Exicom Q4 FY26: EBITDA breakeven, revenue up 46%

Key takeaway from Q4 and FY26

Exicom Tele-Systems Limited (BSE: 544133) (NSE: EXICOM) reported a stronger finish to FY26, marked by rising standalone profitability and a milestone at the consolidated level. The company said consolidated EBITDA reached breakeven in Q4 FY26 for the first time since the Tritium acquisition. On revenue, Exicom reported FY26 standalone revenue of ~₹895 crore, up 19% year-on-year, and consolidated revenue of ~₹1,152 crore, up 33% year-on-year. For Q4 FY26, consolidated revenue was reported at ₹388 crore compared with ₹266 crore in Q4 FY25, a growth of around 45.9% year-on-year.

FY26 revenue growth: standalone vs consolidated

Exicom’s FY26 performance showed growth in both its India operations and consolidated business that includes Tritium. The company disclosed consolidated revenue of ₹1,152 crore in FY26 versus ₹868 crore in FY25. Standalone revenue for the year was ~₹895 crore, reflecting growth of 19% year-on-year. The company linked the quarterly momentum to domestic growth, higher exports, and Tritium’s commercial scale-up.

Standalone margins improve to FY26 high

Exicom said its standalone business delivered improved performance in Q4, with quarterly EBITDA margin rising through FY26. The margin was reported at 5.8% in Q1 FY26, improved to 6.6% in Q2 FY26, and reached 10.6% in Q4 FY26, which the company described as the highest of FY26. The management attributed the improvement to better execution and product mix.

Consolidated EBITDA hits breakeven after Tritium drag

On the consolidated side, Exicom stated that EBITDA moved to breakeven in Q4 FY26 from a loss of ~₹32 crore in Q3 FY26. Another reported set of numbers showed consolidated EBITDA at ₹0.3 crore in Q4 FY26 compared with a loss of ₹16 crore in Q4 FY25. While EBITDA improved in the quarter, consolidated profitability remained pressured. Exicom reported a consolidated loss after tax of ₹54 crore in Q4 FY26 compared with a loss of ₹62 crore in the corresponding quarter last year.

Full-year profitability remains weak on a consolidated basis

For FY26, the company reported a consolidated EBITDA loss of ₹103 crore, compared with a loss of ₹37 crore in FY25. It also reported a consolidated net loss of ₹274 crore in FY26, widening from ₹110 crore in FY25. The figures underline that the turnaround is still incomplete at the consolidated level even as Q4 showed operating improvement.

What management said about FY26 execution

Anant Nahata, CEO and Managing Director, said FY26 was demanding and that Q4 reflected the result of the year’s work. He said revenues grew strongly with both the India and global business contributing. He also said the standalone business posted a strong EBITDA and the consolidated business turned EBITDA-breakeven for the first time since the Tritium acquisition, reflecting better product mix, sharper execution, and Tritium beginning to scale commercially.

EV market tailwinds and Exicom’s domestic outperformance

Exicom pointed to a strong demand environment in India during FY26. It stated that India’s four-wheeler EV sales rose ~109% year-on-year. The company said the demand was broad-based, supported by nearly 15 EV launches, traction in e-buses and commercial vehicles, and supportive state and central policies.

In the current quarter referenced by the company, Exicom said its standalone business grew 27% quarter-on-quarter against a ~14% market expansion. It also said Q4 set new records for quarterly EVSE revenue, DC chargers sold above 120 kW, service and projects revenue, and global manufactured-and-sold volumes.

Large rollout and exports: what was disclosed

In Q4, Exicom said it delivered the country’s largest fast-charging rollout across more than 180 cities and 350+ locations for a leading passenger vehicle OEM. On exports, the company stated that EV exports revenue crossed around ₹30 crore during FY26, more than doubling compared to last year, supported by a growing international order pipeline across Southeast Asia and other global markets.

Tritium revenue jump and backlog entering FY27

Tritium, Exicom’s global EV charging subsidiary, reported its strongest commercial quarter under Exicom ownership. Tritium revenue was disclosed at USD $1.7 million in the quarter, up 157% quarter-on-quarter. The company also reported a Tritium backlog of USD $12.6 million entering Q1 FY27. Exicom said Tritium’s commercial scale-up contributed to consolidated EBITDA reaching breakeven in Q4.

Summary table: reported financial and operating metrics

Why the Q4 breakeven matters for investors

The key change in Q4 was the move to consolidated EBITDA breakeven, after an EBITDA loss of ~₹32 crore in Q3 FY26 and a reported loss of ₹16 crore in Q4 FY25. Alongside this, the standalone business delivered its highest EBITDA margin of FY26 at 10.6%, up from 5.8% in Q1 FY26. These data points show operating momentum across the India business and early signs of stabilization in the consolidated structure that includes Tritium.

At the same time, FY26 consolidated losses widened, with an EBITDA loss of ₹103 crore and a net loss of ₹274 crore. That contrast is important: the quarter showed improvement, but the annual numbers indicate that profitability recovery is still a work in progress.

What to watch next in FY27

Exicom said FY27 begins with capacity in place, strong customer traction, and Tritium gaining commercial ground. It also indicated that both businesses are operating into demand environments that look materially healthier than the last year. Investors will track whether Tritium sustains revenue momentum from its reported USD $12.6 million backlog and whether standalone margins remain at the improved Q4 levels as volumes scale.