Exicom Tele-Systems Ltd Management Discussions

About the Company

Exicom is one of Indias leading EV charging and Critical Power solutions manufacturer, present across the entire EV charger value chain with a host of products across both AC & DC charger segments and is spearheading Indias transition to sustainable transportation while ensuring the smooth functioning of critical infrastructure. With a wealth of expertise across its divisions, Exicoms critical power solutions serve as the backbone of communication networks, delivering uninterrupted power supplies crucial for telecom infrastructure. With a footprint spanning India, Southeast Asia, Middle East, US, Europe and Australia ~1,33,000 chargers sold worldwide, till March 2025. Exicom has established a significant presence in the EV charging industry.

Global Macroeconomic Review¹

Economic overview

In CY 2024, the global economy grew at a steady pace of 3.3%, showing signs of cautious stability as countries continued to adjust to changing monetary and fiscal policy shifts and supply chain hurdles. Growth across developing markets was mixed. The US economy grew by 2.8% in CY 2024. This growth was propelled by a sustained employability and strong corporate profitability. Conversely, growth in the Eurozone was subdued as major economies such as Germany faced stagnation. Global inflation came down to 5.7% in CY 2024, continuing its downward trend in recent years. This drop was mainly due to falling prices of commodities and strict monetary policies, especially in advanced countries.

The economy of Emerging Market and Developing Economies (EDMEs) showcased a growth of 4.3% in CY 2024. Pre-emptive fiscal strategies implemented by Central Banks worldwide played a crucial role in bolstering this growth. This consistent performance was largely due to the proactive monetary measures implemented by central banks worldwide. However, recent implementation of tariffs by the US Government continues to pose threats to the stability of global trade. Adjustments in monetary policy between countries had caused noticeable shifts in exchange rates and capital movement. To maintain global growth and stability, international cooperation remained essential. Managing the challenges created by the turbulent economic landscape required careful policymaking to balance inflation control with growth.

Outlook

The global economy is expected to be at 2.8% in CY 2025 and 3.0% in CY 2026. In this dynamic environment, businesses

that stay agile and forward-looking will be better equipped to turn emerging challenges into scalable opportunities. Growth in emerging and developing economies is likely to slow to 3.7% in 2025 before picking up a little to 3.9% in CY 2026. Advanced economies are expected to grow more slowly, with the U.S. at 1.8% and the Eurozone at just 0.8% in CY 2025. The global inflation rate is projected to decline further to 4.3% in CY 2025 and 3.6% in CY 2026. Advanced economies are anticipated to return to their inflation targets more quickly than emerging and developing markets. This is mainly due to efforts by central banks to keep prices stable through careful monetary policy. A key area for long-term economic progress is the development of digital infrastructure. As countries aim to boost productivity and harness breakthroughs like generative artificial intelligence, building strong digital systems and developing the right skills will be essential. This creates significant potential for companies like Exicom, which operate on the digital transformation.

Industry Overview

Global EV Charger Industry²

The rapid increase in electric vehicle (EV) adoption has significantly heightened the need for robust charging infrastructure worldwide. Leading EV markets such as China, the United States and Germany are making substantial investments not only in expanding public charging stations but also in research and development for faster and more efficient charging methods. As the number of EV owners grows, especially in densely populated areas, the demand for accessible and reliable charging options is expected to rise exponentially. This has prompted governments, businesses and organisations to accelerate the deployment of charging stations to meet evolving consumer needs.

Key trends shaping the future of EV charging infrastructure include the shift towards smart charging capabilities, ultra-fast charging technologies and the adoption of stringent operational performance standards. There is also a strong emphasis on future-proofing chargers by integrating new regulatory standards and smart grid technologies. Innovations such as megawatt charging stations promise to drastically reduce charging times, while the integration of IoT is set to enhance user experience and enable more efficient charging management. Additionally, Vehicle-to-Grid (V2G) technology, which allows for bi-directional energy flow between EVs and the power grid, is poised to revolutionise the sector. The use of renewable energy to power charging stations further presents a significant opportunity for market players.

In Europe, EV sales stagnate in CY 2024 as subsidies and supportive policies diminished, yet electric cars still accounted for around 20% of total car sales. The European Union is addressing infrastructure needs through the Alternative Fuels Infrastructure Regulation (AFIR), which mandates the installation of fastcharging stations of at least 150 kW every 60 km along the core TEN-T road network by 2025. As a result, the EU expanded its network of fast chargers (excluding ultra-fast) by nearly 50% in CY 2024, signalling a strong commitment to supporting the continued growth and convenience of electric mobility across the continent.

In the United States, electric car sales grew by about 10% year-on-year. Emerging markets in Asia and Latin America are becoming new centers of growth, with electric car sales increasing by over 60% in CY 2024. In Southeast Asia, electric car sales grew by nearly 50% to represent 9% of all car sales in the region, with notably higher sales shares in Thailand and Vietnam. Mix of government initiatives and private sector collaboration, led to

deployment of over 24,000 chargers installed across Indonesia, Thailand, Malaysia and Vietnam.

Global Telecom (Critical) Power Industry³

The global telecom market experienced strong growth in recent years. The industry reached a market size of $3164.35 billion in CY 2024. The industry is engaged in providing telecommunications services like voice, data, video, internet and the sale of telecom hardware, such as wired telecommunication carriers, communications hardware and satellite and telecommunication resellers. The growth of the telecom industry was driven by several key factors. These included the rising number of internet users and the rapid adoption of 5G networks. The industry also saw progress through the integration of Digital Twin as a Service (DTaaS) and the development of new hardware aimed at increasing telecommunication speeds. Additionally, the launch of satellites helped improve global connectivity.

