Exicom Tele-Sys.

Exicom Tele-Systems reported a standalone Q4 FY25 revenue of ₹212 crores, a 44.2% increase from ₹147 crores in Q3 FY25, primarily due to a surge in Critical Power revenue. Consolidated Q4 revenue also grew 35.2% QoQ to ₹265 crores from ₹196 crores, with the Tritium acquisition contributing approximately ₹50 crores. However, the full-year standalone revenue for FY25 stood at ₹752 crores, a 13.16% decline from ₹866 crores in FY24, and standalone gross margins compressed to 27% from 29.9% in FY24, attributed to intense market competition.

The Critical Power business demonstrated strong performance, growing 88% QoQ, despite a 33% de-growth compared to Q4 FY24. The company achieved its highest-ever order book for Critical Power, exceeding ₹1,500 crores, which is nearly 8x higher than the <₹200 crores reported at the end of Q3 FY25. This substantial order book, executable over the next three years, includes significant projects like Bharat Net. Exicom is also building a robust export pipeline across Africa, Southeast Asia, and the Middle East, having signed a frame agreement with a large telco in Africa and receiving initial orders from the Philippines and Myanmar.

The domestic EV charger business revenue in Q4 FY25 was similar to Q4 FY24 but experienced a 17% de-growth compared to Q3 FY25. Despite delivering higher volumes in Q4, revenue was impacted by significant price pressure and competitive intensity. To counter this, Exicom launched new products, including the Gen 2.0 DC charger and the portable SPIN Free charger (Tri-Flex), which are built with 100% Indian IP. These new offerings, along with a focus on product quality and service, are expected to drive better market share for Exicom in FY26.

The acquisition of Tritium Group of Companies in September 2024 is central to Exicom's global EV charger strategy, contributing approximately ₹50 crores to Q4 consolidated revenue. Tritium launched its new Tri-Flex distributed charging platform in April 2025, receiving positive feedback from prospective customers. While the investments are taking longer to translate into sales and are currently impacting consolidated EBITDA due to fixed costs, the company is in advanced negotiations for significant value contracts with network operators in the U.S. and Europe, with updates expected in the coming quarters.

The commissioning of the new manufacturing plant, initially planned for June, has been delayed by two to three months, with a revised go-live target of mid-September 2025. The delays were primarily caused by unforeseen geological challenges at the Hyderabad site and a road collapse due to heavy rainfall. Management assured that current facilities are adequate to meet Q1 and Q2 targets, and efforts are underway to compress the revised timeline, aiming for optimal automation and efficiency in the new facility.

To support its growth and strategic investments, particularly in Tritium, promoters infused ₹80 crores into the company during the last quarter. Additionally, shareholders approved an increase in authorized capital to ₹155 crores. The Board has also granted in-principle approval to explore further fund-raising initiatives, signaling a proactive approach to ensure adequate capital for long-term growth and strategic objectives.

The EV market experienced a slowdown in H1 FY25 due to policy transitions (FAME II ending) and anticipation of new models, but an uptick was observed in Q3 and Q4. The Critical Power business is influenced by the CAPEX cycles of telecom infrastructure and government projects like Bharat Net. Acknowledging the high competitive intensity and margin pressure experienced in Q4, Exicom is implementing sharp cost optimization measures across products, people, and processes, expecting these efforts to yield positive results from Q1 and Q2 FY26.