew 115.0% YoY to ₹78 Cr.Total expenses surged 123.2% YoY to ₹74 Cr, primarily led by a steep increase in material consumption (+150.1% YoY), employee costs (+173.1% YoY), and other expenses (+39.4% YoY).Despite the cost escalation, Profit Before Tax (PBT) grew 54.3% YoY to ₹498.2 Cr, reflecting strong operating leverage and scale benefits.After accounting for taxes and deferred tax adjustments, Profit After Tax (PAT) rose 63.1% YoY to ₹3.7 Cr, compared to ₹2.2 Cr in FY24. Earnings per share (EPS) increased to ₹14.9 from ₹9.1, a healthy 63.1% YoY growth, reflecting solid bottom-line expansion. Operational Metrics (FY25 vs FY24):&nbsp;Total assets nearly doubled (+133.2% YoY) to ₹36 in FY25 from ₹15 Cr in FY24, driven by higher plant &amp; equipment and receivables, suggesting expansion in capacity and scale. The loan book (long-term + short-term borrowings) expanded sharply by 181.5% YoY to ₹19 Cr, indicating aggressive leveraging to fund business growth.Trade payables also rose 88.3% YoY to ₹5 Cr, suggesting higher procurement activity and scaling up of operations. However, this has also elevated working capital intensity.The company’s net profit margin declined slightly to 4.6% in FY25 from 6.1% in FY24, reflecting strong revenue growth offset by higher input costs and interest burden Strategic Developments:&nbsp;FY25 marked a transformative year for Bolzen &amp; Mutter, with rapid revenue expansion supported by scaling in manufacturing and operations. However, the aggressive rise in borrowings (+135%) indicates dependence on external leverage, which could pressure margins and liquidity if not managed prudently.While profitability improved materially, the significant jump in total liabilities suggests higher financial risk. The absence of visible credit stress (no NPAs reported) is positive, but the company must ensure prudent capital allocation and tighter working capital management.Going forward, Bolzen &amp; Mutter’s focus should be on:&nbsp;Strengthening balance sheet health by optimizing debt levels,&nbsp;Improving cost efficiency to sustain margins, and&nbsp;Enhancing operational cash flow to fund future expansion internally.

Bolzen & Mutter Limited – FY25 Consolidated Results Review: Strong Growth Momentum, Leverage Rising

​<a target="_blank" href="https://www.planify.in/research-report/urban-tots-deepak-houseware-and-toys/">Urban Tots</a> has delivered a strong financial performance in FY25, showcasing impressive growth across all key metrics.<ul><li>Revenue: The company’s total revenue rose by 58% year-on-year to ₹125.3 crore in FY25, as compared to ₹79.5 crore in FY24, reflecting sustained demand and operational expansion. </li><li>Profitability &amp; EPS: Profitability also strengthened, with PAT increasing by 59% to ₹11.31 crore in FY25, as compared to ₹7.10 crore in FY24, and EPS improving by 59% to ₹2.03 in FY25 compared to ₹1.28 in FY24, underscoring efficient cost management and enhanced margins.&nbsp;</li><li>Assets &amp; Equity: On the balance sheet front, total assets grew by 33% to ₹112.78 crore in FY25, as compared to ₹84.92 crore worth of assets in FY24, while total equity increased by 31% to ₹46.38 crore. In FY24, the total equity of the company stood at ₹35.32 crore. This increase highlights a robust financial position and continued business scalability. </li></ul>Overall, Urban Tots demonstrated strong growth momentum and solid fundamentals, reinforcing its trajectory of consistent performance and value creation.

Urban Tots has delivered a strong financial performance in FY25, showcasing impressive growth across all key metrics.