The telecom market is anticipated to reach $3.93 trillion in 2029, growing at a CAGR of 5.6%, during the forecast period of 20252029. Several factors, such as rising smartphone penetration, heightened e-commerce activities, growing urbanisation and supportive government initiatives are expected to drive this growth.

Growth of Telecom Market

Indian Macroeconomic Review⁴

Economic Overview

Despite economic turbulence, Indias economy grew at a 6.5% in FY25. The growth was primarily supported by strong domestic demand, increasing exports and robust performance of the manufacturing and the services sector. Further, targeted government initiatives and heightened capital expenditure fuelled the economic momentum. The capital expenditure of Indian economy has shown steady improvement over the years, increasing from 3.2% of GDP in FY24 to 3.4% in FY25. The fiscal deficit was registered at 4.4% of GDP. This allowed more room to the government to heighten spending and augment demand.

Inflation declined for 5.4% in FY24 to 4.6% in FY25. Declining inflation improved consumer confidence towards the end of the year. Further, the tax reforms implemented by the government is expected to augment discretionary spending. The consistent rise in infrastructure spending reflected the governments growing focus on investment and infrastructure development.

Capital Expenditure (As % of GDP)

Outlook

India is emerging as the worlds fourth-largest economy, with its per capita income having doubled since 2014, reflecting steady economic advancement. The outlook for Indias economy remains strong, as it is set to be the fastest-growing major economy over the next two years, with a projected growth rate of 6.5% in both FY26 and FY27. Also, the income tax exemption for salaried individuals earning up to Rs.12.75 lakhs per year, which is expected to boost consumer spending.⁵ This continued momentum is driven by a strong services sector and a revitalised manufacturing industry, supported by significant government efforts in modernising infrastructure and simplifying the tax system.

The Reserve Bank of Indias repo rate cut, is designed to inject liquidity into the financial system, making credit more accessible and bolstering market confidence as the government navigates shifting global tariff dynamics to safeguard the countrys economic

interests. A key area of growth is Indias rapidly developing digital infrastructure, with ongoing Digital India initiatives focused on widening broadband coverage, expanding data centre capacity and emphasising innovation in AI and cloud technologies. This emphasis on digital systems is enhancing financial and social inclusion and strengthening long-term productivity and economic resilience.

Industry Overview

Indian EV Charging Industry

The Indian Government has been actively supporting the development of EV charging infrastructure through various policy measures. Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme provided financial support for EV charging infrastructure in India. The FAME II scheme also set a target of installing chargers every 25 km along major highways in India. Following the end of FAME II, a limited Electric Mobility Promotion Scheme (EMPS) was announced. This scheme allocated over Rs. 4.9 billion (almost USD 60 million) to subsidise electric two and three-wheeler purchases and could potentially support related charging infrastructure.⁶

The Indian EV charging market is projected to experience significant expansion in the coming years, with an expected Compound Annual Growth Rate (CAGR) of 25% during the forecast period of 2025-2030. The Phase-II of the FAME scheme, with an allocation of around Rs. 1300 crores, targets the installation of a significant number of EV charging stations across cities and highways. Public sector companies have announced plans to install a substantial number of EV charging units across the country. This concerted effort from both the government and public sector undertakings highlights a strong commitment towards building a robust EV charging infrastructure to support the increasing adoption of electric vehicles.⁷

The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) Scheme with an outlay of Rs. 10,900 crores, the initiative aims to expedite EV adoption through substantial incentives for two-wheelers, three-wheelers while allocating Rs. 2,000 crores specifically for developing public charging infrastructure. The planned deployment of over 72,000 fast chargers across cities and highways is expected to significantly address range anxiety and enhance consumer confidence, laying a strong foundation for sustainable mobility and a cleaner transport ecosystem.

The high demand for electric vehicles, as evident from the 1,15,800 electric four-wheelers (e-4W) sold in FY25 in India and the acceleration in the market due to government and PSU endeavours over the past five years further fuels the need for widespread and accessible charging infrastructure. These factors collectively point towards a future characterised by rapid growth and increasing deployment of EV charging stations across India.

The Indian EV charging station market is expected to witness sustained dominance of AC (home) chargers, primarily due to high

penetration and projected future prevalence of two-wheeler and three-wheeler EVs. Slow chargers, rated at a 3kW-6kW power output and suitable for charging 2W and 3W EVs over 4-8 hours. Therefore, these chargers are expected to occupy the largest segment of the charging infrastructure. These vehicle categories accounted for a significant portion of EV sales and they are projected to maintain a dominant share in the market by 2030.

Additionally, the rising adoption of electric four-wheelers in India is significantly accelerating the demand for home charging solutions, as individual vehicle owners increasingly prefer the convenience of residential charging infrastructure. This trend is expected to strengthen further in the coming years, as private users seek reliable, cost-effective charging options that can be seamlessly integrated with advanced charging technologies offered by leading solution providers.

However, technological developments such as the introduction of next-generation ultra-rapid DC chargers are expected to create new opportunities by reducing charging times for newer EVs. The market is currently moderately fragmented between key players. The collaborations, partnerships and expansion plans between top and emerging players in the industry will shape the competitive landscape of the Indian EV charger industry.

