Exicom posts strong Q2 performance on solid India growth, charts a disciplined path for scale-up

NEW DELHI, Nov. 10, 2025/PRNewswire/ — Exicom Tele-Systems Limited (BSE: 544133) (NSE: EXICOM), one of India’s leading EV charging and critical power companies, announced its financial results for Q2 FY26, reporting consolidated revenues of ~₹282 crore, an ~84% year-on-year and ~37% quarter-on-quarter growth. While the consolidated bottom line remained under pressure with an EBITDA loss of ₹32.7 crore (~15% lower QoQ), the company’s standalone business delivered a solid turnaround in both revenue and profitability. Standalone revenues stood at ~₹228 crore, rising over 50% both sequentially and year-on-year, driven by a sharper focus on technology-led differentiation and customer engagement amid industry tailwinds. Standalone EBITDA for Q2 FY26 was ₹15.17 crore, up ~72% QoQ and ~154% YoY.

Critical Power business bounced back strongly this quarter with ~₹170 crore in consolidated revenues. Growth was driven by renewed project activity post monsoons, where Exicom delivered smart power and energy storage systems for over ~5,000 Bharat Net sites. The company also added a new system integrator under Bharat Net through a multi-year supply and AMC contract, further strengthening its role in rural connectivity. Adoption of Lithium-ion batteries accelerated across major tower companies, with Exicom securing ~₹60 crore in new orders for energy storage. Exicom also completed first-time shipments to key customers in Africa, with a newly developed solution, paving the way for repeat business in the coming quarters.

The EV Charging business witnessed strong momentum with ~51,000 4w EVs sold this quarter, strong activity in e-buses and e-trucks and rising investments by CPOs and OEMs towards fast-charging infrastructure. With foresight and early bets on high-power charging, Exicom was well-positioned to capitalize on these trends. This was reflected in consolidated EVSE revenues of ~₹112 crore and broad-based wins across customer segments.

•  Achieved highest-ever AC charger sales o f ~20,000+ units this quarter, through OEM and e-commerce channels

•  New partnership with a leading Auto/EV OEM for 180 kW high-power fast charging product (Harmony Direct 2.0) and its newly introduced full-station integration solution

•  Expanded presence across Southeast Asia, the Middle East through strategic channel partnerships, paving the way for higher export sales in upcoming quarters.

With the upcoming ~11,000 e-bus tender under the PM e-Drive scheme and renewed policy focus on e-trucking, high-power charging is poised for strong growth. An early mover in heavy-duty charging, Exicom already leads the e-bus segment and is now expanding into e-trucking with high-capacity DC shipments to a leading player and partnerships with multiple OEMs for on-route charging networks.

Commenting on the quarter’s performance, Anant Nahata, Managing Director and CEO, Exicom, said:”This performance reflects our clarity and consistent execution. Both our businesses have found their rhythm again, translating technology depth and customer focus into stronger sales. With a sharper product mix, higher exports, the new Hyderabad facility, and continued cost discipline, we expect sustained improvement in standalone EBITDA in the coming quarters.”

Exicom acquired Tritium in August 2024 to expand its global footprint. Since then, the company has revived Tritium’s sales and customer sentiment. While consolidated EBITDA remains under pressure from fixed costs, this should ease as Tri Flex and DC Flex are expected to commercialize in Q4 FY26 and Q2 FY27, respectively. These products are expected to drive large orders from strategic customers and major network operators across the U.S. and Europe.

In an important strategic move, Exicom BV’s board has, in principle, approved up to $40 million for external financing through the issuance of equity shares and/or other eligible securities convertible into equity shares , to fuel Tritium’s next phase of growth. These funds will be allocated towards product commercialization, working capital, and fixed cost coverage. This will drive Tritium’s self-sustaining expansion, strengthening Tritium’s path to steady state revenue and EBITDA break even, targeted for Q4 FY27.

Addressing investor sentiment around Tritium, Anant Nahata added, ” Although Tritium’s near-term losses will continue to impact consolidated results for a few more quarters, we see it as a strong long-term growth driver. The new financing structure will allow us to continue focusing on growth and expansion, while limiting Exicom’s investment exposure, thereby creating long-term shareholder value.”

Given the delayed but now visible resurgence in EV sales and Bharat Net execution, two key macro trends for Exicom, the company expects Q3 and Q4 FY26 to perform better.

However, as these tailwinds materialized later than expected, Exicom has revised its full-year guidance, adopting a more conservative view with standalone revenue and EBITDA growth projected at ~20% (earlier guidance – 50%) and ~200% (earlier guidance – 250%), and consolidated revenue growth at 35%.

The following table summarizes the unaudited financial results for Q2 FY26 as approved by the Board of Directors on November 10, 2025: