Event Participants
Executives
2 Anant Nahata, Shiraz Khanna
Analysts
5 Himanshu Jain, Rahul Dani, Shashi Kant, Suraj Fatehchandani, Taksh Gaur
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Standalone Revenue | ₹236.8 crores | +57% YoY (from ₹150.7 crores), -16% QoQ on normal Q4 seasonality |
| Consolidated Revenue | ₹331.1 crores | +61% YoY, driven by critical power execution and Tritium growth |
| Standalone Critical Power Revenue | ₹177 crores | +73% YoY; QoQ -11% (industrial seasonality, Q4 strongest) |
| Standalone E-Mobility Revenue | ₹61 crores | +15% YoY; AC charger volumes grew ~30%, DC charger demand pulled forward to Q4 |
| Consolidated E-Mobility Revenue | ~₹154 crores | +50% YoY including Tritium (~$10M+ quarterly run-rate) |
| Standalone Gross Margin | 29.1% | +2% QoQ on pricing/mix; -3.6% YoY on lead input cost inflation |
| Consolidated Gross Margin | 31.7% | Broadly stable QoQ; lower YoY on Tritium inventory mix normalization |
| Standalone EBITDA | ₹20.9 crores (8.8%) | +137% YoY; operating leverage absorbed ₹8.7 crores parallel-run fixed costs |
| Consolidated EBITDA | -₹21.9 crores (-6.6%) | Improved from -₹38.6 crores; narrowed ~43% YoY |
| Standalone PAT | ₹4.9 crores (2.1%) | Turnaround vs. loss in Q1 FY26 |
| Consolidated PAT | -₹73.6 crores | Improved from -₹83.1 crores YoY |
| Standalone Depreciation | ₹10.3 crores | +67% YoY on Hyderabad plant commissioning |
| Consolidated Debt | ₹370 crores | As of 30 Jun 2026; coverage ratios comfortable |
| Tritium Revenue | $10.1M (Q1) | Second consecutive quarter above $10M |
| Tritium Bookings | $21M (Q1) | Nearly doubled from ~$10M/quarter run-rate |
| Consolidated Order Book | ₹1,400+ crores | Record high; includes ₹1,000 crores critical power + ~₹200 crores charging |
| BESS Order Book | 15 MWh (~₹20 crores) | Plus 34 MWh (~₹45 crores) in advanced pipeline |
| Exports (Critical Power) | ~₹15 crores (8% of segment) | Target: ~15% of critical power sales in FY27 |
Geographic & Segment Commentary
Critical Power (India): Revenue of ₹177 crores, +73% YoY. Entered supply agreement for power systems and batteries with one of India's largest tower companies (continuous business, revenue visible from Q2). Secured ₹85 crore DC power order from a leading telecom operator. Governmentside, holds 60% share of the ambitious national fiber connectivity project (₹700 crores open orders plus ~₹800 crores service orders over 10 years); BSNL border-region phase two expected to allocate ~2,000 towers worth ₹200-900 crores. India's two top tower companies driving BESS and battery orders; lithium-ion battery supply to a large power company expected from Q4.
Charging – India: Standalone revenue ₹61 crores, +15% YoY (AC grew ~30%, DC pulled forward to Q4). Secured 100% share of business with an international luxury 7-series brand for wallbox home chargers; renewed agreement with a leading truck OEM for portable chargers. Added 15 new network operators in Q1; order book of ~180 DC chargers through October 2026. Industry tailwinds: ~86,000 passenger EV registrations (+31% highest ever), 6,500 goods carriers, 1,400 buses; Delhi's ₹15,000 crore policy for 30,000+ charging points also supportive.
Charging – Tritium (US/Australia): Revenue $10.1M and bookings $21M in Q1, a structural step-up from prior ~$10M quarterly bookings. New products (TRI-FLEX, DC Flex, Grid Flex, Zip Flex bi-directional inverter) in mid-to-advanced trials with Fortune 100 charging network and fleet customers; if qualified, potential $20-30M+ contracts for CY27. US factory capacity can support ~$100M annual revenue, currently utilized ~25%.
BESS (Commercial & Industrial): Deployed 10+ C&I BESS systems in Q1, building operating know-how. Order book 15 MWh (₹20 crores) plus 34 MWh (₹45 crores) advanced pipeline. Supply chain disruptions in battery materials and commodity-linked pricing have settled, enabling backlog execution.
Company-Specific & Strategic Commentary
Hyderabad Plant Transition: Plant fully operational in Q1 with 3x production capability. Parallel-running Gurgaon and Hyderabad plants added ~₹8.7 crores to fixed costs in Q1; expected to phase out as Gurgaon transition completes over coming quarters. Depreciation up 67% standalone (₹10.3 crores) and 57% consolidated.
Capacity Utilization: AC chargers at ~100% (new line ordered, monthly run-rate to grow another 50% over next 3 months); DC chargers at ~65% (heavier machinery, not a mass-manufacturing product); DC power systems 90-100%; PCBA and batteries ~100%. Supply chain disruptions (semiconductors, plastics, copper) are primary constraint, not capacity.
Export Expansion: Critical power exports at 8% of segment sales in Q1 (₹15 crores) from Africa, Middle East, Southeast Asia; target 15% of critical power sales in FY27. Charging exports have new pilot orders from 10 countries ($2M order book).
