Infralectric (Pvt.) Limited ("Infralectric" or the "Company") was incorporated as a private limited company on December 13, 2021, under the Companies Act, 2017. Infralectric is registered with the Pakistan Engineering Council (PEC) under Category C6, effective July 2, 2022, allowing it to undertake engineering and infrastructure-related projects within the prescribed scope. As a non-listed entity, the company is not subject to the regulatory disclosures applicable to publicly traded firms but remains under the oversight of the Securities and Exchange Commission of Pakistan (SECP). The legal framework provides a structured corporate governance mechanism, defining the rights and responsibilities of shareholders and management. However, given its private ownership, decision-making remains concentrated within the board and key stakeholders.

Infralectric is an energy infrastructure provider, specializing in Infrastructure as a Service (IaaS) with a primary focus on the telecommunications sector. By leveraging an Energy-as-a-Service (EaaS) model, Infralectric provides an alternative financing structure for renewable energy adoption, allowing businesses to transition toward low-carbon, sustainable energy solutions without significant upfront investment. The Company’s involvement in passive infrastructure manufacturing, through its associated entity Cratus, further strengthens its market position by offering integrated energy and infrastructure solutions. The Company is sponsored by SC Technologies Global (SCT), an entity with over a decade of experience in critical telecom infrastructure. SCT, part of the Brillanz Group, collaborates with global telecom vendors to enhance network reliability and energy efficiency, providing Infralectric with an established corporate backing.

Infralectric operates from its Islamabad-based facility, focusing on transforming telecom energy infrastructure through structured tripartite financing models, including Asset Lease, Vendor Finance, and Chauffage structures. By integrating solar components and lithium batteries, the company enhances energy efficiency, reduces operational costs, and improves network reliability while minimizing upfront capital expenditures for clients. The company leverages advanced digital intelligence, incorporating data analytics, artificial intelligence (AI), cloud computing, anti-theft mechanisms, and the Internet of Things (IoT) through ts associated companies Softoo & Solar AI. These technologies enable real-time monitoring, predictive maintenance, and demand-side optimization, ensuring resilient and cost-effective power management for telecom networks. To mitigate risk, Infralectric limits its liabilities to warranty claims, which are further secured through back-to-back agreements with Original Equipment Manufacturers (OEMs). Its seven-year framework agreement with Telenor Pakistan underscores its operational scale and execution capabilities. With coverage of approximately 1,500 telecom towers, the projects are expected to generate multi-million dollars in capital expenditure savings and annual operational cost reductions along with a carbon footprint reduction of more than 40,000 tons. By the end of CY'25, the company aims to expand the coverage upto 2,500 telecom towers.

Infralectric (Pvt.) Limited is a privately held company, with SC Technologies Global (Pvt.) Limited (SCT) serving as the majority shareholder, holding 51% of the Company's shares. The remaining ownership is distributed among the Board of Directors, including Mr. Bilal Qureshi (Founder/CEO) with a 30% stake, Mr. Abdul Rehman Atif Qureshi (Chairman) holding 14%, and Ms. Ayla Majid (Co-Founder/Director) with 5%.

Infralectric’s stability is inherently embedded within its business model, which is architected around end-to-end fenced infrastructure and long-term lease-backed contracts. The model structurally mitigates demand-side volatility by locking in multi-year revenue streams and ensuring recurring cash flows through pre-defined pricing and usage terms. Capital expenditure is front-loaded yet deferred from the client’s balance sheet, enabled through tripartite agreements with leading financial institutions, creating a closed-loop funding mechanism that isolates operational risk and enhances predictability. This design allows for scalable deployment without proportional stress on liquidity or working capital. The Company’s ability to execute under this self-contained framework, supported by financial partnerships and sponsor alignment, provides a high degree of institutional stability and positions Infralectric to absorb operational shocks while sustaining long-term growth momentum.

