Exicom Tele-Systems Ltd

Manufacturing milestone

• Exicom commenced manufacturing liquid-cooled AC and DC power modules at Hyderabad facility.
• First in India to manufacture this class of liquid-cooled power electronics for global markets.
• Initial production will primarily serve North America and Europe.
• Hyderabad Smart Manufacturing Facility will host production for domestic and international markets.
• Integration with Tritium, acquired in 2024, strengthens technology sharing and synergies.

Product Launch Details

• Product: Liquid-Cooled Power Modules for EV Chargers.
• Launch date: August 19, 2026.
• Category: Power electronics.
• Market scope: International Market.
• Countries involved: India.

Financial Performance

• Stand-alone revenue up 57% YoY to INR 237 crores.
• Stand-alone EBITDA INR 21 crores; margin 8.8%.
• Consolidated revenue up 61% YoY to about INR 331 crores.
• Consolidated EBITDA loss INR 21.9 crores; margin -6.6%.
• Consolidated PAT loss INR 73.6 crores.
• Hyderabad plant commissioned; production started in Q1 FY27.
• Consolidated debt INR 370 crores as of 30 June 2026.
• Inventory & receivables elevated; liquidity healthy.

Operating / Segment Update

• Critical Power revenue INR 177 crores; up 73% YoY.
• Sequential Q1 revenue down 11% due to quarter-seasonality.
• Export sales INR 15 crores; ~8% of Critical Power.
• Export share target of 15% of Critical Power revenue in FY27.
• Critical Power order book ~INR 1,000 crores.
• BharatNet open orders INR 700 crores; service orders ~INR 800 crores over 10 years.
• BSNL Phase 2: ~2,000 sites; contract INR 90–100 crores.
• EV charging standalone revenue INR 61 crores; up 15% YoY.
• EV charging market: wallbox share north of 50%; 31k passenger EVs in Q1.
• Tritium bookings near USD 21 million; revenue about USD 10 million.
• Tritium US capacity can service USD 100 million/year; current run-rate ~USD 10 million.

Balance Sheet and Cash Flow

• Hyderabad plant adds capacity; 3x production capability.
• Inventory buildup during transition; receivables elevated; collections healthy.
• Hyderabad–Gurgaon parallel run adds roughly INR 8.7 crores fixed cost.
• Hyderabad plant enables faster delivery of INR 1,400 crores order book.
• Debt headroom remains to fund growth.

Q&A Highlights

• Margin deterioration explained by Q4 peak revenue and Tritium inventory unwind.
• Tritium backlog USD 20 million; large opportunities to convert in CY27.
• Hyderabad capacity utilization: DC ~65%; AC ~100%; PCBA near 100%.

Outlook and Guidance

• Guidance: 3x revenue and EBITDA breakeven by Q4 FY27.
• Exports target 15% of Critical Power revenue in FY27.

Meeting Details

• Date and time: 10 August 2026, 4:00 PM IST.
• Type and mode: group investor/analyst conference call (virtual).
• Event: Investors’ / Analysts’ Conference Call to discuss Q1 FY2026-27 results.

Participants

• Company management participants: not specified.

Purpose

• Discuss unaudited Q1 FY2026-27 results (quarter ended June 30, 2026).

Additional Notes

• Audio recording of the conference call is available on the company website.

Nil deviation status and fund utilisation

• Mode of fund raising: Public Issue & Pre-IPO.
• Amount raised: Rs 400 crore; dates: Dec 27, 2023 and Feb 27-29, 2024.
• Monitoring agency: CARE Ratings Limited.
• Deviation in fund utilisation: No deviation/variation reported.
• Audit Committee review: Statement reviewed; no deviation noted.
• Status of utilisation: Fully utilised; no unutilised funds as of date.

Issue Overview

• Type of issue: IPO and private placement of equity shares.
• Total issue size disclosed; net proceeds fully utilised; no unutilised funds.
• Main objectives: capex, debt repayment, working capital, R&D, general corporate purposes, and offer-related expenses.

Utilisation of Proceeds

• Deviation from offer document objectives: Nil.
• Utilisation status overall: funds deployed to earmarked objects.
• Unutilised funds: none remaining.
• Delays: select objects experienced delays; extensions approved.
• R&D and product development progress; external dependencies caused extended timeline.
• General Corporate Purposes and offer-related expenses adjusted within approved allocations.

Governance and Compliance

• Approvals: all statutory/government approvals obtained.
• Material events: no adverse events affecting viability; equity raised to support capex.
• Progress oversight: monitoring report confirms no material deviations beyond approved objects.

General Corporate Purpose (GCP)

• GCP usage: board-approved allocation; funds used accordingly.
• Surplus moved to GCP from offer-related expenses; approvals documented.

Financial highlights

• Standalone revenue rose ~57% YoY to ₹237 crore.
• Standalone EBITDA approx ₹21 crore; margin 8.8%.
• Consolidated revenue up 61% to ₹331 crore; EBITDA loss narrowed to ₹22 crore.
• Consolidated gross margin declined to 31.7% from 39.4%.
• Audit Committee and Board approved Q1 FY27 unaudited results.