Urban Tots Delivers Strong Growth Across Key Financial Metrics in FY25

From the telecom towers that keep us connected to the energy storage systems powering India’s green ambitions — Pace Digitek Limited has quietly built the invisible backbone of modern infrastructure. Now, the Bengaluru-based engineering and technology company is taking a bold step into the public markets with its initial public offering (IPO), aiming to fuel its next phase of growth.Pace Digitek Ltd, a leading multi-disciplinary solutions provider in telecom, ICT, and renewable energy infrastructure, is set to raise ₹819.15 crore through its IPO. The offering consists entirely of a fresh issue of up to 3.74 crore equity shares, priced in the band of ₹208–₹219 per share. The issue opens on September 26, 2025, and closes on September 30, 2025.At the upper price band, Pace Digitek will command a post-issue market capitalization of ~₹4,727 crore. The proceeds will primarily fund capital expenditure for subsidiary Pace Renewable Energies Pvt. Ltd., which is developing Battery Energy Storage Systems (BESS) for a 750 MW / 1,500 MWh project awarded by MSEDCL, along with general corporate purposes. Investors can bid for a minimum of 68 shares, with retail and institutional categories structured in line with SEBI norms:<ul><li style="font-size:15px;color:#000000;background-color:transparent">QIBs: up to 50%</li><li style="font-size:15px;color:#000000;background-color:transparent">NIIs: at least 15%</li><li style="font-size:15px;color:#000000;background-color:transparent">Retail: at least 35%</li><li style="font-size:15px;color:#000000;background-color:transparent">Employee reservation: ₹20 million with a ₹20 discount per share</li></ul>Founded in 2007 by technocrat Maddisetty Venugopal Rao, Pace Digitek began as a telecom power systems firm and has since evolved into a diversified engineering group with operations spanning India, Africa, and Myanmar. The company provides turnkey telecom tower and fiber network solutions, ICT infrastructure, solarization, and grid-scale energy storage systems.Through its subsidiary Lineage Power Pvt. Ltd., the company operates a 5 GWh/year Battery Energy Storage manufacturing plant — among India’s largest — marking its strong push into the renewable energy sector.As of July 2025, the company’s order book stood at ₹7,633.6 crore, with ₹3,570 crore from telecom and ₹4,063 crore from energy projects, giving it multi-year revenue visibility.<h3 style="line-height:1.38">Financial Highlights</h3>Pace Digitek’s numbers underscore its growth momentum:<ul><li style="font-size:15px;color:#000000;background-color:transparent">FY25 Revenue: ₹2,438.8 crore (up 385% vs FY23)</li><li style="font-size:15px;color:#000000;background-color:transparent">FY25 EBITDA: ₹505.1 crore (EBITDA margin 20.7%)</li><li style="font-size:15px;color:#000000;background-color:transparent">FY25 PAT: ₹279.1 crore (PAT margin 11.4%)</li><li style="font-size:15px;color:#000000;background-color:transparent">ROCE: 37.9% | ROE: 23.1%</li><li style="font-size:15px;color:#000000;background-color:transparent">Debt-to-Equity: 0.13x</li></ul>The company’s earnings have grown rapidly — PAT CAGR of 310% between FY23–FY25 — reflecting strong operational leverage and efficient capital allocation.Sector TailwindsIndia’s telecom and renewable energy sectors are witnessing unprecedented growth:<ul><li style="font-size:15px;color:#000000;background-color:transparent">Massive 4G and 5G rollout across India, driving demand for telecom infrastructure and fiber networks</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Government-backed push toward energy storage and solarization, with national BESS capacity expected to reach 38.6 GW (201.5 GWh) by 2032</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Rising need for grid stability and decentralized energy bolstering demand for advanced BESS solutions</li></ul>With its dual focus on telecom modernization and green energy transformation, Pace Digitek aims to bridge the digital divide and energize India’s renewable transition — inviting investors to be part of a company that literally powers connectivity and sustainability. ​ ​

