Exicom returns to Q2 EBITDA profit as PAT loss narrows

Exicom Tele-Systems Limited returned to consolidated EBITDA profit of Rs 1.8 crore in Q2 FY27, compared with a Rs 32.7 crore loss in Q2 FY26, although its consolidated PAT loss remained Rs 57.8 crore. The company’s board also approved a proposed divestment of Tritium under a non-binding term sheet valued at USD 85 million.

How did Exicom’s consolidated Q2 FY27 financials change?

Exicom reported consolidated revenue of Rs 388.3 crore and EBITDA of Rs 1.8 crore in Q2 FY27, reversing EBITDA losses of Rs 21.9 crore in Q1 FY27 and Rs 32.7 crore in Q2 FY26. Revenue rose from Rs 331.1 crore sequentially and Rs 281.7 crore a year earlier, while the EBITDA margin moved to 0.5% from negative 6.6% and negative 11.6%, respectively.

The return to operating profit did not translate into net profit in Q2 FY27. Exicom’s consolidated profit after tax, or PAT, was a loss of Rs 57.8 crore, narrower than losses of Rs 73.6 crore in Q1 FY27 and Rs 68.8 crore in Q2 FY26. The release does not quantify Tritium’s individual loss or reconcile the consolidated PAT loss, but describes the global DC fast-charging business as capital intensive.

The difference between standalone and consolidated EBITDA highlights the group’s operating mix in Q2 FY27. Exicom’s India-based standalone operation generated Rs 25.6 crore of EBITDA, which was Rs 23.8 crore higher than the Rs 1.8 crore consolidated EBITDA result. The company described consolidated revenue as a function of exports and Tritium business, while reporting standalone revenue of Rs 277 crore.

Why is Exicom divesting Tritium?

Exicom is pursuing a Tritium divestment because management said capital should be redeployed towards opportunities in India and export markets, while Tritium remains capital intensive. The company acquired Tritium for global EV charging technology and international-market access, and said Tritium’s liquid-cooled power modules are now manufactured at Exicom’s Hyderabad plant.

The board approved a non-binding term sheet from a prospective acquirer at an indicative enterprise value of USD 85 million for Tritium on a cash-free and debt-free basis. The proposed transaction remains subject to confirmatory due diligence, customary closing adjustments and mutual agreement on definitive transaction documents, meaning the final valuation and completion remain uncertain.

Exicom said Tritium has commercialised new products, entered new markets and reached its highest order book since the acquisition. It will retain a perpetual licence to TRI-FLEX technology following the proposed divestment. Management said the transaction could reopen a path to Exicom becoming debt-free in the near future, but the release gives no debt balance, expected sale proceeds or completion timetable.

How profitable was Exicom’s standalone business in Q2 FY27?

Exicom’s standalone business delivered revenue of Rs 277 crore and EBITDA of Rs 25.6 crore in Q2 FY27, with EBITDA margin reaching 9.2%. Standalone revenue increased from Rs 236.8 crore in Q1 FY27 and Rs 228.4 crore in Q2 FY26, while EBITDA rose from Rs 20.9 crore sequentially and Rs 15.2 crore a year earlier.

Standalone PAT was Rs 7.8 crore in Q2 FY27, compared with Rs 4.9 crore in Q1 FY27 and Rs 5.9 crore in Q2 FY26. The contrast with the consolidated PAT loss of Rs 57.8 crore shows that the profitable India operation did not offset costs and losses across the broader group during the quarter.

EV charging was a stated contributor to the standalone quarter, with Exicom crossing Rs 100 crore of EV revenue for the first time. The company said it produced 2.5 times as many alternating-current, or AC, chargers and twice as many direct-current, or DC, chargers during Q2 FY27, alongside new wins across market segments.

What operating developments support Exicom’s growth plan?

Exicom said it works with 7 of India’s top 10 EV makers, 17 of the top 20 charging operators and 9 of 18 e-bus and truck makers. Its own analysis estimates potential annual charging demand of up to 130,000 AC chargers, 25,000 DC chargers and nearly 6,000 high-power DC chargers for the e-bus and truck segment.

Exports expanded after FY26 market trials, with Exicom entering 10 new countries and adding 10 distribution partners. The company also extended artificial-intelligence-based remote monitoring to Spin Air AC chargers and introduced an AI-enabled service agent, adding software features to its EV charging portfolio.

Critical Power provided another operating development in Q2 FY27. Exicom secured an order for about 5,000 DC power systems from a tier-1 telecom operator and said it held about 50% market share in hybrid power and battery solutions for BharatNet’s mid-mile network. The business also added customers in Africa and the Middle East during the quarter.

Exicom signed long-term distributor agreements in home and commercial-and-industrial, or C&I, energy storage. The company cited market projections for C&I installations to rise from under 1 gigawatt-hour in 2025 to as much as 31 gigawatt-hours by 2032. That projection is market context cited by Exicom rather than guidance for its own sales or capacity.

Conclusion

Exicom’s Q2 FY27 results show a change in consolidated operating performance, with EBITDA moving from a Rs 32.7 crore loss a year earlier to a Rs 1.8 crore profit. At the same time, the Rs 57.8 crore consolidated PAT loss and the Rs 25.6 crore standalone EBITDA result show the difference between the profitable India operation and the wider group’s financial outcome.

The next disclosed milestone is the proposed Tritium sale under the USD 85 million indicative enterprise-value term sheet, which still requires due diligence, closing adjustments and definitive agreements. Exicom also enters the second half of FY27 after crossing Rs 100 crore of quarterly EV revenue and securing an order for about 5,000 DC power systems, developments that could affect subsequent reported revenue and margins.