Exicom Tele-Sys.

Exicom Tele-Systems reported a standalone revenue of ₹233 crores in Q3 FY26, marking a significant 57.75% YoY growth and a 2.19% QoQ increase. Standalone EBITDA was ₹16.2 crores, showing a marginal 0.62% YoY growth, while PAT stood at ₹3.5 crores. On a consolidated basis, revenue reached ₹276.7 crores, up 40.74% YoY, though experiencing a slight 1.77% QoQ decline. Consolidated gross margins improved to ₹77 crores from ₹55 crores in Q3 FY25, but overall profitability was impacted by finance costs related to the Tritium acquisition and a stressed product mix.

The Critical Power segment was a primary growth driver, with Q3 FY26 revenue jumping 'almost 100%' YoY to ₹164 crores. The company holds a strong open order book of over ₹1,400 crores for Critical Power, expected to be executed over the next 24 to 30 months. Management anticipates the Critical Power business to reach approximately ₹1,000 crores by FY27 and projects a 'roughly 30% jump' in revenue for the current fiscal year (FY26). Exports, currently 10% of sales, are targeted to grow to 20% by FY27, supported by new product launches for African and Southeast Asian markets.

The EV Charger business (standalone) grew 4% YoY to ₹70 crores in Q3 FY26. Tritium, the acquired subsidiary, is now entering a 'growth phase' after a 15-month stabilization period. Q4 FY26 revenue for Tritium is estimated at $10 million, a 2.4x increase from Q3 FY26, and management aims to cut Tritium's EBITDA losses by almost half. Tritium has secured a $30 million combination of firm purchase orders and forecasts from a large US customer, with a backlog of $15 million as of January 31st. The new TRI-FLEX product is set to begin production in March 2026, with an overall target of 3x revenue scale-up for Tritium by FY27, aiming for EBITDA breakeven by Q4 FY27.

The company has almost fully utilized the ₹400 crores raised from its IPO, with ₹17.94 crores earmarked for R&D as of December 31st, 2025. Funds from the rights issue have also been completely utilized as per plan. A significant development in capital allocation is the $10 million equity capital secured for Tritium from a UK-based PE, which is being drawn down. Management clarified that this funding is at the holding company level for Tritium and does not dilute Exicom Tele-Systems shareholders directly. Loans taken for the Tritium acquisition have contributed to increased finance costs, impacting standalone PAT.

Exicom is emphasizing its 'beautifully engineered' approach, highlighting its R&D-driven nature. The company launched 'Exicom One,' an integrated service offering for EV charging site construction, which has seen good uptake from OEMs and CPOs. New products in Critical Power include higher capacity batteries and outdoor platforms for telecom energy infrastructure. In EV charging, new customers have been added across portable and DC chargers, including for two-wheeler and electric truck OEMs. The company reiterated its focus on being a technology and product company, not entering the capital-intensive charge point operating business.