Pace Digitek’s ₹819.15 crore IPO

When a Tata Group company comes to the markets, investors pay attention. And when that company is Tata Capital, the financial services arm of the $150-billion conglomerate, the buzz naturally turns into a roar. Tata Capital is all set to raise nearly $2 billion (₹15,512 crore) through its IPO, making it one of the largest ever in India’s NBFC space. But behind the excitement lies a tricky question: will this much-anticipated listing turn into a blockbuster like Tata Technologies, or will lofty valuations weigh it down? At its core, <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata Capital</a> is not a bank but a non-banking financial company (NBFC). It lends across retail and SME segments, offering everything from home loans, vehicle financing and personal loans to small business lending and structured corporate credit. In recent years, it has scaled rapidly, building a loan book of over ₹2.2 lakh crore and positioning itself as one of India’s largest NBFCs. The company’s biggest advantage is brand trust. For millions of borrowers, the Tata name carries credibility and reassurance, a factor that helps in winning customers even in highly competitive lending categories. Tata Capital IPO Details Tata Capital has been classified as an upper-layer NBFC by the Reserve Bank of India, which mandates such entities to list shares within three years of classification. While the regulatory deadline was September 2025, the listing is being timed for early October, with anchor allotments opening October 3 and the public offer window slated from October 6 to October 8.&nbsp; Tata Capital Financial Performance The IPO comes at a time when Tata Capital’s financials have shown strong momentum. Profits have risen sharply, with FY25 net profit estimated at around ₹3,600–3,655 crore, almost double from three years ago. Revenues too have surged past ₹23,000 crore, while return on equity has held at a healthy 17–18%, comparable to the best in the industry. Even so, there are pressures building under the surface. Funding costs have risen, and as an NBFC, Tata Capital depends on market borrowings instead of retail deposits. That makes it vulnerable to interest rate cycles, a risk investors must keep in mind. <div class="se-component se-image-container __se__float-justify"><figure style="width: 752px;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/6b1333c6-59be-4871-91ec-d555e49347f7.png" alt="" data-proportion="true" data-size="752px,452px" data-align="justify" data-file-name="BY+jIAAAAAZJREFUAwAna6DM89DqWgAAAABJRU5ErkJggg==" data-file-size="0" origin-size="752,452" data-origin="752px,452px" style="margin-left: 0px; margin-top: 0px; width: 752px; height: 452px;"></figure></div>​Comparative Pricing &amp; Valuation: Tata Capital vs. Peers The valuation, meanwhile, has been the talking point. In the unlisted market, <a target="_blank" href="https://www.planify.in/article/tata-capital-ipo-to-raise-2-billion-as-sebi-approves-2025s-biggest-listing/">Tata Capital shares</a> have been trading in the ₹700–1,000 band, buoyed by hype and limited supply. But the IPO price band of ₹310–₹326 per share surprised many. On the face of it, this looks conservative, For many investors, this feels like 70% value erosion;&nbsp;and still values the company at over ₹1.3 lakh crore. The company is the largest Core Investment Company (CIC) in the country, with a market capitalization of approximately ₹2.8 lakh crore. In terms of valuations, the company is trading at a price-to-earnings (P/E) ratio of 82x, which is significantly higher compared to its peers, whose median P/E ratio is 30.1x. Furthermore, based on the price-to-book (P/B) ratio, the company is trading at 9.9x, while the median P/B ratio for its peers is 3.9x. This indicates that the company is highly overvalued. One of the biggest talking points around Tata Capital’s IPO has been its price band, which came as a shock to investors tracking the stock in the unlisted market. Shares that were actively changing hands in the grey market at nearly ₹1,125 per share are now being offered in the IPO at a much tighter band, creating a mismatch in expectations. On Planify platform, we had already issued and suggested a sell rating to investors citing stretched valuations