Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Exicom Tele-Systems Ltd (NSE: EXICOM) Q4 2026 Earnings Call dated May. 19, 2026
Corporate Participants:
Anant Nahata — Managing Director, CEO
Shiraz Khanna — CFO
Analysts:
Rahul Dani — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Exiccom TeleSystems Q4FY26 earnings conference call hosted by Monarch Net Worth 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. Should you need assistance during this conference, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. This conference may contain certain 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 guarantees of future performance and may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Rahul Dani from Monarch Net Worth Capital. Thank you. And over to you sir.
Rahul Dani — Analyst
Yeah, thank you Darwin. Good afternoon everyone. On behalf of Monarch Network Capital, it’s my pleasure to host the senior management of Execom Telesystem. We have with us Mr. Anand Nata, Managing Director and CEO of the company. And we have Mr. Siras Khanna, CFO of the company. We will start the opening call with remarks from 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 all shareholders and colleagues. I am Anant Nahata, CEO of Exicom and it’s my pleasure to take you through Q4 and full year performance review, you know, with our presentation. So I hope everybody has access to the investor presentation which was uploaded just after our board meeting today. Starting with page number, page number one which is message from the management, primarily myself. FY26 demanded a lot from us and after first three quarters of hard work, Q4 reflects the result of that work.
Revenues grew strongly with both India and the global business contributing meaningfully. And our standalone business posted a strong EBITDA and on a consolidated basis the business turned EBITDA break even for the first time since acquisition of Tritium which is the foreign US based EV charging company. This reflects better product mix, sharper execution and Tritium beginning to scale commercially. When we look at some of the key drivers, some of the key megatrends driving change in energy efficiency and energy transition.
The foremost in news today is increasing fuel prices and energy security which all the countries are grappling with and so are businesses and companies globally. And this is giving rise to investment in electric mobility again. Electric mobility has always been a hot sector. But this recent surge in oil pricing is giving further momentum to electric mobility in our critical power business. You know, continuous rise in data traffic, especially with AI applications. There is a tremendous multifold rise in data traffic and telecom network reaching to far flung areas where electricity not being there or getting solarized, driving demand for off grid solutions.
These are a couple of key drivers for both our business move to slide six. You know, just for most of you know, HBCOM, but for people who do not know ISYCOM, slide six gives a quick glimpse. We have a 30 year history in power electronic excellence. We have two business divisions. Number one, electric mobility where we are India’s number one provider of charging technology and charging hardware with customers across charge point operators, auto, EMS and fleets. And we have a global presence in this business.
The second business unit which the company started from is Critical Power where we provide both power management and energy management system, particularly for telecom infrastructures. But now expanding to other markets as well. There we have presence again global presence with India being the main market, but presents in Southeast Asia, Africa and Middle east as well. Your company is built on strong foundations. We have 30 years of power electronic expertise. We have more than 130 engineers at our R and D center in hardware, software, systems engineering, which allows us to not only manufacture products in India, but also design products in India.
We have a service network of more than 200 people across 26 states. So in order to provide services for our equipment, as we are into only equipment which is put in critical infrastructure, so service is very critical from that perspective. Page eight shows US global footprint. We have now two key manufacturing plants. One in Hyderabad which was newly inaugurated in beginning of March, one which came with acquisition of Tridium in Tennessee us. We also have R and D center in Gurgaon, software R and D center in Bangalore, and for Tritium we have an R and D center in Brisbane, Australia which is absolutely a state of R and D center for high power DB charging.
Now coming to individual business updates, first being critical power. So on page 11, page 10 you see the product portfolio of our critical power business where we have some of the building blocks which we call as power conversion modules. We use them to build variety of power systems which basically are the end products which are sold to customers. And then we also do lithium ion batteries for telecoms. Page 11 shows a quick financial revenue snapshot. And our revenue is really dependent on the rise of telecom infrastructure, particularly the towers, you know.
Yes, it depends on the switching centers, telephone exchanges, everything but tower is the key driver. In Q4 there has been slight degrowth in the number of new towers installed compared to the previous quarters. And that happens as telecom is a cyclical business. However, you know, based on the order book we had and some steady strategic projects that we had run, you know Exicom delivered approximately an 18% growth sequentially over the last quarter and about 23% growth quarter over quarter compared to the last year both in standalone and consolidated revenue.
