Exicom Tele-Sys. Q2 FY27 Results (NSE: EXICOM)
Signal: Loss narrowed
The read
The trajectory is a two-speed recovery: consolidated revenue grew 9.4% YoY and EBIT loss narrowed 32.9%, but gross margin compressed 2454bps as raw-material cost rose to 87.6% of revenue, and the EV Charger segment still lost ₹4,373.84 lakh despite 91.4% revenue growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹308.35 Cr | +9.4% | -6.9% |
| EBIT | ₹-36.56 Cr | Loss narrowed 32.9% | |
| Net profit | ₹-56.78 Cr | Loss narrowed 17.5% | |
| EPS | ₹-3.66 | Loss narrowed 31.6% | |
| EBIT margin | -11.9% |
P&L walk
Consolidated revenue was ₹30,834.55 lakh, up 9.4% YoY but down 6.9% QoQ; gross margin compressed to 8.6% from 33.1% as raw-material cost rose to 87.6% of revenue from 82.2%, while EBIT loss narrowed to ₹3,655.56 lakh and PAT loss narrowed to ₹5,678.14 lakh.
Segments
EV Charger is the consolidated drag: revenue rose 91.4% YoY to ₹21,369.29 lakh but segment loss remained ₹4,373.84 lakh, while Critical Power generated ₹718.28 lakh of segment profit; this explains the gap between standalone PAT of ₹779.53 lakh and consolidated loss of ₹5,678.14 lakh.
Key positives
- Consolidated revenue reached ₹30,834.55 lakh, up 9.4% YoY, with EV Charger revenue up 91.4% YoY to ₹21,369.29 lakh.
- Consolidated EBIT loss narrowed 32.9% YoY to ₹3,655.56 lakh, extending the improvement from the ₹5,451.51 lakh loss a year earlier.
- Standalone PAT rose 31.7% YoY to ₹779.53 lakh and standalone EBIT margin expanded to 7.8% from 2.6%.
- Operating cash flow turned positive at ₹7,137.54 lakh in H1FY27 versus an outflow of ₹6,260.33 lakh in H1FY26.
Key concerns
- Gross margin compressed 2454bps YoY to 8.6% as cost of material consumed increased to 87.6% of revenue from 82.2%; revenue grew 9.4% while material cost grew faster, indicating cost absorption rather than full pass-through.
- EV Charger segment revenue grew 91.4% YoY to ₹21,369.29 lakh but still produced a ₹4,373.84 lakh loss, leaving the consolidated group loss-making.
- Finance cost rose 29.4% YoY to ₹1,716.47 lakh, faster than consolidated revenue growth.
- Depreciation rose 58.9% YoY to ₹4,298.59 lakh, increasing the earnings burden as the asset base expands.
Research and educational content only. Not investment advice.