1. At a Glance
Welcome to the great Indian EV dream — featuring Exicom Tele-Systems Ltd (ETSL), the company that builds EV chargers but currently can’t charge its own profits. With a market cap of ₹1,886 crore and a current price of ₹136 (down over 58% in one year), Exicom looks like the kind of stock your portfolio buys and then immediately regrets — but stays hopeful because “green energy hai boss!”
The Q2 FY26 results are a mix of speed and skid marks. The revenue zoomed 83.7% YoY to ₹282 crore, but the PAT slammed into reverse with a loss of ₹66.6 crore, a whopping 291% decline YoY. The EBITDA loss stood at ₹32.7 crore, proving that top-line acceleration doesn’t always guarantee bottom-line ignition.
With a book value of ₹53.5, ROE at -16.5%, and ROCE at -5.94%, this is the kind of balance sheet that makes auditors sigh deeply before pouring a second cup of coffee.
But hey — it’s not all smoke from burnt circuits. Exicom is in a sunrise sector, has 450+ city presence, 170 crore capex in Telangana, and an upcoming Hyderabad gigafactory-style expansion. The stock may have tripped on profitability, but the future (and a few subsidies) might still bail it out.
2. Introduction – The EV Charger’s Midlife Crisis
If the EV revolution had a Bollywood soundtrack, Exicom’s track would start with “Aashayein…” and quickly fade into “Kya karoon oh ladies main hoon aadat se majboor.”
Founded in 1994, Exicom started long before “EV” meant anything other than “Exam Vacation.” Today, it’s at the forefront of India’s clean energy transformation — at least on PowerPoint slides. The company straddles two worlds: EV Charging Infrastructure and Critical Power Systems for telecom and data centers.
Think of it as the friend who wants to save the planet while also ensuring your Wi-Fi never dies. Noble mission, terrible margins.
The company operates across 26+ states, services 450+ cities, and employs over 200 engineers who must now be experts in both rectifiers and damage control.
In FY24, Exicom’s performance was electric — just not in the way investors hoped. Losses sparked up due to higher depreciation, interest, and capex-led costs. But management’s enthusiasm remains fully charged: a Telangana mega-plant is expected to start trial runs by November 2025.
So, while profits may have gone missing, the ambition — like their EV chargers — is still plugged in.
3. Business Model – WTF Do They Even Do?
In simple terms, Exicom makes two things:
- EV Chargers – So that your electric car can get power faster than your patience runs out.
- Critical Power Equipment – So that telecom towers, data centers, and e-buses don’t lose juice mid-mission.
Let’s break it down:
- EV Charger Division:
From home chargers (SPIN Free 3.3kW) to industrial DC monsters (Harmony Gen 1.5 up to 400kW), Exicom builds them all. It even deployed India’s first 480kW liquid-cooled charger — because if you can’t cool your financial losses, at least cool your hardware.
- Critical Power Division:
Here they make AC/DC converters, rectifiers, and Li-ion battery systems used by telecom operators and infrastructure players. Big clients include Indus Towers, Skipper, and Bondada Engineering.
- Energy Storage:
The company also assembles Li-ion modules, moving toward backward integration to reduce dependency on Chinese imports.
In summary: half their products power EVs, the other half ensure telecom towers don’t drop calls. It’s like being half Tesla, half Airtel, but with none of their
