Exicom Tele-Systems Limited — Q3 FY26 earnings call

Call held 13 Feb 2026

Management summary

Exicom Tele-Systems reported a strong Q3 FY26 with significant YoY revenue growth in both standalone and consolidated entities, driven by the Critical Power segment. The EV Charging business, particularly Tritium, is showing signs of turnaround with substantial order wins and a guided 2.4x revenue increase for Q4 FY26. While profitability was impacted by product mix and finance costs, management remains optimistic about future growth and Tritium's path to EBITDA breakeven by Q4 FY27.

Highlights

  • Standalone Revenue of ₹233 crores, up 57.75% YoY and 2.19% QoQ.

  • Consolidated Revenue of ₹276.7 crores, up 40.74% YoY.

  • Critical Power segment revenue jumped 'almost 100%' YoY to ₹164 crores in Q3 FY26.

  • EV Charger (standalone) revenue grew 4% YoY to ₹70 crores in Q3 FY26.

  • Tritium secured $30 million in firm purchase orders and forecast from a large US customer, with a backlog of $15 million as of Jan 31st.

  • Hyderabad plant expected to be fully functional by March 2026.

Concerns

  • Standalone EBITDA growth was marginal at 0.62% YoY to ₹16.2 crores in Q3 FY26.

  • Standalone PAT was ₹3.5 crores, with YTD PAT 'marginally down' due to finance costs from Tritium acquisition loans.

  • Consolidated Revenue saw a slight QoQ decline of 1.77% to ₹276.7 crores.

  • Gross margins were 'a little more stressed' in Q3 FY26 due to higher sales in the battery segment.

  • Tritium has 'weighed on our balance sheet for the past four quarters' due to its high cost structure and funding needs.

Key financials

  1. Standalone Revenue ₹233 Cr +57.8%YoY
  2. Standalone EBITDA ₹16.2 Cr +0.62%YoY
  3. Standalone PAT ₹3.5 Cr
  4. Consolidated Revenue ₹276.7 Cr +40.7%YoY
  5. Consolidated Gross Margin ₹77 Cr +40%YoY
  6. Consolidated YTD Revenue ₹764 Cr +26.9%YoY

What they filed

Q1 FY27: revenue up 61.5%, net profit up 10.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue153 197 266 205 282 +84%277 +41%388 +46%331 +61%
EBITDA-15 -31 -16 -39 -33 −120%-32 −3%0 +100%-22 +44%
Net profit-17 -49 -62 -83 -69 −306%-68 −39%-54 +13%-74 +11%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

Share of Revenue
₹234 Cr Total
  • Critical Power (Standalone) ₹164 Cr 70.1%
  • EV Charger (Standalone) ₹70 Cr 29.9%

Order book

high confidence

Total value

₹1,400 Cr

as of 2025-12-31 quantified

Execution

executable over next approximately 24 months

Composition

  • Critical Power (product) ₹1,400 Cr 100%

Pipeline

deal pipeline tcv

Tritium firm purchase order and forecast for high-speed DCEV charges from a large US customer.

The Critical Power order book is strong and provides good visibility for the next 24 months, while Tritium has secured significant orders and is building a pipeline.

Source: Prepared remarks

Capital allocation

medium confidence
  • Debt Debt disclosed
    And the PAT, marginally down because of the finance cost that is coming that we are taking loans for acquiring Tritium.
  • M&A Tritium Acquisition · Integrated

    To become a strong global EV charger brand and expand into the EV charging market.

    Weighed on balance sheet for past four quarters; finance costs from acquisition loans impacting PAT.

    Regarding funding, because Tritium is a group of foreign companies which have a more expensive cost structure compared to India generally, so funding is important. We secured $10 million in equity capital from a UK-based PE, which we are drawing on as we speak, as well as there are progressive discussions ongoing with multiple other players for minority stake. So that's the general update at Tritium. And while it has weighed on our balance sheet for the past four quarters, but at the same time, I thank you for your support.

Guidance & targets

Profitability

  • Tritium EBITDA Breakeven Profitability · Q4 FY27 · High confidence Breakeven
    And today, with all the work done, we are not only eyeing Tritium's EBITDA breakeven later part of FY27, but also now continuously strengthening revenues in EBITDA from current quarter Q4 FY26 onwards, something we are very excited by.

    — Anant Nahata

Revenue

  • Tritium Q4 FY26 Revenue Revenue · Q4 FY26 · High confidence $10 million
    Quarter 4 FY26 revenue is estimated to be the first double-digit million-dollar revenue quarter for us since our acquisition. It may not be a big number from a global industry perspective, but it marks a definitely very important milestone for Exicom since acquisition. This revenue is estimated at $10 million, which is almost 2.4X of what we did in Quarter 3.