So standalone revenue for critical power business was 194 crores and consolidated was about similar number, only 198 crores. Page 12 shows some of the key highlights. The order book is about 1000 crores as of 31st March. So a good position over there. And if I look at some of the key Highlights of Quarter 4 we won a large DC power system order with a leading Indian telco of more than 100 crores which is currently under execution. And such volumes, such high volume orders are important because they partly help in offsetting the cost rise which all the businesses are incurring due to forex and commodity price increases.
We continue to supply hybrid power systems, batteries and Solar Solutions in BharatNet project. And while the supplies have been strong but you know, since here the end customer is psu. So because of the fixed nature of pricing in these government contracts, you know some slight, you know the contribution margin in quarter four is slightly lesser than in quarter three because of some of the price increase due to geopolitical situation. But otherwise the supplies are strong and we are, we are still managing to for it to be accretive from a profitability perspective.
In terms of exports, this quarter four was a stellar quarter compared to the previous quarters. We did our highest ever sales and order booking of about 30 crores each in Q4. That’s up in 15% of our sales. And historically we have been doing about 10% of our critical power revenue as exports really trying to increase that to 20% in the NFY27. And this rise of 10 to 15% in quarter four is just a trajectory on that journey. Beyond these there are multiple long tail development of strong small customers.
Where you know of our existing product portfolio as well as our new Bess product portfolio where we are, you know, learning from the small pilot base that we have which will help us scale in the second half of this financial year. Next page shows, you know, while we have a good order book but we are not resting on that. We continuously chasing opportunities in the high level opportunities which are shown here which are maybe valued at 400 crores from what Exycom can receive in this bucket which we are competing in this market over and above the thousand crore order book that we already have.
These range from the power system and batteries which are our key product portfolio which are part of our key product portfolio for variety for various leading private and public telcos. Some of the new opportunities extend into new, you know tenders of under Bharatnets which were not allotted earlier. These are about 100 crores in opportunities. And also they, you know there are new opportunities in phase two of uncovered village. You know putting uncovered village project which is really putting about putting telecom infrastructure in remote and unconnected villages.
We did very good revenue in this project in phase one and phase two element is not, that is not as big as phase but we expect to have good business win and share here out of the 150 crore opportunity as well. As I mentioned, best is in product portfolio. While we have some pilots and earning some ground, we are going to scale slowly based on the learnings that we get because it’s a very, it’s a competitive market, it’s a large market and it’s a long term market. So we have to make sure we do it the right way and you know, make sure the product market fit is absolutely right and then scale up.
However, we are still looking to do you know 50 crores in business in this financial year from BSS, from non telecom BSS which last year was quite insignificant. Coming to. So that was the quick update on critical process coming to EV charger which is the newer business, you know vertical at Exicom. So the first slide, slide 15 shows strong tailwinds for the industry. India’s renewable story is well known globally. More renewable power means availability of cheap electricity to charge electric cars.
Rising middle class population where automobiles is one of the big investments for rising middle class. First car, first electric car or things like that. And key thing to Note is now EV story is not limited to top 10 Indian stores cities but rapidly expanding into tier 2 and tier 3 cities as well. Some of these tier 2 and tier 3 cities have more than 10% EV penetration. You know, two wheeler, three wheeler, four wheeler all combined. So you know, if I have to only talk about cars in the tier 23 cities, almost 5% of this contribution of EV penetration would be because of cars.
And just to give you an example, like you know Ahmedabad was one of the top 10 cities which was a hot market for EV. But now sure there’s a bigger market than Ahmedabad for ev. So I think a broad based rise in demand for EVs span India is a very encouraging size not just for, but for the entire Industries. There’s also rapid hygiene construction, good highways, good roads with stops in the middle for rest as well as easy charging is also going to promote intercity travel. Page 16 gives some further information on the industry.
FY26 was a record year where all across all vehicle categories, 200,000 2 lakh vehicles per month milestone was breached multiple times in this financial year. Two wheelers, three wheelers, four wheelers and buses. FY27. Sometime in FY27, the park, the number of electric four vehicles on the road is expected to cross 1 million for the first time since electric mobility started in India. And even when you look at the penetration of EV buses, 7%, four wheelers, 5%, three wheelers is very high at 32%, two wheelers at 7%, all of them are encouraging numbers.
