Exicom Tele-Systems Limited

Industrials — Electrical Equipment & Parts · NSE

₹143.50+₹1.00 (+0.70%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Exicom Tele-Systems Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Exicom Tele-Systems Limited manufactures and sells electric vehicle chargers and lithium-ion batteries in India and internationally. It operates through Critical Power and EV Charger segments.

IndustryElectrical Equipment & Parts

SectorIndustrials

Annual revenue₹1,152 Cr

How does it make money?

Turns over ₹1,152 Cr a year. Of every ₹100 of sales, about ₹-24 reaches shareholders as profit, with ₹-7 left at the operating level before interest, tax and depreciation.

EBITDA margin-7.4%

Net margin-23.8%

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

What is its competitive advantage?Little sign of one

Returns on capital of -20.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE-20.3%

ROE-42.1%

Peer median ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +63% while net margin moved -2202% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+63%

Margin effect-2202%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 45.5 points over the period

Quality vs. Valuation

Company Quality

44/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

29/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

2.97x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention6

Margins are compressing
EBITDA margin has slipped from 10.1% to -7.4% over 3 years.
Debt is rising
Total debt is up 436% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 3.5% to -42.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 14.0% to -20.3% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 215% against revenue growth of 63% — stock may not be moving.

Red Flags

7 items require attention · 6 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 436% over 3 years, from ₹133 Cr to ₹713 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only -4.5x — little room if earnings dip.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹274 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 17.5 points, from 10.1% to -7.4%.
🔴Inventory building faster than salesFinancial
Inventory up 215% against revenue up 63% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -1.8x to -4.5x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 10.1% to -7.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 3.5% to -42.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
6 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 13% a year✓ 17.6% CAGR
Latest reported year was 61.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -9%✓ -7.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹405 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ -4.5x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ -20.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 4 neutral · 6 weak

Market Cap

₹1,997 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

2.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-19.48

Loss-making

Negative earnings per share — the business is losing money

ROE

-42.1%

Weak

Weak capital efficiency

ROCE

-20.3%

Weak

Low return on total capital employed

Debt/Equity

1.09x

Moderate

Moderate leverage

Revenue Growth (YoY)

61.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-149.1%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹405 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹143.5

Operating Margin

-18.4%

Weak

Thin margins leave little room for error

Net Margin

-20.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.21

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.84

High swing

Swings more than the market in both directions

52W Range Position

60%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

153.9 / 159.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

28.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹708 Cr	₹1,020 Cr	₹868 Cr	₹1,152 Cr	+17.6%
EBITDA	₹72 Cr	₹131 Cr	-₹7 Cr	-₹85 Cr	—
EBITDA Margin	10.1%	12.8%	-0.8%	-7.4%	—
PAT (Net Profit)	₹8 Cr	₹64 Cr	-₹110 Cr	-₹274 Cr	—
EPS	₹0.64	₹6.45	₹-8.64	₹-20.36	—
ROE	3.5%	8.9%	-17.9%	-42.1%	—
ROCE	14.0%	14.2%	-6.0%	-20.3%	—
Total Debt	₹133 Cr	₹46 Cr	₹707 Cr	₹713 Cr	+75.0%
Free Cash Flow	-₹14 Cr	-₹16 Cr	-₹773 Cr	-₹405 Cr	—

🟢 Revenue has grown at 17.6% a year over 3 years.

🔴 EBITDA has turned negative, from ₹72 Cr to -₹85 Cr.

🔴 EBITDA Margin has fallen from 10.1% to -7.4% over 3 years (-17.5 pts).

🔴 PAT (Net Profit) has turned negative, from ₹8 Cr to -₹274 Cr.

🔴 EPS has turned negative, from ₹0.64 to ₹-20.36.

🔴 ROE has fallen from 3.5% to -42.1% over 3 years (-45.5 pts).

🔴 ROCE has fallen from 14.0% to -20.3% over 3 years (-34.3 pts).

🔴 Total Debt has grown at 75.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,989 Cr

Total Liabilities

₹1,338 Cr

Total Debt

₹713 Cr

Cash & Equivalents

₹35 Cr

Operating Cash Flow

-₹87 Cr

Capex

-₹319 Cr

Shareholding (proxy)

Institutional Holding

0.3%

Insider Holding

68.9%

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

2 positive4 general

Exicom Tele-Systems Share Price Forecast: 3 Year Outlook to 2030

Univest, 16 Jul

Exicom Tele-Systems Ltd (NSE:EXICOM) Q4 2026 Earnings Call Highlights: Record Revenue Growth ...

Yahoo Finance, 20 MayResults

🟢Potentially positiveA record operating figure, if it holds, feeds directly into the growth and profitability inputs on this page.

Exicom Tele Standalone June 2026 Net Sales at Rs 236.83 crore, up 57.19% Y-o-Y

Moneycontrol.com, 18 Aug

Exicom Tele-Systems dispatches FY26 annual report and AGM notice

scanx.trade, 28 Sept

Exicom Reports Strongest Quarter Of FY26; Consolidated Q4 Revenue Jumps 46% YoY, EBITDA Turns Breakeven

Dalal Street Investment Journal, 19 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Compare with

Equitymaster, 07 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🔴Business QualityWeak4.7/20

🔴Financial HealthStretched7/20

🟢GrowthStrong18.4/20

🔴ProfitabilityWeak2.5/15

🔴ValuationDemanding5.1/15

🔴RiskHigh2.7/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 6 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 13% a year17.6% CAGR
✓EBITDA margin holds above -9%-7.4%
✗Free cash flow remains positive-₹405 Cr
✗Interest cover stays above 3x-4.5x
✗ROCE stays above 8%-20.3%