Exicom equity drops Rs 55 crore while liabilities decline

Exicom Tele-Systems Limited’s consolidated equity fell Rs 55.04 crore in the six months to September 30, 2026, to Rs 596.25 crore, while total liabilities declined Rs 50.06 crore to Rs 1,287.52 crore. The balance-sheet movement followed a consolidated half-year loss of Rs 130.35 crore.

Why did Exicom’s consolidated equity fall in six months?

Exicom’s consolidated equity fell because it recorded a Rs 130.35 crore loss for the half year ended September 30, 2026, compared with a Rs 151.95 crore loss in the corresponding prior-year half year. Other comprehensive income after tax was negative Rs 9.17 crore, resulting in a total comprehensive loss of Rs 139.53 crore for the September 2026 half year.

Equity attributable to Exicom’s owners was Rs 539.87 crore at September 30, comprising Rs 139.08 crore of equity share capital and Rs 400.79 crore of other equity. At March 31, 2026, owners’ equity was Rs 651.29 crore, including unchanged share capital of Rs 139.08 crore and Rs 512.21 crore of other equity. The reported decline was therefore concentrated in other equity, which decreased Rs 111.42 crore.

The September 2026 closing figure also included Rs 56.38 crore of non-controlling interests, whereas no such amount appears in the March 2026 total-equity line. Exicom disclosed that Exicom Power Solutions B.V. ceased to be a wholly owned subsidiary from April 22, 2026. The filing does not separately quantify how that ownership change affected the six-month movement in total equity.

How did Exicom’s liabilities change from March 2026?

Exicom’s consolidated total liabilities decreased to Rs 1,287.52 crore at September 30, 2026, from Rs 1,337.58 crore at March 31, 2026. Current liabilities declined Rs 39.26 crore to Rs 863.50 crore, while non-current liabilities fell Rs 10.81 crore to Rs 424.02 crore.

Trade payables to creditors other than micro and small enterprises decreased Rs 48.38 crore to Rs 270.38 crore. Dues to micro and small enterprises moved in the other direction, rising Rs 13.13 crore to Rs 51.73 crore. Combined trade payables consequently fell Rs 35.25 crore to Rs 322.11 crore at September-end.

Other current liabilities were Rs 153.46 crore at September 30, below Rs 161.90 crore at March 31, while other financial liabilities increased to Rs 82.29 crore from Rs 69.81 crore. Current provisions rose to Rs 5.66 crore from Rs 4.59 crore, and current tax liabilities declined to Rs 7.17 crore from Rs 11.17 crore, showing that the reduction was spread unevenly across liability categories.

Did Exicom reduce borrowings and lease liabilities?

Exicom reduced consolidated borrowings by Rs 4.76 crore to Rs 437.28 crore at September 30, 2026, from Rs 442.03 crore at March 31. Current borrowings declined Rs 5.09 crore to Rs 265.73 crore, while non-current borrowings increased Rs 0.33 crore to Rs 171.55 crore.

Consolidated lease liabilities declined Rs 6.95 crore to Rs 264.02 crore during the same period. Non-current lease liabilities decreased to Rs 236.94 crore from Rs 243.86 crore, while current lease liabilities were almost unchanged at Rs 27.08 crore against Rs 27.11 crore at March 31.

Exicom’s consolidated cash-flow statement recorded Rs 6.74 crore of proceeds from long-term borrowings and a Rs 5.09 crore reduction in short-term borrowings during the half year. It also reported Rs 6.95 crore of lease-liability principal payments. Those cash-flow movements are consistent with lower closing debt and lease balances, although foreign-currency translation and other balance-sheet movements also affect reported closing amounts.

What happened to Exicom’s assets and cash balances?

Exicom’s consolidated total assets declined Rs 105.11 crore to Rs 1,883.77 crore at September 30, 2026, from Rs 1,988.88 crore at March 31. Current assets fell Rs 117.65 crore to Rs 970.77 crore, more than offsetting a Rs 12.54 crore increase in non-current assets to Rs 913.00 crore.

Trade receivables decreased Rs 91.47 crore to Rs 318.45 crore, while inventories rose Rs 3.17 crore to Rs 406.68 crore. Cash and cash equivalents decreased Rs 4.56 crore to Rs 30.83 crore, and bank balances other than cash equivalents fell Rs 8.91 crore to Rs 19.97 crore.

The cash-flow statement showed Rs 71.38 crore of net cash from operating activities for the half year, compared with net cash used of Rs 62.60 crore a year earlier. Investing activities used Rs 99.96 crore, including Rs 58.07 crore for property, plant and equipment, while financing activities used Rs 30.96 crore. These flows resulted in the Rs 4.56 crore reduction in consolidated cash and cash equivalents.

Which Exicom segments shaped the half-year result?

Exicom’s Critical Power segment generated Rs 351.86 crore of revenue in the half year ended September 30, 2026, up from Rs 272.51 crore in the corresponding prior-year period. Its segment result before interest and tax was a profit of Rs 20.26 crore, compared with Rs 12.54 crore a year earlier.

The EV Charger segment recorded Rs 367.55 crore of half-year revenue, compared with Rs 214.53 crore in the prior-year half year. Despite that revenue increase, the segment reported a Rs 22.64 crore loss before interest and tax, leaving total segment results at a loss of Rs 2.38 crore, versus a Rs 109.71 crore loss a year earlier.

At the consolidated level, Exicom reported depreciation and amortisation expense of Rs 61.84 crore and finance costs of Rs 33.37 crore for the September 2026 half year. It also reported a Rs 9.17 crore negative other comprehensive income amount after tax, largely reflecting exchange movements on translation of foreign operations. These reported items help explain the difference between segment-level results and the consolidated loss.

Conclusion

Exicom’s September 2026 balance sheet shows that liabilities fell Rs 50.06 crore, but equity decreased by a larger Rs 55.04 crore. The decline reflected the Rs 130.35 crore consolidated half-year loss, negative other comprehensive income of Rs 9.17 crore and a Rs 111.42 crore reduction in other equity, while equity share capital remained Rs 139.08 crore.

The next results will need to show the continuing effect of Exicom Power Solutions B.V. no longer being wholly owned from April 22, 2026, including the role of the Rs 56.38 crore non-controlling interest reported at September 30. Investors can also track whether the EV Charger segment, which reported a Rs 22.64 crore half-year loss before interest and tax, narrows that loss in subsequent disclosures.