So I think next three years are, you know, where we’ve always said are going to be very meaningful in terms of adoption. And with the oil shock, I think that adoption is only going to grow faster. Why this is all important for us is we support this market by making EV chargers. So more vehicles there are more will be demand for EV chargers, both for home chargers as well as fast public chargers. Slide 17 Again talking about some compelling industry figures. If you see in quarter four, FY25 or the last quarter, you know there has been substantially a substantial increase in EV over these quarters.
You know, 14% from last quarter, almost 66% from year on year quarter last year, year which has been fueled by new vehicle launches and passenger cars has been fueled by a lot of commercial vehicle launches in the electric and the electric segment because commercial vehicles was a category where electric was. There was not a lot of activity in terms of electrification. But that sector has certainly picked a lot of momentum now with small trucks to big trucks to buses being electrified quite rapidly.
And when it comes to creation of charging infrastructure, it’s not only the OEMs that are playing, but some of the large OEMs like Maruti Mahindra have rolled out, you know, large number of EV charging sites that are standalone or in their dealership. And in this good backdrop, in the good macroeconomic environment, there are some stories for execom as well, particularly in quarter four. So we had an all time high highest hourly quarterly revenue recharging at 88 crores. We sold the highest number of DC chargers we have ever sold in a quarter.
We had highest ever service and project revenue as well in this quarter and highest number of sites executed under hexycom1 which is really putting all our products and Services under the common umbrella and giving that offering to customers. We executed 80 sites under this program in quarter four. This is the technology business and innovation is really important and you have to be leader in making sure we are continuously innovating. So as an industry leader we deployed first liquid cooled charger.
Liquid cooled is the technology in the name of a technology which is what Tritium, our foreign subsidiary makes. And this is the first liquid cool charger installation with the leading CPU in India. We also introduced AI based remote management platform for DC charger O and M. So these chargers are unmanned all over the country and they need 99% uptime to do that. You know there’s a lot of sensors in that product and we get data from the sensors on a common platform where we can remotely do so many things with the charger.
But now with AI, you know a lot of this stuff comes manual as we also deployed something what we call a ring topology based DC charger. This is again unique technology which helps CPOs to save on CAPEX. We deployed first pilot of this in quarter four and mass production will happen in FY27. Exports has been a big focus and will continue to be big focus for next two, three years. We achieved highest export sales in Southeast Asia that we have done in the last three years. About 32 crores in the full year.
And we’re planning for good growth on this base based on the continuous activities of customer engagement globally going on in Middle east, in Europe and we’ll start soon in US as well based on the UL certification that we have received. While you know we work on exports, India is our continue to be center of our market and there have been significant strategic accounts and wins even in the Indian market for both our DC chargers as well as. Next page, page 19 shows the range of our product portfolio.
We are the only company in India which is a product portfolio right from a portable low power charger shown on the left which can be carried in cars dickey and can be charged everywhere. Two high powered chargers as shown on the right including liquid cooled charger of tritium shown on the right. Page 20 shows revenue by geography. We had, you know India is going to be. India is our main market. We are from India. 50% of our revenues EV charging revenues in India, 22% in UK, Europe and 10 and 16% in Europe, US and Australia.
New Zealand coming to tritium. This graph kind of shows the trajectory that we have been on. So you know we had a difficult last year with as we were rebuilding the business. But all those Efforts are finally beginning to pay off. Quarter 426 was about $10 million in revenue with a sharp reduction with almost a 40% reduction and sorry, 30% reduction in EBITDA losses compared to the previous quarter. And this has happened because there has been a huge improvement in NPS score with the customers. There have been better customer engagements.
We had highest ever order booking in a quarter which was 10 million and quarterly sales at 9.7 million. There were some technology improvements as well. And based on the pipeline and order book that we have, you know we expect our revenue scale up to happen almost to the tune of 3x and reduction in EBITDA losses by 25%. The reason EBITDA not coming down as sharply as the revenue increase because you know, in the we had a lot of low cost inventory which is, you know, which all have gotten utilized or will get utilized in maybe by next quarter.
After that, you know, very high gross margins which we were enjoying for the past 12, 15 months may be normalized to more reasonable levels. But we are firmly on our path for you know, EBITDA, breakeven and trillium in quarter four of FY27. And the 3x revenue growth paves the way for us. And a lot of this 3x growth in our is already either secured or has high probability of getting secured. Page 22. You know this is another reason we are super excited about Tritium three new products being launched in May, June, July.
