Exicom Tele-Systems, an Indian manufacturer of EV charging and critical power solutions, saw its shares rise 5% to ₹250 in early trade on Wednesday, January 8. The increase came after the company signed a Memorandum of Understanding (MoU) to construct EV charging infrastructure.
The firm informed investors on Tuesday via an exchange filing that it has signed a Memorandum of Understanding (MOU) with Mufin Green Infra Limited, a renowned provider of turnkey project solutions for EV charging infrastructure.
The MoU will ensure the development of comprehensive EV charging solutions, including the installation of EV chargers and the establishment of EV charging infrastructure. The collaboration will target customers such as charge point operators, bus operators, state utilities, and other end users to accelerate EV adoption with cutting-edge charging solutions.
Exicom will support the EV ecosystem by manufacturing and supplying EV charging hardware that meets industry standards and future-ready specifications. According to the company’s regulatory filing, the hardware will include Exicom’s proprietary software, which is developed with efficiency and simplicity in mind.
Exicom will offer technical support, maintenance services, warranty coverage, and digital solutions. Exicom and Mufin Green Infra Limited will use their existing and new clients to ensure the collaboration’s success.
Furthermore, Mufin Green Infra Limited will install EV charging stations and bus/fleet charging hubs based on customer needs. They will also work with new B2B customers to construct cutting-edge EV charging infrastructure while adhering to regulatory rules for environmental, electrical, and safety considerations.
The alliance will also leverage existing and prospective market presence, relationships, collaborative marketing activities, and improved visibility to drive business growth and scalability, according to the filing.
India has made major initiatives to promote renewable energy, including lowering import duties on select electric cars (EVs) and providing substantial financial incentives to boost domestic EV and component manufacture.
Exicom, recognized for its chargers that accompany six out of every ten electric vehicles produced in India, receives the majority of its revenue from the critical power area. This division produces lithium-ion batteries and power solutions for telecom firms in India, Southeast Asia, and Africa.
The company’s EV charging division, introduced in 2019, produced ₹243 crore in sales during fiscal year 2024, accounting for almost 25% of overall revenue.
With a strong market position in both residential (60%) and public charging segments (25% as of March 2023), the company has built a footprint in the Indian EV charging market.
Exicom intends to start producing EV chargers at its new site in Hyderabad next year, greatly increasing its manufacturing capacity in the country.
Stock plunges 56% in 6 months
Investors originally expressed substantial buying interest in the stock, which was launched on exchanges in March 2024. This resulted in three months of uninterrupted advances, including a record high of ₹530 per share.
However, the company has suffered tremendous selling pressure since then, resulting in a 56% drop over the last six months, ending the period in negative territory. Nonetheless, it is still trading 76% higher than its IPO price of ₹142.
