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Exicom Tele-Systems Q2 FY27 results: net loss narrows to ₹56.78 crore, revenue up 37.8%
Exicom Tele-Systems Limited reported consolidated revenue of ₹388.35 crore in Q2 FY27, up 37.8% from Q2 FY26, while EBITDA turned to ₹1.76 crore from a loss of ₹32.70 crore. The company reported a net loss of ₹56.78 crore and basic EPS of ₹3.66 for the quarter. On a standalone basis, revenue was ₹276.98 crore and profit after tax was ₹7.8 crore.
Key points
- Consolidated Q2 FY27 revenue rose 37.8% year on year to ₹388.35 crore and was up 17.3% from Q1 FY27.
- EBITDA was ₹1.76 crore in Q2 FY27 against a loss of ₹32.70 crore in Q2 FY26, while EBITDA margin improved to 0.5% from -11.6%.
- The company reported a net loss of ₹56.78 crore in Q2 FY27, compared with a net loss of ₹68.81 crore in Q2 FY26; basic EPS was ₹3.66.
- H1 FY27 revenue increased to ₹719.42 crore from ₹487.04 crore, while the net loss narrowed to ₹130.35 crore from ₹151.95 crore.
- The board approved the proposed divestment of the Tritium business at an indicative enterprise valuation of USD 85 million, subject to due diligence, definitive documents and approvals.
How did Exicom Tele-Systems perform in Q2 FY27?
Exicom Tele-Systems reported consolidated revenue of ₹388.35 crore in Q2 FY27, against ₹281.73 crore in Q2 FY26 and ₹331.07 crore in Q1 FY27. The figures were ₹106.62 crore higher year on year and ₹57.28 crore higher sequentially. On a standalone basis, revenue was ₹276.98 crore.
Consolidated EBITDA was ₹1.76 crore in Q2 FY27, against a loss of ₹32.70 crore in Q2 FY26 and a loss of ₹21.90 crore in Q1 FY27. EBITDA margin was 0.5%, compared with -11.6% and -6.6%, respectively. The company reported a net loss of ₹56.78 crore, against a net loss of ₹68.81 crore in Q2 FY26 and ₹73.57 crore in Q1 FY27; basic EPS was ₹3.66.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 388.35 | 331.07 | 281.73 | +37.8% | +17.3% |
| Other income | 4.67 | 4.93 | 5.23 | −10.7% | −5.3% |
| Total expenses | 446.73 | 408.03 | 354.73 | +25.9% | +9.5% |
| EBITDA | 1.76 | −21.90 | −32.70 | turned to profit | turned to profit |
| EBITDA margin | 0.5% | -6.6% | -11.6% | +12.1 pp | +7.1 pp |
| Profit before tax | −54.31 | −72.04 | −69.94 | ||
| Tax | 2.47 | 1.54 | −1.13 | +60.4% | |
| Net profit | −56.78 | −73.57 | −68.81 | ||
| EPS (₹) | −3.66 | −4.98 | −5.35 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Exicom Tele-Systems' costs and profit?
Total expenses rose to ₹446.73 crore in Q2 FY27 from ₹354.73 crore in Q2 FY26. Cost of materials increased by ₹38.29 crore to ₹269.97 crore, finance costs rose by ₹3.90 crore to ₹17.16 crore and depreciation increased by ₹15.94 crore to ₹42.99 crore. Employee cost fell by ₹6.38 crore to ₹51.50 crore and other expenses declined by ₹7.57 crore to ₹60.52 crore.
Other income fell by ₹0.56 crore to ₹4.67 crore from ₹5.23 crore in Q2 FY26. The quarter included an exceptional charge of ₹0.59 crore, compared with ₹2.16 crore in the year-ago quarter. Tax was ₹2.47 crore against ₹1.13 crore in Q2 FY26, while profit before tax was a loss of ₹54.31 crore against a loss of ₹69.94 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 269.97 | 231.68 | +38.29 | +16.5% |
| Employee cost | 51.50 | 57.88 | −6.38 | −11.0% |
| Finance costs | 17.16 | 13.26 | +3.90 | +29.4% |
| Depreciation | 42.99 | 27.05 | +15.94 | +58.9% |
| Other expenses | 60.52 | 68.09 | −7.57 | −11.1% |
| Total expenses | 446.73 | 354.73 | +92 | +25.9% |
| Other income | 4.67 | 5.23 | −0.56 | −10.7% |
| Tax | 2.47 | −1.13 | +3.60 | |
| Exceptional items | −0.59 (charge) | −2.16 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹719.42 crore, up from ₹487.04 crore in H1 FY26, a rise of ₹232.38 crore or 47.7%. Total income was ₹729.01 crore against ₹500.49 crore. The company reported a profit before tax loss of ₹126.35 crore and a net loss of ₹130.35 crore, compared with losses of ₹152.82 crore and ₹151.95 crore, respectively.
H1 FY27 basic EPS was ₹8.64, compared with ₹11.82 in H1 FY26. The net loss therefore narrowed by ₹21.6 crore for the first half, while profit before tax improved by ₹26.47 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 719.42 | 487.04 | +47.7% |
| Profit before tax | −126.35 | −152.82 | |
| Net profit | −130.35 | −151.95 | |
| EPS (₹) | −8.64 | −11.82 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,883.77 crore, compared with ₹1,988.88 crore at 31 March 2026. Total equity was ₹596.25 crore against ₹651.29 crore, borrowings were ₹437.28 crore against ₹442.03 crore, and cash was ₹30.83 crore against ₹35.39 crore. Inventories were ₹406.68 crore, trade receivables ₹318.45 crore and trade payables ₹322.11 crore.
