EXICOMNSEFinancial Year 2025-26August 18, 2025

Exicom Tele-Systems Limited

6,753words
42turns
6analyst exchanges
3executives
Management on call
Anant Nahata
MANAGING DIRECTOR AND
Shiraz Khanna
CHIEF FINANCIAL OFFICER –
Rahul Dani
MONARCH NETWORTH CAPITAL LIMITED
Key numbers — 40 extracted
rs,
u, and over to you, sir. Anant Nahata: Yes. Thank you, Dani. So good morning to esteemed investors, shareholders and other stakeholders. This is Anant Nahata, CEO of the company. I'm also joined by
INR151 crore
1 FY '26. I'll just say the highlights, Shiraz will discuss it in detail later. Revenue up about INR151 crores on a standalone basis, adjusted EBITDA of INR12.6 crores, and adjusted PAT of just about INR1 cr
INR12.6 crore
cuss it in detail later. Revenue up about INR151 crores on a standalone basis, adjusted EBITDA of INR12.6 crores, and adjusted PAT of just about INR1 crores on standalone basis. We say adjusted because of an e
INR1 crore
1 crores on a standalone basis, adjusted EBITDA of INR12.6 crores, and adjusted PAT of just about INR1 crores on standalone basis. We say adjusted because of an exceptional item for VRS of about 100-plus em
INR205 crore
ies, that's why the adjusted exceptional item. On a consolidated basis, we did revenue of about INR205 crores with adjusted EBITDA of minus INR38 crores and adjusted PAT of minus INR71 crores. This is prima
INR38 crore
m. On a consolidated basis, we did revenue of about INR205 crores with adjusted EBITDA of minus INR38 crores and adjusted PAT of minus INR71 crores. This is primarily due to losses in our acquired subsidia
INR71 crore
venue of about INR205 crores with adjusted EBITDA of minus INR38 crores and adjusted PAT of minus INR71 crores. This is primarily due to losses in our acquired subsidiary, Tritium. I'm going to skip the ne
26%
rall, new tower installations remained flattish compared to Q4 FY '25 at about 7,500 and it was a 26% decline compared to Q1 of FY '25. And that happens, as I've mentioned before, telecom infrastruct
INR98 crore
business, which is the phase we are in right now. Our standalone Critical Power revenue was about INR98 crores and consolidated was INR102 crores. As I mentioned, this revenue is below expectations, but the
INR102 crore
e in right now. Our standalone Critical Power revenue was about INR98 crores and consolidated was INR102 crores. As I mentioned, this revenue is below expectations, but the primary reason for this was some of
INR1,500 crore
t export business this year. We have a strong outlook given the order backlog, which is more than INR1,500 crores. A lot of that is service in future years, but just the hardware supply orders also exceed about
INR1,200 crore
. A lot of that is service in future years, but just the hardware supply orders also exceed about INR1,200 crores. So Slide 13 highlights in Critical Power business. The pr
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Guidance — 20 items
Anant Nahata
opening
“And we have a lot of big projects to deliver for which unfortunately, could not be delivered in Q1, but the deliveries are set to lift Q2 revenue contributions and hence forth, but overall, the quarter's performance has been short of expectations, but we still remain committed to the guidance that we provided for the full year.”
Anant Nahata
opening
“As I mentioned, this revenue is below expectations, but the primary reason for this was some of the key projects we are supplying to, including Bharat Net, including a couple of other projects, including some large lithium-ion battery upgradation project.”
Anant Nahata
opening
“They had project level delays due to approvals, due to monsoons.”
Anant Nahata
opening
“We continued our dominance with almost 70% market share in one of the projects, which was at its peak last year, but still continuing towards the back end of that project, that is setting up of infrastructure in rural and remote areas.”
Anant Nahata
opening
“We are -- we continued our dominance in that project, and we acquired some new customers, some new products.”
Anant Nahata
opening
“Majority of these funds will be utilized by end of September as the plant is in final stages of progress in construction.”
