Exicom’s Next Upswing May Not Be Telecom or EV Charging; Where Is Its Business Mix Heading Next?
Exicom Tele-Systems has historically been known for telecom power systems. Its batteries and power-management products help keep telecom networks running, giving the company more than three decades of experience in power electronics and energy systems. That business remains important, but Exicom is gradually becoming something broader.
The company now operates across critical power, EV charging and energy storage, while its acquisition of Tritium has added global DC fast-charging technology to the portfolio. The business is therefore moving beyond supplying power equipment to telecom infrastructure and into a wider set of energy-intensive applications. The question now is whether this represents a recovery in the existing businesses or the early stages of a much broader transformation.
With a market capitalization of Rs. 2,104.97 crore, the shares of Exicom Tele-Systems Ltd were trading at Rs. 151.35 per share, up 0.20 percent from its previous closing price of Rs. 151.05 apiece. The stock trades at a P/E of 80.08x on a standalone basis. Telecom Remains the Foundation
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Telecom continues to be central to Exicom's Critical Power business. The company supplies DC power systems, lithium-ion batteries and related equipment that provide uninterrupted power to telecom infrastructure. But the telecom market is changing. Tower rollout growth slowed to around 3.7% in FY26, compared with a 5.8% five-year CAGR, as operators shifted more spending towards network densification and 5G upgrades.
That does not mean telecom spending has stopped growing. Exicom said telcos and tower companies had announced higher investment plans for FY27, while the company also secured a major DC power systems order from an Indian telecom operator for FY27. It recorded its highest-ever quarterly exports to Africa, the Middle East and Southeast Asia.
More importantly, telecom has given Exicom something that can be applied beyond towers: deep expertise in batteries and power electronics. The company says it has more than 1 million telecom batteries deployed and more than 40 MW of data-centre deployments. That gives Exicom experience in applications where reliability is critical and downtime can be expensive.
In that sense, telecom is becoming less of an endpoint and more of a technology base. The same underlying capabilities can potentially be applied to markets that require significantly more energy infrastructure.
BESS Could Become the Biggest New Market for Exicom's Battery Expertise
Battery Energy Storage Systems, or BESS, could be an important part of this transition. India's renewable-energy expansion is creating a growing need for storage because solar and wind generation does not always coincide with peak electricity demand. The Central Electricity Authority has estimated that India could require 47.24 GW/236.22 GWh of BESS by 2031-32 under its base-case planning scenario. Depending on the scenario, the requirement could be considerably higher.
The government has also highlighted energy storage as important for grid stability and renewable-energy integration. The CEA has estimated that integrating India's planned renewable capacity could require 73.93 GW/411.4 GWh of storage by 2031-32, including 47.24 GW/236.22 GWh from BESS.
Exicom remains a relatively small player in this market, but it has already started building a track record. The company commissioned 10 BESS projects during FY26, giving it initial operating experience and customer references. Its BESS products are designed for commercial, industrial and residential applications, including peak-demand management, reducing diesel dependence, increasing solar utilisation and providing backup power.
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That matters because Exicom does not have to build an entirely new technological capability to participate in BESS. Its existing expertise in lithium-ion batteries, battery management, power conversion and critical power can be applied to larger energy-storage systems.
The opportunity, however, is still largely about proving scalability. The early projects establish a base, but investors will need to see whether they can turn into a meaningful order book and recurring revenue stream.
Data Centres Offer Another High-Value Application
Data centres are another market where Exicom's critical-power experience becomes relevant. Unlike most commercial buildings, data centres require extremely high power reliability. Even a short interruption can disrupt thousands of servers and critical digital infrastructure.
Exicom already cites 40 MW of data-centre deployments, giving it an operating track record in this market. Its BESS offering is also positioned for critical-power applications. The opportunity could become more interesting as India's data-centre infrastructure expands.
For Exicom, the attraction is not simply that data centres consume large amounts of electricity. They also require power-management systems, backup batteries and increasingly sophisticated energy-storage solutions. That creates a natural connection with the company's existing capabilities.
Exicom is therefore not moving from telecom into an unrelated industry. It is taking experience gained from keeping telecom networks powered and applying it to other infrastructure where reliable electricity is equally important.
