Exicom Tele-Systems makes critical power systems for telecom sites and EV charging hardware, with US subsidiary Tritium producing high-power DC fast chargers. The money is made in two streams: Critical Power contributed INR177 crore in Q1 FY27, up 73% year on year, while stand-alone EV charging revenue was INR61 crore, up 15%. The company holds more than 50% of India's wallbox charger market and a 60% share in the BharatNet government fiber project, with a consolidated order book of INR1,400 crore as of June 30, 2026. Stand-alone gross margin was 29.1% and EBITDA margin 8.8% in Q1 FY27, up from 5.8% a year earlier, though consolidated EBITDA remained a loss of INR21.9 crore, narrowing from INR38.6 crore a year ago. The economics persist because qualification cycles and switching costs are deep; telecom tower operators have worked with Exicom for three decades, and its ring-topology chargers offer a technical edge. The Hyderabad plant, fully operational since Q4 FY26, triples production capacity, while Tritium's TRI-FLEX and other new products are in trials with Fortune 100 companies, with a successful hyperscaler test able to unlock $30-35 million each in FY28.
The critical inflection is happening now. Consolidated EBITDA turned positive in Q4 FY26 for the first time since the Tritium acquisition, and management expects further improvement. Hyderabad is absorbing production from Gurgaon over the next 2-3 months, phasing out INR8.7 crore of parallel-run fixed costs. By Q4 FY27, Tritium is committed to EBITDA breakeven, with revenue scaling 3x in FY27 and order intake already accelerating; Tritium bookings in Q1 FY27 were $20.8 million, double the prior quarterly average, and backlog stood at $20 million on July 1. New products launch between May and July 2026, and if trials convert, the FY28 revenue opportunity is $30-35 million per product. Critical Power exports are set to rise from about 8% of sales in Q1 to roughly 15% by end FY27, while BESS moves from near zero to INR50 crore in FY27, backed by 15 MWh orders already won. By mid-2028, the business should have a fully loaded Hyderabad plant, Tritium at triple-digit million revenue, and consolidated EBITDA margin in high single digits or better, as fixed costs are spread over a much larger revenue base.
Management has a mixed record: it guided 50% standalone revenue growth for FY26 but delivered 19%, and the Hyderabad plant slipped from October 2025 to March 2026. However, it also delivered consolidated EBITDA breakeven in Q4 FY26, a full year ahead of the original Tritium timeline, and the order book has grown to INR1,400 crore. On the August 2026 call, management reiterated consolidated EBITDA breakeven in Q2 or Q3 FY27 and Tritium breakeven in Q4 FY27, along with Tritium 3x revenue growth. Capital allocation is disciplined: consolidated debt is INR370 crore, with no equity dilution, and the completed Hyderabad capex supports scale. The VRS and retention costs that hurt FY26 PAT are one-offs. The key is whether Tritium's product trials convert; management has already secured a $30 million firm purchase order from a Fortune 50 customer with deliveries starting January 2026, and a second $30 million annual RFP is advanced.
The earnings path is quantified through Tritium. Q1 FY27 revenue was about $10.5 million, so 3x growth for FY27 implies approximately $120 million annualized, and with new product wins, FY28 could see $150 million plus. India business should compound at 20-30% given 120,000 new tower additions and rising EV penetration. The kill shot is Tritium's customer qualifications; if the hyperscaler test fails or product launches slip, the 3x target and Q4 FY27 breakeven are at risk. Secondary risks include supply chain issues in semiconductors and copper, and working capital spikes from inventory and receivables, which were elevated in Q1. The tension between a PAT loss of INR73.6 crore and improving gross margin is operational, not structural: fixed costs are being absorbed by volume as the parallel plant costs phase out. If Tritium delivers as guided, consolidated EBITDA could reach INR100-150 crore by FY28; if not, losses persist. The single most important watchpoint is the quarterly Tritium bookings and any slippage in the Q4 FY27 breakeven commitment, as that determines whether the turnaround becomes structural or remains a promise.
companyname: EXICOM ticker: EXICOM sector: Not classified Exicom Tele-Systems is an Indian power electronics company that operates in two segments: Critical Power and Electric Mobility (EV charging). It designs, manufactures, and services power conversion equipment, lithium-ion battery systems, and EV chargers. The company was founded in 1994, has 30 years of power electronics expertise, and employs over 130 engineers in R&D across hardware, software, and systems engineering (FY25 Annual Report...
Read the full report →capex, margin expansion, geographic expansion, order book surge
Tritium revenue expected to scale up 3x and achieve EBITDA breakeven by Q4 FY27 driven by new product launches and order book
Guidance upgradedmixed
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