One is, you know what we call as a grid flex inverter. This is a little bit different than the EV charging product. This may have big usage in data centers or DC micro grids as we talk. Currently factory acceptance test is ongoing with a big hyperscaler which if successful can unlock almost 30 to 35 million dollars of revenue opportunity in FY28. Same is the case with other two products where you know, based on successful pilots over the next two to three months both of these products unlocked close to 30 million revenue opportunities.
FY28. So the key point over here is we are investing in products which underpin future growth. And these three successful launches will help us build a very very strong FY28 pipeline which will continue even that was update on Trillium. On the marketing side we have, you know, good traction in E commerce. We have good coverage in media and press releases and a lot of increase in following on digital marketing as well. But the main marketing event was a new factory opening which was attended by more than 100 customers across EV charging and critical power with 20 plus people from media as well as investors.
So you know our customers really, really like the plan. Customers who were on the edge or on the fringe of giving us orders did give us orders. You know within 48 hours of looking at the plant we have started mass production activities there. Our Gurgaon plant is still running but over the next two, three months we are planning to ship majority of the production to Hyderabad with and while some production will continue to remain here but based on the synergy and operational efficiency, to get more synergies and operational efficiency we plan to shift majority of the production over the next two, three months to Hezelabad.
That’s something we are looking at to really build a world class facility in terms of Industry 4.0 principles and you know, output as well as quality. So not that we produce for only for India but even for global markets. Right. Making India for global. It’s probably what we want to to do at that facility in long term. In long term. So that was a quick update on marketing and onion facility with this I’ll pass to my colleague Shiraz to take you through the financial Update from page 27.
Shiraz Khanna — CFO
Thank you so much Anand for the insightful update on the business. Good evening everyone and thank you for joining our Q4 and full year FY26 earning call. I appreciate you taking the time and I’m pleased to walk you through what has been a defining quarter for our business. This quarter marks an inflection point for us. Our standalone business has delivered its strongest performance to date. And on the consolidated side we have crossed a significant milestone. Our consolidated EBITDA has turned positive for the very first time since the tritium acquisition in September 25th.
That is something we set out to achieve and I’m glad to report that we have got there in Q4. Coming to Q4 financial year 26 performance on a standalone basis, Q4 revenue came in at 282 crore. A growth of 33% year on year and 21% sequentially when compared to previous quarter. Within this our critical power business grew 23% year on year and our EV business, EVSE business grew 60% year on year. Both engines of our business are working hard and EVSE in particular continues to scale at a very healthy clip.
Standalone gross Gross margin in Q4 expanded to 27% an improvement, significant improvement year on year driven by a richer EVSE mix, fewer lower margin lithium batteries that we sell. So sometimes when you sell less it is good because the margins are tight there and disciplined product mix management. Standalone EBITDA for the quarter stood at 29.9 crore at a margin of 10.6% up 148% year on year. This clearly demonstrates the operating leverage we have been building towards this. On consolidated basis Q4 revenue was 388 crore up 46% year on year and 40% sequentially.
EVSE on a consolidated basis grew 83% year on year. As I mentioned mentioned, consolidated EBITDA turned positive at 30 lakhs, modest in absolute terms but meaningful directionally moved from the losses that we had been absorbing the full year financial year. On the full year Basis standalone revenue was 895 crore up 19% year on year. The beta was 70 commission a 77% increase year on year and EBITDA margin expanding from 5.2% to 7.8%. Consolidated revenue stood at 1152 crore up 33% on full year.
This year consolidated EBITDA remains negative at 103 crores primarily reflecting Tritium’s fixed cost absorption over the full year. Our consolidated adjusted pad was 200 triple crores. Negative impact by higher finance cost one time exceptional cost which had inclusion of VRs payout, Tritium retention and redundancy cost and the impact of new labor codes that kicked in beginning of 26 calendar year 26. Moving on to as Anand mentioned, Hyderabad plant a strategic capability that we have added. This is basically a really state of art infrastructure that has been created and I’m very pleased to share that the new Hyderabad plant has become operational during Q4.
