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    Exicom Tele-Systems Q1 FY27 earnings call

    EXICOM
    Capital Goods·10 Aug 2026
    Management Summary

    Exicom Tele-Systems reported strong Q1 FY27 results with standalone revenue growing 57% YoY to INR 236.8 crores and EBITDA more than doubling to INR 20.9 crores. Consolidated revenue also saw a 61% increase to INR 331.1 crores, though consolidated EBITDA remained negative at INR 21.9 crores. The company highlighted a significant increase in Tritium's order bookings to over USD 20 million and a robust Indian consolidated order book of INR 1,400 crores, despite some gross margin pressure and sequential revenue dips in certain segments.

    Highlights

    5

    • Standalone revenue increased by 57% YoY to INR 236.8 crores.

    • Standalone EBITDA more than doubled to INR 20.9 crores, achieving an 8.8% margin.

    • Consolidated revenue grew by 61% YoY to INR 331.1 crores.

    • Tritium bookings surged to over USD 20 million, doubling from previous quarters.

    • Secured 100% share of business for wallbox chargers for a leading international brand.

    Concerns

    4

    • Consolidated EBITDA remained negative at INR 21.9 crores, though narrowed from INR 38.6 crores loss YoY.

    • Standalone Critical Power revenue saw an 11% sequential drop from Q4 FY26.

    • Gross margin faced pressure due to U.S.-led input costs and Tritium's product mix.

    • 30-35% of deployed DC chargers are reported as non-functional, impacting overall utilization perception.

    Key financials

    Single quarter

    09 metrics
    1. 01Standalone Revenue₹236.8 Cr+57.0%YoY
    2. 02Standalone EBITDA₹20.9 Cr+137%YoY
    3. 03Standalone EBITDA Margin8.8%
    4. 04Standalone Gross Margin29.1%-3.6%YoY
    5. 05Standalone PAT₹4.9 Cr

    Segment breakdown

    Critical Power (Standalone)
    ₹177 Cr Revenue
    EV (Standalone)
    ₹61 Cr Revenue
    Tritium (Consolidated)
    10.5 Mn Revenue
    List

    Order Book

    high confidence

    Total Value

    ₹ 1,400 crores

    as of 2026-06-30

    quantified

    Composition

    Mix3 segments
    • Critical Power (India)₹ 1,000 crores82.0%
    • EV Chargers (India & Exports)₹ 200 crores16.4%
    • Tritium BacklogUSD 20 million1.6%

    Share of order book by segment (derived from disclosed amounts)

    Pipeline

    L1 awaiting loa

    BharatNet open orders of INR 700 crores, followed by INR 800 crores service order over 10 years. BSNL Phase 2 program expected contract value of INR 90-100 crores.

    "The Indian consolidated order book stands at INR 1,400 crores as of June 30, 2026, with Tritium's USD 20 million backlog being additional. Tritium bookings for the quarter were over USD 20 million, and Critical Power secured INR 85 crores in new DC power system orders."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    Adequate headroom to fund both growth investment and working capital life cycle.

    Guidance & targets

    7
    CategoryTargetPriority
    Exports
    Critical Power Export Sales Share
    15%
    		High
    Profitability
    Tritium EBITDA Breakeven
    Breakeven
    		High
    Profitability
    Consolidated EBITDA Breakeven
    Breakeven
    		Medium
    Revenue
    Tritium Revenue Growth
    3x
    		High
    Capacity
    AC Charger Production Run Rate Growth
    50%
    		High
    Product Mix
    Critical Power vs EV Revenue Split
    70-30ish or 65-35%
    		Medium
    Order Book
    Tritium Strategic Contract Award
    USD 20-30 million
    		Medium

    What to watch in Q2 FY27

    5

    Consolidated EBITDA Breakeven

    within next 2 quarters (Q2 or Q3 FY27)
    CurrentINR 21.9 crores loss
    TargetBreakeven

    Why it matters

    This is a key indicator of overall business profitability and the company's turnaround efforts.

    But on a consolidated basis, the breakeven may be over the next 2 quarters itself. I can't specify whether quarter 2 or 3.

