💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 20.27% YoY to INR 116.11 Cr in FY25 from INR 96.54 Cr in FY24; specific segment-wise percentage growth for ICT hardware, telecom, and digital security was not disclosed.

Profitability Margins

EBITDA margin improved from 6.37% in FY24 to 9.15% in FY25. PAT margin improved from 0.01% in FY24 to 5.92% in FY25, driven by a strategic shift toward high-margin offerings and design-led services.

EBITDA Margin

EBITDA margin was 9.15% in FY25, representing a significant YoY improvement of 278 basis points from 6.37% in FY24.

Capital Expenditure

Historical CapEx for FY25 included INR 1.52 Cr for the purchase of fixed assets; planned CapEx is focused on ramping up to peak capacity to support the targeted 50% CAGR growth trajectory.

Credit Rating & Borrowing

Assigned a 'Stable' outlook by rating agencies on account of better revenue visibility; total borrowings increased to INR 26.72 Cr as of September 2025 from INR 19.85 Cr in March 2025.

⚙️ Operational Drivers

Raw Materials

ICT hardware components and telecom equipment parts; specific material names and their individual cost percentages were not disclosed.

Capacity Expansion

Currently ramping up to peak capacity to support accelerated growth; specific installed capacity units or MTPA were not disclosed.

Manufacturing Efficiency

Targeting a 25% improvement in operational efficiency by reducing the operational cycle from 120 days to 90 days in FY26; current capacity utilization percentage was not disclosed.

📈 Strategic Growth

Expected Growth Rate

50%

Growth Strategy

Achieving 50% CAGR through ramping up to peak manufacturing capacity, reducing the operational cycle by 25% (from 120 to 90 days), and prioritizing high-margin, design-led contract manufacturing. The company is broadening its footprint in ICT hardware, telecom, and digital security to capture emerging market opportunities.

Products & Services

ICT hardware, telecom devices, digital security products, and design-led contract manufacturing services.

Brand Portfolio

Panache, Panache DigiLife.

New Products/Services

Focus on high-margin offerings in ICT, telecom, and digital security; specific revenue contribution percentages for new launches were not disclosed.

Market Expansion

Broadening footprint across diverse product categories and critical sectors like ICT and telecom; specific target regions were not disclosed.

🌍 External Factors

Industry Trends

The industry is evolving towards India as a global hub for future-tech, with a focus on ICT and digital security. Panache is positioning itself for this growth by targeting a 50% CAGR and moving into high-margin, design-led services.

Competitive Landscape

Faces intense competition from both established players and unorganized participants in the ICT and telecom hardware markets.

Competitive Moat

Durable advantage from 20 years of experience and a 70% repeat business rate. The design-led manufacturing model integrates the value chain from design to lifecycle management, providing a sustainable cost and quality advantage over pure-play manufacturers.

Consumer Behavior

Increasing demand for digital security and ICT hardware is driving the company's diversification strategy.

Geopolitical Risks

Supplier concentration risk is a key concern, which may be impacted by geopolitical shifts affecting the global ICT supply chain.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to ICT and telecom sector standards and manufacturing regulations; specific regulatory impacts on pricing or pollution were not disclosed.

Environmental Compliance

The company has one woman independent director on the board; specific ESG compliance costs were not disclosed.

Taxation Policy Impact

Current tax liabilities were INR 1.92 Cr as of September 2025; specific tax rate percentage was not disclosed.

Legal Contingencies

The subsidiary Panache Newage Technology Private Limited has a 'Going Concern' issue regarding its leasehold land in Bilimora, Gujarat, which is considered non-feasible; specific litigation values were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Supplier concentration and intense competition from established and unorganized players are primary risks; potential impact percentages were not disclosed.

Third Party Dependencies

High supplier concentration risk noted; specific dependency percentages from top suppliers were not disclosed.

Technology Obsolescence Risk

Addressed by focusing on emerging sectors like ICT hardware and digital security to stay ahead of technology shifts.

Credit & Counterparty Risk

Trade payables stood at INR 24.90 Cr as of September 2025; specific receivables quality metrics were not disclosed.