Key Metrics of Exicom Tele-Systems Limited
About Exicom Tele-Systems Limited
Sectors
Company details
- Registered office
- 8 Electronics Complex, Chambaghat, District Solan, In-hp, 173213
- Listed
- NSE: EXICOM · ₹140.42
Operational Areas of Exicom Tele-Systems Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchNegative outlook (CARE)
WatchLiquidity assessed as Stretched
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Feb 2026 | CARE | Reaffirmed | BBB | A3 | Negative | ₹404 Cr | View |
| 04 Sep 2025 | CARE | Reaffirmed | BBB | A3 | Negative | ₹404 Cr | View |
| 14 Feb 2025 | CARE | Downgraded (from BBB+) | BBB | — | Developing | ₹220 Cr | View |
| 20 Aug 2024 | CARE | Watch | BBB+ | A2 | Developing | ₹220 Cr | View |
| 05 Aug 2024 | CARE | Assigned | BBB+ | A2 | Positive | ₹220 Cr | View |
| 17 Apr 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹153 Cr | View |
| 03 Apr 2024 | CARE | Revised (from BBB) | BBB+ | A2 | Stable | ₹153 Cr | View |
| 04 Sep 2023 | CARE | Assigned | BBB | A3+ | Stable | ₹165 Cr | View |
| 20 Mar 2020 | CARE | Withdrawn | BBB+ | A2 | Stable | ₹0 | View |
| 07 Jan 2019 | CARE | Revised (from BBB) | BBB+ | A2 | Stable | ₹113 Cr | View |
| 09 Oct 2017 | CARE | Revised (from BBB-) | BBB | A3+ | Stable | ₹83.9 Cr | View |
| 16 Sep 2016 | CARE | Reaffirmed | BBB- | A3 | — | ₹68.5 Cr | View |
Credit strengths (CARE, Feb 2026)
+ Established track record with promoters’ extensive industry experience
Incorporated in 1994, ETSL has a long-standing track record in manufacturing critical power components catering primarily to the telecom sector. The company (entity belongs to HFCL group; Anant Nahata is Mahendra Nahata’s son, and HFCL owns 5.44% in ETSL, and they have common holding entities ) is led by Anant Nahata, Managing Director, who oversees strategy, product development, business growth, and marketing initiatives, supported by an experienced second line of management. Strengthening
+ Reputed clientele and sound order book position
The company has established long-term relationships with reputed customers such as Indus Towers Limited, Skipper Limited, Bondada Engineering, Reliance Projects & Property Management, Reliance BP Mobility Limited, BSNL, and Mahindra & Mahindra Limited. The order book was worth ₹1,461 crore as on December 31, 2025 (₹1,434 is under critical power and ₹27 crore is under EVSE) under the BharatNet Connectivity Project in the critical power segment provides significant revenue visibility in the next
+ Strong R&D capabilities
ETSL’s in-house R&D Centre is recognised by the Department of Science and Technology (GoI) and plays a central role in product development and innovation. The group has leveraged this capability to design products for the fast -growing electric vehicle (EV) ecosystem, including chargers supplied to leading players. In FY25, the company increased its R&D expenditure to ₹27.67 crore from ₹17.42 crore in the previous year, underlining its commitment to innovation. With the acquisition of Tritium, E
Credit challenges
− Significant deterioration in operational performance in FY25 and H1FY26
In FY25, ETSL reported revenue of ₹874.75 crore and earnings before interest, taxation, depreciation, and amortisation (EBITDA) loss of ₹30 crore (PBILDT margin: -3.43%), against ₹1,026.47 crore revenue and EBITDA of ₹119.73 crore (PBILDT margin: 11.66%) in FY24. The decline was primarily considering delayed ramp up of telecom projects in the election period and muted demand in the EV segment, as original equipment manufacturers (OEMs) deferred vehicle launches in H1FY25. However, sales
Could lead to an upgrade