Anant Nahata
opening
“As I mentioned, a lot of the key projects, the revenue buildup will be from this quarter.”
Anant Nahata
opening
“And as I mentioned, we are in sectors which are high-growth sectors, at least EV charging sector, the high-growth sector on the telecom one, a stable sector with stable cash flows, though a little bit volatile in terms of revenue as it's project-based.”
Anant Nahata
opening
“And you will see -- we are a leader in the segments that we operate in, and we'll see that -- we hope to show you that even in the financial results in the coming quarters and years.”
Shiraz Khanna
opening
“Standalone revenue came down to be INR151 crores, down by 29% quarter-on-quarter and 38% on a year-on-year basis, primarily due to delays in the start of Bharat Net project and some of the other projects, as Anant mentioned, as well as some of the deferrals that we have had in battery delivery, which will happen in quarter 2.”
Risks & concerns — 4 flagged
Overall, new tower installations remained flattish compared to Q4 FY '25 at about 7,500 and it was a 26% decline compared to Q1 of FY '25.
— Anant Nahata
And as I mentioned, we are in sectors which are high-growth sectors, at least EV charging sector, the high-growth sector on the telecom one, a stable sector with stable cash flows, though a little bit volatile in terms of revenue as it's project-based.
— Anant Nahata
Pre- rights issue, we were at 0.7%, and post rights issue, we are at 0.35%, which is giving us a higher leverage, lesser pressure on the interest cost and so on and so forth.
— Shiraz Khanna
And by doing that, yes, there has been margin compression, I won't lie, but it is still maintaining, let's say, in my opinion, industry-leading margins compared to our peers.
— Anant Nahata
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Q&A — 6 exchanges
Q
So I wanted to understand that we are still maintaining a guidance of 100% revenue growth over FY '25, and since we've done about INR200-odd crores in quarter 1, that leaves us about room for INR1,500 crores to be done for the remaining 3 quarters. So if you can discount factors that's contributing to us being still confident on achieving that kind of growth for the remaining 9 months of the year? That's my first question.
Anant Nahata
So I think the guidance was 50% growth in revenue and EBITDA on a standalone basis, not 100%. On a consolidated basis, I think. So we had given a guidance of 50% increase in the revenue and 2.5x of the EBITDA. And that guidance still holds good. We are confident that for the remaining 9 months, we'll be able to hold on to the guidance. And I just wanted to understand that in terms of project execution or orders, like if you can just list a couple of factors that is helping us to kind of maintain that guidance, like what is contributing to that? Yes. So I'll first talk about the standalone basi
Q
So the Harmony Gen 2 and Tritium TRI-FLEX chargers, we have received a very strong market response. What is the expected gross margin for these new products? And what is the current order backlog outlook?
Anant Nahata
Yes. So the Tritium TRI-FLEX because it's part of the portfolio we launched, that's a very high- end technology with main markets in U.S. and Europe. In India, there is no -- I wouldn't say there's an immediate market for it, but there's activities on business development, etcetera, which are taking place, and that will be really fruitful when we have really high energy battery cars and big trucks and big buses, all of them requiring 10 to 20-minute charging. So these are very advanced liquid cool chargers, which will eventually come to India, but today, it's in the business development phase.
Q
Sir, my question is extending the previous participant question. So on Hyderabad plant, what capital utilization you are expecting to reach in the next 2 quarters after the commissioning?
Anant Nahata
So that -- today, we are operating at a very high utilization, specifically in quarter 2 in our current plant. In the Hyderabad plant, the overall capacity that we can cater to is a lot product because that's a plant we have built for future. So today, we are not utilizing all the space and the capacities that we are building. So plant and machinery is modular being put for our, let's say, next 2 years requirement, right? And if we want to expand the space to expand more. So with the current plant and machinery that we are putting, our utilization will absolutely be north of 70% to 75%. So my
Q
Sir, I have just one question that due to geopolitical factors, there are challenges in importing rare earth materials from China. How is this affecting Exicom and the electric vehicle industry and what measures is Exicom taking to address these challenges?
