EV Charger is an emerging business, where Servotech is into manufacturing LED lights and Solar power products, and Exicom is into manufacturing EV chargers and Critical Power components. With the initiatives and other policies, both the companies can benefit from the government’s view on Electric Vehicles and chargers.
In this article, we will look into the Servotech and Exicom, their financials, future plans, and others. However, investors should do their research before investing.
Price Movement
Servotech Renewable Power System Limited’s stock closed at Rs. 126.89 per share up by 3.09 percent from the previous closing price of Rs. 123.09. The stock has delivered a return of around 47 percent in the past year and has outperformed the Nifty Index in the same period.
Exicom Tele-Systems Limited’s stock closed at Rs. 155.30 per share up by 0.71 percent from the previous closing price of Rs. 154.20. The stock has delivered a negative return of around 34.52 percent in the past year and has underperformed the Nifty Index in the same period.
Business Segments
Servotech earns its 61 percent operational revenue from EV Charger – DC, 20 percent from EV Charger – AC, 18 percent from Solar, 1 percent from LED or Power or Solar as of Q3FY25.
For Exicom, as per the recent December 2024 results, its operating revenue from Critical Power contributes around 43.80 percent, and EV Charger contributes around 56.19 percent.
Future Plans
Servotech Renewable Power System
Servotech is aggressively expanding its EV charging business with a focus on scaling operations and improving supply chain efficiency. The company has secured partnerships with LESS Zwei GmbH to develop solar-powered EV charging infrastructure in Germany and Ensmart Power to expand in the UK and North America.
It is also working with Indian CPOs, automobile manufacturers, and oil companies. Servotech plans to manufacture key EV charger components in-house to improve supply chain control and profitability. The company’s EV charging segment already contributes 60 percent of total revenue, and with ongoing expansions, it expects further growth.
Exicom Tele-systems
Exicom plans to become a global leader in EV charging by expanding its DC fast-charging business. The company targets a top-five global position in DC charging by 2030. It acquired Tritium, a global DC charging firm. Exicom aims to deploy 72,000 chargers under India’s PM E-DRIVE scheme, with 22,000 for four-wheelers with subsidy support and 1,800 for e-buses. The company launched Harmony Boost, integrating fast charging with energy storage for grid-limited areas. Internationally, it recorded 100 percent growth in Southeast Asia and is investing in R&D for liquid-cooled chargers, launching in FY26.
Further, an analyst asked a question to the management on how they intend to protect their market share. The management highlighted intense competition in India’s EV charger market, with many competitors emerging from 2019 and 2022, no longer existing. Despite the margin pressure, they said that focusing on reliability, retaining key customers, and long-term growth can differentiate as a strong company.
Market Share
The Servotech’s market share in the EV Charging Sector stands at ~35 to 40 percent in India. Consequently, Exicom’s market share stands at 60 percent for residential and 25 percent for public charging in 2023 as of Crisil Report.
Financial Performance
Servotech’s Q3FY25 results show revenue from operations of Rs. 216.30 crore which increased by 315.88 percent year on year, from Rs. 52.01 crore in Q3FY24. Its net profit increased by 619.81 percent year-on-year, from Rs. 1.11 crores in Q3FY24 to Rs. 7.99 crores in Q3FY25.
Exicom’s Q3FY25 results show revenue from operations of Rs. 197 crore which declined by 25.37 percent year on year, from Rs. 264 crore in Q3FY24. It’s net loss for Q3FY25 stood at Rs. 49 crore from a profit of Rs. 9 crore in Q3FY24.
About the company
Servotech Renewable Power System Limited is an NSE-listed company specializing in innovative renewable energy solutions, including solar products and EV chargers. It aims to drive sustainable energy adoption, supporting India’s net-zero emissions goals through indigenous manufacturing and technological advancements.
Exicom Tele-Systems Limited was founded in 1994, which specializes in EV charging solutions and critical power systems for telecoms and data centers. It has deployed over 70,000 EV chargers and serves as a leading provider of sustainable energy solutions globally.
Written by Santhosh S
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