You can upgrade using VUM, ISO or ESXCLI
Here I am going to do this using ESXCLI
I am using HPE custom ISO, you can download an offline bundle from VMware.
VMware-ESXi-7.0.3-18644231-HPE-703.0.0.10.7.1.16-Oct2021-depot.zip
Before upgrade
Steps to upgrade ESXi-7.0.3-18644231
Download offline bundle in .zip file from VMware portal
Open ESXI using web console
Login to ESXI using root credentials
Browse local Datastore
Upload this file in local datastore
Connect ESXI host using Putty
Run below command to see current Image profile
esxcli software sources profile list -d (Offline bundle path) like below
esxcli software sources profile list -d /vmfs/volumes/5bafd178-826d6f1a-bfec-00fd4548fbe0/VMware-ESXi-7.0.3-18644231-HPE-703.0.0.10.7.1.16-Oct2021-depot.zip’
Output will be like below
Now run below command to update ESXI host
esxcli software profile update -d /vmfs/volumes/5bafd178-826d6f1a-bfec-00fd4548fbe0/VMware-ESXi-7.0.3-18644231-HPE-703.0.0.10.7.1.16-Oct2021-depot.zip -p HPE-Custom-AddOn_703.0.0.10.7.1-16
Once command will complete you will see Message: The update completed successfully like below
Reboot the host and post reboot you can see the host is updated.
After upgrade