Key Enablers

The introduction of the PM e-Drive Scheme and state- level EV policies have established a clear roadmap for EV infrastructure development, including mandates for EV- ready real estate.

Over Rs.2,000 crore has been allocated specifically for expanding public EV charging networks, ensuring focused infrastructure investment.

A rapid increase in new EV model launches across vehicle segments is driving demand for a variety of charging solutions, from residential AC units to high-speed DC chargers for fleets.

Growing participation from Charge Point Operators, utilities and startups is fostering innovation and operational scale in the charging ecosystem.

Electrification of last-mile delivery, public transport and fleet operations is creating high-density demand zones, attracting further investment in charging infrastructure.

India is experiencing significant growth in battery swapping technologies, especially for two-wheelers, as demonstrated by partnerships like Gogoro and the Maharashtra government.

Initiatives such as the Production Linked Incentive (PLI) scheme for EVs and batteries, GST and RTO tax benefits and the Go Electric campaign are accelerating EV adoption and, in turn, boosting demand for charging infrastructure.

Indian Telecom (Critical) Power Industry

Indian telecom industry has experienced considerable expansion and advancement. This was propelled by increasing active 5G subscribers, particularly in the wireless broadband sector. India is on track to becoming a major smartphone market, with 1 billion devices installed in FY25, contributing significantly to

the consumption of data and messaging services. The country has 920 million unique mobile customers and 88 million 5G connections as of FY25. This highlights the rapid adoption of advanced mobile technologies. Key players dominating the Indian telecom market are expediting the deployment of 5G networks and expanding their capacities across the nation to maintain their competitive edge.

Additionally, expanding 3G and 4G coverage, shift in consumer patterns with the introduction of 5G and strategic initiatives are expediting the growth of the telecom industry. Moreover, India has made significant strides in domestic production of telecom equipment, notably in the 5G domain, with a substantial increase in exports. The Department of Telecommunications (DoT) is actively promoting Indian telecom products globally, with companies benefiting from schemes like the Production Linked Incentive (PLI) and the Domestic Companies Incentive Scheme (DCIS). Collaborations and engagements with international bodies will play a crucial role in shaping the future of Indias telecommunication standards. The focus on increasing broadband network services, supported by government initiatives like setting up of 100 5G application development labs, will also contribute significantly to the industrys expansion.

Key Enablers

Heightened penetration of the internet across the country is creating a larger user base for telecom services. This will be a fundamental driver of expansion in the telecom sector.

Government initiatives like Production linked incentive scheme (PLI), Domestic Companies Incentive Scheme (DCIS) and supportive policies play a crucial role in fostering a favourable environment for the telecom sectors expansion and investment.

The growing adoption of IoT technology across various industries is also driving the demand for robust telecom infrastructure and service.

The increasing usage of smartphones coupled with reduced data costs is making internet access more affordable and accessible to a wider population, thereby fuelling data consumption and driving market growth.

Foreign Direct Investment (FDI) continues to be a significant enabler, providing the necessary capital and technological expertise for the industrys advancement.

As of May 2025, India had 4,81,758 operational 5G Base Transceiver Stations (BTS), with the pace of new deployments fluctuating but remaining robust.

Market estimates suggest each major telco may ultimately require over 2,50,000 small cells to meet 5G capacity needs.

Fixed Wireless Access (FWA) is rapidly gaining traction as a mainstream broadband solution, especially in urban India, with millions of subscribers driving new demand for customer premises equipment (CPE) and supporting infrastructure.

Rising deployment of small cells and FWA CPEs is increasing the need for dedicated power solutions such as power supplies, UPS systems, batteries and cooling technologies resulting in a surge in demand for associated power equipment.

Business Overview

EV Charger Business

(EVSE - Electric Vehicle Supply Equipment)

The Company is one of the leading players in the EV charger space, with a strong presence across home and DC fast charging segments. It offers a full range of AC and DC solutions for residential, public, fleet and commercial use. Backed by consistent investments in R&D and service infrastructure, the Company continues to roll out smart, user-centric products that enhance the charging experience, support grid optimisation and promote sustainability. A key differentiator is its Remote Management System (RMS), which enables real-time diagnostics and predictive maintenance, supported by a strong Pan-India service network built through deep execution capabilities.

Expanding its B2C footprint, the Company leveraged e-commerce channels and entered global markets via strategic partnerships and distributor alliances. Its multi-layered digital marketing efforts positioned the brand as a global digital leader in the EV charger category, highlighting innovations such as a compact, weatherproof design, smart load balancing to handle unstable power, and app-enabled remote control with smart home compatibility.

The EV charger business caters to various applications as listed below:

Network rollout by leading Charge Point Operators (CPOs):

The Company is playing a key role in enabling leading CPOs to rapidly expand their charging networks across various locations. With a focus on delivering reliable and high-uptime charging solutions, it has become a preferred technology partner for many CPOs.

Charging for heavy-duty vehicles:

The demand for powerful chargers for heavy-duty vehicles, such as buses and cargo-vehicles is on the rise. This rise is mainly driven by government support, increasing electric bus projects and rising prominence of electric heavy-duty cargo-vehicles. It provides high-power chargers to cater to this demand and is in the process of securing orders from major bus manufacturers. The newly launched Distributed Charger (June 2024) has received encouraging responses, particularly from fleet operators for use cases such as e-bus depots, electric taxi hubs, and SCV operations. Its Smart Load Management, Modular Architecture, and Advanced Remote Monitoring via the Charge Management Platform make it ideal for scaling with limited grid upgrades.

