Exicom Tele-Systems Ltd (Capital Goods - Electric General) — fundamental analysis, earnings data, and key metrics. ROE: -16.5%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Critical Power Order Book: ₹1,435 Cr
Impact: 30% revenue jump
“there is a robust order book of around Rs. 1,435 crores... On current year, we should be expecting roughly 30% jump in revenue.”
What: Tritium Backlog: $15 million
Impact: 3x revenue scale
“TRI-FLEX will start production in March of ‘26... we are looking at 3x revenue scale up from compared to FY26.”
What: Export Revenue %: 10%
Impact: Target 20% exports
“Our Q3 export revenue was at 10% of sales. In FY27, our objective will be to grow exports to about 20% of the sales.”
What: Plant Utilization: Full production by March
“by the coming quarter end, which is March ‘26, we will have the plant in Hyderabad fully functioning with all cylinders.”
What: Debt Repayment: ₹55 Cr
“The good part is through that, we had repaid the debt of INR55 crores, which is an unsecured debt.”
What: Critical Power Revenue growth of 104% YoY.
“Primarily, the growth came in Critical Power in this quarter, which is 104% more than what it clocked last year.”
What: Stabilization phase → $10 million for Q4
“This revenue is estimated at $10 million, which is almost 2.4X of what we did in Quarter 3.”
Earnings deceleration risks from management commentary
Trigger: Regulatory changes in labor laws in India.
Impact: PAT impact: Not Given
Management view: Managed within current EBITDA which remained marginally better than previous quarter.
Monitor: labor
Trigger: Tritium operates in US, UK, and Europe with high cost structures.
Impact: PAT impact: Not Given
Management view: Secured $10 million equity infusion at the Tritium level to fund operations.
Monitor: fx
Trigger: Political debates and policy shifts regarding EV incentives.
Impact: PAT impact: Not Given
Management view: Focusing on India and other developing markets where registration tax exemptions continue.
Monitor: regulatory
Key quotes from recent conference calls
“the entire plant area is completed and trial production is going to be starting in November... from January, we expect full commercial production to have started. [Previous Hyderabad Plant Production guidance]”
“TRI-FLEX will start production in March of ‘26. Initial deployment will be focused on US and Europe customers. [Initiative: TRI-FLEX Product Launch]”
“Exicom One... is not just the supply of EV chargers, but construction of the entire site... gives us higher revenue per site. [Initiative: Exicom One]”
“in spite of the fact that there's an exceptional item of the new labor code that is kicked in very recently. [Risk (labor): LOW]”
Headline numbers from the latest earnings call
Revenue
₹234 Cr
Why: Growth was primarily driven by the Critical Power segment, which saw a 104% increase due to BharatNet project deliveries and Indus Tower battery sales.
Standalone revenue showed steady growth while consolidated revenue remained flat at ₹276.7 Cr.
EBITDA
₹16.2 Cr
Why: Margins were slightly constrained due to a product mix shift toward lower-margin battery segments despite higher overall sales volumes.
EBITDA remains flat on a sequential basis but significantly improved compared to the previous year's quarter.
PAT
₹3.5 Cr
Why: PAT was impacted by increased finance costs associated with loans taken for the acquisition of the Tritium business.
Standalone PAT of ₹3.5 Cr is a decrease from the ₹5.9 Cr reported in Q2 FY26.
Other Highlights
• Critical Power order book stands at ₹1,435 Cr.
• EV revenue reached ₹190 Cr for the first 9 months of FY26.
• Tritium Q4 revenue estimated at $10 million.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Critical Power Order Book
₹1,435 Cr
Why: Secured large purchase orders for DC power systems from major Indian telecom players.
Export Revenue % of Sales
10%
Why: Current sales in Africa are from pilot lots; expected to convert to continuous orders in FY27.
Quarterly EV Passenger Car Sales (Market)
50,000 units
Why: Higher adoption and new launches by OEMs like Mahindra, Kia, and Tata.
Tritium Order Backlog
$15 million
Why: Includes orders for the new TRI-FLEX product line and existing chargers.
Order Book Execution Timeline
24-30 months
Why: Most orders are executable within 24 months, with a small portion extending to 30 months.
9-Month EV Revenue (Standalone)
₹190 Cr
Why: Strong growth in AC home charger volumes and entry into the bus/truck segment.
Tritium Revenue Mix - UK & Europe
20%
Why: Tritium's primary focus remains on developed markets like the UK and Europe.
BharatNet Project Market Share
50%
Why: Supplying hybrid UPSs and batteries to key system integrators like RVNL and HFCL.
Forward-looking targets from management for FY27
Revenue Growth Target
30%
Capex Plan
₹17.94 Cr
30% jump in Critical Power revenue; Tritium 3x scale-up in FY27.
REAFFIRMED
₹17.94 Cr
R&D and remaining Hyderabad plant setup.
Guidance Changes
Tritium Revenue: Stabilization phase → $10 million for Q4
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Exicom Tele-Systems Ltd's latest quarterly results (Dec 2025) show
Exicom Tele-Systems Ltd's price-to-book ratio is 2.1x.
Exicom Tele-Systems Ltd's fundamental strength based on key financial ratios
Exicom Tele-Systems Ltd has a debt-to-equity ratio of N/A.
Exicom Tele-Systems Ltd's return ratios over recent years
Exicom Tele-Systems Ltd's operating cash flow is negative (FY2025).
Exicom Tele-Systems Ltd currently does not pay a significant dividend (yield 0.00%).
Exicom Tele-Systems Ltd's shareholding pattern (Mar 2026)
Exicom Tele-Systems Ltd's promoter holding has remained stable recently.
Exicom Tele-Systems Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Exicom Tele-Systems Ltd has 7 key growth catalysts identified from recent earnings analysis
Exicom Tele-Systems Ltd has 3 key risks worth monitoring
In Q3 FY26, Exicom Tele-Systems Ltd's management highlighted
Exicom Tele-Systems Ltd's management has provided the following forward guidance for FY27
Exicom Tele-Systems Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Exicom Tele-Systems Ltd may be worth studying
Exicom Tele-Systems Ltd investment thesis summary:
Exicom Tele-Systems Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