at those levels. This divergence highlights a recurring theme in India’s IPO landscape where unlisted market enthusiasm often runs ahead of the valuations set by investment bankers, only to be realigned once the official price band is declared. But the truth also lies that in the fact that the&nbsp;<a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted market</a> often runs on scarcity and speculation, while IPO pricing must be grounded in earnings, risk profile, and peer benchmarks. Tata Capital’s discount reflects a reset in valuations across the NBFC space, where regulators and investors are demanding more conservative pricing. The company’s fundamentals are solid with a ₹2.3 trillion loan book, spread across retail, SME, and corporate lending, and the strong backing of the Tata Group. Yet, there are&nbsp;risks that justify a cautious price: <ul><li style="font-size:16px;color:#222222;background-color:transparent">Rising risk in the loan book: Stage-3 bad loans have inched up to ~1.9%. </li><li style="font-size:16px;color:#222222;background-color:transparent">Weaker provisioning: Coverage ratio has fallen to ~58.5% in FY25 from 77% earlier. </li><li style="font-size:16px;color:#222222;background-color:transparent">Unsecured lending exposure: 21% of loans are unsecured, which adds to credit risk. </li><li style="font-size:16px;color:#222222;background-color:transparent">High real estate exposure: About one-third of the book is linked to property markets, which can be cyclical. </li></ul>In this context, the IPO is being set at an appealing price to guarantee widespread involvement and stability post-listing. In simple terms: the discount isn’t a gift but it’s a hedge against risk. Existing unlisted shareholders may feel the pinch, but for new investors, the IPO offers entry at realistic valuations with room for upside if the company delivers on growth. Compared with peers, Bajaj Finance still trades at a premium because of its superior return ratios, while L&amp;T Finance trades lower but with slower growth. Tata Capital sits in the middle, offering growth potential at a valuation reset that seems more sustainable than the grey-market frenzy suggested. There are genuine risks. A part of Tata Capital’s portfolio is in unsecured lending, which can turn risky if the economy slows or defaults rise. Competition in retail and SME finance is heating up, with giants like Bajaj Finance and HDFC Bank aggressively chasing the same customers. And while Tata Capital has diversified well, integrating acquisitions such as Tata Motors Finance and maintaining credit discipline as it scales further will be a challenge. Yet, there are equally strong positives. The company operates with an asset-light model, focuses on project and customer execution, and leverages the larger Tata ecosystem for growth opportunities. Its wide and extensive diverse distribution network ensures reach throughout urban and semi-urban India, while its diversified loan book reduces dependence and reliance on any single category. Most importantly, the Tata brand provides an intangible significant edge in terms of gaining customer acquisition and trust, something competitors often struggle to replicate. Conclusion For investors, the IPO is a trade-off between hype and reality and it represents a balance between excitement and actuality. On one hand, Tata Capital represents exposure to India’s growing credit story, led by one of the most trusted business groups. On the other, valuations are not cheap, and growth will have to remain steady to justify the premium. If the company can sustain loan growth above 20%, control asset quality, and expand margins, the stock could replicate Bajaj Finance’s long-term wealth creation story. But if execution slips or credit costs rise, the high expectations baked into the IPO could turn into a drag. In the end, Tata Capital’s IPO is more than a fundraising event. It is a landmark in India’s NBFC sector, a test of how much premium investors are willing to pay for brand, scale and growth. The unlisted market may have set lofty benchmarks, but the public markets will judge the company by its ability to deliver quarter after quarter. Listing day may bring excitement, but the real story will be written in the years ahead.

