Bharat Highways Infrastructure Investment Trust InvIT | Globe Capital Market LTD.
Bharat Highways Infrastructure Investment Trust InvIT
Price Band
₹98 to ₹100
IPO Issue Period
Feb 28, 2024 to Mar 1, 2024
Issue Size
₹2,500.00 Cr
Face value
₹ per share
Fresh issue
₹2,500.00 Cr
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
March 6, 2024

Monarch Networth Capital Ltd
Unistone Capital Pvt Ltd
Systematix Corporate Services Limited

Incorporated in 1994, Exicom Tele-Systems Limited specializes in power systems, electric vehicle (EV) charging, and other related solutions. The company operates under two business verticals.

  1. Power Systems: Exicom provides uninterrupted power solutions for digital communication networks.
  2. EV Charging Solutions: Exicom has deployed over 6,000 AC and DC chargers in India and Southeast Asia. Their EV charging solutions are designed to withstand harsh environmental and electrical conditions.

As of March 31, 2023, the company is among the first to enter India’s EV charger manufacturing segment. The company operates in the EV Charger business, which offers both slow charging solutions (primarily AC chargers for residential use) and fast charging solutions (DC chargers for business and public charging networks in cities and highways). The customer base includes established automotive OEMs (for passenger cars and EV buses), charge point operators (CPOs), and fleet aggregators.

By September 30, 2023, the company had installed more than 61,000 EV chargers across 400 locations in India. As of September 30, 2023, the company has deployed 470,810 Li-ion Batteries for application in the telecommunications sector, equivalent to a storage capacity of over 2.10 GWH.

The company’s manufacturing facility complies with ISO 14001:2015, ISO 45001:2018, and ISO 9001:2015.

As of September 2023, the company has supplied its EV Chargers to over 70 customers, including 15 automotive OEMs, 32 national and regional CPOs and four fleet aggregators.

As of September 30, 2023, the company employs 1,190 employees in India, of which 443 are contractual, 732 employees are technically qualified – 438 with diplomas and 294 with engineering degrees. The company also has 50 employees at its subsidiaries.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 1,537.47 1,600.18 2,170.39
Profit After Tax 527.05 62.87 149.45
OPM (%)
PATM (%)


There are no listed peers to compare with.

For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)


*Market cap @upper band 

• Sizeable portfolio of stable revenue generating assets with no construction risk and long-term predictable cash flows;
• Geographically diversified road asset portfolio and revenue base;
• Consistent track record in operating and maintaining projects in the roads sector in India;
• Attractive industry sector with strong underlying fundamentals and favourable government policies;
• Growth opportunities and rights to expand portfolio of assets; and
• Skilled and experienced management team with industry experience with a focus on corporate governance.

  • Providing loans to the Project SPVs for repayment/ pre-payment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty); and
  • General purposes.

The company is having seven highway projects under is current seven SPVs and it doing operations primarily on HAM projects. Since no track records of such InvITs are available hence, investors may apply for the long term perspective.

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