Skip to content

    Exicom Tele-Systems Limited

    EXICOM
    Capital Goods·10 Nov 2025
    Management Summary

    Exicom Tele-Systems reported a strong Q2 FY26 on a standalone basis, with significant revenue growth across both Critical Power and EVSE segments, leading to improved EBITDA and PAT. The company secured a robust order backlog of over INR 1,400 crores and saw substantial growth in its EV charging business. However, consolidated profitability continues to be impacted by losses from its Tritium subsidiary, which is expected to persist for the next four quarters, though external financing is being arranged to mitigate Exicom's investment exposure.

    Highlights

    5

    • Standalone revenue for Q2 FY26 reached INR 228 crores, marking a 52% sequential growth and 54% year-on-year increase.

    • Standalone EBITDA for Q2 FY26 increased to INR 15.1 crores, up from INR 12.6 crores in the previous quarter and INR 6 crores in Q2 FY25.

    • Standalone PAT for Q2 FY26 saw a significant jump to INR 5.9 crores, compared to INR 1.1 crores last quarter.

    • The company secured a robust order backlog of more than INR 1,400 crores.

    • The EV charging business demonstrated strong momentum, growing 26-27% QoQ and 55% YoY, achieving highest-ever sales of AC chargers (>20,000 units).

    Concerns

    2

    • Consolidated EBITDA remains under strain due to Tritium's near-term losses, which are expected to continue for the next 4 quarters.

    • Margins were constrained due to a slight shift in product mix, specifically lower margins from lithium battery sales.

    What Changed1

    vs Q3 FY26

    Guidance items7 → 9 (+2)

    Key financials

    Single quarter

    05 metrics
    1. 01Standalone Revenue₹228 Cr+54.0%YoY
    2. 02Standalone EBITDA₹15.1 Cr
    3. 03Standalone PAT₹5.9 Cr
    4. 04Consolidated Revenue₹281.7 Cr
    5. 05Consolidated EBITDA Loss₹-32.7 Cr

    Segment breakdown

    Critical Power
    53% YoY Growth11% Export Revenue Share
    EVSE
    55.0% YoY Growth
    List

    Order Book

    high confidence

    Total Value

    ₹ 1,400 crores

    as of 2025-09-30

    quantified

    Pipeline

    qualified rfp

    Tender-based opportunities for Critical Power (BharatNet, BSNL, uncovered village project)

    "The company has a strong order backlog and significant tender-based opportunities, particularly in Critical Power, and expects to win a good share of this business."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    ₹20 crores

    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    INR 28.3 crores still to be deployed for Tritium as of September 30, 2025.

    Guidance & targets

    9
    CategoryTargetPriority
    Profitability
    Tritium EBITDA and cash flow breakeven
    Breakeven
    		High
    Profitability
    Consolidated EBITDA pressure
    Under pressure
    		High
    Profitability
    Hyderabad plant P&L benefits
    Significant benefits
    		Medium
    Operations
    Hyderabad plant commercial production
    Commercial production
    		High
    Operations
    Tritium DC fast charging rollout in fleet sector
    Deployment starts
    		High
    Order Inflow
    Bus depot chargers awards
    Awards
    		High
    Order Inflow
    Tritium pipeline conversion to orders
    Converted to orders
    		High
    Order Book Execution
    Critical Power BharatNet project continuation
    Continue
    		High
    Order Book Execution
    Critical Power RVNL AMC
    5 years of AMC
    		High

    What to watch in Q3 FY26

    5

    Tritium Fundraise Progress

    Next quarter
    CurrentApproved by Exicom BV, engaged with investors for $40M fundraise
    TargetFundraise closed, investment exposure reduced

    Why it matters

    Successful fundraise is crucial for Tritium's breakeven and to limit Exicom's investment exposure, impacting consolidated profitability.

    Exicom BV, which is the holding company for Tritium Group of Companies, has approved $40 million fund raise to fund product commercialization, working capital investment and fixed cost coverage to enable Tritium to reach EBITDA and cash flow breakeven, which is in -- which will be achieved in the last quarter of next year. We are confident at this point of time, we are engaged with investors and confident of this fund raise.