Tata Capital is all set to raise nearly $2 billion (₹15,512 crore) through its IPO, making it one of the largest ever in India’s NBFC space.

Tata Capital’s $2 Billion IPO—Will India’s Hottest NBFC Deliver Market-Breaking Returns?

India’s <a href="https://www.planify.in/markets/">IPO market</a> has been buzzing with activity this year, and the next one on the block is Fabtech Technologies, a cleanroom and turnkey solutions provider for pharma and biotech companies. The company is securing over ₹230 crore through a fresh issue IPO route, with the price band set at ₹181–191 per share. The issue opens and the start date would fall on September 29, 2025 and closes on October 1, 2025. So, what does Fabtech actually do? It is not a company that produces drugs. Rather, this unique setting creates a cleanroom, HVAC system, modular walls, flooring, and complete installations that pharmaceutical producers and biotechnology companies require to adhere to stringent regulatory requirements. With more than 90% of its revenue coming from pharma and healthcare customers, Fabtech has made a place in this highly regulated industry. Core Business:&nbsp;The company provides end-to-end solutions for pharmaceutical, biotech and healthcare industries. This includes commissioning, designing, engineering, procurement equipment, installation, testing and commission of complete production facilities. Global Reach: As of mid-2025, Fabtech had successfully executed projects in over 62 countries, including Saudi Arabia, Nigeria, the USA, and Bangladesh. This global appearance brings variety to its revenue sources and taps in the growing demand for infrastructure of drugs worldwide. Integrated model: By offering "One-stop-shop", the company reduces the execution risk for its customers, which can increase strong customer relationships and repeat business. Asset-light model: The company follows an asset-light business model, which focuses on project management and execution, purchasing equipment from concerned institutions and third-party suppliers. Fabtech Technologies: Financial Performance Fabtech's financial strong growth highlights, with the revenue growing from ₹199 crores in FY23, has increased to ₹335 crores in FY25, and in the same period the profits after tax surged and consistently&nbsp; improved from ₹21 crore to ₹46 crore. Referring to better operating efficiency, the margin has expanded continuously from 10.6% to 13.7%. However, there is a matter of concern: its cash conversion cycle has increased from 45 days to 85 days in FY22 in FY23. This indicates that a large part of the capital is now bound in the receivable and inventory, which indicates the working capital-intensive nature of the business. While the speed of development looks solid, it will require strict control over cash flow to avoid stress of liquidity to maintain it. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/2b5fc7c6-77ec-4945-8c6a-0891e2b2c31b.png" alt="" data-proportion="true" data-align="justify" data-file-name="IRV4bgAAAAZJREFUAwD6E+VUDtYSwAAAAABJRU5ErkJggg==" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> Pointers to keep in mind:&nbsp;<ul><li style="font-size:17px;color:#000000;background-color:transparent">Revenue &amp; Profit Volatility: The company experienced a decline in revenues in FY24 compared to FY23. For example, revenue dropped ~22% from ~₹125.10 crore in FY23 to ~₹97.99 crore in FY24. Also, PAT dropped in the same period.&nbsp; </li><li style="font-size:17px;color:#000000;background-color:transparent">Heavy Working Capital Requirement: A substantial portion of the IPO proceeds is being allocated to working capital. Also, dependence on advances, receivables etc will matter.​</li><li style="font-size:17px;color:#000000;background-color:transparent">Customer Concentration: The company seems to have a significant portion of revenue tied to a limited number of customers.&nbsp; </li><li style="font-size:17px;color:#000000;background-color:transparent">Reliance on Related Parties / Suppliers: Some of Fabtech’s procurement is from related entities, and the acquisition of Kelvin Air Conditioning/Ventilation Systems is part of the IPO use of funds.&nbsp; </li></ul>HVAX Technologies, A Peer Analysis To understand Fabtech’s trajectory, it helps to look at HVAX Technologies, a more established player in the cleanroom and HVAC space. HVAX has taken a more measured growth path, with steady revenues, stronger balance sheet discipline, and predictable cash flows. While it doesn’t deliver the same high growth as Fabtech, its ability to manage working capital better has made it a stable mid-cap story. This contrast is telling: Fabtech is the fast-scaling challenger, hungry for growth but exposed to liquidity stress. HVAX, on the other hand, is the steady incumbent, trading at more mature valuations with lower execution risk. For investors, Fabtech’s bet is essentially on whether it can grow like HVAX without stumbling over its aggressive pace. Valuation Perspective Fabtech Technologies Ltd's post-IPO market capitalization is estimated to be ~₹849 crore. This valuation is based on the company's projected and estimated share price post-listing, which is expected to be around ₹191 per share at the upper end of the IPO price band. The IPO comprises a portion of fresh issue of 1.21 crore equity shares, which is aggregating to ₹230.35 crore. After the issue, the total number of shares outstanding is expected to be around 4.45 crore.&nbsp; At the upper price band, the IPO values Fabtech at roughly ₹849 crore market cap post-listing, depending on subscription and demand. On FY25 earnings of ₹46 crore, that translates into a P/E multiple of ~18–19x and a Price-to-Sales ratio of ~2.7–3.0x. This reflects a reasonable valuation for a company in the biopharma engineering space. Conclusion Fabtech's IPO provides exposure to investors for an important niche in Pharma and Biotech Infrastructure. With strong revenue growth, to improve profitability, and to expand global reach, basic fundamentals seem to be promising. But <a href="https://www.planify.in/investors/">investors</a>&nbsp;must weigh the risks of project lumpiness, working capital pressure, and premium valuation before calling it a “jackpot.” If Fabtech sustains its trajectory and executes well, it may just turn this IPO into one of the more interesting pharma-adjacent plays of 2025.

