Exicom Tele-Sys.

Exicom Tele-Systems reported robust Q4 FY26 results, with standalone revenue growing 33% YoY to INR 282 crores and consolidated revenue increasing 46% YoY to INR 388 crores. This growth was fueled by both Critical Power (23% YoY) and EVSE (60% YoY standalone, 83% YoY consolidated) segments. A significant highlight was the consolidated business turning EBITDA positive at INR 30 lakhs for the first time since the Tritium acquisition, indicating improved operational efficiency and product mix. Standalone EBITDA reached INR 29.9 crores, representing a 10.6% margin, a 148% YoY increase.

The Critical Power business maintained strong momentum, securing a large DC power system order exceeding INR 100 crores from a leading Indian telco. The segment's order book stood at INR 1,000 crores as of March 31, 2026, with additional pipeline opportunities valued at INR 400 crores. Exports for Critical Power reached a record INR 30 crores in Q4 FY26, representing 15% of sales, with a target to increase this to 20% in FY27. The company is also targeting INR 50 crores in non-telecom BESS business for FY27, aiming for it to eventually constitute 30% of the Critical Power segment.

The EV charging business continued its rapid expansion, achieving its highest-ever quarterly revenue of INR 88 crores and selling the highest number of DC chargers in Q4 FY26. Exicom executed 80 sites under its 'Exicom One' program and deployed the first liquid-cooled charger in India, a technology from its Tritium subsidiary. The company also introduced AI-based remote management for DC charger O&M and a Ring Topology based PC charger, demonstrating continuous innovation and leadership in the EV charging space.

Tritium, the foreign US-based EV charging company, showed significant improvement in Q4 FY26, with revenue of $9.7 million and a 30% reduction in EBITDA losses compared to the previous quarter. It recorded its highest-ever order booking of $10 million. Management expects Tritium's revenue to scale up 3x and EBITDA losses to reduce by 25% in FY27, targeting EBITDA breakeven by Q4 FY27. New products like the TRI-FLEX inverter and two other offerings are projected to unlock $60-65 million in revenue opportunity for FY28, with pilot projects already underway with hyperscalers.

The new Hyderabad manufacturing plant became fully operational in Q4 FY26, adding strategic capacity and positioning the company for future growth, particularly in EVSE. While the Gurgaon plant continues to run, a majority of production is planned to shift to Hyderabad for synergy and operational efficiency. A temporary inventory build-up was observed in Q4 due to this transition, which is expected to normalize in coming quarters. Receivables increased due to sharp revenue ramp-up but are considered healthy and on track.

For the full fiscal year, standalone revenue grew 19% to INR 895 crores, with EBITDA at INR 70 crores (7.8% margin), up 77% YoY. Consolidated revenue reached INR 1,152 crores, a 33% increase. However, consolidated EBITDA remained negative at INR 103 crores, primarily due to Tritium's fixed cost absorption. Consolidated adjusted PAT was negative INR 258 crores, impacted by higher finance costs, one-time^📎 exceptional costs (VRS payout, Tritium retention/redundancy), and the impact of new labor codes.