Submission of Monitoring Agency Report(s) on Utilization of IPO, Pre-IPO Placement and Rights Issue Proceeds for the quarter ended December 31, 2025
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Exicom Tele-Systems submitted Monitoring Agency Reports from CARE Ratings covering how it has used the Rs. 400 crore raised through its IPO and Pre-IPO placement, and the Rs. 259.41 crore raised through a Rights Issue in July 2025. Of the IPO proceeds, Rs. 381.34 crore (about 95%) has been utilized, with Rs. 18.66 crore remaining unspent — mostly Rs. 17.94 crore allocated to R&D and product development, which has faced delays due to external collaborations and slow EV product rollouts. The Telangana manufacturing facility capex was completed in December 2025 after a 9-month delay, while the Rights Issue proceeds are nearly fully deployed (Rs. 259.24 crore of Rs. 259.41 crore used), mainly to fund operating expenses of its loss-making subsidiary Tritium (Rs. 85 crore) and repay borrowings (Rs. 161.87 crore). The report also flagged that EV charging and telecom equipment demand has been weak, with H1FY26 consolidated PBILDT losses widening to about Rs. 91 crore largely due to Tritium's underperformance.
This is a routine compliance filing, but it highlights two concerns for shareholders: continued delays in deploying IPO R&D funds (now extended to March 31, 2026) and the company's reliance on repeated capital raises to support its loss-making Tritium acquisition and EV charging business amid weak demand. Investors should track whether R&D deployment accelerates and whether Tritium's losses narrow, as further capital raises or write-downs cannot be ruled out.