    Risks & concerns

    3
    RiskSeverity

    Consolidated EBITDA pressure from Tritium losses

    Tritium's near-term losses are expected to continue to impact consolidated results for a few more quarters, specifically the next 4 quarters. — Management acknowledged

    medium

    Margin constraint due to product mix shift

    A slight shift in product mix, particularly higher sales of lower-margin lithium batteries, has constrained overall gross margins. — Management acknowledged

    medium

    Uncovered village project ending and new tender uncertainty

    The 'uncovered village project' is coming to an end by December, with a new similar tender currently under evaluation, potentially creating a gap if not secured promptly. — Management acknowledged

    low

    Q&A highlights

    6

    “On the consolidated basis, yes, the EBITDA is under pressure. At this point of time, as I said in my presentation, I can only say we see long-term potential and not in terms of potential in the air, but with real contracts on ground. ... But yes, over the next three quarters, consolidated EBITDA will continue to be a sorry, for the next 4 quarters, consolidated EBITDA will continue to be under pressure.”

    Analyst challenged the high losses from Tritium and its impact on consolidated performance, seeking clarity on breakeven and mitigation actions. Management confirmed continued pressure for 4 quarters but highlighted long-term potential and external financing efforts.

    asked by Sai Surendra

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Standalone Performance in Q2 FY26

    Exicom Tele-Systems reported a robust standalone performance in Q2 FY26, with revenue reaching INR 228 crores, marking a 52% sequential growth and 54% year-on-year increase. This growth was broad-based, with the Critical Power segment expanding by 53% YoY and the EVSE segment by 55% YoY. Standalone EBITDA grew to INR 15.1 crores from INR 12.6 crores in the previous quarter, and PAT saw a significant jump to INR 5.9 crores from INR 1.1 crores.

    02

    Robust Order Backlog and Future Opportunities

    The company ended the quarter with a strong order backlog exceeding INR 1,400 crores. In the Critical Power segment, new tender-based opportunities worth approximately INR 700 crores were identified, driven by BSNL, rural connectivity, and the next phase of BharatNet. The company also secured multiyear supply and AMC contracts with a fourth system integrator and delivered solutions for about 5,000 BharatNet sites in Q2.

    03

    EV Charging Business Momentum

    The EV charging business demonstrated significant momentum, growing 26-27% QoQ and 55% YoY. The company achieved its highest-ever sales volume for AC chargers, supplying over 20,000 units this quarter, and recorded its highest revenue for home chargers. Exicom also partnered with an OEM to enter the defense segment for bus and truck charging, with 43 chargers to be supplied next quarter, and won 50 high-power chargers for bus hubs and a truck OEM.

    04

    Tritium Subsidiary's Financial Strain and Strategic Funding

    While standalone performance was strong, consolidated EBITDA remained under pressure, with a loss of INR 32.7 crores in Q2 FY26, primarily due to near-term losses from the Tritium subsidiary. Management expects this strain to continue for the next four quarters. To address this, Exicom BV, the holding company for Tritium, approved a $40 million fundraise to support product commercialization, working capital, and fixed costs, aiming for Tritium to achieve EBITDA and cash flow breakeven by the last quarter of next year.

    05

    New Hyderabad Manufacturing Facility

    Exicom's new manufacturing plant in Hyderabad is on track, with trial production commencing in November 2025 and full commercial production expected by January 2026. The company has allocated INR 17.29 crores for the plant, which will enhance capabilities across PCB assembly, system integration, and Li-ion battery lines. While commercial production starts soon, significant P&L benefits are anticipated only from the next financial year as the plant scales up from its initial start-up phase.

    06

    Strategic Debt Reduction and Capital Deployment

    Following a rights issue that raised approximately INR 260 crores, Exicom strategically utilized the funds. The company repaid INR 55 crores of unsecured debt and converted INR 106.9 crores of promoter debt into equity, strengthening its balance sheet. Additionally, INR 85 crores were earmarked for investment in Tritium, with INR 28.3 crores still to be deployed as of September 30, 2025, aligning with the company's plan to support its subsidiary's growth.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.