PACRA Maintains the Entity Ratings of Infralectric (Pvt.) Limited

The assigned ratings of Infralectric (Pvt.) Limited ("The Company" or "Infralectric") reflect its continued evolution as a technology-driven energy infrastructure partner embedded within Pakistan's rapidly transforming telecommunications sector. The ratings capture meaningful operational progress across the Company's tripartite framework, a strengthened equity base, enhanced governance architecture, and the commencement of revenue recognition, collectively reinforcing Infralectric's trajectory toward financial maturity. Infralectric's Energy-as-a-Service (EaaS) model continues to operate through a deferred sales mechanism, offering Mobile Network Operators (MNOs) end-to-end energy infrastructure via 7-year contracts that convert their capital expenditure (CapEx) obligations into operational expenditure (OpEx). Financing is structured on an 80:20 debt-equity split, secured by MNO contracts under tripartite arrangements that ensure execution and repayment alignment. This model sustains long-term revenue predictability, systematic risk-sharing, and scalability, while advancing client-side cash flow stability and ESG commitments. On the operational front, the Company has registered execution milestones. Completed sites now exceed 2,700, with a pipeline of additional sites under active deployment, underscoring Infralectric's capacity to deliver at scale within a competitive and technically demanding environment. The deployment of AI-driven predictive maintenance, IoT-enabled energy optimization, and cloud-based asset monitoring continues to drive CAPEX efficiencies for clients and measurable reductions in annual carbon emissions, reinforcing the Company's alignment with ESG-driven market expectations. Revenue recognition, formally commenced in FY25, has continued to scale through FY26, underpinning Infralectric's transition into a fully operational, earnings-generating entity. FY26 management accounts reflect a strengthened profitability profile, demonstrating the Company's capacity to sustain commercial maturity as the commissioned portfolio expands and lease receivables progressively crystallize into recognized income. Alongside this, a significant equity injection has been completed, substantially strengthening the Company's capitalization base and improving its financial resilience. On governance, the planned induction of an independent director has been executed with the appointment of Mr. Salman Ahmad to the Board. This development formalizes a key institutional oversight mechanism, strengthening board-level independence and aligning Infralectric's governance framework with best practices applicable to entities of its scale and complexity. Sector dynamics have sharpened materially, reinforcing the structural urgency underpinning Infralectric's value proposition. Pakistan's telecom operators face spectrum obligations and annual site upgrade requirements, compounding an already stretched cost base amid inflation and currency pressures. Critically, diesel unavailability has at points suspended over 20,000 towers nationwide, exposing deep grid dependency vulnerabilities. Regulatory proposals around industrial tariffs and load-shedding exemptions signal policy recognition, making Infralectric's clean energy model indispensable for MNOs. Infralectric's credit profile remains anchored by contractual revenue visibility, institutional sponsor credibility, a board-approved debt policy restricting leverage to tripartite-backed arrangements, and improving financial fundamentals.
Key rating sensitivities include timely execution of the deployment pipeline, sustained cash flow realization from commissioned sites, and continuity of sponsor support.

About the Entity
Infralectric (Pvt.) Ltd., incorporated in 2021 under Pakistan’s Companies Act 2017, delivers sustainable energy infrastructure solutions for the telecom sector. Majority-owned by Co-Founder/CEO Mr. Bilal Qureshi (48%), Mr. Abdul Rehman Atif Qureshi (32%), SC Technologies Global (Pvt.) Limited (15%), Ayla Majid (5%), it merges sector expertise with backing from SC Technologies and Brillanz Group.