    Risks & concerns

    3
    RiskSeverity

    Gross Margin Pressure

    Gross margin was impacted by U.S.-led input cost pressure and Tritium's product mix, though partially offset by segment mix. — Management acknowledged

    medium

    Supply Chain Disruption

    Disruptions in semiconductors, plastics, and copper-related materials have led to increased costs and impacted material availability, sometimes limiting full capacity utilization. — Management acknowledged

    medium

    Underutilization of EV Charging Infrastructure

    A study suggests 30-35% of deployed DC chargers are non-functional, skewing overall utilization data, though Exicom focuses on reliable products. — Analyst acknowledged

    medium

    Q&A highlights

    8

    “Last quarter, we did have EBITDA breakeven owing to partly it was quarter 4, which usually is the highest revenue quarter for us. So in that light, the EBITDA on the Indian business was much higher than in Q1. And in Tritium also was slightly higher, not because of sales, but because when we acquired the company, we had access to a decent bit of low-cost inventory, which over time, as we continue to sell has eroded. So that made the margin for Tritium, we were earlier enjoying unreasonably high margins to now still good margin, but not as high as we were enjoying earlier. So a combination of that resulted in a INR22 crores EBITDA loss.”

    Management explained the factors contributing to the Q1 FY27 EBITDA loss, including seasonality and the normalization of Tritium's margins after utilizing low-cost inventory.

    asked by Taksh Gaur

    3 min read7 chapters

    Detailed Narrative

    01

    Q1 FY27 Financial Performance Overview

    Exicom Tele-Systems reported a strong Q1 FY27 with standalone revenue growing 57% year-on-year to INR 236.8 crores, and standalone EBITDA more than doubling to INR 20.9 crores, achieving an 8.8% margin. On a consolidated basis, revenue increased by 61% to INR 331.1 crores. While consolidated EBITDA remained a loss of INR 21.9 crores, this was a significant improvement from the INR 38.6 crores loss in the prior year's quarter.

    02

    Critical Power Business Update

    The Critical Power segment achieved INR 177 crores in revenue, marking a 73% year-on-year increase, despite an 11% sequential drop from Q4 FY26 due to seasonality. The company secured a large DC power systems order worth INR 85 crores from a leading Indian telco and entered into a supply agreement with a major tower company. Exports in Critical Power contributed INR 15 crores, representing 8% of overall sales, with a target to double this to 15% within a year.

    03

    EV Charging Business Update

    The standalone EV business grew 15% year-on-year to INR 61 crores, driven by increased vehicle registrations and infrastructure deployment. Exicom secured 100% share of business for wallbox chargers for a leading international brand and launched new Slim Series chargers. The company's AC charger production run rate is expected to grow by 50% in the next three months, with current AC charger utilization near 100% and DC charger utilization at about 65%.

    04

    Tritium Business Update and Turnaround

    Tritium, the U.S.-based DC fast charging company, saw its bookings double to over USD 20 million in Q1 FY27, with revenue reaching USD 10.5 million. The backlog stands at USD 20 million as of July 1, 2026. Management expressed confidence in achieving 3x revenue growth and EBITDA breakeven for Tritium by Q4 FY27, supported by ongoing trials of new products (TRI-FLEX, DC-FLEX, GRID-FLEX) with Fortune 100 companies that could lead to USD 20-30 million contracts in calendar '27.

    05

    Order Book and Future Visibility

    The Indian consolidated order book stands at INR 1,400 crores as of June 30, 2026, providing strong long-term visibility. This includes INR 1,000 crores for Critical Power and INR 200 crores for EV chargers. Additionally, the company has INR 700 crores in open orders for BharatNet and expects INR 90-100 crores from the BSNL Phase 2 program, further strengthening the pipeline.

    06

    Capacity Expansion and Utilization

    The Hyderabad plant, commissioned in Q4 FY26, is now fully operational, contributing to a 67% year-on-year increase in standalone depreciation. This facility provides 3x production capability, positioning the company to deliver on its robust order book. Current capacity utilization is high across most product lines, with AC chargers at nearly 100%, DC power systems and PCBA lines at 90-100%, and DC chargers at about 65%.

    07

    Gross Margin and Profitability Drivers

    Standalone gross margins were 29.1% in Q1 FY27, up 2% sequentially but down 3.6% year-on-year, primarily due to U.S.-led input cost pressures. Consolidated gross margins were 31.7%, broadly stable sequentially but lower year-on-year due to Tritium's mix effect and fresh inventory purchases. Management noted that operating leverage from higher revenue and a richer mix absorbed some of the fixed cost increases.

    This is an AI-generated summary of a publicly available earnings call transcript.