Exicom EV Charger Revenue Doubles, Consolidated Loss Persists

Exicom Tele-Systems Limited reported standalone EV Charger revenue of Rs 106.192 crore for the three months ended September 30, 2026, up 109% sequentially, but its consolidated EV Charger segment recorded a Rs 14.0384 crore loss before interest and tax despite Rs 213.6929 crore of revenue.

Did Exicom’s EV Charger revenue more than double sequentially?

Yes. Exicom’s standalone EV Charger revenue rose from Rs 50.8096 crore in the preceding three months ended June 30, 2026 to Rs 106.192 crore in the three months ended September 30, 2026. The Rs 55.3824 crore increase represented growth of about 109%, taking the September-quarter revenue to 2.09 times the June-quarter figure.

Consolidated EV Charger revenue increased by Rs 59.8353 crore, from Rs 153.8576 crore in the June 2026 quarter to Rs 213.6929 crore in the September 2026 quarter. That was a lower sequential growth rate than the standalone business because consolidated results include Exicom’s subsidiaries, whereas the standalone result covers the parent company.

The filing also shows that the standalone EV Charger business accounted for Rs 167.0016 crore of revenue in the half year ended September 30, 2026, against Rs 119.7444 crore in the corresponding prior-year period. The quarterly acceleration in September therefore followed a first-half increase in standalone segment revenue, although the filing does not identify individual products or customers behind the movement.

Why did Exicom’s consolidated EV Charger segment remain loss-making?

Exicom’s consolidated EV Charger segment remained loss-making because its segment result before interest and tax was a loss of Rs 14.0384 crore in the three months ended September 30, 2026. The loss was narrower than the Rs 68.5989 crore loss in the preceding June 2026 quarter while consolidated EV Charger revenue rose by Rs 59.8353 crore.

The financial results do not attribute the EV Charger loss to a specific operating cost, market or geography. They do show that the consolidated accounts include Exicom Power Solutions B.V. in the Netherlands, Tritium Power Solutions operations in the United States, the United Kingdom and Australia, as well as entities in Singapore, Malaysia and Dubai.

Eight subsidiaries included in the consolidated results reported aggregate revenue of Rs 123.4401 crore and a combined loss after tax of Rs 64.5585 crore for the September 2026 quarter. Those figures cannot be treated as the EV Charger segment result because the filing does not allocate the subsidiaries’ revenue or loss between Critical Power and EV Charger.

The standalone EV Charger segment, by contrast, reported a profit before interest and tax of Rs 10.3111 crore in the September quarter, compared with Rs 2.439 crore in the June quarter. The difference confirms that the parent company’s EV Charger result was profitable, while the wider consolidated segment remained in loss; the filing provides no reconciliation between the two measures.

How did Critical Power compare with EV Charger?

Exicom’s Critical Power segment was the profitable consolidated segment in the September 2026 quarter, reporting profit before interest and tax of Rs 7.1828 crore, while EV Charger reported a Rs 14.0384 crore loss. EV Charger nevertheless generated more consolidated revenue, at Rs 213.6929 crore, than Critical Power’s Rs 174.6526 crore.

Critical Power revenue increased from Rs 172.121 crore in the June 2026 quarter to Rs 174.6526 crore in the September quarter, but its segment profit declined from Rs 12.7725 crore to Rs 7.1828 crore. EV Charger, in comparison, added Rs 59.8353 crore of revenue and reduced its segment loss by Rs 54.5605 crore over the same two quarters.

The combined consolidated segment result improved to a loss of Rs 36.5556 crore in the September 2026 quarter from a loss of Rs 55.6261 crore in the June quarter. Finance costs were Rs 17.1647 crore in September, and unallocable expense was Rs 0.5907 crore, leading to a consolidated loss before tax of Rs 54.311 crore.

At the standalone level, Critical Power remained Exicom’s larger revenue segment in the September quarter, with Rs 170.7902 crore against EV Charger’s Rs 106.192 crore. Critical Power revenue declined from Rs 176.0195 crore in June, while its segment profit before interest and tax declined from Rs 15.3771 crore to Rs 11.835 crore.

What does Exicom’s first-half data show?

Exicom reported consolidated EV Charger revenue of Rs 367.5505 crore for the half year ended September 30, 2026, while the segment’s loss before interest and tax was Rs 82.6373 crore. The half-year loss comprised the Rs 68.5989 crore first-quarter loss and the narrower Rs 14.0384 crore second-quarter loss.

Consolidated Critical Power revenue was Rs 351.8647 crore for the six months ended September 30, 2026, compared with Rs 272.5081 crore in the corresponding prior-year period. Its segment profit before interest and tax was Rs 20.2553 crore, whereas the total consolidated segment result was a loss of Rs 62.382 crore.

After finance costs of Rs 33.3736 crore and unallocable expense of Rs 0.5907 crore, Exicom reported a consolidated loss before tax of Rs 126.3463 crore for the half year. The consolidated loss after tax was Rs 130.3545 crore, compared with a loss after tax of Rs 151.9479 crore in the corresponding prior-year half year.

Segment balance-sheet data show consolidated EV Charger and unallocated assets of Rs 1,132.5455 crore as at September 30, 2026, compared with Rs 1,110.2387 crore at June 30, 2026. Consolidated EV Charger liabilities were Rs 850.8124 crore at September 30, 2026, up from Rs 802.502 crore at June 30, 2026.

Conclusion

Exicom’s September 2026 results show a clear split between sales growth and consolidated segment earnings. EV Charger delivered the larger consolidated revenue of Rs 213.6929 crore and reduced its quarterly loss substantially from June, but it remained loss-making, while Critical Power generated Rs 7.1828 crore of consolidated segment profit.

The next results will show whether the September-quarter reduction in the EV Charger loss continues. Exicom disclosed that one subsidiary incurred Rs 59.07 lakh of one-time employee-related payments in the quarter, including redundancy compensation and retention-plan bonuses tied to organisational restructuring, but it did not quantify the item’s effect on either reported segment.