Exicom Operating Cash Inflow Reaches Rs 71.38 Crore in H1

Exicom Tele-Systems Limited reported consolidated net cash inflow from operating activities of Rs 71.38 crore for the half year ended September 30, 2026, compared with an outflow of Rs 62.60 crore a year earlier. The reversal followed Rs 121.26 crore generated from trade and other receivables, although Exicom remained loss-making and used Rs 99.96 crore in investing activities.

How did Exicom's operating cash flow change in H1?

Exicom moved to a Rs 71.38 crore consolidated operating cash inflow in the six months ended September 30, 2026, from a Rs 62.60 crore outflow in the corresponding 2025 period. Cash generated from operations turned to Rs 73.11 crore from a negative Rs 59.45 crore, while net income taxes paid were Rs 0.73 crore versus Rs 3.15 crore. The cash-flow statement uses the indirect method under Indian Accounting Standard 7, or Ind AS 7.

The improvement occurred despite a consolidated loss before tax of Rs 126.34 crore in the latest half year, compared with a loss before tax of Rs 152.62 crore a year earlier. Depreciation and amortisation, a non-cash adjustment in the reconciliation, rose to Rs 61.84 crore from Rs 51.88 crore. Finance cost added back in the reconciliation increased to Rs 33.37 crore from Rs 28.90 crore.

What working-capital movements supported Exicom's cash inflow?

Exicom's largest working-capital contribution was Rs 121.26 crore from trade and other receivables in the half year ended September 30, 2026, compared with a Rs 36.49 crore use of cash in the earlier period. Inventory used Rs 3.17 crore of cash in the latest half year, substantially below the Rs 100.39 crore use a year earlier. These two movements accounted for much of the change in operating cash flow.

Trade payables and other current liabilities used Rs 28.51 crore in the latest half year, whereas they provided Rs 162.56 crore in the corresponding 2025 period. This reversal in the payables and liabilities line offset part of the receivables-related cash generation. Exicom also recorded Rs 1.59 crore of bad-debt write-offs and impairment allowance for trade receivables, loans and advances, compared with Rs 0.49 crore a year earlier.

The operating reconciliation included a Rs 4.53 crore gain on foreign-currency transactions and translation, following a Rs 3.59 crore gain in the prior-year period. Interest income was Rs 1.11 crore against Rs 9.23 crore, while employee share-based payment expense was Rs 0.53 crore against Rs 0.32 crore. These entries affected the bridge between the reported pre-tax loss and cash generated from operations.

Where did Exicom deploy cash outside operations?

Exicom used Rs 99.96 crore in consolidated investing activities in the half year ended September 30, 2026, compared with Rs 52.33 crore in the comparable period of 2025. Purchases of property, plant and equipment were the largest disclosed investing item at Rs 58.07 crore, up from Rs 50.68 crore. Capital work-in-progress spending was Rs 4.61 crore, down from Rs 38.25 crore a year earlier.

Loans receivable under development increased by Rs 9.65 crore in the latest half year. Fixed deposits with original maturity of more than three months released Rs 6.48 crore of cash, compared with Rs 69.46 crore released in the previous-year period. Purchases of property, plant and equipment, capital work-in-progress, loans receivable and other investing movements resulted in the Rs 99.96 crore net outflow.

Financing activities supplied Rs 24.02 crore in the latest half year, versus Rs 103.38 crore in the corresponding 2025 period. Exicom reported Rs 67.38 crore of proceeds from long-term borrowings, while short-term borrowings declined by Rs 5.09 crore. In the earlier period, proceeds from share capital, including securities premium, were Rs 258.94 crore, while no such proceeds were recorded in the latest half-year cash-flow statement.

Why did Exicom's cash balance decline despite operating inflow?

Exicom's consolidated cash and cash equivalents declined by Rs 4.56 crore during the half year ended September 30, 2026, from Rs 35.39 crore at the start of the period to Rs 30.83 crore at the end. The Rs 71.38 crore operating inflow and Rs 24.02 crore financing inflow did not cover the Rs 99.96 crore investing outflow. In the prior-year half, cash and cash equivalents fell by Rs 11.65 crore to Rs 41.62 crore.

The September 30, 2026 balance sheet separately reported bank balances other than cash equivalents of Rs 19.97 crore, down from Rs 28.88 crore at March 31, 2026. Consolidated current assets were Rs 970.77 crore at September 30, compared with Rs 1,088.42 crore at March 31. Consolidated trade receivables declined to Rs 318.45 crore from Rs 409.92 crore, consistent with the receivables-related movement in the cash-flow statement.

Operating cash generation coincided with higher revenue. Consolidated revenue from operations rose to Rs 719.42 crore in the half year ended September 30, 2026, from Rs 487.04 crore a year earlier. Critical Power segment revenue increased to Rs 351.86 crore from Rs 272.51 crore, while EV Charger revenue rose to Rs 367.55 crore from Rs 214.53 crore. Exicom's board approved the results on November 4, 2026.

Conclusion

Exicom's latest half-year cash-flow statement shows an operating reversal, with Rs 71.38 crore generated after a Rs 62.60 crore outflow a year earlier. Cash released from receivables and the lower inventory cash use outweighed a Rs 28.51 crore use from trade payables and other current liabilities, while the consolidated pre-tax loss narrowed by Rs 26.28 crore to Rs 126.34 crore.

The next point to watch is whether operating cash generation can continue alongside capital deployment, after Exicom spent Rs 99.96 crore on investing activities and ended September 30, 2026 with Rs 30.83 crore of cash and cash equivalents. The filing also discloses that Exicom Power Solutions B.V. ceased to be a wholly owned subsidiary from April 22, 2026, leaving the future effect of that ownership change on consolidated reporting scope relevant to subsequent results.