Exicom Tele-Systems Ltd (NSE: EXICOM) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Anant Nahata — Managing Director, CEO
Shiraz Khanna — CFO
Analysts:
Rahul Dani — Analyst
Avati Sai Sundar Serendraf — Analyst
Samraat Jadhav — Analyst
Tatamish Bhamre — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Xvcom Telesystems Limited Q3FY26 earnings call hosted by Monarch Network Capital Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. This conference may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Should you need assistance during this conference call, please signal an operator by pressing 10.0on your touchtone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani. Thank you. And over to you sir.
Rahul Dani — Analyst
Yeah, thank you Nysa. Good afternoon everyone. On behalf of Monarch Network Capital, it’s my pleasure to host the senior management of Exicom Telesystem. We have with us Mr. Anand Nata, Managing Director, CEO of the company. And we have Mr. Suras Khanna, CFO of the company. We will start the call with opening remarks on the management and then move to Q and A. Thank you. And over to you sir.
Anant Nahata — Managing Director, CEO
Thank you, Rahul. Good afternoon. Dear shareholders, this is Anant Nahata, MD, CEO of Exicom TeleSystems. I welcome you to our third quarter FY26 earnings call. Quarter three was another stable quarter for Exiccom where we delivered superior growth in quarter three compared to quarter three of last year and almost a similar quarter as quarter two of FY26 with our standalone revenue at 234 crores, EBITDA of 16 crores and PAT of 3 and a half crores on Tritium which was one of the big bold bets of the company. We are working methodically on scaling revenues and turning around customer sentiment.
And today with all the work done, we are not only eyeing to Etridium’s EBITDA break even later part of FY27, but also now continuously strengthening revenues in EBITDA from current quarter Q4, FY26 onwards. Something we are very excited by. So I’m going to take you through details of both our businesses and Tritium as well, starting with Critical Power on page five of our investor presentation which was uploaded a short while ago last year. As you know, Critical Power is heavily reliant upon telecom infrastructure being created or being upgraded. That’s where we get our business from.
And last year the rollout was quite timid because the capex had been done by telcos and the focus was ROI optimization. Also there was various cost increases on account of steel power rentals. However, for fiscal 27 the estimated capex plan which includes both new build and upgrade of old sites is more than 1 lakh 20,000 towers or sites by various telcos and as per our management estimates and discussions with our customers and this investment has already started from Q3FY26 onwards and that’s why you see on a standalone basis There is almost 100% jump in our revenues versus Q3FY25 and about 2% jump in revenues versus Q2FY26.
We did 164 crores of revenue in quarter three. On a consolidated basis again there is almost 100% jump in revenue, 98% to be precise and similar revenues as in Q2 the open order position for Critical Power is strong. It’s more than 1,400 crores which will be delivered over the next 24 to 30 months maximum. On page six you see our product portfolio Critical Power which includes very high technology power conversion modules which includes various systems which go in many parts of the telecom network be it a switching center, a tower site, a renewable site or a very small cell WI fi site at crowded places like airports or railway stations.
We also do lithium ion batteries for telecom and controllers to manage all that. All in a nutshell, Execom is a company which serves entire energy needs of the telecom market. Key highlights of critical power in Q3 as listed in page 7 our marquee project where our products are going in the BharatNet project that’s a marquee project for us. We are supplying hybrid UPSS batteries, smart track with many sensors as a solution to this critical government last mile and mid mile connectivity program for more than close to 1 and a half lakh Panchayats. The continued execution for key system integrators who have won this contract which includes RVNL, HFCL, NCC and now we have secured formal purchase order from ITI as well.
This represents more than 50% market share of our products. In this program we also secured, as I was alluding to large CAPEX programs being started by Telcos and Tower Coast. In alignment with that we have secured a very large purchase order for DC Power system from one of India’s biggest telecom players. Also in continuation to the ongoing projects and receipt of these large orders we are continuing to work on some of the projects which were highlight of our revenue in the last two years. One such project is what we call as UCB Project this is to connect uncovered villages in the border areas rural areas.
