Financial Performance Overview
Exicom Tele-Systems Limited reported mixed financial results for FY 2025-26 with strong revenue growth but significant losses. Consolidated revenue reached ₹1,151.7 crore, representing a 33% year-over-year increase, while standalone revenue grew 19% to ₹894.8 crore. However, the company reported a consolidated net loss of ₹274.1 crore, primarily due to costs associated with the Tritium acquisition, significant depreciation, finance costs, and exceptional items including VRS compensation and labor code impact.
Segment Performance and Business Highlights
The company operates through two core segments: Critical Power solutions and EV Charger business. The Critical Power segment generated ₹641.8 crore revenue (12.5% growth), while the EV Charger segment showed remarkable 71.5% growth to ₹509.9 crore revenue, though it continued to operate at a loss of ₹282.9 crore.
Key operational achievements include the commissioning of the Hyderabad manufacturing facility built on Industry 4.0 principles with capacity for 100,000+ AC chargers and 4,000+ DC chargers annually. The company expanded into battery energy storage systems with a 100 MWh pipeline for FY27 and progressed Tritium integration, which showed 157% QoQ revenue growth in Q4 FY26 with expected EBITDA breakeven by Q4 FY27.
Capital Structure and Financing
Exicom completed a rights issue raising ₹259.4 crore through issuance of 18.1 million shares at ₹143 per share. The company maintained strong liquidity with cash equivalents of ₹35.4 crore as of March 31, 2026. However, net debt increased significantly to ₹652.8 crore, resulting in a net debt-to-equity ratio of 100.23% compared to 79.47% in FY25. The company fully utilized ₹39,116.72 lakhs of its ₹40,000 lakhs IPO proceeds for capex, debt repayment, and working capital.
Corporate Governance and AGM Details
The 32nd Annual General Meeting is scheduled for September 28, 2026, through video conference. Shareholder approval is sought for material related party transactions between subsidiaries Exicom Power Solutions BV, Tritium Australia and Tritium USA, with aggregate limits up to ₹760 crore. The company maintained strong governance with Board compliance affirmations, CEO/CFO certifications, and director non-disqualification confirmations as per SEBI Listing Regulations.
Risk Management and Foreign Exposure
The company faces significant foreign currency exposure of ₹41,600 lakhs, with a 5% rupee movement potentially impacting P&L by up to ₹561 lakhs. Interest rate risk is material with borrowings of ₹295.3 crore, where a 1% rate increase would add approximately ₹315.4 lakhs to interest expense. Top 10 customers represent 54% of trade receivables outstanding, indicating customer concentration risk.
Subsidiary Performance and Integration
Subsidiary performance varied significantly, with Exicom Power Solutions B.V. in the Netherlands contributing substantially to the overall net loss position. The Netherlands subsidiary showed negative net worth of (₹1,697,200) EUR and loss of ₹1,697,201 EUR, while other subsidiaries performed better. Exicom Power Solutions B.V. ceased to be wholly-owned after April 22, 2026, due to conversion of OCDs issued to foreign investors.
Forward Outlook and Strategic Initiatives
Despite the current losses, Exicom is positioned for growth in the evolving energy transition landscape. The company has secured a USD 12.6 million backlog heading into FY27 and continues to expand its international presence across Europe, Southeast Asia, and Middle East. The strategic expansion into Battery Energy Storage Systems and ongoing Tritium integration are expected to drive future profitability as the EV charging infrastructure market continues to develop globally.