Captive fleet charging:

The Company distributed charging systems help fleet operators efficiently manage power across multiple vehicles. These solutions are cost-effective, OCPP-compliant, and support remote diagnostics and scalability to meet growing fleet demands.

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Home Charging:

The Company offers AC chargers for household usage usually in partnership with EV manufacturers. It leads the market with products like SPIN Air. The Company is further planning to grow through online platforms and partnerships with electric mobility service providers. Recently, it secured 100% of AC charger supply for a leading EV OEM, reinforcing its dominant position and paving the way for deeper integration with future vehicle launches.

Workplace and Institutional Charging:

The Company is actively deploying AC and DC chargers at office I campuses, educational institutions, and corporate facilities. These installations encourage employee EV adoption, contribute to ESG goals, and support green building certifications. Integration with access control and energy monitoring systems further enhances the operational value.

Residential Society and Apartment Charging:

With the rise in multi-unit dwellings, the Company is enabling shared EV charging infrastructure in gated communities and apartment complexes. As a leader in residential chargers with a 56% market share, it uses smart load management to install chargers without the need to upgrade the entire buildings electrical system. This approach ensures fair and affordable access to EV charging for all residents.

Destination Charging - Hotels, Malls, and Hospitals:

The Company provides tailored AC and DC charging solutions for hospitality, retail, and healthcare locations. These installations enhance customer experience, generate additional footfall and contribute to the sustainability credentials of the host institution.

Integrated solutions like Battery-boosted charging

The Company has developed Indias first EV charging solution that integrates energy storage and renewable energy sources into DC fast charging. This solution, called Harmony Boost will make DC fast charging much more reliable, cost-efficient and cleaner at the backend.

EVSE Solutions

The Company offers a comprehensive range of DC fast chargers designed for public and commercial charging infrastructure, catering to the need for rapid EV charging. These charger such as the Harmony series, can go up to 400 kilowatts. The high- power capacity of these chargers allows for significantly faster charging times for long-range EVs. Shorter charging duration is key in addressing the issue of range anxiety of potential EV customers. It is actively investing in this area and in the development of liquid-cooled charging technology for even more efficient and high-power charging. The Company has partnered with leading Charge Point Operators (CPOs) like Charge Zone for the deployment of these fast-charging stations. It aims to become one of the top 5 providers of DC fast charging technology globally. To achieve this goal, the Company is scaling its global sales and service teams and investing in product development. The next-generation DC charger platforms with industry-leading features were successfully launched.

The Company provides AC chargers, including the Spin Air model, primarily targeted at home and destination charging. These chargers are often bundled with electric vehicles by OEMs. Exicom is a market leader in EV residential chargers with a 56% market share. In addition, the Company is expanding its sales channels by launching these home chargers on e-commerce platforms to develop a strong base for direct-to-consumer (D2C) business. Collaborations with leading EMSPs (E-Mobility Service Provider) are being established by the Company aimed at driving sales of bundled hardware and software solutions for residential and office spaces. These AC chargers provide a convenient charging solution for EV owners at their homes or at various destinations.

The EVSE Division is a key part of Exicom Tele-Systems Limited, alongside its telecom power solutions. It focuses on making EV chargers and is a leading player in both Home and DC Fast Charging in India. Exicom offers a wide range of AC and DC chargers for homes, public stations, heavy vehicles, fleets, offices, housing societies, and travel locations. It was among the first in India to sell AC chargers through e-commerce, making them more accessible to individual buyers. The Company also secured a major order to supply all AC chargers for a top EV brand in India, showing its strong market position. In FY25, the EVSE business recorded a 15.7% decline in standalone revenue and 22% growth on a consolidated basis, helped by the acquisition of Tritium a big step towards becoming a global leader in fast charging. Exicom is now focusing on smart, energy-saving technologies like dynamic load balancing, smart scheduling, and vehicle-to-grid or home systems (V2G/V2H), and is setting up a new manufacturing plant in Hyderabad to boost production.

Critical Power Solutions

The Companys critical Power business continued to demonstrate its dominance and strong foothold in the market by successfully supplying over 100 MWh of lithium-ion batteries and power management systems. However, despite the robust demand, the revenue growth remained relatively flat due to cyclical nature of telecom infrastructure spending, delays in projects, and consolidation within the sector.

A key highlight was the continued success in deploying lithium- ion batteries for telecom towers. These developments have bolstered the Companys position in the telecom infrastructure space. The Company secured a landmark Advance Purchase Order of Rs.1,680 crore from BharatNet system integrators. The order is expected to provide stable revenue over the next three financial years.

Throughout FY25, the Company focused on diversifying its portfolio. The Company has expanded into data center batteries and has introduced BESS (Battery Energy Storage System) solutions to cater to the growing demand in the solar energy market. Its also demonstrated its operational capabilities by successfully deploying over 2.64 GWh of lithium-ion batteries till Mar25 for telecom infrastructure.

The Company is also investing in a new integrated manufacturing plant in Hyderabad to enhance production capacity for both business segments. The Company is also exploring opportunities for international expansion in both EV Charging and Critical Power sectors, with the recent acquisition of Tritium acquisition significantly strengthening the Companys global presence in the EV charger market.