A USO funded project where in Q3 we concluded the phase one supply of the project and now phase two is going to start from FY27 onwards. Battery energy storage is another area which as a company we have been looking at closely. While the market for this is phenomenally huge, but it was important for us to have a differentiated offering and figure out where to play in this market. We are not playing in the utility scale or distribution transmission scale but have products for commercial industrial category. And this quarter we have been able to make a breakthrough in this category with initial orders of about 10 crores secured and we hope to build this in FY27.
As I mentioned, for the domestic market we have healthy and robust pipeline of almost 1400 crores. In terms of orders, our goal is not to just be active in the domestic market that will always be the center of our sales. But it’s important to diversify markets and grow into exports where particularly in Critical Power, we cater to Africa and Southeast Asia. Asia. For these markets we have launched some new products including a higher capacity battery, a new outdoor rack platform which combines various components required for the telecom energy infrastructure and also some technology solutions required for those specific markets.
We supplied a pilot lot to the biggest in Africa. In FY26 the sales are out of pilot lot but in FY27 we expect this to be continued to continuous orders. We also strengthened our relationship with existing customers in countries of DIC Nigeria by bagging more market share. I Q3 export revenue was at 10% of sales in FY27. Our objective will be to grow to grow exports to about 20% of the sales. Next page page number eight. In line with investment being undertaken for telecom energy infrastructure by various telcos and tower companies combined with some of these opportunistic programs which are either by BSNL or state utilities etc.
We think there are opportunities to make this Critical Power business into close to a thousand crore business going forward for FY27. That’s where we have set our target and eyes on. This is not a revenue guidance but overall with the investment happening in the sector, we are really hopeful to grow substantially over current year’s performance in Critical Power. As I’ve mentioned to you, Critical Power is a cyclical business which in low years is 2,3% growth. When there is stability in telecom investment means not much investment. But in years where there is significant tower addition with launch of new technology such as 5G 6G the investment becomes multi floor.
And those are the years we sometimes grow 30 to, you know, 20 to 30%. So on average, you know, this is a sector which is mature which grows by 8 to 10% year on year. But there are some years which where this business will grow on, you know, 3 to 5% and there are some years where it will go grow 20 to 30%. And we hope FY27 is one of the latter type of years. With this I want to move to a quick update on EV charging business. This is on page 10. So India, you know, EV has been part of a political debate lately on a global level, especially in US where a lot of EV related subsidies are pulled back, a lot of EV related investments have been pulled back.
But on an overall basis this is a market which continues to be very exciting. It’s still growing even in US and mainly in Europe, but definitely in the developing world, including India. You see in quarter three, FY25, from 30,000 passenger car sales, we have reached to a level of 50,000 passenger car sales every quarter. That is similar to last quarter as well. And we have seen steady registration of buses as E electric buses as well. Over the past four, five months, the market degree by about 3%. In quarter three versus quarter two, however, we grew at 4% on a standalone basis from about 66 crores to 70 crores.
From 67 crores to 70 crores. On a consolidated basis which includes Tritium, our revenue are lowered by about 4%. Page 11. As I spoke about the market, the political sentiment, the general sentiment from state government from OEMs continues to be very positive. There are many states where there is exemption of tax, registration, tax, etc. On electric vehicles. Tamil Nadu being the latest. There have been new launches of the vehicles. As long as the new launches continue to be there, the sales of EVs will continue to rise. Everybody is looking forward to the Maruti launch of ev.
And there is higher and higher focus on localization as well. Page 12. This is one of the offerings which we informed to all our shareholders in quarter two. Execom 1. This is not just supply of EV chargers, but construction of the entire site which includes includes planning, commissioning, civil and electrical works, hardware, implementing remote sensors and software for advanced monitoring. All these things come together under our offering called Execom1. This obviously gives us higher revenue per site than just the hardware, but also puts us in a bracket where very few players operate. This has found success and a lot of uptake, particularly by some of the OEMs as well.
