Exicom Tele-Systems Limited (NSE: EXICOM), a leading manufacturer of EV charging and critical power solutions in India, has released its financial results for the first quarter, revealing a mixed performance across its business segments.

Financial Highlights

• Consolidated revenue: Rs 205.30 crore
• Standalone revenue: Rs 150.70 crore
• Consolidated adjusted loss: Rs 71.10 crore (-34.60% margin)
• Standalone adjusted PAT: Rs 1.10 crore (0.70% margin)
• EBITDA margin: -18.80% on a consolidated basis

Segment Performance

Critical Power Segment

• Standalone revenue declined by 38.00% year-over-year to Rs 97.80 crore
• Project delays due to approvals and monsoon affected performance

EVSE (Electric Vehicle Supply Equipment) Segment

• Standalone revenue grew by 61.50% to Rs 52.80 crore
• Positive momentum in the EV charging business

Strategic Updates

1. Strong Order Backlog: Exicom entered Q2 with a robust order book exceeding Rs 1,500 crore as of July 1st.

2. Tritium Progress: The company's strategic investment, Tritium, achieved USD 8 million in bookings during the quarter. Positive indicators include improved customer satisfaction and rising service revenues.

3. EVSE Business Growth:

   • India's four-wheeler EV market showed momentum with monthly sales exceeding 13,000 units for four consecutive months.
   • Harmony Direct 2.0, Exicom's advanced DC fast charger, is building a strong pipeline.
   • The company delivered over 15,000 Spin Air home chargers across various geographies.

4. International Expansion:

   • Robust year-on-year growth in Southeast Asia sales across four new customers.
   • Signed a framework agreement with one of Southeast Asia's largest clean energy players, with an expected deal value of nearly USD 6 million over the next two years.

5. Critical Power Business:

   • Lower than expected revenue in Q1 due to project delays.
   • Bharat Net project execution has commenced and is set to contribute to the topline from Q2 onwards.
   • Secured significant wins in the Middle East and Africa.

6. Manufacturing Expansion: Construction of the Hyderabad manufacturing facility is on track, with production expected to start in October.

7. Capital Raise: Successfully completed a rights issue of approximately Rs 260 crore.

Management Commentary

Anant Nahata, Managing Director and CEO of Exicom, commented on the results: "We recognize that this quarter's performance has not met expectations, but it also does not reflect the full potential of the company or the strength of our pipeline. We are seeing visible momentum and clear signs of progress."

Nahata added, "Although this quarter was not up to the mark, we remain confident in our efforts and growth trajectory. Strong industry tailwinds, a differentiated EVSE portfolio, and solid operational momentum in our telecom and critical power businesses position us strongly for what we expect to be a strong year for EVSE and a promising year for critical power."

The company remains focused on cost optimization, accelerating revenue conversions, and delivering on the guidance shared in Q4, supported by the strong shareholder confidence demonstrated in the recent rights issue.

Exicom Tele-Systems Limited , a prominent player in the telecom equipment and accessories sector, has reported delays in the utilization of funds raised through its Initial Public Offering (IPO) and Pre-IPO placement. The company's Board of Directors has approved an extension of the timeline for complete fund utilization until March 31, 2026.

IPO Fund Utilization

According to the monitoring agency report for the quarter ended June 30, 2025, Exicom has utilized Rs 291.82 crore out of the total Rs 400.00 crore raised. The remaining Rs 108.18 crore is currently held in bank accounts and fixed deposits.

The company has experienced delays across several key objectives:

1. Manufacturing Facility in Telangana: 67% of the project cost completed
2. Working Capital Requirements: 70% of allocated funds utilized
3. R&D Investments: Only 16% of allocated funds utilized

Reasons for Delays

Exicom attributes these delays to various factors:

• Additional optimization work at the Hyderabad plant
• Advanced geological treatments
• Regulatory clearances due to proximity to high-tension lines
• Terrain enhancements for all-weather accessibility
• Synchronization of R&D initiatives with upcoming EV product rollouts
• External collaborations to maximize innovation impact

Q1 FY2026 Financial Performance

For the quarter ended June 30, 2025, Exicom reported the following consolidated financial results:

The company's performance was impacted by a broader slowdown in the optical fiber and telecom equipment sectors. Margins were compressed due to industry moderation and initial costs associated with the Tritium acquisition.

Rights Issue

In July 2025, Exicom successfully raised Rs 259.00 crore through a rights issue, allotting 18,140,840 fully paid-up equity shares at Rs 143 per share. This capital infusion is expected to support ongoing strategic initiatives and working capital requirements.

Management Commentary

Sangeeta Karnatak, Company Secretary & Compliance Officer, stated, "The extension for fund utilization reflects our strategic and prudent approach to ensuring that every deployment of funds is carried out efficiently and in alignment with the company's business objectives and the long-term interests of its stakeholders."

Exicom Tele-Systems remains committed to its growth plans and is taking measured steps to optimize its operations and investments in the face of industry challenges. The company will continue to focus on its core segments of Critical Power and EV Charging solutions while navigating the current market dynamics.