• Earlier-than-expected ramp of operations from newly acquired overseas resulting in significant growth in total operating income (TOI) with profit before interest, lease rentals, depreciation and taxation (PBILDT) margin of above 7% on a sustained basis. • Improvement in
Could lead to a downgrade
• Material decline in cash accruals and/or sustained operating-level losses, resulting in deterioration of the company’s
Agency-reported financials (CARE, 09 Feb 2026)
| Metric | March 31, 2024 | March 31, 2025 | H1FY26 |
|---|---|---|---|
| Total operating income | ₹1,026 Cr | ₹875 Cr | ₹487 Cr |
| PBILDT | ₹120 Cr | ₹-30.02 Cr | ₹-72.23 Cr |
| Profit after tax (PAT) | ₹63.92 Cr | ₹-,110.03 Cr | ₹-,152.21 Cr |
| Overall gearing (x) 0.07 1.62 NM | 0.07× | 1.62× | — |
| Interest coverage (x) 6.23 NM NM | 6.23× | — | — |
| Revenue growth (YoY) | — | −14.8% | — |
| EBITDA margin | 11.7% | −3.4% | −14.8% |
| Implied interest cost (EBITDA ÷ coverage) | ₹19.22 Cr | — | — |
| PAT margin | 6.2% | −12.6% | −31.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹239 Cr | — | BBB (Negative) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹60.0 Cr | — | BBB / A3 (Negative) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹105 Cr | — | A3 | Reaffirmed | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹60.0 Cr | CARE BBB; Negative / CARE A3 |
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Cash Credit | ₹55.0 Cr | CARE BBB; Negative |
| Letter of credit | ₹72.0 Cr | CARE A3 |
| Long Term | — | Withdrawn |
| Proposed fund based limits | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹184 Cr | CARE BBB; Negative |
| Working Capital Demand loan | ₹33.0 Cr | CARE A3 |
Lenders
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Term Loan | RBL Bank Limited |
| Fund-based - LT | Term Loan | State Bank of India |
| Fund-based - ST | Working Capital Demand loan | IDBI Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | Shinhan Bank |
| Non-fund-based - LT/ ST | Bank Guarantee | IDBI Bank Ltd. |
| Non-fund-based - LT/ ST | Bank Guarantee | Punjab National Bank |
| Non-fund-based - LT/ ST | Bank Guarantee | State Bank of India |
| Non-fund-based - ST | Letter of credit | IDBI Bank Ltd. |
| Non-fund-based - ST | Letter of credit | Proposed |
| Non-fund-based - ST | Letter of credit | Punjab National Bank |
| Non-fund-based - ST | Letter of credit | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 20 Mar 2020 · Merger, amalgamation or liquidation |
| Next action stable or better (model) | 20% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 19% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 6.23×
What happened, step by step
- Aug 2024 — Full repayment of debt
- Sep 2025 — ₹259.61 cr raised through equity
“While the company raised ₹259.61 crore through a rights issue in July 2025 (net inflow of ~₹155 crore) and promoters infused unsecured loans to support liquidity, sustained recovery in domestic operations and overseas business will be critical for outlook revision.”
- Aug 2024 — Full repayment of debt
- Sep 2025 — ₹25 cr raised through unsecured loans
“Promoters demonstrated ability to support operations through timely capital infusion, including unsecured loans of ₹25 crore in Q1FY26, further lends comfort and has been accordingly factored into the ratings, a sustained turnaround of its business is however critical for the ratings to sustain at the current level and...”
- Aug 2024 — Full repayment of debt
- Sep 2025 — ₹25 cr raised
“The promoters have infused ₹25 crore in Q1FY26 to support global operations, providing timely funding support.”
Rated limits by facility
Timeline
From the report
The company raised ₹259.61 crore through a rights issue in July 2025 (net inflow of ~₹155 crore) and received promoter loan infusion via optionally convertible debentures (OCDs) to fund losses and support liquidity.
