Exicom Q4 FY26: Standalone Margins Jump, Consolidated EBITDA Turns Positive

Exicom Tele-Systems ended Q4 FY26 with a clear split story. The India operations delivered their strongest quarter in the year. And the consolidated business crossed a milestone by turning EBITDA positive for the first time since the Tritium acquisition in September 2025.

On a standalone basis, Q4 revenue rose to 282.1 crore, EBITDA improved to 29.9 crore, and PAT came in at 11.9 crore. The EBITDA margin expanded to 10.6%, helped by a better product mix and operating leverage.

On a consolidated basis, Q4 revenue increased to 387.9 crore. EBITDA was 0.3 crore, a small number but meaningful because it marked the shift to EBITDA breakeven. Consolidated PAT remained a loss at 54.3 crore, reflecting high depreciation, finance costs, and the remaining burden of Tritium’s fixed costs.

Two engines: Critical Power stays steady, EVSE accelerates

Exicom operates through two main segments: Critical Power and EV chargers (EVSE). In Q4 FY26, both segments grew, but EVSE was the faster engine.

Standalone segment revenue in Q4 shows Critical Power at 194.1 crore and EVSE at 87.9 crore. Management highlighted that Critical Power grew about 23% year-on-year, while EVSE grew about 60% year-on-year.

Critical Power performance was supported by execution on large orders and an order book of 1,016 crore as of 31 March 2026. The company also pointed to exports as a growing contributor. The presentation states Critical Power exports at 12.4% of Critical Power sales in Q4, while a separate slide describes exports of about 28 crore in Q4, around 15% of sales.

Management also acknowledged profitability pressure in fixed-price government contracts. In BharatNet supplies, the company cited that forex and commodity price increases stressed contribution margin due to fixed tender pricing.

EVSE delivered a record quarter. The company reported its highest ever quarterly EVSE revenue at 87.9 crore, the most DC chargers sold in a quarter in the above 120 kW segment, and the highest service and projects revenue. Execution under Exicom One crossed 80 sites in the quarter.

Financial summary

Tritium: commercial traction visible, breakeven target stated

Tritium remained the key variable for consolidated performance. The CEO disclosed that Tritium recorded USD 9.7 million in revenue in Q4 FY26, up 157% quarter-on-quarter, and entered Q1 FY27 with a USD 12.6 million backlog.

The presentation indicates Tritium EBITDA loss in Q4 FY26 at USD 3.7 million, improving versus earlier quarters. Management also stated an expectation of FY27 revenue at around three times FY26, and a narrowing of EBITDA losses by about one-fourth versus FY26.

The clearest target was operational: Tritium is stated to be on track for EBITDA breakeven in Q4 FY27.

The company’s FY28 aspirations are being linked to product launches. Tritium outlined three product launches scheduled across May, June, and July: GRID-FLEX inverter, TRI-FLEX, and DC-FLEX. The presentation describes potential revenue opportunities in FY28 of about USD 35 million, USD 25 million, and USD 30 million respectively, subject to successful pilots.

Hyderabad plant: capacity step-up, near-term working capital noise

A major FY26 execution item was the Hyderabad manufacturing plant, described as an integrated facility for EV chargers and batteries. The company states planned annual capacity of 1,00,000 plus AC chargers (planned 2 lakh) and 4,000 plus DC chargers, along with power electronics and Li-ion battery integration.

Management said the plant became operational in Q4 and the company plans to shift the majority of production from Gurugram to Hyderabad over the next 2-3 months.

The CFO flagged that the ramp-up creates temporary balance sheet effects. Inventory has built up because Hyderabad and Gurugram are running in parallel, and receivables increased due to strong revenue being weighted toward the later part of the quarter. The company stated that receivables quality remains healthy and collections are on track.

What to track from here

Q4 FY26 showed a material improvement in standalone profitability and a turning point in consolidated EBITDA. But consolidated PAT remains negative and the next phase depends on whether Tritium’s scale-up sustains and fixed costs get absorbed as revenues grow.

For investors following Exicom, the focus areas are clear: execution on the large Critical Power order book, scaling EVSE volumes while protecting margins, and meeting the Tritium EBITDA breakeven target for Q4 FY27. The Hyderabad plant transition is another near-term monitor, because it can influence working capital before it improves manufacturing efficiency at scale.