The company is securing over ₹230 crore through a fresh issue IPO route, with the price band set at ₹181–191 per share.

Is Fabtech’s Rs 230 Crore IPO Your Next Pharma Jackpot?

The IPO season in India is heating up, and among the offerings drawing attention is Pace Digitek Ltd. The company, which operates in telecom passive infrastructure and energy projects, is set to open its public issue from September 26 to September 30, 2025, with a price band of ₹208 to ₹219 per share. With a fresh issue size of around ₹819.15 crore, this is one of the larger IPOs of late but by no means the biggest of the year.&nbsp; While ₹819 crore is a large offer, there have been <a href="https://www.planify.in/article/indias-ipo-boom-162-companies-set-to-raise-24-lakh-crore-in-2025/">larger IPOs in 2025</a>. This is mid-large size. It’s not in the “mega IPO” league. For investors, it’s one of the more interesting tech, infrastructure, and energy hybrid IPOs, but it doesn’t beat the biggest fund raise of the year. Company Profile and Business Overview Founded in 2007, <a target="_blank" href="https://www.planify.in/research-report/pace-digitek/">Pace Digitek</a> is a multi-disciplinary solutions provider with a strong foothold and domain presence in the telecom passive infrastructure, energy, and ICT sectors and various regions it has diversified offering across several key areas, comprises:<ul><li style="font-size:16px;color:#000000;background-color:transparent">Telecom Infrastructure: This domain segment provides solutions for telecom towers and optical fiber cables (OFC).</li><li style="font-size:16px;color:#000000;background-color:transparent">Energy Solutions: Offering renewable energy solutions like solar power systems and lithium-ion battery energy storage systems (BESS).</li><li style="font-size:16px;color:#000000;background-color:transparent">ICT: Engaging in projects for smart cities, surveillance, and agritech.</li></ul> The company has a global appearance, which has operated in India, Sri Lanka, Bangladesh, Myanmar, Philippines and various African markets. Paes Digitek's business model is based on both the manufacture and supply of products and undertakes large -scale engineering, procurement, and construction (EPC) projects. As of March 31, 2025, the company had a robust order book of ₹7,633.6 crore. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/fcb58cf8-0308-4543-a071-e64496af1b3c.png" alt="" data-proportion="true" data-align="justify" data-file-name="93tnEZAAAABklEQVQDAKxQ7V0jaUOLAAAAAElFTkSuQmCC" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="758,489" style="margin-left: 0px; margin-top: 0px;"></figure></div> Pace Digitek IPO Details The issue is priced between ₹208–₹219 per share with 3.74 crore equity shares being offered making the gross raise about ₹819.15 crore.&nbsp;<a href="https://www.sbisecurities.in/fileserver/research/reports/Pace%20Digitek_IPO%20Note.pdf?utm_source=chatgpt.com"></a>The company plans to use ₹630 crore of the net proceeds for capital expenditure (notably in BESS and infrastructure expansion), with up to 25% of proceeds and making plans that company proceeds in operations&nbsp; reserved for general corporate uses.