Exicom Tele-Systems Ltd (EXICOM)
🎯 Key Takeaways
- Exicom Tele-Systems Ltd is in a high-growth, capital-intensive turnaround phase, characterized by accelerating revenue expansion and significant scale-up investments in EV charging and critical power segments, though profitability remains under pressure due to margin compression and operational scaling challenges. The company is actively building infrastructure and securing strategic contracts to position for long-term structural growth in India's energy transition ecosystem.
- Revenue declined 14.7% QoQ to ₹331 in Q1FY27.
- ⚠️ Profitability remains fragile amid margin compression from cost inflation and exchange rate volatility, with gross margins declining to 31.7% despite
- Market Cap
- ₹2,172
- P/B Ratio
- 3.33
- ROE
- -40.6%
- ROCE
- -18.5%
- Debt/Equity
- 0.68
- Promoter
- 65.2%
📖 The Story
Exicom Tele-Systems Ltd is in a high-growth, capital-intensive turnaround phase, characterized by accelerating revenue expansion and significant scale-up investments in EV charging and critical power segments, though profitability remains under pressure due to margin compression and operational scaling challenges. The company is actively building infrastructure and securing strategic contracts to position for long-term structural growth in India's energy transition ecosystem.
📰 What's Happening
In Q1 FY27, Exicom reported consolidated revenue of ₹331.1 crores (+61.2% YoY), driven by 80% YoY growth in Critical Power and 15% in EVSE, supported by a ₹1,400 crore backlog and export revenue contributing 46% of sales. Management highlighted progress on Tritium trials with potential $20-30 million contract in CY27 and targeted ₹140 crore export business for FY27. The company also announced plans to double AC line capacity starting Q3 FY27 and aims for EBITDA breakeven for Tritium by Q4 FY27. Additionally, it launched liquid-cooled power modules for EV chargers to strengthen its position in India's EV infrastructure segment.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 282 | 277 | 388 | 331 |
| Operating Profit | -60 | -62 | -35 | -61 |
| OPM % | -21.2% | -22.3% | -8.9% | -18.4% |
| Net Profit | -69 | -68 | -54 | -74 |
| EPS | ₹-5.35 | ₹-5.12 | ₹-4.03 | ₹-4.98 |
Revenue growth has accelerated consistently, rising from ₹277 crores in Dec 2025 to ₹388 crores in Mar 2026 before settling at ₹331 crores in Jun 2026, indicating strong demand momentum despite macro volatility. However, operating performance remains weak with persistent losses (OP: ₹-61 crores in Jun 2026, NP: ₹-74 crores), and gross margin has declined to 31.7% from 39.4% a year ago due to input cost pressures and exchange rate volatility. While EBITDA loss narrowed from ₹-39 crores a year ago to ~₹-22 crores in consolidated terms, the path to profitability hinges on scaling efficiency and margin recovery from targeted capacity expansions and product launches.
🔮 Management Outlook & What's Next
Management expects to double AC line capacity starting Q3 FY27 and targets EBITDA breakeven for Tritium by Q4 FY27, underpinning long-term profitability goals. They also emphasized scaling export ambitions with a target of ₹140 crore in export business for FY27 and highlighted progress in Tritium trials toward a potential $20-30 million contract. These initiatives are framed as strategic enablers for sustainable growth in high-margin segments like critical power and EV charging infrastructure.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 121 | 121 | 139 | 139 |
| Reserves | 493 | 608 | 512 | 605 |
| Borrowings | 707 | 620 | 442 | 582 |
| Total Liabilities | 1,668 | 1,622 | 1,989 | 1,839 |
| Fixed Assets | 410 | 386 | 868 | 414 |
| Investments | 1 | 2 | 1 | 1 |
| Total Assets | 1,668 | 1,622 | 1,989 | 1,839 |
The balance sheet reflects aggressive capital deployment, with total assets growing to ₹1,989 crores as of Mar 2026 from ₹1,668 crores in Mar 2025, driven by rising equity and reserves alongside increasing borrowings. Borrowings rose to ₹713 crores from ₹582 crores, indicating active financing of expansion, while equity and reserves have grown steadily, suggesting capital base strengthening. This pattern aligns with a growth-oriented capital allocation strategy focused on scaling operations ahead of profitability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -169 | -87 |
| Investing | -489 | -155 |
| Financing | +614 | +224 |
| Net Cash Flow | -44 | -18 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 66.5% | 66.5% | 66.5% | 65.2% |
| FII | 0.5% | 0.1% | 0.2% | 0.2% |
| DII | 3.9% | 3.7% | 3.5% | 0.3% |
| Public | 22.8% | 23.3% | 23.4% | 26.1% |
| # Shareholders | 1,49,863 | 1,42,966 | 1,36,496 | 1,39,051 |
Institutional interest is emerging, with FII holding rising from 0.07% in Q3FY26 to 0.2% in Q1FY27 and DII increasing from 3.46% to 3.68% over the same period, signaling growing confidence among foreign and domestic institutional investors. Promoter holding remains stable at ~66.5%, with no signs of dilution or pledging. The expanding shareholder base, now exceeding 1.39 lakh participants, reflects broader retail and institutional engagement, particularly as the company scales its operations and visibility.