Operational developments

• AC charging: sole supplier of 7.4 kW units to a leading carmaker.
• Spin Air portfolio upgraded with SpinWise AI chatbot and Spin Control app.
• Plan to double AC line capacity from Q3 FY27.
• 15 new charge point operators onboarded; orders for over 180 DC chargers.
• Exports: orders from ten new countries; expanding Europe, Southeast Asia, and Middle East.
• Slim DC chargers launched; Ring Topology enables inter-charger power sharing.
• Product development: end-to-end ecosystem for custom-built AC and DC chargers in Europe.

Tritium & Critical Power

• Tritium revenue USD 10.3m; 508 charger sales; orders booked USD 20.8m.
• GRID-FLEX started operating at a hyperscale customer; EBITDA breakeven targeted in Q4 FY27.
• TRI-FLEX under lab validation; largest open US public charging network.
• Critical Power revenue up 80% YoY; BESS bookings near ₹20 crore; 14 new customers.

Exports and international footprint

• Exports: Africa and Middle East contribute ~8% of revenues.
• Orders from ten new countries; expanded global footprint.

Outlook

• Management remains confident about FY27; stronger orders and broader geographies expected.
• Cost pressures impacted margins; supply chain resilience measures underway.

Business overview

• Core business: Critical Power and EVSE, with BESS and Li‑ion batteries.
• Growth platform Tritium with GRID-FLEX and TRI-FLEX; field trials; CY27 rollout planned.
• Hyderabad plant expansion to 200k+ AC chargers, 4k+ DC chargers annually, 10k Li‑ion packs, 450+ staff.
• 30+ years in power electronics; global presence and project footprint across regions.

Key operational highlights

• Standalone Q1 FY27 revenue ₹236.8 Cr; EBITDA ₹20.9 Cr; margin 8.8%.
• Consolidated Q1 FY27 revenue ₹331.1 Cr; EBITDA loss ₹21.9 Cr; margin -6.6%.
• Order book at ₹1,400 Cr as of 1 July 2026.
• Tritium momentum: Q1 bookings USD 20.8m; GRID-FLEX live; TRI-FLEX lab validation; breakeven Q4 FY27.
• Telco DC Power order ~₹85 Cr; Govt supplies 60% market share; export ₹15 Cr in Q1.
• New OEM wins: 7.4 kW chargers with leading 4W OEM; Type-7 chargers for 2W OEM.
• New products: Gen 2 Slim 60/80 kW; smart power-sharing DC chargers; 7.4 kW portable charger.
• Exports to 10+ countries; export orders ~$2m; Q1 exports ₹15 Cr; pilots for mass supplies.
• 15 new CPO customers; 180+ DC chargers booked to Oct 2026; ₹50 Cr+ repeat orders by Oct 2026.
• Capacity expansion supports growth: Hyderabad plant enables ~200k+ AC, 4k+ DC chargers; 10k Li‑ion packs.

Financial performance

• Standalone gross margin improved 2pp QoQ due to pricing and mix.
• Standalone PAT ₹4.9 Cr; margin 2.1%.
• Consolidated revenue ₹331.1 Cr; YoY +61%; EBITDA -₹21.9 Cr; margin -6.6%.
• Consolidated PAT -₹73.6 Cr.
• Depreciation & amortization ₹38.9 Cr; Hyderabad plant; IPO funds utilised reduced other income.
• Standalone/Consolidated GM margin decline on Tritium mix; operating leverage aided revenue growth.

Capital structure & liquidity

• Net debt (consolidated) ₹370.1 Cr.
• No material capital-structure actions disclosed in the quarter.

Strategic priorities & outlook

• Three growth vectors: strengthen base; diversify BESS for C&I and home; expand geographies.
• Target ₹150 Cr BESS order book in FY27.
• Target ₹140 Cr export business in FY27.
• Aim for ~40% wallet share with strategic customers in FY27.
• Capex: Hyderabad plant expansion to support growth.

Risks & mitigation

• Commodity-driven margin pressure from fixed-price contracts.
• Forex and input-cost volatility; mitigated by favorable order mix and pricing.
• Export-market exposure and policy shifts impacting EV charging demand.

Governance & leadership

• No material governance changes disclosed.

Financial highlights

• Board approved unaudited standalone and consolidated results for Q1 FY27 ended June 30, 2026.
• Standalone revenue from operations: ₹236.83 crore.
• Standalone Critical Power revenue: ₹176.02 crore.
• Standalone EV Charger revenue: ₹60.81 crore.
• Consolidated revenue from operations: ₹331.07 crore.
• IPO net proceeds: ₹40,000 Lakhs fully utilized.
• IPO proceeds fully utilized as of 30 Jun 2026; extension to 30 Sep 2026 allowed.
• Consolidated results include Exicom Tele-Systems and overseas subsidiaries.
• Consolidated subsidiaries include Singapore, Netherlands, USA, UK, Australia, Dubai.
• Exicom listed on NSE and BSE on March 5, 2024; Pre-IPO placement completed.
• Total offer expenses: ₹3,595.89 Lakhs; auditors issued unmodified report.
• Audit committee reviewed and board approved the results; Ind AS conformity.