# Hyderabad Facility: Structural Growth Play with Near-Term Margin Headwinds The opportunity outweighs the pain. Exicom's Hyderabad facility unlocks 30-50% revenue growth over two years, capitalizing on India's accelerating EV charging infrastructure expansion. FY26-27 delivers 25-35% sales growth; FY27-28 reaches 40-60% incremental expansion as utilization optimizes. Margin trajectory: Expect 100-150 bps EBITDA compression in Year 1 due to high depreciation (~₹50-100 Cr) and ramp-up inefficiencies. Recovery begins FY27-28, with 75-150 bps expansion by Year 3 as operating leverage materializes and capacity utilization reaches 85-95%. Competitive positioning strengthens through relieved capacity constraints and product mix benefits (high-margin EV chargers, Li-ion batteries). Key risks: execution delays, demand volatility, pricing pressure. Investment thesis: solid medium-term fundamentals justify short-term margin dilution.

# Hyderabad Facility: Structural Growth Play with Near-Term Margin Headwinds The opportunity outweighs the pain. Exicom's Hyderabad facility unlocks 30-50% revenue growth over two years, capitalizing on India's accelerating EV charging infrastructure expansion. FY26-27 delivers 25-35% sales growth; FY27-28 reaches 40-60% incremental expansion as utilization optimizes. Margin trajectory: Expect 100-150 bps EBITDA compression in Year 1 due to high depreciation (~₹50-100 Cr) and ramp-up inefficiencies. Recovery begins FY27-28, with 75-150 bps expansion by Year 3 as operating leverage materializes and capacity utilization reaches 85-95%. Competitive positioning strengthens through relieved capacity constraints and product mix benefits (high-margin EV chargers, Li-ion batteries). Key risks: execution delays, demand volatility, pricing pressure. Investment thesis: solid medium-term fundamentals justify short-term margin dilution.

# Hyderabad Facility: Structural Growth Play with Near-Term Margin Headwinds The opportunity outweighs the pain. Exicom's Hyderabad facility unlocks 30-50% revenue growth over two years, capitalizing on India's accelerating EV charging infrastructure expansion. FY26-27 delivers 25-35% sales growth; FY27-28 reaches 40-60% incremental expansion as utilization optimizes. Margin trajectory: Expect 100-150 bps EBITDA compression in Year 1 due to high depreciation (~₹50-100 Cr) and ramp-up inefficiencies. Recovery begins FY27-28, with 75-150 bps expansion by Year 3 as operating leverage materializes and capacity utilization reaches 85-95%. Competitive positioning strengthens through relieved capacity constraints and product mix benefits (high-margin EV chargers, Li-ion batteries). Key risks: execution delays, demand volatility, pricing pressure. Investment thesis: solid medium-term fundamentals justify short-term margin dilution.

# Hyderabad Facility: Structural Growth Play with Near-Term Margin Headwinds The opportunity outweighs the pain. Exicom's Hyderabad facility unlocks 30-50% revenue growth over two years, capitalizing on India's accelerating EV charging infrastructure expansion. FY26-27 delivers 25-35% sales growth; FY27-28 reaches 40-60% incremental expansion as utilization optimizes. Margin trajectory: Expect 100-150 bps EBITDA compression in Year 1 due to high depreciation (~₹50-100 Cr) and ramp-up inefficiencies. Recovery begins FY27-28, with 75-150 bps expansion by Year 3 as operating leverage materializes and capacity utilization reaches 85-95%. Competitive positioning strengthens through relieved capacity constraints and product mix benefits (high-margin EV chargers, Li-ion batteries). Key risks: execution delays, demand volatility, pricing pressure. Investment thesis: solid medium-term fundamentals justify short-term margin dilution.