    — Anant Nahata

  • Critical Power Business Size Revenue · FY27 · Medium confidence ₹1,000 crores
    we think there are opportunities to make this Critical Power business into close to a Rs. 1,000 crores business going forward for FY27. That's where we have set our eyes on.

    — Anant Nahata

  • Critical Power Export Share Revenue · FY27 · High confidence 20%
    Our Q3 export revenue was at 10% of sales. In FY27, our objective will be to grow exports to about 20% of the sales.

    — Anant Nahata

  • Critical Power Revenue Growth (FY26) Revenue · FY26 · Medium confidence 30%
    On current year, we should be expecting roughly 30% jump in revenue.

    — Anant Nahata

  • Tritium Revenue Scale Up Revenue · FY27 · Medium confidence 3x
    if you have to achieve EBITDA breakeven by Quarter 4 of '27, then the sales have to grow meaningfully. In our press release, we have mentioned, we are looking at 3x revenue scale up from compared to FY26.

    — Anant Nahata

Operations

  • Hyderabad Plant Functionality Operations · March 2026 · High confidence Fully functional
    So, by the coming quarter end, which is March 26, we will have the plant in Hyderabad fully functioning with all cylinders and doing all production.

    — Shiraz Khanna

What to watch in Q4 FY26

Tritium Q4 FY26 Revenue

next quarter (Q4 FY26)
Current ~$4.17 million (Q3 FY26)
Target $10 million

Why it matters

Verifies the start of Tritium's guided 'growth phase' and its contribution to consolidated revenue.

Quarter 4 FY26 revenue is estimated to be the first double-digit million-dollar revenue quarter for us since our acquisition. This revenue is estimated at $10 million, which is almost 2.4X of what we did in Quarter 3.

Risks & concerns

  • Tritium's Impact on Balance Sheet and Profitability

    medium

    Tritium's high cost structure has weighed on the balance sheet for four quarters, and finance costs from its acquisition loans are impacting PAT.

    Management acknowledged

  • Critical Power Business Cyclicality

    low

    The Critical Power business is cyclical, with growth varying significantly year-on-year, making revenue forecasting challenging.

    Management acknowledged

  • Margin Pressure from Product Mix

    low

    Gross margins were slightly stressed in Q3 FY26 due to a higher proportion of sales from the battery segment, which has lower margins compared to EV equipment.

    Management acknowledged

Q&A highlights

4 direct
Tritium Consolidation Break-even Timeline Direct
I expect, we have publicly stated the management expectation of break-even quarter as Quarter 4 FY27.

Analyst sought clarity on the profitability timeline for the acquired Tritium business, a key concern for investors.

Asked by Sai Sundar

Critical Power Order Book Execution and FY26 Revenue Growth Direct
This order book overall is executable over next approximately 24 months... On current year, we should be expecting roughly 30% jump in revenue.

Clarified the conversion timeline for the substantial Critical Power order book and provided a specific revenue growth expectation for the current fiscal year.

Asked by Samraat Jadhav

Tritium Equity Infusion and Shareholder Dilution Direct
No, this is, in fact, we should have mentioned that clearly. This is not at the listed company level. This is only for Tritium at our holding company level of Tritium.

Addressed concerns about potential dilution for Exicom Tele-Systems shareholders from the $10 million equity infusion into Tritium.

Asked by Samraat Jadhav

TRI-FLEX Production Ramp-up and Revenue Contribution Partial
TRI-FLEX is the product strategy for the future... we are looking at 3x revenue scale up from compared to FY26.

Analyst inquired about the timeline and revenue impact of a new key product, TRI-FLEX, for Tritium, with management providing overall Tritium growth guidance.

Asked by Samraat Jadhav

Entry into Charge Point Operating (CPO) Business Direct
No. Those would be our customers... Exicom is a technology and a product company. That's our focus. That's what we know how to do. Running a charge point operator business is an annuity business. It's CAPEX heavy and that's not our DNA.

Management clarified its strategic focus, confirming it will not enter the capital-intensive CPO business, which is outside its core competency.

Asked by Prathamesh Bhamre

3 min read 5 chapters

Detailed narrative

Q3 FY26 Performance Overview (Standalone & Consolidated)

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.

Critical Power Segment Growth & Outlook

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.

EV Charging Business & Tritium Turnaround

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.

Capital Allocation & Funding Updates

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.

Strategic Focus & Product Development

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.

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