We were already doing trials in Q3 and now it’s fully operational. This is an important capacity addition for us and gives us meaningful momentum heading into financial year 27. It positions us well to service the demand pipeline that we are building particularly in EVSE and to scale efficiently as orders ramp up. The plant becoming operational has resulted in some additional depreciation in Q4 which is reflecting in our numbers, but this is a planned and welcome investment in the future capacity of the company.
In terms of working capital. I want to be transparent about some near term working capital dynamics that you will see in the numbers. Inventory Build up with our Hyderabad plant ramping up while the Gurgaon plant continues to run in parallel, we have seen a temporary build up in inventory. This is by design. We are stocking up both facilities to ensure smooth production continuity during this transition and to support an order book we are seeing in FY27. We expect this to normalize as the transition stabilizes over coming quarters.
Receivables Our account receivables has Increased. But this is largely a function of sharp revenue ramp up that we saw in Q4, particularly with revenue being weighted towards the later part of the quarter which is are typical in our business. The underlining quality of receivables remain healthy and collections are on track. The Balance sheet Liquidity Position despite the working capital movements that I just described, our overall debt coverage and liquidity position remain strong. Our debt coverage ratios are well within comfortable ranges, our liquidity indicators are healthy and we continue to have headroom to fund both our growth and investments and our working capital cycle without stress.
We are managing the balance sheet prudently. So to sum up, I think the EVSE momentum is the clear standout. 60% growth on standalone and 83% on consolidated. In Q4 with full year EVSE growth of 40% standalone and 72% consolidated, critical power continues to deliver steady profitable growth. Standalone margins have expanded meaningfully and consolidated margin profile is now being lifted by Tritium, a higher margin product mix. The fundamental story is our standalone revenues are compounding profitably scale.
Our consolidated trajectory is turning the corner as Tritium begins to contribute. Our Hyderabad capacity is online to support the next phase of growth and our balance sheet remains a position of strength. Thank you so much and over to you Rahul for the question answers.
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Shashikanth with Brighter Mind Equity Advisors Private Limited.
Please go ahead.
Questions and Answers:
Unidentified Participant
Hello
Operator
Sir, you are audible. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. So I have a few basic questions. The first one is as the management has mentioned that there is a significant, you know, takeoff in commercial domestic vehicles. So what is the ground, you know, infrastructure that is available and what are the, you know, requirements? Because we all know that there are significant lack of infrastructure due to, you know, connecting with the grid and all. So can you brief me about the situation?
Anant Nahata
Yeah. So yeah, because of various reasons commercial and vehicle electrification did not take place in the early years. But now it’s gaining momentum as I said and you asked the right question where you know, the infrastructure is. So the application today where commercial vehicles electrification is taking place are how do you call, you know, within parameter running kind of applications. So for Example a big port would have two, 300 trucks running, right. Which are today on gasoline but would be converted to electric.
Or you know, a cement factory doing distribution of cement. More than 200 trucks leave that facility in nearby areas, but on a very fixed route to come back to the factory. So these are just some examples but where capital infrastructure is usually put to support such deployments. Same as the case in mining. So these are the applications we are focusing on with respect to commercial electrification happening on intercity routes. That is still, I would say, you know, couple of years away and you know, if it happens earlier, it will be good for the industry.
But you know, I think these boundary, you know, commercial applications within a boundary type of application, which are sizable in nature is gaining momentum with capital charging infrastructure. Thank you. Thank
Operator
You ladies and gentlemen. To ask a question you may please press star and one. We have a follow up question from Shashikanth from Brighter Mind Equity Advisor Private limited. Please go ahead.
Unidentified Participant
Sorry, actually my line had dropped. So I wanted to know about. You have mentioned that in FY28 there would be around 850 crores of revenue potential from these three new products that we are going to launch. So I mean Amongst them is 1, 1 is data center inverters. So kind of. Can you brief me about more about on the product?
Anant Nahata
Yeah, I said this is an inverter. This is from Tritium product portfolio, not Execom but from our subsidiary. One is an inverter product which is Grid Flex. Now this is a versatile product which is used to convert a normal grid power into high voltage DC power. And this can have application in various, you know, domains, number one being DC micro grids. So you know, wherever people are making high voltage DC microgrids, this can be used. This is also used with battery energy storage systems. So when you put high voltage battery, you know, with the grid, to integrate the battery with the grid, the system can be used.