Now some of the CPO’s as well who do not have their own internal bandwidth and teams to execute such large projects. We are working on this model with at least three big customers at this point and hope to expand this offering Further in Quarter 4 of FY26, the current quarter. Key Highlights of Codec 3 Apart from Execom 12013 we installed the first Tritium charger in India. Tritium is a product mainly aimed at US and Europe. However it may not be a mass product for India today, but we hope for it to be a mass product in two, three, two years from now and moreover, this first installation really paves the way for showcasing and pitching to various CPOs and OEMs, particularly at very marquee sites.
Exports is a focus in EV charger as well. After a lot of hard work we received US certification for our Spin AC chargers, the home chargers and various discussions are initiated to start exporting this product and there have been some significant developments in Middle east region as well. We have added new customers across our portable charger 3.3 kilowatt portable charger across multiple new CPOs. We also started DC Charger for a two wheeler OEM and bagged business from some electric truck OEMs. Electric truck is not something you would have heard of from an electrification point of view as a focus of the industry in the previous years, but now it’s become a big focus area and interesting area for us as well.
We have added business across these segments across new players which means today we don’t have dependency on one or two large customers but have many many customers across multiple segments to help us to grow our revenue. Page 14 shows our entire product category. This keeps on getting bigger every couple of quarters right from portable charger called Spin 3 in the first column to a very high power ultra fast chargers of Tritium. Towards the end we have everything in between which means we are able to cater to any kind of EV charger application today in India.
Page 15 shows our revenue by geography. It’s an EV charger. We are a global company, the center of revenue still being India at about almost59.60% of our revenue comes from India but because of tritium 11% comes from US, 20% comes from UK and Europe and about 10% comes from Australia New Zealand and we expect this percentages to significantly change in the upcoming year and that’s where I come to update on our subsidiary company Tritium. I’m happy to say as management we feel that stabilization feels phase of Tritium is over. Now we have spent 15 months, a lot of funds to stabilize, to go through the stabilization phase.
And now we are entering into what we call as the growth phase of tritium. Quarter three results do not reflect that, but quarter four, 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 definitely very important milestone for Execom since acquisition. This revenue is estimated at $10 million which is almost 2.4x of what we did in quarter three. So what this means on a high level. This will help us cut EBITDA losses Tridium to almost half compared to the current levels.
Not just this quarter, but you can see signs of turnarounds in various other ways. At Tritium, we bagged almost a $30 million combination of firm purchase order and forecast for high speed DCE charges from a large US customer from one of the Fortune 50 US customers with delivery spread over full calendar year 26. And the deliveries for this project has already started from January 26th. In addition to this last PO, we also have about $15 million of as of January. All these things are building up quickly now with the changing customer sentiment towards Tritium because of the hard work we have put in service, spare parts, maintenance of chargers globally.
That has restored some of the confidence, some of the lost confidence of KTM customer and now we are back in the playing ground. So on one hand while revenues are entering the growth phase, on the second hand new products are also entering the market. Triflex was center of the product strategy when we acquired Tritium. It got delayed by six months in launch, but due to revision. But I’m happy to say it will be one of the leading ultra fast high power distributed charger out there in the market. As of today we are heavily invested not just in development but in procurement of material for initial build where we have invested more than $3 million.