The new Hyderabad plant is designed to support lithium-ion battery systems and critical-power solutions for telecom networks, data centres and other mission-critical infrastructure. If data-centre deployments continue to expand, this could give Exicom another avenue for growing its Critical Power business.
EV Charging Adds a Second Route Into the Energy Ecosystem
EV charging is the other major component of Exicom's changing business mix. The company already has exposure to AC and DC charging infrastructure, while the acquisition of Tritium has expanded its global technology portfolio.
The consolidated numbers show both the opportunity and the challenge. Exicom's FY26 consolidated revenue reached approximately Rs.1,152 Cr, up 33% YoY, compared with standalone revenue of Rs.895 Cr. However, consolidated EBITDA remained negative at about Rs.103 Cr, while consolidated PAT was a loss of approximately Rs.274 Cr.
That distinction is important. Revenue is growing, but the group has not yet demonstrated that this growth can consistently translate into consolidated profitability.
Tritium is therefore a significant part of the story. Exicom has been integrating Tritium's technology into its broader product portfolio, including liquid-cooled power modules and advanced DC fast-charging systems. Its Hyderabad facility is also bringing manufacturing of Tritium's liquid-cooled power modules into India.
That could eventually create another international growth avenue alongside Exicom's existing exports to Africa, the Middle East and Southeast Asia. But the key issue remains profitability. Investors will need to see whether Tritium's growth can eventually translate into sustainable margins and help reduce the drag on consolidated earnings.
The Rs.216 Cr Hyderabad Investment Could Determine How Quickly the Mix Changes
One of the clearest signs that Exicom expects its business to become larger and more diversified is its investment in manufacturing. The company invested around Rs.216 Cr in its new Hyderabad facility. The 18.4-acre plant has approximately 2.8 lakh sq ft of built-up area and increases Exicom's production capacity by around 2.5 times in Phase I. The facility incorporates automation, robotics and specialised testing infrastructure for power electronics.
The facility is not designed around a single product category. It is intended to support EV charging, lithium-ion battery systems and critical-power solutions, including applications in telecom, data centres and other mission-critical infrastructure.
That makes the expansion particularly relevant to the business-mix thesis. If Exicom were simply adding capacity for its existing telecom business, this would be a conventional capacity-expansion story.
Instead, the company is adding capacity while entering several adjacent markets at the same time. That creates the potential for operating leverage if demand materialises. But capacity alone does not create earnings. At the consolidated level, losses were substantially larger because of the group's international operations and Tritium.
The next phase is therefore less about proving that Exicom can manufacture more products and more about proving that it can fill the additional capacity at attractive margins.
What Should Investors Watch?
Exicom's story is increasingly becoming a question of business mix rather than simply revenue growth. The telecom business provides an established customer base and decades of experience in batteries and power electronics. EV charging adds another electrification opportunity, while BESS and data centres allow Exicom to apply its critical-power capabilities to new end markets.
The numbers also show how early the transition remains. FY26 standalone revenue was Rs.895 Cr, while consolidated revenue was Rs.1,152 Cr. The Hyderabad facility is designed to increase production capacity by 2.5 times, yet standalone PAT was only Rs.13.6 Cr and consolidated PAT remained at a Rs.274 Cr loss.
At the same time, Exicom has already commissioned 10 BESS projects, has experience across 40 MW of data-centre deployments, and says more than 1 million telecom batteries have been deployed. That creates a different question from the one investors might have asked about Exicom a few years ago.
The issue is no longer simply how much telecom infrastructure India will build. It is whether Exicom can turn its accumulated expertise in batteries and power electronics into a broader energy-infrastructure business.
If BESS, data centres, EV charging and exports scale alongside telecom, Exicom could gradually become less dependent on any single end market. But that transition still needs to show up in the financial statements.
For investors, the key indicators are BESS order wins and revenue contribution, data-centre orders, EV-charging volumes, Tritium's path to profitability, utilisation of the Hyderabad facility, consolidated EBITDA margins and the conversion of higher revenue into free cash flow.
The next few years could therefore determine whether Exicom remains primarily a telecom and EV-charging equipment manufacturer or evolves into a broader battery and power-electronics platform serving telecom, mobility, storage and digital infrastructure.