And also in a lot of now new age data centers are working or working on 800 volts. So to convert grid power to 800 volts for data centers, this application can also be there. So you know there are these three large applications, there may be some long tail application as well. And for one of these applications with one of the hyperscalers conducting a pilot which if successful and we have to go through drilling testing for it to be successful. But if successful it unlocks for us, you know, a significant revenue new and FY28.
So yeah, hopefully that answers your question.
Unidentified Participant
Yeah, so you know, extending on the same. So two More products that we are, you know, going to have, going to launch in the next few months and particularly for European and US market. So what would be our strategy to onboard new clients for these products? Or what would be your strategy to, you know, getting into those developings with these new products?
Anant Nahata
So as I mentioned, the revenue potential exists because we already have customer engagements. Right. So these products have been built basic engagement with customers now nearing pilot production and pilot testing and you know, if successful like the first product I spoke about, these two other products also subject to, you know, successful pilot. I think we have a very clear line of sight of long term contracts with some of the strategic customers with whom the product development took place to begin with.
Unidentified Participant
Okay, that’s all from my side. Thank you for answering my question differently. All the best. Thank you.
Anant Nahata
Thank you.
Operator
Thank you. Our next question is on the line of Sumit Kane, an individual investor. Please go ahead.
Unidentified Participant
Hi, good afternoon and congratulations on moving steadily on the 3TM progress. So my first question is about we have so many automakers in India. So do we have any kind of plan or any tie ups with those automakers where we can provide our EV chargers along with their vehicle?
Anant Nahata
Yes. So we do produce. We are the largest manufacturer of chargers and I think if you buy an EV car, there is a 50% chance it will come with a charger manufactured by Execom. So to that extent we are absolutely. We have partnership contracts with many OEMs to whom we supply charges.
Operator
Okay. We
Anant Nahata
Also have partnership with supplying them fast chargers for their dealerships or other fast charging stations which, which they’re building to provide infrastructure for this.
Unidentified Participant
Okay. My next question is about the dbss, the battery energy storage system. So what are our offerings in that area? Like what are the products that we have and if we have anything there, how do you see that business or that segment scaling up in the coming years?
Anant Nahata
See, BSS is a very huge opportunity because there are versions of the product which is used all the way from power generation, solar farms to transmission areas to distribution, to end consumers like buildings and homes. Our focus is not the utility, not transmission, not distribution, not homes. It’s really the commercial industrial space where those people are trying to combine bss. This will power to get more hours of clean energy or they’re trying to put lithium batteries to get clean power, you know, uninterrupted power.
They may have some machinery working which cannot avoid a shutdown. So those are the type of applications we are targeting. Our product really are, you know, battery systems. We have modular battery System which can be combined to make battery systems of various sizes depending on the application. So that’s what we provide to customers in this space.
Unidentified Participant
How do you see that segment scaling up in the coming years? In the next say three to five years
Anant Nahata
We have deployed about 10 to 20 projects, small size projects in quarter four which are providing us very good learning in terms of both product market fit, learning about the commercial aspect of the development, deployment that how it saves the client money and increases his efficiency, etc. So this year, you know, we have kept an internal target of, you know, scaling from pilot stage orders to, you know, north of 50 crores of business which is not a very big number in BSS segment but we want to expect slowly and see how it goes.
I think the issue also is the supply chain. Today there is no cell production in India so I’m heavily dependent on China imports, spending dollars, you know, the commodity price and the exchange fluctuation risk. So you know, I think this business will really take off in India. Manufacturing should happen next year and the year after that. So I think the size of this business, of the market is huge. The one that Execomb addressed, I think we have a chance for this business to become maybe 30% of our critical power business over the next two, three years if we are successful.
Operator
Thank you, we have no further questions. Ladies and gentlemen, I would now like to hand the conference over to the management for closing comments.
Anant Nahata
So thank you to all the shareholders and potential investors and my colleagues. So as myself and Shilaz explained before was a turning point for the company with increase in domestic business revenue and EBITDA. It was strategic quarter for Trillium in terms of scaling 2x in revenues and profitability compared to the previous quarters. And we hope to carry forward this momentum in the coming year despite you know, the geopolitical headwinds and the supply chain constraint. I think at least from the demand side we are firmly footed to deliver strong revenues.
So look forward to your continuous support and trust. Thank you.
Operator
Thank you on behalf of Monarch Network Capital Ltd. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.