AI-generated · cited to primary sources · not investment advice · How we research
Exicom Tele-Sys.
Our verdict on Exicom Tele-Sys. isn’t the consensus take — see where we landed, and the one risk the bull case glosses over.
See the verdict — free →Does management do what it says?
Standalone revenue grew by 54% year-on-year in Q2 FY26, exceeding the 50% annual growth target for the quarter. (1 exceeded across 1 tracked commitment)
“So I think the guidance was 50% growth in revenue and EBITDA on a standalone basis, not 100%. ... That guidance still holds good. We are confident that for the remaining 9 months, we'll be able to hold on to the guidance.”
The company has utilized almost all IPO funds as of September 30, 2025, with only a small residual amount remaining for the Hyderabad plant. (2 met across 2 tracked commitments)
“We are pretty much utilized all the IPO funds as per the plan that we had when we raised the funds. We have in Hyderabad as of 30th of September, INR17.29 crores still to be spent.”
See the full cited Management analysis of Exicom Tele-Sys.
How durable is the business?
The EV Charger segment showed strong growth on a standalone basis, driven by new car model launches and government support for electric buses, with standalone revenue rising 61% year-on-year. (1 expanding)
“you see our Q1 FY '25 performance, we did on a standalone basis, INR33 crores versus which this quarter, we have done 61% more, which is about INR53 crores in this quarter”
Consolidated EVSE revenue grew substantially year-on-year, driven by surging e-car demand and supportive government policies like PM e-Bus Sewa. (1 expanding)
“Consolidated EVSE Revenue (Rs Cr) ... Q1 FY25 37.3 ... Q1 FY26 102.8 ... +176.0%”
See the full cited Business Model analysis of Exicom Tele-Sys.
Where does growth come from?
Customer acquisition is accelerating with 11 new Charge Point Operators (CPOs) and 4 new Vehicle Manufacturers (OEMs) added in the final quarter alone. (5 accelerating across 5 signals, 1 leading indicator)
“Quarter 4 FY26 revenue is estimated to be the first double-digit million-dollar revenue quarter for us since our acquisition... This revenue is estimated at $10 million, which is almost 2.4X of what we did in Quarter 3.”
The Hyderabad plant expansion is accelerating, moving from construction to trial production in November 2025, with full commercial operations expected by January 2026. (3 accelerating, 1 decelerating, 1 steady across 5 signals, 2 leading indicators)
“Battery Production : 100% Li-ion battery assembly is being done at new plant since end of Dec’25... DC Charger: Production started from Nov’25 and ramp up by end of Mar’26”
See the full cited Future Growth analysis of Exicom Tele-Sys.
What could break the thesis?
Margins continue to face pressure from 'hardening of competition' and price corrections in the EV segment, with standalone gross margins dipping from 29.9% to 27% for the full year. (5 intensifying, 3 high-severity)
“Key Financials: Q3 FY26 ... Consolidated PAT -67.9”
The risk is confirmed by a 26% decline in new tower additions in Q4 FY25 compared to Q4 FY24 as the 5G CAPEX cycle ended. (3 stable, 2 intensifying)
“New Towers roll-out growth slowed @ 3.9% YoY, whereas last 5 years CAGR @ 8.0% ... Capex moderation by Telcos with focus on ROI optimization”
See the full cited Risk analysis of Exicom Tele-Sys.
Read the full thesis on Exicom Tele-Sys.
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