And Trafalik System will start production in our Tennessee factory in March of 26. Initial deployments will be focused on US and Europe customers which will help us to create larger momentum across our triplex pipeline. While there is a big pipeline we are working on, but we are in advanced stage of RFP of another, you know, coincidentally $30 million worth annual business from a large and globally reputed CPO. Regarding funding. Yeah, because you know Tridium 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 she for the past four quarters but at the same time I thank you for your support and with what we have as our pipeline and product portfolio I am hopeful for a strong turnaround and EBITDA break even in Q4 of FY27 and really building this into a global EV charging business. From India page 18 shares some marketing updates. We recently added a tagline to our logo called Beautifully Engineered. So exycom is an engineering driven company, R and D driven company and every product of ours at least has one in the market because of its design, because of its differentiation and we want to make sure this message of us taking the hard work and beautifully engineering the product becomes the theme of the company and is passed to all the stakeholders.
We also did marketing event for Exicom 1, the end to end integrated service offering that I spoke about. In addition to that there were various digital initiative, partner led initiatives, PR initiatives and participation in many exhibitions to promote global brand visibility as well as industry leadership. That’s it for the update for our EV Charger business. I’ll be around to answer any question and answers that you can may have. With that I will pass it to Shiraz to update you on the financials.
Shiraz Khanna — CFO
Thank you, thank you Anant and thank you so much. Good evening everyone. My name is Shiraz Khan. I’m the CFO for Exiccom Telesystems. Starting on the financial highlights for Q3FY26 standalone we did a turnover of 233 crores slightly above the previous quarter which was 228 crore which was September ending and if we compare quarter 3 of 25 with quarter 3 of 26 we have grown 58%. Quarter 325 was 147.7 crore and now this quarter was 233 crore. Primarily the growth came in in critical power in this quarter which is 104% more than what it clocked last year.
The same quarter in Q3FY and the sales have been primarily because of the BharatNet project that we have Indus Tower, batteries, ATC and so on and so forth. Even EV has grown at 4% year on year. If you look at that our gross margins have increased from last year Q3 25 of 33 crore in absolute terms to 51.61 and the margin percentage in that last year quarter 325 was 22.5 remains pretty much the same. However if we compare it over the previous quarter it’s dipped a little and that’s primarily because of the product mix that we’ve had in this quarter.
We’ve had more sales in in the battery segment and there the margins are a little more stressed than the normal critical power and EV equipment that we make. The EBITDA has been marginally better at 16.1 million against 15.2 million the previous quarter. Sorry, 15.2 crore. Over 16.1 crore in this quarter. And if we Compare it from Q3FY25 this is definitely far far better. Continues to be positive last quarter and this quarter in spite of the fact that there is an exceptional item of the new labor code that is kicked in very recently. Moving on to the financial for YTD for standalone which is nine months in of this financial year starting April to December 25 and then comparing it from April to December 24 our revenue has clocked 14% increase.
We are now at 612 crores while the same period nine months last year was 539 crore. So that’s a healthy increase. Critical power has increased. Contributing to this increase has been through critical power. You are seeing able to see the stake and EV has grown substantially by 32%. In fact I’m happy to share that almost what we did in nine months last year. Nine months in this year is equivalent to last year nine months full year. So we’ve clocked almost revenue of 190 crore this quarter. This nine months the gross margin continue to be good and we clocked 161 crores against 157 crores between nine months of this year and nine months of previous year.
The margins are stretched this year primarily because of the product mix. As I mentioned to you, EBITDA in absolute terms in nine months is 40 crore which is up 46% over the previous year. YOY just 27.4 crores and the pat marginally down because of the finance cost that has come in that we had taken loans for acquiring tritium. All in all I think this year is looking much more positive than the previous year. 14% increase we’ve already seen in standalone business. And the next quarter as Anand mentioned looks very positive. Moving on to consolidated financials for the quarter our Overall revenue was 276.7 crore against 281.7 which is more or less flat.
But we consolidating and if we compare 276.7 crores for the quarter of last year we are far better by 41%. Last year we clocked for this quarter 196.6 crores. So the gross margin also are much better than last year quarter. We are at 77 crore against 55 crores last year in this quarter. And EBITDA remains pretty much flat over the last quarter. And PAT is of course been same again pretty much flat on this. When we look at the consolidated numbers including citian, including the other subsidiaries of ours, our revenue for the nine months on a consolidated basis is 764 crore.