The Company’s leadership, comprising seasoned professionals with deep sectoral expertise, has demonstrated proficiency in structuring long-term contracts, securing project financing, and implementing sustainable energy solutions for major telecom operators. Operating at the convergence of energy, technology, and telecommunications, Infralectric’s business model is centered around capital-light financing structures, allowing telecom operators to transition toward sustainable energy solutions while optimizing costs. The Company’s ability to integrate advanced digital technologies, structured financing models, and sustainability-driven strategies underscores its adaptability to market shifts and reinforces its role as a key enabler of energy transformation within the telecom sector. Infralectric (Pvt.) Limited operates under the strategic sponsorship of SC Technologies Global (SCT), leveraging its decade-long experience in telecom infrastructure development. SCT’s established partnerships with leading network operators, global OEMs, and infrastructure-sharing firms provide Infralectric with a competitive edge in structuring scalable energy solutions tailored to the telecom sector. Infralectric further strengthens its business capabilities through its association with the Brillanz Group, gaining access to specialized technical resources, project management expertise, and structured financial solutions.

Infralectric (Pvt.) Limited demonstrates a stable financial profile, underpinned by structured financing and strong sponsor backing. At a broader level, Infralectric benefits from the financial strength of its parent ecosystem, primarily Brillanz Group and SC Technologies Global (SCT). The group collectively generated PKR 4.07 billion in revenue in FY24, with a net profit of PKR 264 million, demonstrating adequate earnings capacity. SCT, as the largest revenue contributor  serves as a financial anchor. Meanwhile, Brillanz’s diversified portfolio including Softoo, Solar AI, and Thunder Ltd. provides operational synergies, funding flexibility, and enhanced creditworthiness, further mitigating liquidity and refinancing risks for Infralectric. Given Brillanz’s strong earnings visibility, established industry partnerships, and diversified revenue streams, Infralectric is well-positioned to leverage group support for growth financing and risk mitigation while maintaining financial independence through its scalable, capital-efficient business model.

The Board of Directors (BoD) at Infralectric comprises three seasoned professionals, including Mr. Bilal Qureshi (Co-Founder/CEO), Mr. Abdul Rehman Atif Qureshi (Chairman), and Ms. Ayla Majid (Co-Founder/Director). Going forward, the company intends to induct an independent director and is currently in the process of finalizing a suitable candidate for the position. The inclusion of an independent director is expected to strengthen the governance framework by bringing in external oversight, objective judgment, and strategic foresight, which would foster greater transparency and objective decision-making.

Mr. Abdul Rehman Atif Qureshi, Chairman and Director of Infralectric, brings over 20 years of experience in the technology and energy sectors, providing strategic leadership and governance. Mr. Bilal Qureshi, Co-Founder and CEO, is a seasoned entrepreneur with deep expertise in technology, energy infrastructure, and digital transformation. Having led Brillanz and SC Technologies (SCT) for over a decade, he has been instrumental in scaling these ventures, driving innovation across smart energy solutions, software development, and digital ecosystems. As a Co-Founder of Thunder, SOFTOO, and SolarAi, he has played a key role in integrating technology with sustainable infrastructure. Ms. Ayla Majid, Co-Founder and Director of Strategy, is a globally recognized expert in green transitioning, sustainable finance, and corporate governance. As the Global President of ACCA, the first from Pakistan and South Asia, she actively shapes global policy discussions on decarbonization, ESG frameworks, and climate-focused investments. With over 20 years of experience, she brings critical expertise in financial strategy, risk management, and sustainability, ensuring Infralectric’s alignment with responsible energy and governance best practices.

While the three-member structure enables agile decision-making, introducing greater diversity in expertise can further enhance the board’s effectiveness. The board convenes periodically, with minutes duly documented, ensuring a structured approach to governance. To further institutionalize oversight, the Company has constituted four board-level committees; (i) Audit, Finance, Investigation, Financial Risk Management & Control Committee, (ii) Human Resource, Legal & Miscellaneous Matters Committee, (iii) Procurement Committee, and (iv) Risk Committee, all operating under board-approved TORs.

Infralectric’s financial reporting framework adheres to established accounting and regulatory standards, with its financial statements audited by A.F. Ferguson & Co., an SBP-A, Big 4, and QCR-rated audit firm. The issuance of an unqualified audit opinion reinforces the credibility of financial disclosures, ensuring compliance with industry best practices. However, as a privately held company, the level of public financial disclosure remains limited.

