NSE: EXICOM · BSE: 544133
EXICOM TELE SYSTEMS LTD
Manufactures power electronics and EV charging equipment in two segments. Critical Power makes DC power systems, battery energy storage, and related solutions for telecom operators, data centres, and off-grid/solar applications, and accounted for about 69% of segment revenue in FY26 with revenue of 617.66 crore. EV Charger sells AC and DC chargers for electric vehicles, including through its US-based subsidiary Tritium acquired in September 2025, contributing 31% of segment revenue at 277.14 crore. In Q4 FY26 alone, EV charging posted an all-time-high 88 crore in revenue, while Critical Power grew 23% year-on-year to 194.15 crore. The order book stood at about 1,000 crore with an additional 400 crore pipeline, and the new Hyderabad manufacturing facility, built on a 216 crore investment, is fully operational. The largest input cost is materials and components at 69% of revenue, followed by employee costs at 19%, and the business is capital-heavy with capex of 199.69 crore in FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Critical Power (69%), EV Charger (31%). Capital-intensive, manufacturing-led power electronics and EV charging hardware
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,020 | 868 | 1,152 |
| EBITDA (ex other income) | 112 | (37) | (120) |
| margin % | 11.0 | (4.3) | (10.4) |
| Owners' profit | 64 | (110) | (274) |
| EPS, as reported (₹) | 6.70 | (9.11) | (20.36) |
| ROE % · ROCE % | 8.9 · 15.0 | (17.9) · (5.6) | (42.1) · (19.6) |
| Debt / equity (x) | 0.04 | 0.74 | 0.68 |
| Cash from operations | 28 | (169) | (87) |
| Capex | (37) | (443) | (200) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 153 | 197 | 266 | 205 | 282 | 277 | 388 | 331 |
| Profit before tax | (16) | (52) | (61) | (83) | (70) | (68) | (49) | (72) |
| Net profit | (17) | (49) | (62) | (83) | (69) | (68) | (54) | (74) |
| EPS (₹) | (1.41) | (4.05) | (5.15) | (6.87) | (5.35) | (5.12) | (4.03) | (4.98) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Critical Power | 642 | 55.7 |
| EV Charger | 510 | 44.3 |
| Total, before eliminations | 1,152 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,39,247 | 57.2 | 5.33 | 46.4 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,38,795 | 46.5 | 14.86 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,576 | 86.1 | 16.05 | 71.6 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,642 | 110.0 | 24.47 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,18,886 | 36.3 | 8.58 | 33.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,01,908 | 78.1 | 37.88 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,243 | 68.0 | 21.04 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 50,776 | 16.2 | 5.37 | 15.7 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.8 | 5.4 | 9 of 33 | 75% |
| ROCE | (24.8) | 16.6 | 35 of 36 | 3% |
| ROE | (42.1) | 14.7 | 34 of 34 | 0% |
| Debt / Equity | 0.7 | 0.1 | 32 of 34 | 6% |
| EBITDA margin | (5.1) | 16.4 | 35 of 35 | 0% |
| Revenue growth | 61.3 | 17.7 | 6 of 33 | 84% |
| Profit growth | 11.5 | 6.7 | 16 of 32 | 52% |
| Market cap | 1835 | 6531 | 26 of 35 | 27% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA compliance certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Exicom allots 86,811 shares to employees under ESOP 2025 | capital market events | low | — | — |
| 29 Sept 2026 · AGM 2026 voting results: All 7 resolutions approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Exicom 32nd AGM held on Sept 28, 2026 - 7 resolutions put to vote | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 31 Aug 2026 · Customs order imposes Rs 14.49 crore duty liability; company to appeal | regulatory legal | high | — | — |
| 31 Aug 2026 · Reply to BSE query on sudden rise in trading volume | regulatory legal | medium | — | — |
| 31 Aug 2026 · BSE seeks clarification from Exicom on volume movement | regulatory legal | medium | — | — |
| 28 Aug 2026 · Exicom clarifies volume spike, says no undisclosed material info | regulatory legal | medium | — | — |
| 28 Aug 2026 · Exicom publishes 32nd AGM notice; e-voting Sep 24 to 27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.