H1 FY27 operating cash flow was ₹71.38 crore, compared with an outflow of ₹62.60 crore in H1 FY26. Investing cash flow was an outflow of ₹99.96 crore against ₹52.43 crore, while financing cash flow was ₹24.02 crore against ₹103.38 crore. Capital expenditure was ₹62.68 crore, compared with ₹88.93 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,884 | 1,989 |
| Total equity | 596.25 | 651.29 |
| Borrowings | 437.28 | 442.03 |
| Cash and equivalents | 30.83 | 35.39 |
| Inventories | 406.68 | 403.51 |
| Trade receivables | 318.45 | 409.92 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 71.38 | −62.60 |
| Cash from investing | −99.96 | −52.43 |
| Cash from financing | 24.02 | 103.38 |
| Capital expenditure | 62.68 | 88.93 |
Source: Company's results filing (XBRL).
How has Exicom Tele-Systems done over the last 8 quarters?
Revenue peaked at ₹388.35 crore in Q2 FY27 after rising from ₹331.07 crore in Q1 FY27 and ₹387.95 crore in Q4 FY26. Revenue has risen year on year in each of the last five quarters. The lowest revenue in the reported series was ₹196.63 crore in Q3 FY25.
The net loss improved to ₹56.78 crore in Q2 FY27 from ₹73.57 crore in Q1 FY27, but the result remained a loss. The largest quarterly loss in the series was ₹83.14 crore in Q1 FY26. EBITDA margin turned positive at 0.5% in Q2 FY27, after 0.1% in Q4 FY26 and -6.6% in Q1 FY27.
Which businesses drove the quarter?
Critical Power reported Q2 FY27 revenue of ₹174.65 crore, up 2.7% from ₹170.02 crore in Q2 FY26. Segment EBIT was ₹7.48 crore, compared with ₹7.06 crore, and the EBIT margin was 4.3%.
EV Charger reported revenue of ₹213.69 crore, up 91.3% from ₹111.71 crore in Q2 FY26. Segment EBIT was a loss of ₹44.04 crore, compared with a loss of ₹61.57 crore, while the EBIT margin was -20.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Critical Power | 174.65 | +2.7% | 7.48 | 4.3% |
| EV Charger | 213.69 | +91.3% | −44.04 | -20.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
On 4 November 2026, the board approved the proposed divestment of the Tritium business through the sale of the company’s shareholding in Exicom Power Solutions B.V. or its Tritium subsidiaries. A prospective acquirer provided a non-binding term sheet at an indicative enterprise valuation of USD 85 million on a cash-free and debt-free basis; the final value depends on the transaction structure and definitive terms, and no definitive documents had been executed.
The board also approved transition of manufacturing operations at the 75D Facility in Gurugram to the Hyderabad and Solan facilities. The transition was expected to be completed by 15 November 2026. The company said the change was intended to consolidate its manufacturing footprint, improve utilisation of existing infrastructure and resources, and achieve operational efficiencies and synergies; the Hyderabad facility had commenced operations in March 2026. The company said no material adverse impact on overall manufacturing operations or business activities was expected. No dividend or fund-raising approval was stated in the same-day filings.
How did Exicom Tele-Systems shares react?
After the filing appeared, the stock was up 2.6% at five minutes and 0.8% at 30 minutes. It closed the reaction day up 11.8% from the previous close of ₹129.67, compared with a 2.8% median move for the other Heavy Electrical Equipment stocks, an excess sector move of 9.0 percentage points. The share price was ₹138.93 on the reaction-day close.
Earlier results-day moves were mixed: the stock fell 3.2% on 10 August 2026 and rose 4.1% on 19 May 2026. It had also fallen 3.5% on 13 February 2026, risen 3.7% on 10 November 2025 and fallen 5.0% on 11 August 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | +2.6% | |
| 15 minutes | −0.0% | |
| 30 minutes | +0.8% | |
| Reaction day | +11.8% | +2.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | −3.2% |
| 19 May 2026 | +4.1% |
| 13 February 2026 | −3.5% |
| 10 November 2025 | +3.7% |
| 11 August 2025 | −5.0% |
| 24 May 2025 | −6.4% |
| 5 February 2025 | −10.3% |
| 13 November 2024 | −5.7% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Thirteen Heavy Electrical Equipment companies had filed for the quarter as of 5 November 2026. Their median revenue growth was 23.8%. Nine peers grew more slowly than Exicom Tele-Systems and four grew faster than the company. Eight of the 13 peers reported higher profit.
| Exicom Tele-Systems revenue growth (YoY) | +37.8% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +23.8% |
| Companies with slower revenue growth than Exicom Tele-Systems | 9 of 13 |
| Companies with faster revenue growth than Exicom Tele-Systems | 4 of 13 |
| Companies whose net profit rose | 8 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Exicom Tele-Systems' revenue in Q2 FY27?
Revenue from operations was ₹388.35 crore, up 37.8% from ₹281.73 crore in Q2 FY26 (consolidated).
Did Exicom Tele-Systems make a profit in Q2 FY27?
No. It reported a net loss of ₹56.78 crore, against a net loss of ₹68.81 crore in Q2 FY26.
What was Exicom Tele-Systems' EPS in Q2 FY27?
Basic loss per share was ₹3.66, against a loss of ₹5.35 in Q2 FY26.
How did Exicom Tele-Systems shares react to the Q2 FY27 results?
On the reaction day the stock moved +11.8% from the previous close; the median Heavy Electrical Equipment stock moved +2.8%.
When did Exicom Tele-Systems announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Financial Results For The Q2 And Half Year Ended September 30, 2026 (BSE, 31 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Period Q2 And Half Year Ended September 30, 2026 (BSE, 4 November 2026) · PDF
- Unaudited Financial Results For The Q2 And Half Year Ended September 30, 2026 (BSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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