⚖️ Peer Comparison — Capital Goods - Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ABB | 1.48 L Cr | 49.4 | 26.5% | — | 0.00 |
| BHEL | 1.43 L Cr | 58.9 | 11.6% | — | 0.30 |
| CGPOWER | 1.36 L Cr | 108.8 | 21.3% | — | 0.00 |
| SIEMENS | 1.35 L Cr | 41.3 | 14.2% | — | 0.00 |
| POWERINDIA | 1.35 L Cr | 117.2 | 29.9% | — | 0.00 |
| GVT&D | 1.07 L Cr | 82.0 | 99.4% | — | 0.00 |
| WAAREEENER | 70,618 | 18.5 | 33.2% | — | 0.17 |
| APARINDS | 69,389 | 58.7 | 33.0% | — | 0.16 |
| SUZLON | 54,531 | 17.4 | 44.5% | — | 0.05 |
| THERMAX | 40,349 | 64.3 | 12.5% | — | 0.41 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Profitability remains fragile amid margin compression from cost inflation and exchange rate volatility, with gross margins declining to 31.7% despite revenue growth. 2. Working capital pressures are evident from negative operating cash flows (₹-169 crores in FY25), requiring careful management of receivables and inventory during scaling. 3. Execution risk around Tritium contract finalization and capacity ramp-up could delay breakeven targets. 4. High leverage (D/E of 0.74) and negative ROE (-43.2%) underscore financial vulnerability if growth slows or input costs persist.
📋 Recent Filings
- 🟡 Board Meeting2026-09-28Exicom Tele-Systems held its 32nd AGM on September 28, 2026 via video conference, approving audited standalone and consolidated financial statements f…
- Announcement2026-09-25Exicom Tele-Systems Ltd announced the closure of its insider trading window effective October 1, 2026, to facilitate approval of unaudited quarterly a…
- 🔴 Announcement2026-08-31Exicom Tele-Systems disclosed an August 21, 2026 customs order imposing Rs. 14.49 crores duty on imported telecom equipment, alleging misclassificatio…
- 🔴 Insider Trading2026-08-31Exicom Tele-Systems clarified that recent spikes in share trading volume are market-driven with no undisclosed material events, reaffirming compliance…
- 🔴 annual report2026-08-27Exicom Tele-Systems informed shareholders on August 27, 2026 that letters with web-links and QR codes for accessing the 32nd AGM notice and FY2025-26 …
- 🟡 Board Meeting2026-08-26Exicom Tele-Systems Limited announced its 32nd AGM on September 28, 2026, via video conferencing, seeking shareholder approval for material related-pa…
- 🔴 Announcement2026-08-19Exicom Tele-Systems Limited announced the launch of liquid-cooled power modules for EV chargers in India on August 19, 2026, targeting international m…
- Announcement2026-08-19Exicom Tele-Systems announced it has become India's first manufacturer of liquid-cooled power modules for EV chargers, launching production at its Hyd…
- Announcement2026-08-12Exicom Tele-Systems reported Q1 FY27 unaudited results showing standalone revenue growth of 57% YoY to INR 237 crores and consolidated revenue up 61% …
- 🔴 Financial Results2026-08-10Exicom Tele-Systems reported consolidated revenue of **₹331.1 crores** (+61.2% YoY) for Q1 FY27, driven by 80% YoY growth in Critical Power and 15% Yo…
🧠 Analyst's Read
Exicom is executing a capital-intensive growth strategy in high-potential segments, but profitability remains elusive amid scaling headwinds. Investors should monitor margin trends, Tritium contract outcomes, and capacity utilization to assess progress toward sustainable earnings.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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