Panache Digilife Ltd(PANACHE)

NSE: PANACHE

₹ 664+1.73%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,063 crWebsite: www.panachedigilife.comUpdated: 24 Oct 2026

About

Panache Digilife, founded in 2007, is an integrated technology company that designs, engineers, manufactures and manages the lifecycle of ICT and IoT-enabled hardware, combining Design-Led Manufacturing (DLM) and Contract-Led Manufacturing (CLM). It serves compute, telecom, AV and displays, surveillance, medical and EdTech markets from one facility at Bhiwandi, Maharashtra. Revenue was 242.98 in FY26 (Rs crore).^[1][2]

Business mix

Design-Led Manufacturing made up 20-25% of revenue in FY26, with Contract-Led Manufacturing at 75-80%; the target is 33% DLM within 3 years.^[3]
The FY26 annual report states a focus on high-margin, design-intensive solutions alongside contract manufacturing.^[1]
The company reported no separate operating segments in FY25; it is treated as a single segment.^[4]
FY25 annual report: Smart & Secure Compute is the main source of revenue, with demand from education, enterprise and government.^[4]
FY25 annual report: design-led manufacturing typically earns 8-15% EBITDA vs 3-5% for pure assembly.^[4]

Products and services

Its product areas are Smart & Secure Compute, Telecom Solutions, AV & Displays, Digital Surveillance, Medical Solutions and EdTech Solutions (FY26).^[1]
As of FY26 it has added AI PCs, AI servers, AI routers and rugged computing to its range.^[1]
Products listed in Q4 FY25 included an IoT retail automation device, operating-room surgery recording hardware, a visitor kiosk, Intel OPS units for education projects and CCTV cameras.^[5]
In Q3 FY25 it obtained Google EDLA certification for education, retail POS and AIoT devices.^[6]
It strengthened its service capabilities by acquiring AIR Digilife Pvt. Ltd.^[1]

Operations

It runs one integrated, air-conditioned plant of over 50,000 sq. ft. at Bhiwandi, Maharashtra, which has operated for over eight years (FY26).^[1]
The Bhiwandi plant has separate areas for stores, incoming quality check, kitting, assembly, final quality check, packaging and quality assurance.^[1]
Its processes are aligned to ISO 9001:2015 and ISO 14001:2015.^[1]
Headcount was 37 employees in FY2026, the same as 37 in FY2025.^[1]
The FY26 annual report lists supply chain dependence, competition, working-capital intensity and cybersecurity as risks.^[1]

Key operating numbers

Revenue from operations grew 72.1% YoY in Q1 FY27.^[7]
The cash conversion cycle was 84 days in FY26 vs 172 days in FY25.^[7]
Net fixed asset turnover was 18.2x in FY26 vs 9.9x in FY25.^[7]
ROCE was 25.6% in FY26 vs 13.6% in FY25.^[7]

Customers and markets

One major customer accounted for 43.24% of standalone sales in FY25 (Rs. 5,012.73 lakh of Rs. 11,593.40 lakh).^[4]
Its customers include enterprises, institutions, government organisations and technology partners (FY26).^[1]
Management reported over 70% repeat business (Q4 FY25).^[5]
It signed a Manufacture and Supply Agreement with a global customer for laptops (FY25).^[5]
The plant supplies both domestic and international customers (FY26); the FY26 annual report says it plans to explore exports.^[1]

Expansion and capex

It plans up to ₹100 crores of ESDM capex through its wholly owned subsidiary Technofy Digital Private Limited, to add manufacturing capacity and backward integration (Q4 FY26).^[3]
The FY26 annual report states plans to invest in manufacturing capacity, technology and infrastructure.^[1]
CCTV production using non-Chinese chipsets was expected to start by Q1 CY2026, according to the FY25 annual report.^[4]

Recent developments

29 Sep 2026: a subsidiary won an order from a domestic telecom customer for installation, configuration, technical services, equipment and real-time monitoring, to run about 36 months. The value was not disclosed.^[8]
28 Sep 2026: it set up Quantron Technology Limited, a wholly owned subsidiary in Hong Kong, to trade IT products. The subsidiary has 50,000 shares at HKD 1 each.^[9]
The company moved from the NSE SME platform to the Main Board; free-float market cap was ₹31,807 lakhs as of June 30, 2026.^[7]
FY26 annual report: approval sought to raise the loan/guarantee limit to subsidiary Panache Newage to Rs 100 crore, at 9% interest with no fixed repayment date.^[1]
FY26 annual report: the Section 186 limit on loans, guarantees and investments was raised from Rs 80 crore to Rs 250 crore.^[1]
On April 3, 2026 the company withdrew a proposed issue of 6,07,348 warrants; 29,28,652 warrants remain outstanding (FY26 annual report).^[1]
On January 5, 2026, 7,86,000 equity shares were allotted to promoters on conversion of warrants.^[1]

Market Cap

₹1,063 Cr

High / Low

₹683 / 238

Stock P/E

53.8

Price / Book

9.9

Book Value

₹66

EPS

₹10.1

No. of Shares

1.6 Cr

ROCE

25.6%

ROE

18.9%

OPM

11.5%

Debt / Equity

0.23

Sales

₹243 Cr

Net Profit

₹17 Cr

Promoter holding

54.1%

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