Infralectric’s organizational structure is engineered for agility and internal cohesion, facilitating rapid decision-making and functional integration across its operating model. This structural responsiveness is reinforced by the specialized board-level committees, collectively embedding governance discipline and institutional maturity. Importantly, this internal architecture does not operate in isolation; it is complemented by the broader ecosystem of SC Technologies and its affiliated entities, which contribute domain expertise, cross-functional synergies, and strategic continuity. This interconnected platform enhances operational leverage, risk absorption capacity, and execution strength, forming an integrated control environment that is both structurally sound and strategically adaptive. The resulting framework reflects not just a maturing governance model, but an internally aligned enterprise design well-suited to scale sustainably in a complex and evolving sector.

This management team brings a blend of financial expertise, technical proficiency, and strategic leadership, reinforcing Infralectric’s operational and financial stability. The finance function is led by Mr. Abdullah Saleh (Finance Director) and Mr. Sohaib Ashraf (Group Head of Finance), both ACCA-qualified professionals with a combined 21 years of experience, ensuring sound financial management and compliance. Mr. Jamal Arshad (Project Director), with 18 years of industry experience, provides technical leadership in telecom energy infrastructure. Mr. Khalid Khan (SVP Sales), with 30 years of experience, strengthens business development and client relationships, crucial for scaling lease deployments and diversifying revenue streams. This experienced leadership team plays a pivotal role in executing Infralectric’s business model effectively.

Infralectric’s management team demonstrates strong effectiveness through a structured financial approach, operational expertise, and strategic execution. The finance leadership ensures disciplined financial planning and risk management, critical for sustaining a lease-based business model. Technical operations, led by an experienced Project Director, maintain high service reliability and efficiency in telecom energy infrastructure. The sales leadership focuses on client acquisition and contract expansion to mitigate client concentration risks. This collective expertise supports operational scalability, financial sustainability, and strategic growth, positioning Infralectric for long-term stability in the evolving telecom energy sector.

Infralectric’s current MIS framework is commensurate with its operational scale, providing a functional base for core reporting needs. As the Company matures and operational complexity increases, enhancing its digital backbone will be pivotal to supporting data-driven governance and agile decision-making. Strengthening MIS capabilities will not only improve transparency but also align internal systems with the evolving demands of a scalable, lease-driven model.

Infralectric’s control environment has evolved meaningfully, reflecting a structured approach to oversight and accountability. The establishment of formalized governance layers supports independent decision-making and internal checks. As the Company scales, continued enhancement of internal controls and digital reporting infrastructure will reinforce transparency, streamline compliance, and support more agile risk management across functions.

Pakistan’s telecom sector, valued at approximately USD 4.52 billion in 2024, is projected to grow to USD 5.32 billion by 2029 at a CAGR of 3.28%. With around 192 million subscribers and an estimated 40,000 to 44,000 telecom towers, expected to increase to 75,000 to 80,000, the demand for reliable energy solutions continues to rise. Energy costs now account for approximately 20 to 30% of telecom operators' OPEX, with fuel consumption being a key driver. Annual diesel usage for telecom stands near 300 million liters, contributing to Pakistan’s total oil import bill, soaring the forex pressures amid dollar shortages. Additionally, around 14% of telecom sites operate in bad grid areas, increasing the need for alternative power solutions. As operators seek cost-effective and sustainable power solutions, Infralectric’s Energy-as-a-Service (EaaS) model provides off-balance sheet financing for energy infrastructure, enabling lower operating costs, enhanced energy efficiency, and reduced forex outflows linked to fuel imports.

Infralectric has secured long-term contracts with major telecom operators such as Telenor Pakistan and Ufone (Etisalat), solarizing 1500+ towers, 4x the deployment of competitor. With Pakistan’s telecom sector comprising over 40,000 towers, the market remains largely untapped, presenting significant growth potential. While competition exists from traditional energy providers and infrastructure leasing firms, Infralectric’s unique business model, ability to scale operations, enhance execution efficiency, and integrate advanced energy solutions positions it favorably to capture a larger market share.

Infralectric’s audited financials for FY24 report a topline of ~PKR 18 million, primarily sourced from survey income. While this appears modest, it is not fully reflective of the Company's underlying operational scale or recurring cash flow capacity, owing to IFRS 16 revenue recognition requirements. As lease contracts executed during the period did not meet recognition thresholds, the associated income was excluded from reported revenue, despite ongoing cash inflows supporting debt servicing and liquidity. Consequently, profitability was supported by non-operating income, with net profit recorded at PKR 9 million. PACRA views FY24 performance as transitional, with limited relevance for forward-looking assessment. Based on management accounts and order book strength, revenue for FY25 is anticipated to exceed PKR 2.7 billion, marking the point at which lease arrangements begin to meet revenue recognition criteria. As such, FY25 is expected to establish a more meaningful and strong earnings base, reflective of Infralectric’s commercial maturity and capacity to sustain obligations under its long-term contractual framework.

