Exicom Tele-Systems Limited | Globe Capital Market LTD.
Exicom Tele-Systems Limited
Price Band
₹135 to ₹142
IPO Issue Period
Feb 27, 2024 to Feb 29, 2024
Issue Size
₹429.00 Cr
Face value
₹ 10
Fresh issue
₹329.00 Cr
Offer for sale
₹100.00 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
March 5, 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 723.40 848.96 524.36
Profit After Tax 6.37 5.14 3.45
EPS 0.69 0.56 0.38
OPM (%) 7.41% 8.00% 5.75%
PATM (%) 4.38% 3.61% 2.47%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Exicom Tele-Systems Ltd. *1715 142 5.62 205 723 6.37
HBL Power Systems Ltd. 14,280 515 12.55 60.96 2026 232
Servotech Power Systems Ltd. 2,020 93 21.63 140.53 333 14


*Market cap @upper band of Rs. 142/-

  • Established player in  the  Indian  EV  Charger  market,  with  an  early-mover-and-learner  advantage  in  a  fast-growing industry characterized by high entry barriers;
  • Domain experience  and  know-how  and  diversified  product  portfolio  with  a  track  record  of  demonstrated outcomes in critical cases;
  • Vertically integrated  operations,  backed  by  manufacturing  capabilities,  robust  supply  chain,  significant research and development activities and sales and marketing initiatives;
  • Significant product development and focused engineering capabilities;
  • Track record of long-standing relationships with an established customer base; and
  • Experienced and qualified leadership and management team.
  • Part-financing the cost towards setting up production/assembly lines at the planned manufacturing facility in Telangana
  • Repayment/pre-payment, in part or full, of certain borrowings of the company
  • Part-funding incremental working capital requirements
  • Investment in R&D and product development
  • General corporate purposes

The company is the first mover in power management solution and EV charging infrastructure. It has 60% market share in EV charging segment and is poised for bright prospects ahead with shift from conventional fuel to EV vehicles globally. However, considering the rising opportunities and timely expansion plans, investors may subscribe it up for the medium to long term rewards.

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