Exicom Q4 FY26: Standalone margins expand as Tritium reaches EBITDA breakeven

Exicom Tele-Systems closed Q4 FY26 with two clear signals for investors: stronger profitability in the India-led standalone business and a visible step-change at Tritium, the global fast-charging platform acquired in September 2025. On a standalone basis, revenue rose to Rs 282.1 crore, up 32.6 percent year on year and 20.7 percent quarter on quarter. EBITDA increased to Rs 29.9 crore, taking the margin to 10.6 percent, while PAT came in at Rs 11.9 crore.

Consolidated performance reflected both growth and the still-heavy cost structure at Tritium. Revenue reached Rs 387.9 crore, up 46.1 percent year on year and 40.2 percent sequentially. EBITDA turned slightly positive at Rs 0.3 crore, the first breakeven quarter since Tritium joined the group, while PAT was a loss of Rs 54.3 crore.

Management framed Q4 as the outcome of a demanding year with improving execution and better mix. The CEO highlighted that standalone delivered strong EBITDA and consolidated operations reached EBITDA breakeven, attributing the swing to sharper execution, a better product mix, and Tritium beginning to scale commercially.

Q4 performance in one view

Exicom’s Q4 results are best understood by splitting the story into two tracks. The first is the India business, where Critical Power and EVSE both grew and margins improved sharply on mix. The second is Tritium, where revenue accelerated meaningfully but losses remain, even as the path to breakeven appears clearer.

Standalone gross margin increased to 27.0 percent in Q4 FY26 from 22.1 percent in Q3 FY26 and 21.3 percent in Q4 FY25. The company linked the jump to product and segment mix, including fewer Li-ion battery sales, while also noting that rupee depreciation pressured material costs. Operating leverage did the rest. Even after an increase in fixed costs of Rs 10.9 crore for strategic growth, EBITDA expanded strongly.

At the consolidated level, Q4 also benefited from mix. Gross margin increased in Q4 and management attributed it to a favorable shift toward higher-margin sales from Tritium. That matters because the Tritium business also carries a fixed cost base that weighed on FY26 consolidated EBITDA.

India core: Critical Power stays resilient as EVSE scales

In the standalone business, Critical Power remained the larger revenue contributor in Q4 FY26. Segment revenue for Critical Power was Rs 194.1 crore, up from Rs 164.2 crore in Q3 FY26 and Rs 157.7 crore in Q4 FY25. EV chargers delivered Rs 87.9 crore in Q4 FY26, up from Rs 69.5 crore in Q3 FY26 and Rs 55.1 crore in Q4 FY25.

This quarter is important because it came against a softer backdrop for telecom tower rollouts. Exicom cited tower rollout growth slowing to 3.7 percent year on year, compared with a five-year CAGR of 5.8 percent. New tower installations fell to 6,530 in Q4 FY26 from 8,246 in Q3 FY26. Despite that, Critical Power revenue still grew about 23 percent year on year at both standalone and consolidated levels, supported by execution and orders.

The Critical Power business also carried a meaningful order book. As of March 31, it stood at Rs 1,016 crore. The company called out a large DC Power Systems order of about Rs 113 crore from a private telecom operator, under execution. It also flagged stress on contribution margins in the Bharat Net work due to fixed government tender pricing and cost inflation from forex and commodity prices.

Exports remained an important lever. Exicom stated that export from India accounted for 12.4 percent of Critical Power sales in Q4, and noted export activity across Africa, the Middle East, and Southeast Asia. It also mentioned a new proof of concept completed successfully with commercial rollout expected in Q1 FY27 in Southeast Asia.

EVSE, meanwhile, benefited from a stronger domestic demand environment and a sharper execution cadence. The company described Q4 FY26 as its highest ever quarterly EV charger revenue at Rs 87.9 crore, and said it sold the most DC chargers over 120 kW in any quarter. It also reported its highest ever service and projects revenue and said it executed more than 80 sites under Exicom One.

The market context matters. Exicom pointed to FY26 being a record year for Indian EV sales at 25.5 lakh units, up 25 percent year on year, and a March 2026 monthly record of 280,000 units. It highlighted 29,000 plus public charging stations and policy support, including over Rs 2,000 crore allocated for charging infrastructure under PM E-Drive and a plan to install 72,000 public chargers.

The company also emphasized a mix of product breadth and innovation in EVSE, spanning home, public, and commercial applications across 3.3 kW to 600 kW. In Q4 it cited first-of-its-kind milestones such as making Tritium’s liquid cooled charger live with a leading charge point operator, launching an AI-enabled remote management platform for DC charger operations and maintenance, and deploying a ring-topology based DC charger.