From the report
Promoters demonstrated ability to support operations through timely capital infusion, including unsecured loans of ₹67 crore in 9MFY26 and ₹27 crore in form of OFCD till January 2026 (to be converted into equity-resolution passed on February 5, 2026, has approved and authorised the conversion of OCDs), further lends cushion when the operational performance has been weaker and promoters support has been accordingly factored into Ratings, a sustained turnaround of its business is however critical for ratings to sustain at the current level and therefore remains a key monitorable.
From the report
While the company raised ₹259.61 crore through a rights issue in July 2025 (net inflow of ~₹155 crore) and promoters infused unsecured loans to support liquidity, sustained recovery in domestic operations and overseas business will be critical for outlook revision.
From the report
Promoters demonstrated ability to support operations through timely capital infusion, including unsecured loans of ₹25 crore in Q1FY26, further lends comfort and has been accordingly factored into the ratings, a sustained turnaround of its business is however critical for the ratings to sustain at the current level and therefore remains a key monitorable .
From the report
In Q1FY26 , promoters further infused unsecured loans of ₹25 crore, while proceeds from the July 2025 rights issue are expected to provide additional financial flexibility.
From the report
The promoters have infused ₹25 crore in Q1FY26 to support global operations, providing timely funding support.
From the report
The ratings assigned to the bank facilities of Exicom Tele -Systems Limited (ETL) factors in significant improvement in operational performance during FY24 (refers to the period from April 01, 2023 to March 31, 2024) driven by increase in revenue from critical power segment followed by strengthening of financial risk profile owing to the equity infusion into the group of Rs.400 crore through Initial Public Offer (IPO) in March, 2024 .
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Sustained improvement in consolidated revenue leading to improvement in profitability margins with PBILDT margin above 14% on sustained basis. • Sustained operational performance thereby leading to operational cash flows of above Rs.100 crore on a sustainable basis.
From the report
These funds have been utilized towards ongoing capex in Telangana, prepayment of debt, to fund the incremental working capital gap as a result of expected increase in scale of operations, investment into R&D and product development and for general corporate purpose.
From the report
Press Release The liquidity position of the group is adequate as reflected by projected gross cash accruals to the tune of Rs.100.51 crore in FY25 against NCD repayment of Rs.6.94 crore.
From the report
Further, the average utilization of working capital borrowings stood 58% for trailing 12 months ended May 31, 2024.
From the report
Rationale and key rating drivers The reaffirmation of the ratings assigned to the bank facilities of Exicom Tele-Systems Limited (ETL) factors in significant improvement in operational performance during FY24 (refers to the period from April 01, 2023 to March 31, 2024) driven by increase in revenue from critical power segment followed by strengthening of financial risk profile owing to the equity infusion into the group of Rs.400 crore through Initial Public Offer (IPO) in March, 2024.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Sustained improvement in consolidated revenue leading to improvement in profitability margins with PBILDT margin above 14% on sustained basis. • Sustained operational performance thereby leading to operational cash flows of above Rs.100 crore on a sustainable basis.
From the report
These funds have been utilized towards ongoing capex in Telangana, prepayment of debt, to fund the incremental working capital gap as a result of expected increase in scale of operations, investment into R&D and product development and for general corporate purpose.
From the report
Liquidity: Adequate The liquidity position of the group is adequate as reflected by projected gross cash accruals to the tune of Rs.100.51 crore in FY25 against NCD repayment of Rs.6.94 crore.
From the report
Further, the average utilization of working capital borrowings stood 58% for trailing 12 months ended May 31, 2024.
From the report
There has been a net equity infusion of ~Rs.372.00 crore which has resulted in prepayment of debt and substantial improvement in tangible net-worth of the group with improvement in operational performance during 9MFY24 (refers to the period from April 01, 2023 to December 31, 2023) driven by increase in revenue from critical power segment and hiving off loss making E.V.
