Pace Digitek Limited confirmed the resignation of Surajit Khan, Business Head – Projects, with his last working day on September 24, 2026. The departure marks a leadership change in the company's projects division following a notice period adjustment.

Khan tendered his resignation on September 4, 2026, citing personal reasons and the pursuit of another professional opportunity. Although his appointment terms specified a 30-day notice period, he requested an early release to accommodate a new joining commitment. The management approved this request, allowing him to serve until September 24, 2026.

Resignation details and timeline

The resignation was intimated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed that Khan’s cessation date was September 4, 2026, but his active service concluded after working hours on September 24, 2026. The relieving letter issued by VP – HR & Admin Krishna Murthy acknowledged his contributions and wished him success in future endeavours.

Transition and handover process

In his resignation letter addressed to Rajiv M, Khan emphasized a structured handover of ongoing projects. He committed to transferring status updates, commercial and collection matters, customer commitments, open risks, and team responsibilities to ensure an orderly transition. Khan noted that he would adjust available earned or privilege leave against the notice-period shortfall, with any balance settled through notice pay as per company policy.

Career tenure and role

Khan joined Pace Digitek in 2018 and served as Vice President – Projects. His resignation letter highlighted his involvement in the growth of the Projects function and the company's listing journey. The disclosure notes that detailed reasons for resignation were attributed to personal reasons, with no relationship disclosures applicable between directors or senior management personnel.

Pace Digitek co-subsidiary Lineage Power has secured a ₹488.46 crore order from Ntpc ge power services private limited for a Battery Energy Storage System (BESS) project. The deal strengthens the group's position in the energy storage sector.

New Order Details

The contract involves the supply and commissioning of BESS containers. While specific technical parameters such as capacity in MWh were detailed in prior disclosures for similar orders, this specific award to Lineage Power highlights the subsidiary's growing role in executing large-scale energy infrastructure projects for state-owned entities.

Order in Financial Context

The new order value of ₹488.46 crore represents approximately 67.4% of Pace Digitek's average quarterly revenue of ₹724.58 crore. The total disclosed order book stands at ₹7,380.43 crore across 15 orders over the last three fiscal quarters. This backlog provides coverage for 10.19 quarters, equivalent to 2.55 years of annual revenue at the current run-rate.

Company Order Track Record

Q1FY27 recorded ₹6,706.15 crore in order inflows across 12 orders. Q2FY27 added ₹674.29 crore across 3 orders, with clients including Kalpa power private limited and Ntpc ge power services private limited.

Execution and Revenue Quality

Consolidated revenue in Q1FY27 stood at ₹583.70 crore, with net profit of ₹62.50 crore. The operating profit margin (OPM) was 15.50% in Q1FY27, compared with 18.31% in Q3FY26 and 14.88% in Q4FY26.

Working Capital and Execution Capacity

The company maintains a current ratio of 1.69x, indicating adequate short-term liquidity for ongoing project requirements. Total liabilities/equity stands at 1.36x, which includes trade payables and non-debt liabilities. Operating cashflow was -₹842.10 crore in FY26.

Key Observations

• Order book coverage: 10.19 quarters of average quarterly revenue, equivalent to 2.55 years at current run-rate.
• Client diversity: Recent wins span domestic entities including Ntpc ge power services private limited, Kalpa power private limited, Damodar valley corporation (Dvc), and Nlc india renewables limited.
• Cash conversion: Operating cashflow stood at -₹842.10 crore in FY26, against a profitable consolidated net profit of ₹307.30 crore in FY26.