Exicom seeks to get 50% of revenue from EV charging business

Anant Nahata, MD of Exicom, said that all car manufacturers are coming out with EV models in the next two to three years, which opens up opportunities for chargers and public charging stations.

Exicom Group, which offers power solutions for automotive and other industries, aims to generate half of its turnover from its three-year-old electric vehicle charging solutions business by 2027.

That would result in a fivefold growth in the EV charging business, Exicom Power Systems, to Rs 1,000 crore by FY28, a top company official said.

“We got into electric vehicle charging as we have the underlying technologies, which are very similar to what we were used to in our erstwhile business,” said Anant Nahata, managing director of Exicom. “At present, EV charging is about 25 percent of our overall sales. But by 2027, we think it will contribute to almost 50 percent of our sales.”

The Gurgaon-based group started building alternate current (AC) and direct current (DC) chargers in 2020 and currently makes more than 16 variations. It has a monthly production capacity of 3,000 to 4,000 units.

Exicom has supplied 40,000 EV chargers to charge point operators in India and abroad, vehicle manufacturers, government agencies, and state-owned enterprises. Almost 80 percent of the shipments were home chargers and the remainder were fast chargers for buses.

Also read: Exicom completes installation of 5,000 EV chargers

Opportunities opening up

“More than 80 percent of the 40,000 chargers were supplied in the last financial year itself. This is because the curve of EV penetration is quite exponential. We saw phenomenal growth in 2022 and 2023 vis-à-vis what it was in the past,” Nahata said. “We are growing across all chargers types and foresee home chargers continuing to account for 80 percent of volumes.”

Currently, Exicom supplies its products to carmakers such as Tata Motors, MG Motor India, Hyundai India, Audi, Kia India, Mahindra & Mahindra (M&M), Mercedes-Benz, BMW, etc. It also sells chargers to electric bus manufacturers like Switch Mobility, the EV unit of Ashok Leyland, JBM Auto, and Tata Motors.

Nahata said all car manufacturers are coming out with EV models in the next two to three years, which opens up opportunities for chargers and public charging stations. He said the company has no medium-term plan to make electric two-wheeler chargers.

Exicom Group is investing Rs 100 crore in building a manufacturing facility for chargers in Hyderabad, Telangana. The new plant will double the annual capacity for both types of chargers.

Exicom is in talks with banks, financial institutions, and strategic investors to raise funds through equity infusion, debt, or a mix of both.

Asked about a report that indicated the group's plans to spin off its EV charging business to unlock value, Nahata said no such plan is on the cards in the near term.

Note: The capacity and growth numbers have been amended after publication to present accurate figures.