Now this was 602 crore for the nine months of last year which is a healthy 27% increase. Of course the revenue growth of 27% increase has been contributed by Critical power which has grown 8.5% year on year for nine months and EVSE which has grown 65% year on year. And if you exclude Tritium which has been added this year more specifically we are still grown by 38% in gross margin in absolute terms for the nine months we are at 247 crore against 180 crore in the nine months of previous year. So this again is a very improved way.
And our margins are also higher as compared to the previous year. We stand at 32.4%. EBITDA of course because of tritium is stressed but as Anand mentioned EBITDA impact we are looking at this quarter having much much higher sales and definitely the outlook looks better in the next financial year because of the confirmed orders that we have in hand. I’ll now move on to give you a quick update on our plant which has got started last quarter in Hyderabad, the new plant for which the IPO had come out. So happy to share that the overall production is happening well.
In fact the entire batteries are now getting manufactured only in the new plant while we ramp up the production of critical power equipment and the electric vehicle chargers in our new plant. 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. Quick update in terms of deployment of IPO funds, CAIR is an agency which is certifying this. We’ve almost exhausted all our planned money that we had raised in IPO and we got listed on the 5th of March 24th it raised about 400 crores.
All of that is almost spent. There was some money that was EMR for R and D. It shows 17.94 as of 31st December. This is further used in this quarter and while we had to use all of this by 31st March, I think a little bit of it will flow into next quarter which is only giving us a little bit of more space or money to spend on R and D which is a continuous effort that goes on out here. In terms of the rights issue that came out last year in August that again has been exhausted almost completely based on the plan and has been certified by CARE which is exactly as per the plan that we had raised for the reason that we.
With that I’ll now hand over it back for question and answers and Anant will be there along with. I’ll be there along with Anant to answer if any.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session and anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of third Avati Sai Sundar Serendraf and retail investor. Please go ahead.
Avati Sai Sundar Serendraf
Hello sir. Hello.
operator
Hello.
Anant Nahata
Yes, yes, yes we are able to hear you. Please go ahead with your question.
Avati Sai Sundar Serendraf
Hello sir, this is. I have one question. In consolidation numbers our material costs are almost all equal. Revenue losses are continuing. How many more quarters will this high cost structure continue? By which quarter can we clearly expect the consolidation break even share laurels have been waiting for the long term sir, is the my question.
Anant Nahata
Yes. So I really appreciate the sentiment over here and I agree on our consolidated break even is something we are all waiting for. Even as management of the company. I spoke about the turnaround of tritium perspective of stabilization phase over and growth phase having started in Q4FY26 which is the current quarter and we plan to build upon that every quarter I expect. You know we have publicly stated the you know management expectation of breakeven quarter as quarter four FY27. However you know that’s a step wise build up from where we are right now to quarter for FY27 and hopefully we see a continuous improvement in at tritium performance from Q4 onwards and all the four quarters of FY27 as well. I said we are entering the growth phase for Tritium and to become a really strong global EV charger brand.
operator
Thank you. The next question is from the line of Samra Jadav from Prosperity Wealth Advisor. Please go ahead.
Samraat Jadhav
Hi, good evening. So my question is like you mentioned, there is a robust order book of around 1435 crore. What proportion of this is executable in FY27 and what visibility do have on margins?
Anant Nahata
So this order book that you’re referring to is only for critical power. This does not include our EV charger business. This order book overall is executable over next 24, you know approximately 24 months. Very few, very small of this order book may go to 30 months, but most of it is executable over next 24 months. You know our YTD critical power revenues are roughly. Are about 425 crores. Right. So and quarter four is usually our strongest quarter. So you know we will see our year end results soon. But as I stated in the investor presentation, based on the investment being undertaken by telcos and tower cos to add new towers and replace some of the energy infrastructure in the old towers on current year we should be expecting roughly 30%, you know, jump in revenue. So those are the new orders when as well as this order book which will be executed over the next 24 months.
