Exicom’s Q2 Turn: EBITDA Swings Positive as EV Hits ₹100 Crore and Tritium Exit Looms

Consolidated revenue rose 38% YoY to ₹388 crore, but the real shift is the operating line and the decision to sell the global DC business.

Exicom Tele-Systems reported consolidated revenue of ₹388.3 crore for the quarter ended 30 September 2026, up 38% from ₹281.7 crore a year earlier and 17% sequentially. EBITDA turned positive at ₹1.8 crore after a ₹32.7 crore loss in the same quarter last year. The bottom line remained in the red at a ₹57.8 crore net loss, narrower than the ₹68.8 crore loss a year ago, because depreciation and interest still outweigh the modest operating surplus.

The India engine did most of the work. Standalone revenue reached ₹277 crore, a 21% year-on-year increase, while standalone EBITDA rose 69% to ₹25.6 crore and the margin expanded to 9.2% from 6.6%. Standalone profit after tax stood at ₹7.8 crore. Within that, the EV charging business crossed ₹100 crore in a single quarter for the first time — roughly ₹106 crore according to the investor presentation — after the company produced 2.5 times as many AC chargers and twice as many DC chargers as the prior quarter.

EBITDA Up 90%; Revenue Up 21%

Revenue growth is real, but the quality of the improvement sits in the operating line. Consolidated EBITDA swung from a deep loss to a small profit in one year. That is the first clear sign that the cost base is beginning to match the scale of the India business. On the standalone books the margin expansion looks cleaner: volume growth in EV chargers plus tighter cost control lifted EBITDA by nearly 70% even though revenue rose only 21%.

The consolidated loss persists because Tritium and the related integration costs still weigh on the group. Depreciation of roughly ₹43 crore and finance costs of about ₹17 crore in the quarter continue to erase the operating profit. Until those items normalise or the Tritium assets leave the books, reported PAT will lag the operating improvement.

Q2 FY27 Financial Snapshot (₹ crore)

The EV segment in India is the clear growth driver. Crossing ₹100 crore in a quarter is a threshold the company had been targeting. Volume is scaling, and the standalone margin expansion suggests the incremental business is coming in at better economics than the group average. Critical Power remains the steadier base; it secured an order for approximately 5,000 DC power systems from a tier-one telecom operator during the quarter and continued work on the uncovered villages connectivity programme.

The Tritium Decision

In the same board meeting that approved the results, directors signed off on a non-binding term sheet to divest the Tritium global DC fast-charging business at an indicative enterprise value of USD 85 million on a cash-free, debt-free basis. Exicom acquired Tritium in August 2024 after the Australian company entered insolvency, mainly to gain technology and international market access. The company says that objective has largely been met. Tritium now carries its highest order book since the acquisition — roughly $23 million at the end of September — and contributed about 27% of consolidated revenue in the first half.

The rationale for the sale is capital allocation. Tritium remains capital-intensive and is still loss-making at the operating level. Management wants to concentrate resources on the Indian EV charging opportunity and the Critical Power business, both of which are showing clearer paths to scale and profitability. Exicom will retain a perpetual licence to the TRI-FLEX technology for use outside the Americas, so the technology is not being given away entirely.

The deal is still non-binding and subject to due diligence, definitive agreements, shareholder approval (a postal ballot has already been issued) and regulatory clearances. Cash proceeds, timing and any residual liabilities remain open questions. If the transaction closes near the indicative value, the cash could meaningfully reduce net debt and support further India capacity or working-capital needs. Until then, the balance-sheet benefit is prospective.

Order Book and Visibility

The combined order book and advance pipeline stood at ₹1,645 crore as of 30 September 2026. That equates to roughly 15 months of revenue visibility at the current run rate. Order inflow in the quarter was ₹377 crore and the bill-to-book ratio was 0.73x. Within EVSE, open orders and the advance pipeline together give a solid base; Critical Power continues to supply both telecom and broader power-electronics demand.

Visibility of that length is useful in a capital-goods business, but conversion still depends on execution, supply-chain smoothness and customer acceptance. The company has also noted expansion into new export markets for the India-built products. How much of the pipeline converts at the improved standalone margins will determine whether the operating leverage visible this quarter persists.

What the Valuation Already Assumes

The stock closed around ₹140–145 in the days after the results, implying a market capitalisation of roughly ₹1,950–2,000 crore. On a trailing twelve-month basis the company is still loss-making at the consolidated level, so a conventional P/E is not meaningful. Price-to-book sits near 3 times. The market is therefore pricing some recovery in profitability and the potential cash from the Tritium exit, but it is not yet giving full credit for a clean, high-margin India EV franchise.

If standalone EBITDA margins hold in the high single digits and the EV business continues to compound above 20%, the India engine alone can support a higher multiple once the consolidated drag diminishes. The risk is that the Tritium sale either fails to close or closes at a lower value, leaving the group with ongoing losses and higher leverage. Another risk is slower-than-expected volume growth in domestic EV charging if infrastructure roll-out or OEM demand softens.

What to Watch Next

Three items will clarify the trajectory. First, progress on the Tritium divestment — definitive agreement, valuation achieved and cash receipt. Second, whether the India EV business can sustain quarterly revenue above ₹100 crore and keep expanding standalone margins. Third, conversion of the ₹1,645 crore order book and pipeline into revenue without eroding the cost discipline that produced this quarter’s EBITDA swing.

Critical Power’s telecom order provides a useful near-term anchor, but the larger optionality sits in EV charging. The company has the manufacturing capacity (including the newer Hyderabad plant) and the product range. Execution on volume and cost will decide whether the operating improvement visible in Q2 becomes the new run rate or remains a one-quarter recovery.