Summary
Exicom Tele-Systems Limited - Q3 FY26 Earnings Call Summary Friday, February 13, 2026 4:30 P.M. IST
Event Participants
Executives 2 Anant Nahata (MD & CEO), Shiraz Khanna (CFO)
Analysts 3 Prathamesh Bhamre (VJ), Rahul Dani (Monarch Networth Capital), Samraat Jadhav (Prosperity Wealth Advisor)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue (Standalone) | ₹234 crores | +58% YoY, +2% QoQ; driven by strong execution in Critical Power segment. |
| Revenue (Consolidated) | ₹276.7 crores | +41% YoY; remains largely flat QoQ due to ongoing stabilization at Tritium. |
| EBITDA (Standalone) | ₹16.2 crores | Marginal QoQ increase; impacted by exceptional item related to new labor code. |
| PAT (Standalone) | ₹3.5 crores | Impacted by higher finance costs associated with loans for the Tritium acquisition. |
| Gross Margin (Standalone) | 22.5% | Flat YoY; dipped QoQ due to higher revenue mix of lower-margin batteries. |
| Consolidated 9M Revenue | ₹764 crores | +27% YoY; EVSE business grew 65% while Critical Power grew 8.5% in the same period. |
| Critical Power Order Book | ₹1,435 crores | Strong pipeline for domestic market with 24-30 month execution timeline. |
Geographic & Segment Commentary
- Critical Power: Recorded ₹164 crores in Q3, a nearly 100% YoY jump driven by BharatNet supplies and renewed Capex from major Telcos. Management expects this to become a ₹1,000 crore business in FY27 as Telcos plan to upgrade or build 120,000 tower sites.
- EV Charging (India): Grew 32% YTD with standalone revenue reaching ₹190 crores for the 9-month period. Segment focus is shifting toward “Exicom One” end-to-end site solutions and expanding into electric truck charging and 2-wheeler OEM partnerships.
- Tritium (Global): Entered “growth phase” post-stabilization with Q4 FY26 revenue estimated at $10 million (2.4x Q3 levels). Revenue split includes 11% from USA, 20% from Europe/UK, and 10% from Australia/NZ, with the first Tritium charger recently installed in India.
Company-Specific & Strategic Commentary
- Exicom One: Launched an integrated service model covering site planning, civil/electrical works, and software monitoring, yielding higher revenue per site than hardware alone.
- Tritium Turnaround: Secured a $30 million order from a Fortune 50 US customer and an additional $15 million backlog; management targets EBITDA breakeven by Q4 FY27.
- Manufacturing Expansion: The new Hyderabad plant is now fully operational for battery manufacturing, with Critical Power and EV charger production ramping up to reach full capacity by March 2026.
- Capital Allocation: Exhausted the ₹400 crore IPO proceeds and rights issue funds primarily on the Hyderabad facility and R&D; secured $10 million equity for Tritium from a UK PE firm.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Critical Power Revenue | ~30% Growth in FY27 | Based on Telco/TowerCo Capex estimates of 120,000 new/upgraded sites. |
| Export Mix (Critical Power) | 20% of Sales in FY27 | Up from current 10%; target markets include Africa (TowerCos) and SE Asia. |
| Tritium Revenue | 3x scale-up in FY27 | Required trajectory to achieve the targeted EBITDA breakeven by Q4 FY27. |
| Tritium Profitability | EBITDA Breakeven Q4 FY27 | Driven by TRI-FLEX product launch and restoration of customer confidence in service. |
Risks & Constraints
| Risk | Context |
|---|---|
| Product Mix & Margins | Higher sales of battery segments (lower margin) vs. power conversion modules (higher margin) can lead to gross margin compression. |
| Execution Lag | High-power chargers like TRI-FLEX require months of site planning, which may lead to lumpy revenue recognition despite a strong backlog. |
| Tritium Cash Burn | While EBITDA losses are expected to halve in Q4 FY26, the subsidiary continues to weigh on consolidated PAT due to high global operating costs. |
Q&A Highlights
Order Book Execution
- Question: What proportion of the ₹1,435 crore order book is executable in FY27 and what are the margin trends? (Samraat Jadhav)
- Answer: Most orders are executable over the next 24 months. Management expects a 30% jump in Critical Power revenue for FY27 based on this backlog and current investment cycles (Anant Nahata).
Tritium Funding & Dilution
- Question: Does the $10 million UK PE infusion imply equity dilution at the listed entity level? (Samraat Jadhav)
- Answer: No, the dilution is only at the Tritium holding company level (Netherlands), not at Exicom Tele-Systems Limited (Anant Nahata).
TRI-FLEX Strategy
- Question: When will TRI-FLEX contribute meaningful revenues and what is the ramp-up timeline? (Samraat Jadhav)
- Answer: Production begins March 2026. While planning sites for these ₹3-crore chargers takes months, the $15 million backlog and a 3x revenue target for Tritium in FY27 support the growth trajectory (Anant Nahata).
Business Model Clarity
- Question: Is there a plan to enter the Charge Point Operator (CPO) business? (Prathamesh Bhamre)
- Answer: No. CPO business is Capex-heavy and annuity-based; Exicom will remain a technology and product company to avoid competing with its own customers (Anant Nahata).
Key Takeaway
Exicom delivered a stable Q3 FY26, highlighted by a 58% YoY increase in standalone revenue to ₹234 crores, primarily fueled by a recovery in telecom Capex and BharatNet project execution. While consolidated profitability remains pressured by the Tritium acquisition, management signaled the end of Tritium’s stabilization phase, forecasting a $10 million revenue quarter in Q4 FY26 and a path to EBITDA breakeven by Q4 FY27. Strategically, the company is transitioning from a hardware provider to a solution provider via “Exicom One” and expanding its global footprint with new US certifications for home chargers. With a robust ₹1,435 crore domestic order book and the Hyderabad plant nearing full utilization, Exicom is positioned to capitalize on the 120,000-tower upgrade cycle in India and the high-power DC charger market globally. The company remains focused on narrowing consolidated losses through a projected 3x scale-up in Tritium’s annual revenue.
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