Exicom Hits Breakeven, Signals Global Ambition After Strongest Quarter

NEW DELHI, India – May 19, 2026 – Exicom Tele-Systems Ltd. has announced a landmark fourth quarter for fiscal year 2026, delivering its strongest performance of the year and achieving a critical milestone by bringing its consolidated business to EBITDA breakeven for the first time since its high-profile acquisition of global charger manufacturer Tritium. The results, fueled by a sharp turnaround in its international operations and continued dominance in India's booming electric vehicle market, signal a new phase of growth for the power solutions giant.

The New Delhi-based company reported a consolidated revenue of ₹388 crore for Q4 FY26, a remarkable 45.9% year-over-year increase. Its standalone business, representing its core Indian operations, also surged with revenue up 33% YoY to ₹282 crore, boasting an impressive EBITDA margin of 10.6%. While the full-year consolidated figures still reflect a net loss of ₹274 crore—largely due to accounting for Tritium's operations for a full twelve months versus seven in the prior year—the fourth-quarter trajectory has caught the attention of the market as a powerful indicator of the company's future potential.

A Global Turnaround Fueled by Strategic Acquisition

The most significant story within Exicom's Q4 results is the dramatic revival of Tritium. Once facing considerable financial headwinds, the US-based DC fast-charging specialist delivered its strongest commercial quarter yet under Exicom's ownership. Tritium posted revenues of USD $9.7 million, a staggering 157% jump from the previous quarter, and entered the new fiscal year with a healthy USD $12.6 million backlog.

This commercial scale-up was a decisive factor in pushing Exicom's consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to a positive ₹0.3 crore, a stark contrast to the ₹32 crore loss in Q3. The turnaround is underpinned by tangible market wins, including securing orders for its next-generation DC-FLEX fleet charger from one of the largest fleet operators in the United States, with deliveries slated for 2027. Tritium was also selected as the technology vendor for a major American urban ferry electrification program, showcasing the versatility of its charging solutions.

"FY26 demanded a lot of us, and Q4 reflects the result of that work," said Anant Nahata, CEO and Managing Director of Exicom. "Our 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."

With customer adoption strengthening and over 700 chargers deployed across the US, Europe, and ANZ since the start of the year, Tritium appears firmly on track to achieve its internal goal of reaching EBITDA breakeven by the fourth quarter of FY27.

Powering India's EV Revolution from Home

While the global business turned a corner, Exicom's homegrown powerhouse continued to fire on all cylinders. The company's growth significantly outpaced the broader Indian market, which itself is in the midst of an electric vehicle explosion. India's 4-wheeler EV sales surged by approximately 109% year-over-year in FY26, creating a massive tailwind for charging infrastructure providers.

Exicom capitalized on this momentum, setting new company records for quarterly revenue from EV supply equipment (EVSE) and DC chargers sold. The company cemented its leadership by executing the country's largest-ever fast-charging rollout, deploying its infrastructure across more than 180 cities and 350 locations for a leading passenger car OEM. This effort was complemented by the rapid deployment of 16 ultrafast charging stations for a major SUV manufacturer.

This domestic surge is backed by significant manufacturing and technological advancements. In March 2026, Exicom inaugurated its new integrated manufacturing facility in Hyderabad. The ₹216 crore investment expands the company's production capacity by 2.5 times and is built on Industry 4.0 principles, incorporating advanced automation and robotics. The plant is also set to bring global technology home by locally manufacturing Tritium's sophisticated liquid-cooled power modules. Technologically, the company upgraded its Remote Management System with AI capabilities and commissioned a new Network Operations Centre (NOC) to enable predictive diagnostics, enhancing the reliability of its vast public charging network.

The Dual Engine: Resilience in Critical Power

Beyond the high-growth EV sector, Exicom's foundational Critical Power business demonstrated resilience while navigating a softer industry cycle. The telecom tower sector, a key market for this division, saw growth slow to 3.7% as operators shifted capital expenditure from network expansion to 5G upgrades and densification.

Despite this, Exicom's division secured a landmark order for DC power systems from a major Indian telco for delivery in FY27 and recorded its highest-ever quarterly exports to Africa, the Middle East, and Southeast Asia. With an existing order book of approximately ₹1,400 crore for this segment, the company is well-positioned to benefit from the anticipated rebound in telecom infrastructure spending. Furthermore, its early foray into Battery Energy Storage Systems (BESS) is gaining traction, with 10 projects commissioned during the year, providing a solid base to scale in a sector crucial for grid stability and renewable energy integration.

Investor and Market Outlook

While Exicom's operational performance paints an encouraging picture, market analysts offer a more tempered view. The company's Q4 consolidated revenue of ₹388 crore comfortably beat some analyst estimates, but the continued consolidated net loss of ₹54 crore for the quarter highlights that the path to sustained profitability is still underway. The consensus from a broad pool of analysts rates the stock as a "Hold," with some analyses suggesting the stock is "slightly overvalued with imperfect balance sheet."

The Q4 results, however, provide a strong counter-narrative to earlier concerns, demonstrating clear progress in integrating its global acquisition and converting strong market demand into revenue. Looking ahead, CEO Anant Nahata acknowledged a complex global landscape. "The macro picture has its own set of variables - geopolitical and supply chain shifts that could pressure cost structures, alongside currency and commodity volatility, but we are watching them closely and are confident in our ability to navigate effectively."