Samraat Jadhav
Okay, great. You also secured a hundred million, sorry 10 million equity infusion from a UKPA firm as per the presentation. So how are these funds deployed or see any further dilution also on the equity.
Anant Nahata
In fact we should have mentioned that clearly this is not at the listed company level. This is only for Tritium at. At our holding company level of Tritium. So.
Samraat Jadhav
Okay, okay. So it’s purely for Treatium itself, nothing related to Execom.
Anant Nahata
No, no, no, no, no.
Samraat Jadhav
Yeah, okay. Yeah because. Yeah, okay, last question. Like we have this Triflex production which begins in March 26th. Right. What is the expected ramp up timeline and how soon can we contribute meaningful revenues for it?
Anant Nahata
Yeah, so Tritium has, you know, on a high level it has two product lines, older and newer. Right. So older is, you know I spoke about 30 million forecast from a large customer and there will continue to be. Those are for the current generation products of tritium and there will be more pipeline for that. So it’s not like the revenues will only come when the new triplex will come. Triplex is center of the product strategy for future but it’s very high power charger. Right. So only sophisticated customers can deploy the sites. Where that is deployed requires months to plan.
So while every site may be worth 3 crores but planning time is long. So we already have some backlog of Triflex order and we expect momentum to be created after initial units are deployed. I can’t give a firm number on what triplex sales will be. But overall on Tritium, if we have to achieve EBITDA breakeven by quarterfold of 27 then the sales have to grow meaningfully. In our press release we have mentioned we are looking at 3x revenue scale up compared to FY26. So that’s the only record I can give you at this time.
Samraat Jadhav
Okay, so can you put a ballpark figure for the pending orders for traffics.
Anant Nahata
You don’t disclose product wise pending orders. So you know
Samraat Jadhav
Number like 10, 10.Sites, 15 site, 100 sites.
Anant Nahata
I I can say we have mentioned this as of January. As of January 1st our backlog has been about $15 million which includes Trifex backlog as well. This has been mentioned in the investor.
Samraat Jadhav
Okay, thank you. Thank you very much and best of luck for the future.
Anant Nahata
Thank you.
operator
Thank you. A reminder to all participants to press Star and one to ask a question. Ladies and gentlemen, if you wish to ask a question you may press Star and one. The next question is from the line of Tatamish Bhamre from Vijay. Please go ahead.
Tatamish Bhamre
Hi sir, good afternoon. Is there any plan to plan by execom to go in ChargePoint operating?
Anant Nahata
No, those would be our customers. So going into our customers business will definitely not be a right idea in any way. Exicom is a technology and a product company. That’s our focus, that’s what we know how to do. Running a chargepoint operator business is an annuity business. It’s capex heavy and that’s not our DNA. So long story short, we don’t have any plans to enter that business.
Tatamish Bhamre
Okay. Okay. Thank you.
operator
Thank you ladies and gentlemen. We take that as the last question of the day. And now I would like to hand over the conference to the management for the closing comments.
Anant Nahata
So I thank all the shareholders, everyone who has participated on this call and continued patience with our company. We are into modern technology, green energy and very high end power electronic business which may take time to manifest on a global scale. But I’m sure these efforts will give results. As you have seen on a standalone basis, continued steady performance and as we have outlined, we expect a much stronger performance in 4th Q4 as well as FY20. And now with Tridium in the growth stage, hopefully we’ll be able to get to consolidated Breakeven in later part of FY27 as well.
But our eye is not only on the break even in later part of the year but also continuous improvement quarter on quarter starting with this quarter itself. So thank you for your patience. And we are here to serve you and do the best we can. Thank you.
operator
Thank you. On behalf of Monarch Network Capital Ltd. That concludes this conference. Thank you for joining us. And you may now.