Exicom Tele-Sys. Q1 FY27 Results (NSE: EXICOM)
Signal: Loss narrowed
The read
The key inflection is a parent-level turnaround and a second consecutive quarter of consolidated margin expansion in the recent series, but Q1FY27 remains a group-level recovery rather than a clean earnings recovery: revenue reached ₹33106.97 lakh, gross margin compressed 837bps YoY to 32.90%, and EV Charger losses of ₹6859.89 lakh overwhelmed Critical Power profit of ₹1277.25 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹331.07 Cr | +61.25% | -14.66% |
| Net profit | ₹-73.57 Cr | +11.50% | |
| EPS | ₹-4.98 | +25.34% |
P&L walk
Revenue rose to ₹33106.97 lakh, +61.25% YoY but -14.66% QoQ, while gross margin compressed to 32.90% from 41.27% YoY as material cost intensity rose; Critical Power generated ₹1277.25 lakh of segment profit but EV Charger lost ₹6859.89 lakh, leaving PAT at a ₹7357.31 lakh loss.
Segments
Critical Power is driving the recovery, with revenue of ₹17721.21 lakh, +72.91% YoY, and segment profit of ₹1277.25 lakh, +132.78% YoY; EV Charger revenue grew 49.72% YoY but its loss deepened to ₹6859.89 lakh, dragging consolidated PAT below the standalone ₹491.81 lakh profit.
Key positives
- Consolidated revenue was ₹33106.97 lakh, +61.25% YoY, despite a -14.66% QoQ decline, showing a substantial recovery from the ₹20531.72 lakh year-ago base.
- Critical Power segment profit increased 132.78% YoY to ₹1277.25 lakh on revenue growth of 72.91% to ₹17721.21 lakh.
- Standalone PAT turned positive at ₹491.81 lakh from a ₹775.20 lakh loss YoY, while employee costs grew 41.21% versus revenue growth of 57.21%.
Key concerns
- Consolidated gross margin compressed 837bps YoY to 32.90% as material cost intensity rose to 63.49% of revenue from 56.60%; the filing does not disclose the cause, and the group appears to have absorbed the cost pressure.
- EV Charger segment loss widened 13.04% YoY to ₹6859.89 lakh despite revenue growth of 49.72%, indicating that the international charging business has not yet converted growth into contribution.
- Consolidated PAT remained a ₹7357.31 lakh loss and deteriorated 35.47% QoQ from a ₹5431.26 lakh loss, despite the year-on-year improvement.
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