&nbsp;<a href="https://www.sbisecurities.in/fileserver/research/reports/Pace%20Digitek_IPO%20Note.pdf?utm_source=chatgpt.com"></a>Pre-issue, the promoters held ~84.1% stake; post-issue, promoter shareholding is expected to dilute to ~69.5%. <div style="margin-left:0pt"><table><tbody><tr><td>IPO Open Date</td><td>September 26&nbsp; 2025</td></tr><tr><td>IPO Close Date</td><td>September 30 2025</td></tr><tr><td>IPO Allotment Date</td><td>October 1 2025</td></tr><tr><td>IPO Listing Date</td><td>October 6, 2025</td></tr><tr><td>Issue Size</td><td>₹819.15 Cr</td></tr><tr><td>Price Band&nbsp;</td><td>₹208 - ₹219 per share&nbsp;</td></tr><tr><td>Lot Size</td><td>68 shares</td></tr></tbody></table></div> Financial Performance Pace Digiteck has shown strong financial growth, especially in recent years. Revenue from operation: In FY23, revenue increased from ₹503.20 crore to&nbsp; ₹2,438.78 crore in FY25. This significant jump was primarily driven by large public sector telecom projects. Profit After Tax (PAT): In FY23, from ₹ 16.53 crore to ₹ 279.10 crore in FY25, it increased to a significant increase in profitability. The company's financial health is also reflected in its major performance indicator (KPI) for FY25, such as a return of 23.09% equity (ROE) and an Ebitda margin of 20.71%, which is stronger than the industry average. Pace Digitek IPO Opportunities Strong Order Book: ₹7,600+ crore in confirmed orders offers a long runway. That means there's momentum and visibility.&nbsp; Margin reform: Despite the flat revenue growth between FY24 and FY25, the company has greatly improved profitability. High margins suggest better cost control, scale benefits or high price contracts.&nbsp; Growth via Energy Infrastructure: BESS and energy-related works are areas of increasing government / private interest (renewables, storage). Pace Digitek’s investments here may pay off, especially if projects deliver well. Low Leverage &amp; Healthy Financial Ratios: Lower debt levels and decent ratios like ROCE, ROE help reduce risk compared to highly leveraged peers.&nbsp; Pace Digitek IPO: Risks and concerns Flat Revenue Growth from FY24 to FY25 suggests current operations may hit a plateau unless new contracts scale up. Profit growth is good, but sustaining it depends strongly on order conversion and project execution. Public sector dependence means policy change, payment delays, risk for regulatory approval. Government contracts often come with slow cash flow. Execution risk in large capital projects like BESS: Setup delays, supply chain deficiency, cost overrun, or regulatory hurdles (permit, approval) may erode estimated profits. Conclusion Paes Digitek's IPO offers an attractive risk-reward proposal to investors that lead to India's strong telecom infrastructure and increasing importance of energy storage. A strong order book (by March 2025 ~ ₹7,634 crore) extends to both telecommunications and energy segments, and a track record of improving profitability (21% increase in net profit in FY25), the company enters public markets with real substances.&nbsp; Nevertheless, the way forward is not without challenges. Its heavy dependence on government contracts and a concentrated customer base, long-appropriate, and execution risk factors in capital-intensive projects (especially BES and solar units) are invested. Investors should look closely.&nbsp; At the pricing band of ₹ 208-219, the assessment looks appropriate and is not more aggressive given the company's capacity. Does Pace Digitek become one of the standout listings of 2025, eventually depending on how well it distributes on its big project backlog, enhances its energy business, and maintains margin under competitive pressure. For long -term investors with a tolerance to infrastructure and project risks, an IPO is worth a serious form. For others seeking quick listing benefits, cautiousness can be taken.