Smart rack solutions for organising telecom equipment:

The Company offers smart rack solutions integrated with UPS and Li-ion batteries for the BharatNet III project, supporting the governments goal of connecting 1,60,000 villages with high-speed internet. Their deployment in this national initiative highlights their relevance and scalability. These smart racks include IP55-rated enclosures with secure keypad locks, realtime monitoring of voltage, temperature, humidity, and a built-in surveillance camera that captures images upon access, ensuring both operational reliability and site security.

Outdoor cabinet systems equipped with DC air conditioning and other accessories for telecom infrastructure:

The Company supplies flexible outdoor cabinet systems with DC air conditioning and thermal control, tailored for telecom

operators transitioning to outdoor setups. With over 5 product platforms developed, these solutions are already deployed with major tower companies across Africa. These cabinets are IP55rated and designed for harsh environments ranging from -40?C to +60?C, with both active and passive cooling technologies. They also feature intelligent controllers for remote diagnostics and energy-efficient operation, supporting deployments across India, Southeast Asia, Africa, and the Middle East.

A range of small to large power systems (20A to 5000A) to meet diverse telecom needs:

The Company offers DC power systems ranging from 20A to 5000A, catering to base stations, data centers, core sites, mains switching center, landing stations and hybrid renewable sites. With over 130,000 rectifiers manufactured in-house, its broad portfolio positions it as a reliable telecom power partner.

Deployed energy storage capacity:

The Company has deployed over 2.64 GWh of Li-ion batteries for telecom infrastructure till FY Mar25, which reflects its strong role in powering the telecom networks. Their growing deployments underlines continued year on year growth and penetration into the critical power market.

Highlights of the Year

A landmark Rs.1,680 crore Advance Purchase Order from BharatNet was secured. V

The number of EV chargers sold grew by 24.8% YoY in FY25.

The EV Charger business saw a 15.7% YoY decline in standalone revenue in FY25.

The acquisition of Tritium drove a remarkable 22% consolidated growth in EVSE.

The Critical Power business declined by 12.2% YoY on a standalone basis and 26.5% on a consolidated basis.

The Company focused on strategic initiatives like cost optimisation and increasing wallet share with key accounts.

Continued progress was made in the development of the Companys integrated manufacturing plant in Hyderabad.

Solution for Bharat Net Project - 50Ah Li-ion battery, Hybrid UPS and Smart rack developed to offer a comprehensive integrated package to the respective customers.

In the BSNL 4G saturation project, the Company demonstrated year on year sustained dominance which played a significant role in the continuous growth and revenue generation.

New product launched for 1 KW,2KW,3KW & 4 KW rectifiers to comprehensively cover the complete spectrum offering ranging from small cell to macro sites to main switching centers.

Key product highlights during the year included the launch of Harmony Boost and the showcase of Harmony Gen 1.5, reflecting continued innovation in its EV charger lineup.

Financial Performance

	Standalone 1 1			Consolidated 1
Particulars	FY25	FY24	YoY Change from FY24 to FY25 (%)	FY25	FY24	YoY Change from FY24 to FY25 (%)
Revenue from operations	75,241.89	86,624.77	-13.1	86,760.63	1,01,959.84	-14.9
(in H lakhs)
EBITDA (in H lakhs)	3,949.87	11,437.10	-65.5	-3,736.44	11,208.49	-133.3
EBIT (in H lakhs)	1,823.67	9,641.97	-81.1	-9,325.91	9,353.46	-199.7
PAT (in H lakh)	2,093.91	6,642.92	-68.5	-11,003.17	6,391.63	-272.1

Financial Ratios

Particulars	FY25	FY24	% Change	Reason for Variation (>25%)
Debtors Turnover Ratio (times)	3.07	3.72	-17.5%	Not applicable (variation <25%)
Inventory Turnover Ratio (times)	3.63	6.30	-42.4%	Due to acquisition of Tritium in FY 2024-25
Interest Coverage Ratio (times)	0.34	4.86	-107.0%	Due to decrease in cash profit during the year and increase in borrowings
Current Ratio (times)	1.74	3.32	-47.6%	Due to increase in short-term borrowings
Debt-Equity Ratio (times)	0.77	0.06	1100.5%	Raised term loan and unsecured loan (ICD) for Tritium acquisition and post-acquisition funding
Return on Capital Employed (RoCE) (%)	-12.4%	12.8%	-196.6%	Consolidated losses from recent acquisition and higher borrowings impacted profitability
Return on Equity (RoE) (%)	-17.9%	8.9%	-302.4%	Consolidated losses from recent acquisition impacted ROE
EBITDA Margin (%)	-4.3%	11.0%	-139.2%	The decline in EBITDA margin is primarily attributable to an increase in fixed operating costs and the slower- than-expected ramp-up of the business of the newly acquired company, Tritium
EBIT Margin (%)	-10.8%	9.2%	-217.2%	Due to higher fixed operating costs incurred post the acquisition of Tritium
PAT Margin (%)	-12.7%	6.3%	-302.3%	Margins have been impacted by higher fixed operating costs and finance costs following the acquisition of Tritium

*All ratios are calculated on a consolidated basis for the respective financial year. Segment-wise Performance

Particulars	FY25	FY24	YoY growth from FY24 to FY25 (%)
Revenue from Critical Power (in t lakhs)	57,036.00	77,623.23	-26.5%
Revenue from EV charger (in t lakhs)	29,724.63	24,336.61	22.1%
Revenue from Critical Power Systems (%)	65.74%	76.1%	-13.6%
Revenue from EV charger (%)	34.26%	23.9%	43.5%

Critical Power Segment

On a year-on-year basis, the Critical Power segment recorded a drop of 26.5% owing to deferment in project role out for which the orders have been secured. In FY24, the segment had benefited significantly from the execution of the BSNL uncovered project, which alone contributed revenues exceeding J 310 crore. In contrast, during FY 2025, revenue from the same project stood at approximately one third from previous year, marking a substantial contraction.

