Exicom Tele-Systems Limited (NSE: EXICOM) is an India-based power management and EV charging solutions provider focused on Critical Power systems and electric vehicle charging infrastructure. The company has a market capitalization of approximately ₹1,398 crore and trades near the lower end of its 52-week range of ₹93.18 to ₹208.79, reflecting sustained earnings volatility and pressure on consolidated profitability.
Q3 FY26: Revenue Growth Led by Critical Power; Consolidated Loss Continues
For the quarter ended Dec. 31, 2025, standalone revenue from operations rose 58% year-on-year to ₹233.7 crore from ₹147.7 crore. Standalone profit after tax was ₹3.5 crore, compared with a loss of ₹9.7 crore in the year-ago quarter.
On a consolidated basis, revenue increased 41% year-on-year to ₹276.7 crore. The company reported a consolidated net loss of ₹67.9 crore, primarily reflecting fixed costs, finance expenses and integration-related overheads associated with its overseas subsidiary Tritium.
For the nine months ended Dec. 31, 2025, consolidated revenue expanded year-on-year, while cumulative losses widened as the group absorbed international ramp-up costs and margin pressure.
An exceptional item of ₹0.86 crore was recognized during the quarter related to past service costs following notification of new labor codes.
Management View: “Strategic Consolidation” Phase
Managing Director and CEO Anant Nahata described the quarter as a period of strategic consolidation, with revenue and profitability broadly stable sequentially while the company intensified focus on customer acquisition and execution efficiency.
Management stated that the stabilization phase at Tritium has been completed, with a growth phase expected to begin in Q4 FY26. The company is targeting EBITDA breakeven at Tritium by Q4 FY27. The current fiscal year is positioned as a transition period ahead of a targeted stronger operating profile in FY27.
Segment Performance
Critical Power: Revenue Up 104%
The Critical Power segment was the principal growth driver, with revenue rising 104% year-on-year to ₹164.2 crore in Q3. Orders in hand exceeded ₹1,400 crore as of Jan. 1, 2026.
Execution continued under government-backed programs including BharatNet III and the BSNL 4G Saturation Project. The company reported expansion into battery energy storage system (BESS) accounts and deeper penetration in Africa and the Middle East.
EVSE: Modest Growth; International Positioning
Standalone EVSE revenue rose 4% year-on-year to ₹69.5 crore. Exicom sold more than 26,000 chargers globally during the quarter.
Tritium received approximately $30 million in purchase orders and firm forecasts from a large U.S. customer for high-speed DC chargers, with deliveries beginning in January 2026. The first Tritium liquid-cooled charger was installed in India during the quarter.
Exicom also secured portable charger contracts with a leading OEM valued at approximately ₹30 crore annually and onboarded eight new charge point operators while adding two bus OEMs.
Product and R&D Updates
In Critical Power, the company launched the “ibreaker” distribution solution, a 300Ah lithium-ion battery, and an outdoor rack platform integrating power systems and batteries.
In EVSE, UL certification for its Spin AC chargers enables entry into the U.S. market, with an initial export opportunity of approximately $3 million.
The company introduced “Exicom One,” an engineering, procurement and construction (EPC) offering providing turnkey EV charging solutions including site survey, hardware, software and 24/7 monitoring.
M&A and Capital Structure
The integration of Tritium remains central to Exicom’s inorganic strategy. During the quarter, Tritium secured $10 million in equity capital from a UK-based private equity investor to support operations.
IPO proceeds of ₹151.47 crore allocated to the Hyderabad manufacturing plant have been fully utilized. Rights issue proceeds were used primarily to repay ₹161.87 crore in borrowings and to invest ₹85 crore in Tritium.
No additional acquisitions were announced during the quarter.
Manufacturing and Geographic Expansion
The Hyderabad facility reached full migration of lithium-ion battery assembly in December 2025. Surface-mount technology (SMT) lines and DC charger production ramped up during the quarter, with full transition expected by March 2026.
International expansion continued across Africa and the Middle East, including pilot supply to a major African tower company and distributor onboarding in the Middle East. U.S. market entry is being pursued through UL-certified AC chargers.
Government Schemes and Policy Exposure
Exicom’s Critical Power growth remains linked to public infrastructure initiatives including BharatNet III and the BSNL 4G Saturation Project. The PM e-Bus Sewa scheme is supporting electric bus adoption, contributing to charger demand from bus OEMs.
The Phased Manufacturing Program (PMP) strengthens the company’s position as a domestic manufacturer, while state-level mandates such as EV charging-ready building norms in Tamil Nadu are expected to support AC and DC charger demand.
Competitive Landscape
Exicom operates in a competitive environment across both segments.
In EV charging, the company competes with domestic and international manufacturers of AC and DC fast chargers. High-power DC charging remains price-sensitive, with competition centered on technology differentiation, cooling systems and reliability. Tritium’s liquid-cooled high-speed chargers expand Exicom’s presence in premium DC fast charging.
In Critical Power, competition includes domestic power electronics providers serving telecom and enterprise infrastructure, with differentiation driven by hybrid UPS systems, smart racks and integrated battery solutions.
Credit Profile and Ratings
The company reduced leverage through rights issue proceeds used for debt repayment. No new credit rating actions were disclosed during the quarter, and available disclosures do not indicate changes in ratings from agencies such as CRISIL or ICRA.
Analyst Actions
There were no widely reported analyst upgrades, downgrades or price-target revisions immediately following the results announcement.
Exicom’s shares remain significantly below their 52-week high as investors focus on consolidated earnings visibility, execution at Tritium and margin normalization across its EV charging and Critical Power businesses.
Summary
Exicom delivered strong standalone revenue growth in Q3 FY26, led by a doubling of its Critical Power business and steady EV charger volumes. However, consolidated profitability remained negative due to fixed costs and integration expenses at Tritium. With stabilization at the overseas subsidiary largely complete and manufacturing capacity ramping up domestically, the company is positioning FY26 as a transition year focused on execution, balance sheet optimization and global integration ahead of targeted operating normalization in FY27.