Tritium: revenue inflects, launches line up, breakeven target set

Tritium was the swing factor for consolidated results in FY26, and Q4 provides early evidence of traction. Management stated Tritium delivered its strongest commercial quarter under Exicom ownership, with USD 9.7 million revenue, up 157 percent quarter on quarter, and a USD 12.6 million backlog entering Q1 FY27.

Financially, Tritium’s quarterly numbers show both progress and remaining pressure. Revenue moved from USD 3.9 million in Q3 FY26 to USD 9.7 million in Q4 FY26, while EBITDA improved from negative USD 5.0 million to negative USD 3.7 million. The company also noted record order booking at about USD 10 million and cited improvements in customer engagement, spare supply, and product reliability.

The near-term plan is shaped by product launches. Tritium outlined three launches over May to July 2026:

• GRID-FLEX inverter: the first 1.6 MW unit undergoing factory acceptance testing with a large hyperscaler, with a stated revenue opportunity of about USD 35 million in FY28 if successful.
• TRI-FLEX: initial production run beginning in early June 2026, with customer-facing systems going to Europe and the USA, linked to a stated USD 25 million revenue opportunity in FY28 upon successful pilots.
• DC-FLEX: pilot systems expected in late June for deployments including a fleet customer distribution center, linked to a stated USD 30 million revenue opportunity in FY28 upon successful pilots.

Commercially, Exicom also stated Tritium’s next-generation DC-FLEX fleet charger secured orders from one of the largest US fleet operators, with deliveries expected to begin in calendar year 2027.

The company has also provided a timeline for profitability. Management said Tritium remains on track for EBITDA breakeven in Q4 FY27. It also said FY27 revenue expectation is three times and EBITDA losses are expected to narrow to one quarter of FY26 levels.

Capital deployment and capacity: Hyderabad becomes a scale anchor

Exicom’s Q4 narrative is not only about demand, but also about readiness to supply. A key operational milestone was the Hyderabad manufacturing plant, positioned as India’s largest EV charger and battery integrated plant. The plant has planned capacity of more than 100,000 AC chargers per annum, with a planned scale to 200,000, and more than 4,000 DC chargers per annum. The company highlighted it as roughly a 2x increase in AC capacity and 2.5x in DC capacity over existing levels.

The plant spans 18.4 acres with about 280,000 square feet built up area and a workforce deployment of 450 plus. The company also described an opening event with over 70 EVSE customers, 25 plus critical power customers, and presence from journalists, influencers, and investors, framing it as a perception-shaping moment built around automation, digital traceability, and validation.

Funding visibility was also high. The company disclosed deployment of IPO proceeds of Rs 400 crore across the Hyderabad plant, repayment of working capital, incremental working capital, R and D, general corporate purpose, and offer expenses. As of March 31, 2026, the balance funds under IPO proceeds were shown against the R and D line, with Rs 8.83 crore remaining. It also disclosed full utilization of right issue proceeds of Rs 259.41 crore, including Rs 85 crore invested in the wholly owned subsidiary Tritium and Rs 161.87 crore used to repay certain borrowings.

What investors should watch next

Exicom exits FY26 with momentum in the India business and early commercial validation at Tritium, but also with clear execution requirements.

First, India profitability is improving, and Q4 showed how sensitive margins are to product mix. Standalone gross margin rose to 27.0 percent in Q4, lifting EBITDA margin to 10.6 percent. The sustainability of that step-up will depend on how the mix evolves, particularly in batteries and government-linked contracts where fixed pricing can compress contribution in inflationary periods.

Second, Critical Power looks positioned to defend growth even in a slower tower rollout market, aided by a sizable order book and export demand. But the segment also faces margin pressure from forex and commodity movements, as seen in Bharat Net execution.

Third, EVSE is benefiting from India’s EV adoption curve and charging infrastructure spending. The company’s Q4 claims around record revenue, DC fast-charger volumes, and project execution suggest operating rhythm is strengthening. Sustaining this will depend on OEM infrastructure rollouts, public charging utilization improving over time, and continued service quality as installed base grows.

Finally, Tritium is the biggest variable for consolidated profitability. Q4 was a visible inflection with USD 9.7 million revenue and a stronger backlog position, but EBITDA was still negative in dollar terms and FY26 consolidated EBITDA remained negative overall. The company’s stated target of Tritium EBITDA breakeven by Q4 FY27 makes FY27 a year where revenue scale and fixed-cost discipline must move together.

The quarter’s theme is execution with clearer outcomes. Standalone margins expanded meaningfully, consolidated EBITDA crossed into breakeven territory in Q4, and the manufacturing and product roadmap is now more tightly linked to commercial milestones. For investors, the next few quarters should answer a simple question: can Exicom keep India’s operating leverage intact while converting Tritium’s product launches into sustained revenue and narrowing losses on schedule.