The overseas sales witnessed a reduction by over 50% in FY25 compared to FY24, predominantly due to a slowdown in demand from certain geographies, geo-political changes and increased competition. Further, service revenues were lower than in the prior year, primarily because FY24 had included a large one-time service order, which created an exceptionally high base.

EVSE Segment

In contrast, the EVSE segment delivered robust 22.1% YoY growth in FY25, driven primarily by the consolidation of Tritium, a strategic acquisition completed in September 2024. Growth

momentum was particularly strong in export markets, where Tritiums global footprint and product portfolio significantly boosted volumes.

On a standalone operational basis, the segment demonstrated healthy expansion in unit sales, with the number of chargers sold rising by more than 25% YoY. Over 50,000 chargers were sold in FY25, reflecting sustained demand from both domestic and international customers. However, despite the strong growth in volumes, heightened competition led to significant price erosion, adversely impacting segment margins.

As a result, the Companys revenue composition has shifted favourably towards the EV charger business, which now contributes ~35% of total revenues, while Critical Power accounts for the remaining ~65%.

However, despite the strong growth in volumes, heightened competitive pressures in the market led to significant price erosion. This intense pricing environment adversely impacted both total revenue realization per unit and segment margins, partially offsetting the positive effect of higher sales volumes.

Opportunities and Threats

Opportunities

Robust EV Market Growth

The rapid adoption of electric vehicles (EVs) is driving the growth of the EV charging industry, creating significant opportunities for the Company to expand its EV charger business across various sectors, including residential, public charging and fleet operations. The introduction of new BEV (battery electric vehicle) models by OEMs (original equipment manufacturer) further accelerates this growth.

BharatNet Project Order

The Company has secured a substantial Advance Purchase Order of Rs.1,680 crore for the supply of hybrid power systems, Li- ion based energy storage and related services for the BharatNet project. This order, spanning over 10 years with selected system integrators, ensures stable revenue and cash flows. Out of the total value, approximately Rs.1,200 crore is scheduled to be supplied within the first three years, with the remaining Rs.480 crore to be executed thereafter over the subsequent years.

5G Network Densification

The growth of 5G networks and the increasing demand for data are driving network densification, creating a rising need for compact and efficient 48V power and Li-ion solutions for small cells and distributed infrastructure. It anticipates substantial revenue from the expanding small cell power solutions market.

Data Centre Capacity Expansion

Indias data center capacity is expected to double in the next two to three years, providing a significant opportunity for the Company to offer power backup solutions and lithium-ion batteries for data center applications. It is currently in the pilot stage with new products tailored for this rapidly growing sector.

Global Expansion with Tritium Acquisition

The acquisition of Tritium expands the Company global footprint, positioning the Company as a leading provider of DC fast charging technology. With Tritiums presence in key markets such as the USA, UK, Europe and Australia, it is well-positioned to leverage substantial opportunities for international revenue growth and market diversification.

New Product Launches and Technological Advancements

The Company is committed to innovation, regularly launching new and cutting-edge products. Some of the recent technology-forward solutions include Harmony Direct 2.0 one of the most reliable and efficient standalone DC fast charger in the market, Harmony distributed charging solution for car parks and bus depots as well as the Harmony Boost, an integrated solution combining energy storage and fast charging. These advancements, supported by its ongoing focus on R&D, enable the Company to meet evolving customer needs and maintain a competitive edge in the market.

Threats

Competition in the EV Charging Market

The EV charging market is highly competitive, with both domestic and international players competing for market share. To maintain a competitive edge, the Company must continuously innovate and deliver high-quality solutions to customers.

Cyclical Nature of Telecom Infrastructure Investments

The Critical Power business is subject to the cyclical nature of telecom infrastructure investments. Factors such as sector consolidation and project delays can result in periods of slower growth.

Integration Challenges and Potential Losses from Tritium

The acquisition of Tritium opens up significant opportunities for growth and innovation. While Tritium has faced EBITDA losses in the past, these reflect areas where operational and strategic improvements can unlock meaningful value. By carefully integrating Tritium into our ecosystem, we have a unique chance to realize strong synergies, enhance financial performance, and leverage its technology leadership to strengthen our global footprint.

Finance Cost

The increase in borrowings to fund strategic initiatives, including the acquisition of Tritium, has led to higher finance costs. While these investments are expected to create long-term value, sustained increases in borrowing costs or interest rate fluctuations could impact short-term profitability and cash flow.

Impact of Policy Changes and Subsidy Removal

Government policies and subsidies play a significant role in the growth of the EV market. However, the withdrawal of the FAME- II subsidy for four-wheelers has contributed to a moderation in demand, particularly impacting the EV charging ecosystem. Any further changes in government regulations or incentives could influence market sentiment and potentially affect the growth trajectory of the EV charging sector.

