Exicom Tele-Systems Ltd: EV Chargers With Empty Batteries?
1. At a Glance
Exicom makes EV chargers and power converters, but its balance sheet looks like it needs its own charger. FY25 sales were ₹821 Cr, losses ₹199 Cr, ROE a tragic -16.5%, and debt ballooned to ₹707 Cr. Despite bagging orders worth ₹1,412 Cr from RVNL and showing off flashy Harmony Boost & AI-powered chargers, the stock has lost 62% in 1 year. Investors expected Tesla vibes, got PSU-level bleeding.
2. Introduction
Exicom was born in 1994, when India was still buying Maruti 800s, not Teslas. Initially, it dabbled in critical power systems (rectifiers, converters, energy storage), but the EV revolution tempted it into chargers. Today, they manufacture everything from 3.3 kW portable chargers to 600 kW liquid-cooled monsters. Their second business line—critical power solutions—keeps telecom towers alive when the government forgets to pay the electricity bill.
Sounds great on paper, right? Reality check: revenues down 18%, losses multiplying, debt shooting up, and promoter holding dipping. Yet, management talks like they’re building India’s Tesla Supercharger network. The gap between PPT promises and financial reality is larger than the gap between Delhi EV targets and actual charging stations.
3. Business Model – WTF Do They Even Do?
Two divisions, both bleeding cash:
EV Charging: AC & DC fast chargers, battery swapping solutions, home chargers (even launched on Amazon—because nothing screams futuristic like buying a 22 kW charger alongside a pressure cooker). Orders from e-bus OEMs, RVNL, and auto OEMs keep hopes alive.
Critical Power: Power converters, Li-ion batteries for telcos, data centres, and home storage. Basically, “don’t worry if the grid fails, Exicom will fail slightly slower.”
Geography: Presence in India (450+ cities, 26 states), exports to SE Asia & Singapore. Service footprint: 200+ engineers on field—basically every charger comes with a free “engineer on speed dial.”
4. Financials Overview
Source table
Metric
Q1 FY26
Q1 FY25
Q4 FY25
YoY %
QoQ %
Revenue
₹205 Cr
₹197 Cr
₹266 Cr
+4%
-23%
EBITDA
-₹39 Cr
-₹31 Cr
-₹16 Cr
-26%
-144%
PAT
-₹71 Cr
-₹49 Cr
-₹62 Cr
-45%
-14%
EPS (₹)
-5.98
-3.53
-4.48
Loss widening
Loss widening
Commentary: Losses widening faster than EV adoption. Exicom is growing top-line only to show bigger red ink.
5. Valuation – Fair Value Range
P/E: Not meaningful (loss-making).
EV/EBITDA: Negative, since EBITDA is redder than a Diwali balance sheet.
DCF (hope-based): Assuming revenue CAGR 20% with margin recovery → range ₹120–₹180.
