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Swing Capital

Exicom Tele-Systems Ltd

NSE: EXICOM BSE: 544133Energy

Incorporated in 1994, Exicom Tele-Systems Ltd manufactures EV chargers and Critical Power components[1]

₹110
52W: ₹75.6 — ₹209
PE 98.2 · Book ₹65.7 · +67% vs book
Market Cap₹1,537 Cr
Stock P/E98.2Price to Earnings
ROCE7.13%Return on Capital
ROE3.23%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 20.8% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 8.11% over last 3 years.
  • −Earnings include an other income of Rs.26.4 Cr.
  • −Debtor days have increased from 100 to 129 days.
  • −Working capital days have increased from 96.3 days to 140 days

Shareholding Pattern

Promoters66.47%
FIIs0.2%
DIIs3.46%
Public29.86%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.57%69.57%69.57%69.57%69.5%▼0.166.47%▼3.066.47%66.47%
FIIs1%0.95%▼0.10.74%▼0.20.6%▼0.10.48%▼0.10.52%▲0.00.06%▼0.50.2%▲0.1
DIIs8.49%6.48%▼2.05.66%▼0.83.79%▼1.93.82%▲0.03.88%▲0.13.68%▼0.23.46%▼0.2
Public20.93%22.99%▲2.124.04%▲1.126.03%▲2.026.18%▲0.129.13%▲2.929.78%▲0.729.86%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales154.69261.06297.54243.27148.65147.7212.8150.66228.38233.68
Expenses131.59225.87251.96215.27142.67154.22200.75141.86213.21217.56
Operating Profit23.135.1945.58285.98-6.5212.058.815.1716.12
OPM %14.93%13.48%15.32%11.51%4.02%-4.41%5.66%5.84%6.64%6.9%
Net Profit1713.3130.9921.64.53-9.754.56-7.755.923.5
EPS ₹1.61.252.231.560.33-0.70.33-0.560.430.25

AI Insights

Revenue Trend

TTM revenue at ₹826Cr, up 9.8% YoY. OPM at 6%.

Debt Position

Borrowings at ₹331Cr. Debt-to-equity ratio: 0.43x. Healthy balance sheet.

Capex Cycle

CWIP at ₹117Cr (115% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 3.46% (-6.73pp change). FIIs: 0.2% (-1.33pp change). Promoters hold 66.47%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 7% (Mar 2025). Working capital days: 140.

Valuation

PE 98.2x with 7.13% ROCE. Price is 67% above book value of ₹65.7. Dividend yield: 0%.

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