Supply Chain Risks and Global Dependencies

The clean energy and electric mobility transition relies heavily on critical raw materials like rare earth minerals for EV motors and batteries. Recent export restrictions by major producers such as China highlight the vulnerability of global supply chains, threatening production schedules, costs and scalability. To mitigate these risks and ensure operational resilience, it is essential to diversify sourcing strategies and strengthen domestic supply chains.

Policy Landscape and Incentives for Hybrid Vehicles

Emerging policy discussions about granting hybrids the same incentives as fully electric vehicles (EVs) could reshape consumer demand and market dynamics. While hybrids reduce emissions, giving them equal fiscal benefits as EVs may slow the transition to pure electric mobility. This shift in incentives would impact automakers strategic planning, product development, and sales forecasts, making it crucial to monitor policy changes and engage in advocacy to stay aligned with evolving regulations and market expectations.

136

Business Outlook

The Company is well-positioned for strong growth in FY26 and the years ahead, driven by strong momentum in both its EV Charging and Critical Power businesses. The Company plans to capitalise on the expected 40-50% CAGR in the EV charger market, benefitting from rising demand across a wide range of vehicle categories, including passenger cars, light commercial vehicles and electric buses. Key partnerships with vehicle manufacturers and fleet operators, combined with an expanding portfolio of electric models, are expected to significantly boost demand for chargers through FY26 and beyond.

The acquisition of Tritium marks an important step in its strategy to expand its global footprint in DC fast charging technology. Although Tritium is currently not profitable, it is projected to achieve EBITDA breakeven by FY26, providing the Company with access to broader international markets. Technology-forward Innovations like the latest Harmony Direct 2.0 DC fast charger and Harmony Boost are expected to generate sales in FY26, further strengthening its market position.

In the Critical Power sector, Rs.1,680 crore BharatNet order will play a major role in FY26, with projected annual revenues of approximately Rs.350 crore from FY26 to FY28. This substantial order will provide reliable income and financial stability, with additional service revenues anticipated over the next seven years. New opportunities stemming from the 5G rollout and power solutions for smaller network infrastructures are expected to contribute to revenue growth from FY26.

The Company is also poised to capitalise on the rapidly expanding data center industry. With current pilot programmes expected to scale in coming years, the Companys new integrated manufacturing plant in Hyderabad, scheduled to begin production in October 2025, will significantly enhance its output capacity for both EV charging systems and power backup equipment, allowing it to meet future demand more efficiently.

Financially, while combined profits may take longer to materialise due to ongoing investments in Tritium, the Company expects its core business to move towards profitability, subject to market conditions and successful execution of ongoing initiatives. The Companys strategy is aligned with broader market trends, with the BharatNet order providing a solid foundation for steady revenue in FY26 and beyond. Although challenges such as market competition and telecom investment cycles remain, the Company is well-positioned to continue its long-term growth trajectory.

Risks and Mitigation

Risk	Description	Mitigation Strategy
Operational risk	Gaps in internal systems or inadequate coordination may disrupt operations and lead to avoidable losses.	The Company strengthens its day-to-day functioning by clearly dividing responsibilities, improving internal skills, and putting in place a strong system to report and fix issues.
Z?" Supply Chain risk	Shortages of key materials like semiconductors can slow down production and delay deliveries.	The Company reduces this risk by keeping an eye on material availability, finding backup suppliers, and giving vendors long-term plans to ensure a steady supply.
A Competition risk	Intense competition in the EV charging market from both local and global players may lead to aggressive price cuts and margin pressure.	The Company mitigates competition risk by focusing on reliable, field-validated products, strong customer retention, selective business choices, and continuous innovation through launches like Harmony Boost, Harmony Direct 2.0, and next-gen chargers avoiding price wars while strengthening its market position.
Strategic risk	If the Company falls short in carrying out its long-term plans, it could miss out on future growth and expansion.	The Company manages this by ensuring all projects follow rules and approvals, keeping track of their progress, and securing important equipment on time.
Technology risk	Not keeping up with new technology could reduce the companys position and future prospects.	The Company regularly upgrades its systems, works with expert partners for new ideas, and trains its teams to adopt modern technologies smoothly. This approach supports advancements showcased at events, such as V2G readiness and Plug-and-Charge compatibility, helping Exicom stay ahead of technology risks.
Financial risk	Rapid changes in input costs or currency values can put pressure on the companys profit margins.	The Company handles this by using financial protection tools, building flexibility into contracts, and depending more on local suppliers to reduce cost and risk.
Risk	Description	Mitigation Strategy
4 Policy and Regulatory risk	Changes in government policies, tax structures, or EV infrastructure regulations could impact business viability.	To mitigate the risk of adverse changes we maintain active engagement with policymakers and industry associations, closely monitor regulatory developments across all key markets, and diversify geographically to reduce dependency on any single jurisdiction. Strategic partnerships within the EV ecosystem further strengthen our ability to influence and respond proactively to regulatory changes.

IPO

The Company completed its Initial Public Offering (IPO) on March 5, 2024, which was oversubscribed by over 129 times.

As on March 31, 2025, an amount of H256.99 crores had been utilized towards the identified objectives, while the balance H143.01 crores remains unutilized. Further, in compliance with Regulation 32 of the SEBI Listing Regulations, the Monitoring Agency i.e. CARE Ratings Limited, in its report, has confirmed that the Company has utilized the proceeds in accordance with the objects stated in the Offer Document and that there has been no material deviation or variation in terms of the stated objectives.