Anant Nahata
So rare earth metal and magnets -- so first of all, they have a wide variety of use, no doubt about it, right? So it impacts everyone, including us, and I'll just come to that. But we don't use these type of products in the way automobiles or some of these companies use, right? We don't use them. So the proportion of effect on us is factor of what auto companies go through. So I just want you to note that. If we buy, for example, 100 components or 1,000 components out of 1,000, maybe 5 or 10 components use that. And we have seen delays in those components availability. But it delays in those a
Q
So my question is on R&D. Our R&D -- how is your R&D budget allocated between Critical Power, EVSE, and emerging technologies like PC microgrid solutions or do we have any upcoming innovations, which you can highlight?
Anant Nahata
Yes. So R&D is I'll just tell you the percentage, but it's a substantial percentage of our budget. And most of our products are in-house designed, right? So just even before I go in the budget allocation and everything, we'll have about, I think, close to 160 people in R&D, almost evenly split between EV charging and critical power and the type of stuff we do, like today, the heart of EV charger is the controller, like in any product, the CPU of the charger is the controller. We are the only Indian company designing and manufacturing that in India. There is no other charger OEM who has its own
Q
So I really appreciate everyone taking time and interacting with us. If you have any other questions, feel free to e-mail our Investor Relations. We'll try our best to reach out to you. We want to be transparent. We appreciate your journey as shareholders, investors in our company until now. And we are trying -- myself and my team are trying our best to meet the guidance provided by the company this year. We are excited about the business. The quarter 1 results may not reflect exactly the same, but hopefully, you'll see that excitement coming to fruition in the coming quarters. Thank you, ever
Management
Speaking time
Anant Nahata
16
Moderator
8
Samraat Jadhav
6
Sahil Patani
4
Sagar Gupya
3
Shiraz Khanna
2
Shashi Kant
2
Rahul Dani
1
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Opening remarks
Rahul Dani
Yes. Thank you, Pari. Good morning, everyone. On behalf of Monarch Networth Capital, it's my pleasure to move the senior management of Exicom Tele-Systems. We have with us Mr. Anant Nahata, Managing Director, CEO of the company. We have Mr. Shiraz Khanna, CFO of the company. We will start the call with opening remarks from the management and then move to Q&A. Thank you, and over to you, sir.
Anant Nahata
Yes. Thank you, Dani. So good morning to esteemed investors, shareholders and other stakeholders. This is Anant Nahata, CEO of the company. I'm also joined by our CFO, Shiraz Khanna. So let me dive into the investor presentation, which we had uploaded last night. And to begin with, the key message from our company is that we acknowledge this quarter's performance fell short of expectations. But at the same time, I would like to reiterate that this does not reflect our full potential as a company or the strong pipeline that we have today. We have the highest order book as we have ever had as a company. We have great momentum in EV Charging business, which is building, which we'll talk about shortly. And we have a lot of big projects to deliver for which unfortunately, could not be delivered in Q1, but the deliveries are set to lift Q2 revenue contributions and hence forth, but overall, the quarter's performance has been short of expectations, but we still remain committed to the guidanc
Shiraz Khanna
Thank you, Anant, and good morning to everyone. Financial, Anant has already covered briefly, but I'll just go over the numbers again. Standalone revenue came down to be INR151 crores, down by 29% quarter-on-quarter and 38% on a year-on-year basis, primarily due to delays in the start of Bharat Net project and some of the other projects, as Anant mentioned, as well as some of the deferrals that we have had in battery delivery, which will happen in quarter 2. So as Anant said, this will pick up in quarter 2 with the pace. Despite the softer top line, gross margin improved to 32.7% from 21.3% last quarter, which is a very healthy positive up, driven by a richer product mix, cost optimization that we've done. Adjusted EBITDA also rose to INR12.6 crores, which is 8.6% of the margin, up from about INR10.9 crores in quarter 4, reflecting a better operating leverage in EVSE segments. Adjusted PAT stood at INR1.1 crores, about 0.7% margin versus INR4.6 crores in Q4. Moving on to consolidated b
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