Consistent with its lease-based business model, Infralectric’s FY24 margin profile reflects early-stage financial structuring under IFRS 16. Gross Profit Margin rose sharply to ~87.3% (FY23: ~13.0%), reflecting the low direct cost base of survey income. Operating and Net Margins stood at 48.3% and 47.7%, respectively, supported by non-operating gains and accounting adjustments, rather than underlying operating efficiency. These elevated levels, while structurally aligned, are transitional in nature and not yet indicative of long-term performance norms. As lease revenue matures into the income statement from FY25 onward, PACRA expects margins to recalibrate at commercially sustainable levels, supported by improving cost rationalization and institutionalized delivery practices.

Infralectric’s sustainability stems not merely from external market opportunity but from the internal architecture of its operating model. By design, the Company deploys capital in a front-loaded manner while structuring long-term lease recoveries under tripartite frameworks, creating an inherently stable and self-liquidating financial construct. This embedded structure reduces volatility exposure and supports balance sheet predictability, even in the absence of rapid top-line scaling. The sponsor’s aligned ecosystem further augments execution capacity and capital access, reinforcing continuity across operational cycles. As the telecom sector shifts toward decarbonized infrastructure, Infralectric’s early-mover positioning in Pakistan’s largely untapped telecom infrastructure market and it's disciplined delivery framework are expected to translate into compounding sustainability benefits & substantial growth potential over the medium term.

The company's current ratio of 1.7x indicates a stable liquidity position, which remains essential as lease payments gradually materialize in FY25. Given Infralectric’s service-based and lease-driven business model, traditional working capital metrics such as gross and net working capital are less relevant in assessing its operational efficiency. The fluctuations observed in these ratios primarily stem from the nature of the lease-based model rather than conventional asset-liability mismatches.

Infralectric's coverage ratios presently reflect early-stage financial structuring, with EBITDA-to-finance cost at -0.3x and FCFO-to-finance cost at -0.2x, largely driven by the capital-intensive nature of infrastructure deployment and the deferred revenue recognition under IFRS 16. The debt payback ratio of -7.3x underscores this transitional phase; however, the model’s inherent design, anchored in long-term lease arrangements, ensures a gradual offset of these upfront pressures as collections gain momentum. Management accounts for FY25 indicate a marked improvement in recurring cash inflows, lending comfort to PACRA's expectation that coverage metrics will normalize as contractual maturities align with revenue recognition. The forthcoming audited financials for FY25 are anticipated to validate this trajectory, reinforcing PACRA’s view of strengthening debt-servicing capacity and reduced external funding dependence over time.

Infralectric’s capital structure remains debt-heavy, with borrowings comprising approximately 63.2% of total capital in FY24, down from 75.1% in FY23. This decline reflects the gradual settlement of borrowings as lease payments from mobile network operators (MNOs) materialize, rather than a direct deleveraging effort. The lease-based business model under IFRS 16 results in upfront liability recognition, inflating leverage metrics. The average borrowing rate increased to 7.4% from 6.4%, driven by a shift in financing arrangements, initial service orders were executed through SBP’s Green Financing at a concessional rate, whereas subsequent orders were booked at KIBOR plus a spread, eliminating the concessional benefit. A key distinction arises between reported and validated equity within structured transactions. While audited financial statements reflect equity at PKR 202 million, PACRA’s assessment based on auditor certificates issued in tripartite agreements validates an additional PKR 550 million in cash consideration against the future issuance of shares, bringing the total recognized equity base to approximately PKR 750 million. This distinction highlights the role of financial structuring in strengthening Infralectric’s credit profile. Furthermore, with SCT targeting additional equity injections, the group’s financial backing remains a cornerstone of the company’s resilience. Given Infralectric’s reliance on long-term lease payments, this structured capital support is integral to optimizing capital efficiency, sustaining creditworthiness, and ensuring long-term financial sustainability.