Pace Digitek is set to open its public issue from September 26 to September 30, 2025, with a price band of ₹208 to ₹219 per share.

Pace Digitek IPO Opens Soon—Is This the Biggest Listing of 2025 at ₹208–219 Per Share?

Financial Performance (FY25 vs FY24):&nbsp;<a target="_blank" href="https://www.planify.in/research-report/pharmeasy-share-price/">API Holdings</a> posted a modest 3.8% YoY growth in total income to ₹5,980 Cr in FY25, up from ₹5,759 Cr in FY24, driven largely by revenue from operations which increased to ₹5,872 Cr (+3.7% YoY). However, the revenue expansion was offset by cost pressures. Total expenses rose to ₹7,209 Cr, almost flat (-0.6% YoY) compared to ₹7,255 Cr in FY24, but remained structurally higher than income, leading to continued operating losses. Loss before exceptional items and tax stood at ₹1,220 Cr, a marginal improvement versus ₹1,495 Cr in FY24 (narrowing by 18.5% YoY). Exceptional losses of ₹296 Cr in FY25 (vs ₹977 Cr in FY24) further weighed on earnings. As a result, PAT stood at -₹1,572 Cr, compared to -₹2,534 Cr in FY24, indicating a reduction in net losses by 37.9% YoY. On the balance sheet front, total assets contracted by 16.8% YoY to ₹6,977 Cr from ₹8,390 Cr in FY24, reflecting lower cash balances and a reduction in current assets. Total equity improved by 26.4% YoY to ₹3,272 Cr (vs ₹2,588 Cr), aided by capital infusion despite continuing losses. Borrowings fell sharply to ₹2,234 Cr from ₹4,098 Cr (-45.5% YoY), improving leverage. Operational Metrics (FY25 vs FY24): Net margin improved to -26.3% in FY25 from -44.1% in FY24, reflecting better cost absorption despite remaining loss-making. Finance costs declined significantly by 30.5% YoY to ₹506 Cr, in line with lower borrowings. Employee benefit expenses increased 29.9% YoY to ₹908 Cr, suggesting continued investment in workforce and expansion. Cash &amp; cash equivalents dropped 63.7% YoY to ₹119 Cr (vs ₹328 Cr), signaling reduced liquidity. Goodwill impairment was lower at ₹175 Cr (vs ₹583 Cr in FY24), reducing the exceptional drag on bottom line. Strategic Developments: FY25 marked a year of stabilization for API Holdings. While revenue growth remained modest, the company succeeded in narrowing losses meaningfully through reduced exceptional charges and deleveraging of its balance sheet. The decline in borrowings and finance costs points to conscious efforts to strengthen financial stability. However, profitability remains elusive as cost structures (employee and other operating expenses) continue to run ahead of revenue. The contraction in total assets, largely due to lower cash balances, underscores the need for fundraising and efficient working capital management to support operations. Going forward, the company’s path to profitability will hinge on scaling revenues meaningfully while keeping expense growth in check, further optimizing financing costs, and monetizing its digital healthcare ecosystem. The demonstrated ability to narrow net losses in FY25 provides some comfort, but sustained execution will be critical before an IPO or external fundraise can be justified.

API Holdings Ltd. – FY25 Consolidated Financial Performance Review

Financial Performance (FY25 vs FY24): Capgemini reported steady growth in FY25 versus FY24, with consolidated revenue rising 4.6% to ₹29,068 Cr from ₹27,786 Cr. Profitability improved as PBT increased 10.2% to ₹4,727 Cr from ₹4,291 Cr, while Net Profit (PAT) grew 11.3% to ₹3,613 Cr from ₹3,246 Cr. EPS strengthened to ₹609.6 (basic &amp; diluted) from ₹547.6 in FY24. Margins expanded modestly as operating leverage offset higher employee costs, enabling the group to maintain robust profitability.Operational Metrics (FY25 vs FY24): Operating expenses rose, with employee benefit costs increasing to ₹21,293 Cr from ₹20,450 Cr, and other expenses inching up to ₹2,979 Cr from ₹2,942 Cr. Finance costs were marginally higher at ₹69.5 Cr versus ₹63.2 Cr, while depreciation moderated to ₹935 Cr from ₹1,004 Cr. Net margins improved to 12.4% in FY25 from 11.7% in FY24, while EBITDA margin edged up to nearly 19.7% from 19.3%, reflecting cost discipline despite wage inflation. Balance sheet remained strong, with total assets at ₹24,556 Cr (vs ₹25,104 Cr) and equity at ₹19,832 Cr (vs ₹20,710 Cr). Cash &amp; cash equivalents stood at ₹1,802 Cr versus ₹1,772 Cr, supported by liquidity from operations, though current investments declined due to higher dividend payouts.Strategic Developments: <a href="https://www.planify.in/research-report/capgemini-technology-service/">Capgemini</a> continued to strengthen its capabilities and market positioning. The Americas and Rest of World regions led revenue growth, while India showed a marginal decline. The Group pursued selective disposals and completed acquisitions in AI and digital engineering to enhance offerings. Share-based payment expenses rose to ₹291 Cr, reflecting continued workforce investment. A dividend of ₹45 per share (FV ₹10) amounting to ₹4,505 Cr was paid in FY25, alongside share buybacks to enhance shareholder returns. Sustainability remained central, with increased renewable energy sourcing and progress on carbon reduction targets, while India continued to serve as the largest global delivery hub with stable utilization.

Capgemini Technology Services Released it FY25 Results

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