Exicom Tele-Systems Limited (EXICOM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-325.2%

-₹291.30

vs ₹129.36 price

Levered DCF

-₹368.66

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-3.75×	-16.99×	38.16×	352.58×	550.37×	564.13×	-33.14×
P/B	1.58×	3.05×	3.38×	11.75×	8.84×	10.44×	9.49×
P/S	0.89×	2.16×	2.39×	3.85×	2.32×	3.82×	4.16×
EV / EBITDA	-17.26×	-409.01×	19.03×	41.55×	27.84×	50.4×	-68.23×
Gross margin	3.3%	6.8%	17.4%	25.3%	21.3%	22.7%	20.9%
Operating margin	-19.1%	-10.7%	9.7%	5.9%	6.9%	3.6%	0.9%
Net margin	-23.8%	-12.7%	6.3%	1.1%	0.6%	0.7%	-12.6%
Current ratio	1.21×	1.74×	3.32×	1.56×	1.44×	1.43×	1.6×
Debt / equity	1.09×	1.15×	0.06×	0.57×	0.58×	0.65×	0.32×
Interest coverage	-3.93×	-2.16×	5.12×	2.21×	3.12×	1.33×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-42.1%	-17.9%	8.9%	3.5%	2.3%	1.8%	-28.7%
Return on invested capital	-15.9%	-6.9%	8.7%	11.2%	13.1%	5.2%	1.5%
Return on assets	-13.8%	-6.6%	6.3%	1.1%	0.9%	0.5%	-13.6%
Free cash flow yield	-25.5%	-41.3%	-0.7%	-1.2%	1.1%	-1.6%	-1.0%
Earnings yield	-26.7%	-5.9%	2.6%	0.3%	0.3%	0.2%	-3.0%
Enterprise value	₹16.8B	₹25.2B	₹23.9B	₹28.2B	₹20.4B	₹20.7B	₹20.1B
Net debt / EBITDA	-6.68×	-105.99×	-0.41×	1.4×	1.14×	2.62×	-1.9×
Cash conversion cycle (days)	145	171	77	57	-7	72	127