From the report
There has been a net equity infusion of ~Rs.372.00 crore which has resulted in prepayment of debt and substantial improvement in tangible net-worth of the group with improvement in operational performance during 9MFY24 (refers to the period from April 01, 2023 to December 31, 2023) driven by increase in revenue from critical power segment and hiving off loss making E.V.
From the report
The funds would be deployed for ongoing capex in Telangana, prepayment of debt (already done) , to fund the incremental working capital gap as a result of expected increase in scale of operations, and for general corporate purpose. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications 1 CARE Ratings Ltd.
From the report
Liquidity: Adequate The liquidity position of the group is adequate as reflected by projected gross cash accruals to the tune of Rs.110.78 crore in FY25 against nil term loan repayments.
From the report
Further, the average utilization of working capital borrowings stood 74% for trailing 12 months ended December 31, 2023.
From the report
There has been an equity infusion of ~Rs.364.00 crore which has resulted in prepayment of debt and substantial improvement in tangible net-worth of the group with improvement in operational performance during 9MFY24 (refers to the period from April 01, 2023 to December 31, 2023) driven by increase in revenue from critical power segment and hiving off loss making E.V.
From the report
There has been an equity infusion of ~Rs.364.00 crore which has resulted in prepayment of debt and substantial improvement in tangible net-worth of the group with improvement in operational performance during 9MFY24 (refers to the period from April 01, 2023 to December 31, 2023) driven by increase in revenue from critical power segment and hiving off loss making E.V.
From the report
The funds would be deployed for ongoing capex in Telangana, prepayment of debt (already done), to fund the incremental working capital gap as a result of expected increase in scale of operations, and for general corporate purpose. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications 1 CARE Ratings Ltd.
From the report
Liquidity: Adequate – The liquidity position of the group is adequate as reflected by projected gross cash accruals to the tune of Rs.110.78 crore in FY25 against nil term loan repayments.
From the report
Further, the average utilization of working capital borrowings stood 74% for trailing 12 months ended December 31, 2023.
From the report
The group has plans to incur capex to be spread over next two fiscals with an expected outlay of Rs. 125 Cr expected to be funded through infusion of equity, which would further strengthen its capital structure and reflects Exicom group’s low reliance on external debt .
From the report
The group is expected to generate cash accruals of around Rs. 31 Cr during FY24 vis-à-vis modest debt repayment obligation of Rs. 4.5 Cr.
From the report
The group is expected to generate cash accruals of around Rs. 31 Cr during FY24 vis-à-vis modest debt repayment obligation of Rs. 4.5 Cr.
From the report
The group also had free cash and bank balances of Rs. 38.00 Cr as on March 31, 2023.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Exicom Tele-Systems Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Bharti Airtel Limited |
Telecom · Business Services | airtel.com | 1990 | Gurgaon, Haryana, India |
| Outlets operated by Titan World. | titancompany.in | — | Vijayawada, India | |
 Vodafone Idea |
Outlets operated by Vodafone. | myvi.in | 2018 | Gandhinagar, India |
 Indus Towers Limited |
Telecom · Media, Telecom & Entertainment | industowers.com | 2007 | Gurugram, Haryana, India |
| Tata Communications | Part of Tata Consultancy Services. | — | — | Mumbai, India |
 Network18 Media & Investments Limited |
Telecom · Media, Telecom & Entertainment | nw18.com | 1993 | Mumbai, Maharashtra, India |
 Tejas Networks Limited |
Discovered Companies · Other Industries | tejasnetworks.com | 2000 | Bangalore, Karnataka, India |
 Zee Entertainment Enterprises |
Telecom · Media, Telecom & Entertainment | zee.com | 1992 | Mumbai, India |
 PVR INOX |
Telecom · Media, Telecom & Entertainment | pvrcinemas.com | 1997 | Mumbai, India |
| Railtel Corporation Of India Limited | Maharatna & Navratna PSUs · Public Sector (PSU) & Government | — | — | New Delhi, Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.