Exicom: Backlog Fuels Strong Full Year Outlook

Ashwin Thakker

— 2 min read

Key Facts on Outlook:

  • Standalone Revenue Guidance: Committed to 50% growth for FY'26.
  • Standalone EBITDA Guidance: Committed to 2.5x increase for FY'26.
  • Consolidated Profitability: Expected to turn profitable in FY'27, not FY'26, due to Tritium integration costs.
  • Order Backlog: Exceeds INR 1,500 crores in total, with over INR 1,200 crores for hardware supply.
  • Hyderabad Plant: Expected to be operational by October 2025, significantly boosting manufacturing capacity.
  • Q1 FY'26 Performance: Fell short of expectations due to project delays, but strong Q2 rebound anticipated.

Exicom Tele-Systems, despite a Q1 FY'26 performance below expectations, reaffirms its ambitious full-year guidance, driven by a robust order backlog exceeding INR 1,500 crores. The company is set for a significant rebound in Q2, fueled by deferred project deliveries, strong EV sector momentum, and strategic operational enhancements. This outlook underscores confidence in achieving substantial growth.

Strategic Growth & Market Momentum

Exicom Tele-Systems maintains its standalone guidance for FY'26, aiming for 50% revenue growth and a 2.5x increase in EBITDA. Despite Q1 FY'26 results falling short due to

"project level delays due to approvals, due to monsoons,"

management expects a strong rebound in Q2 as deliveries commence. This confidence is backed by a robust order backlog exceeding INR 1,500 crores, with over INR 1,200 crores in hardware supply. The company also noted

"great momentum in EV Charging business,"

supported by a 72% quarter-on-quarter surge in Q1 EV car sales and new market entries.

Operational Strength & Profitability Outlook

A key operational highlight is the new Hyderabad manufacturing plant, expected to become

"operational by October of this year"

and reach 70-75% utilization soon after. This facility will significantly boost capacity and efficiency. Financially, a recent INR 260 crore rights issue improved the company's debt-equity ratio. While standalone profitability remains positive, consolidated profitability, impacted by the acquired subsidiary Tritium's operational costs, is now targeted for FY'27 rather than FY'26. Management emphasizes its R&D differentiation, being

"the only Indian company designing and manufacturing"

its own EV charger controller.

Exicom Tele-Systems faces immediate challenges, but its long-term vision remains robust, anchored by a substantial order backlog and a dynamic EV charging sector. While consolidated profitability will take longer, the company's strategic investments, operational scaling, and commitment to innovation position it for sustained standalone growth in the coming quarters and beyond. The management is confident in a strong rebound.

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