Quality Assurance

The Company has placed strong emphasis on quality assurance across its operations, with a particular focus on continuous product innovation and localising production to improve efficiency and enhance margins. Its vertically integrated manufacturing model allows the Company to maintain full control over quality throughout the production cycle. This approach ensures that its products are well-suited to Indias diverse and challenging weather conditions, especially critical for its EV charger offerings, thereby maximising reliability and performance.

Supported by robust in-house engineering capabilities and a nationwide service network, it is committed to ensuring longterm product durability and performance. To further reinforce this, the Company has begun using testimonial-led storytelling and real feedback from over 20 B2B customers to highlight product reliability, high service uptime, and strong post-sale support. Looking ahead, the Company is developing a new integrated manufacturing plant in Hyderabad, which will incorporate advanced manufacturing techniques to deliver high-quality products at lower operational costs. Trial production at this facility is expected to begin by October 2025, with rigorous process validation underway to meet the demanding standards of both the automotive and telecom industries. The Company anticipates a full transition to the new plant with approximately one year.

Human Resources

In alignment with the Companys continued business growth, the Human Resources function has further strengthened its people strategy to support evolving organizational needs. During the year, 227 professionals were onboarded across diverse roles, reflecting our consistent growth and emphasis on attracting top-tier talent. A majority of these positions were successfully filled through our in-house talent acquisition team, with minimal reliance on external consultants-delivering both cost efficiency and high-quality hiring outcomes. All new hires participated in a structured induction program designed to familiarize them with the companys legacy, core values, leadership philosophy, and key policies-ensuring a seamless integration into the organization.

To nurture a culture of continuous learning, we conducted 39 comprehensive training programs-comprising 22 technical and 17 behavioral learning modules-amounting to over 3,750 hours of development. These programs reached 648 employees across six locations, covering 72% of our workforce. This strong participation underscores our commitment to employee development and equipping teams to thrive in a dynamic technology landscape.

Diversity, Equity, and Inclusion (DE&I) remain strategic priorities. Women now hold 30% of leadership roles, and we are actively working toward increasing overall diversity representation to 15. The introduction of "Pink Roles" is one such initiative, aimed at encouraging qualified women professionals to apply across key functions-reinforcing our culture of equity, openness, and respect.

To build a highly engaged and motivated workforce, we continued to drive employee connect initiatives such as townhalls, "Coffee with Leadership" sessions, recognition programs, cultural celebrations, and wellness activities including "Fitness Fridays." These efforts collectively foster a positive and inclusive workplace experience.

As part of our unwavering commitment to a safe and respectful work environment, all employees underwent mandatory POSH (Prevention of Sexual Harassment) training. This reinforces our zero-tolerance stance on harassment and supports our vision of a transparent, empowered, and future-ready workforce.

1,298

Total number of employees as on March 31, 2025

17.8%

Attrition for FY 2024-25

Diversity Hiring

During FY 2025, in targeted diversity hiring roles, 93% of recruits were women and 7% were men. This reflects our focused approach to enhancing gender equity and building a more inclusive workforce.

Corporate Social Responsibility (CSR)

During FY25, the Company undertook various CSR initiatives across healthcare, education, environment, animal welfare, and heritage preservation through reputed implementing partners. The Companys total CSR obligation for the year was Rs.81.50 lakhs, out of which Rs.56.68 lakhs was spent on projects during the year, and the balance Rs.24.82 lakhs was transferred to the Unspent CSR Account for ongoing project, in compliance with Section 135 of the Companies Act, 2013. Key initiatives included healthcare programmes (Mobile Medical Unit and Wheel of Care), education support, heritage preservation, animal welfare projects (Vetkind

and Jeev Seva), and a plantation drive, reflecting the Companys commitment to holistic community development and sustainable growth. A detailed account of these activities, including project scope and financial outlay, is provided in the Boards Report under the Corporate Social Responsibility section.

Internal Control Systems and Adequacy

The Company has reinforced its internal control systems through a structured and multi-layered approach that aligns with its operational and regulatory responsibilities. The company has constituted a Risk Management Committee tasked with the proactive identification and mitigation of potential business risks. Oversight of financial reporting, audit functions, and transparency is maintained through an Audit Committee, while regulatory adherence is supported by a dedicated Compliance Officer who also serves as the Company Secretary. The alignment of the Board of Directors and its committees with SEBI regulations ensures strong governance practices. On the operational front, it leverages vertical integration within its manufacturing processes to maintain close control over production activities. Its Gurugram facility holds internationally recognised certifications such as IATF 16949 and ISO 9001, reflecting standardised and controlled operating procedures. Looking ahead, the companys upcoming Hyderabad plant is set to incorporate smart manufacturing technologies and Manufacturing Execution Systems (MES), signalling a transition to more automated and digitally monitored operations. These measures collectively support a robust internal control environment, enhancing both compliance and Operational Integrity across the organisation.

The Companys internal controls over financial reporting are adequate and operating effectively, with no material weaknesses observed during the year. This shows a strong internal control environment, enhancing both compliance and operational integrity across the organisation.

Cautionary Statement

The statements made in this Report, describing the Companys objectives, projections, estimates, expectations may be ‘forwardlooking statements within the meaning of applicable securities laws & regulations. Such forward-looking statements involve known and unknown risks that may cause actual results, performance, or achievements to be materially different from results or achievements expressed or implied, due to various factors including changes in regulations, economic conditions affecting demand supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the government regulations, tax laws and statutes & other incidental factors. The Company undertakes no obligation to update forward-looking statements.