Tritium Turnaround: Focus on strategic customers and qualification of new products. Existing backlog (~$20M as of 1 July) plus continued booking and potential large strategic deals support guided 3x revenue growth and EBITDA breakeven in Q4 FY27.
Product Innovation: New "slim series" AC chargers with ring-topology power sharing for space-constrained deployments; differentiation driving added orders from CPOs.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Tritium EBITDA | Breakeven in Q4 FY27 | Confirmed despite Q1 loss; backed by $20M backlog, continued bookings, and large strategic deals expected to convert in CY26 for delivery from CY27 |
| Consolidated EBITDA | Breakeven in Q2 or Q3 FY27 | Management will not specify quarter; India standalone to be EBITDA-positive, Tritium drag narrowing |
| Tritium Revenue | 3x growth vs FY26 | Based on order backlog, order booking pace, and strategic wins |
| Critical Power Exports | ~15% of segment revenue in FY27 (from 8% in Q1) | Driven by Africa, Middle East, and Southeast Asia order wins |
| Charging Exports (India) | Sizable percentage of revenue for first time | Pilot orders from 10 new countries expected to scale |
| AC Charger Run-Rate | +50% over next 3 months | New production line ordered on strong OEM demand |
Risks & Constraints
| Risk | Context |
|---|---|
| Input Cost / Geopolitical Inflation | Rising forex, commodity, and lead prices offset some large-order margins in Q1; management mitigated via volumes, but ongoing semiconductor, plastic, and copper supply disruptions remain a constraint on capacity utilization. |
| Tritium Trial Conversion Risk | $20-30M+ potential contracts depend on successful product trials (TRI-FLEX, Zip Flex) with Fortune 100 customers; failure to qualify would delay Tritium's turnaround and 3x revenue target. |
| Working Capital Elevation | Inventory built up deliberately at both Gurgaon and Hyderabad plants during transition; receivables elevated due to sharp revenue growth. Management expects normalization as transition stabilizes; debt at ₹370 crores with comfortable coverage ratios. |
| Parallel-Run Fixed Costs | ₹8.7 crores incremental fixed cost in Q1 from running two plants; must phase out as Gurgaon transitions or standalone profitability could lag the guided trajectory. |
| Charging Infrastructure Utilization | Industry-wide data shows 30-35% of deployed chargers non-functional; management positions Exicom as a quality/reliability leader, but oversupply of obsolete chargers could dampen network operator spending in the near term. |
Q&A Highlights
EBITDA Deterioration and Breakeven Timeline
- Question: Consolidated EBITDA was breakeven in Q4 FY26 but moved back to a ₹22 crore loss in Q1 despite 61% revenue growth - what's driving the sequential deterioration and when do you return to breakeven? (Taksh Gaur)
- Answer: Q4 is seasonally the strongest revenue quarter, driving higher EBITDA in India; at Tritium, cheaper acquired inventory that inflated prior margins has largely been sold, normalizing gross margins. Management guided Tritium EBITDA breakeven in Q4 FY27 and consolidated breakeven in Q2 or Q3 FY27 (Anant Nahata).
Tritium Order Conversion and Guidance Confidence
- Question: When will the doubled $20.8M order intake convert to revenue, and does the pipeline support the earlier guided 3x growth and Q4 FY27 EBITDA breakeven? (Taksh Gaur)
- Answer: Backlog of ~$20M as of 1 July plus continued order booking and large strategic opportunities (double-digit million-dollar contracts for new products like TRI-FLEX) expected to convert to commercial contracts during CY26 and execute from Q1 CY27. Management reaffirmed 3x revenue growth and Q4 FY27 EBITDA breakeven (Anant Nahata).
Hyderabad Plant Capacity Utilization
- Question: What is current capacity utilization at the Hyderabad plant and expected levels through FY27? (Taksh Gaur)
- Answer: AC chargers at ~100% (new line ordered, monthly run-rate up 50% already vs. Dec 2025 and another 50% expected in 3 months); DC chargers at ~65% (heavier machinery, strategic mix); DC power systems 90-100%; PCBA and batteries ~100%. Capacity is not the constraint - supply chain disruptions (semiconductors, plastics, copper) are the primary limiter (Anant Nahata).
Segment Mix and Depreciation
- Question: What is the expected revenue mix between critical power and charging, and how should we view the elevated depreciation? (Suraj Fatehchandani)
- Answer: Revenue mix expected to remain
70/30 (critical power/charging), possibly 65/35; charging share may rise with industry momentum. Standalone depreciation is normal for the new plant (₹10-12 crores increase); Tritium depreciation is R&D-heavy on capitalized product development spanning 5-7 years of revenue life, serving a $10B addressable market by 2030 (Anant Nahata).
Charger Market Share vs. EV Registrations
- Question: With north of 50% market share in wallbox chargers, shouldn't ~86,000 passenger EV registrations directly translate to proportional charger sales? (Suraj Fatehchandani)
- Answer: Yes, for brands that supply wallbox chargers with every car (e.g., MG); but some OEMs supply only portable chargers for mass-market models, where Exicom has lower share. Blended wallbox market share remains north of 50%; AC charger monthly volumes have already risen 50% and will rise another 50% in three months (Anant Nahata).
Tritium US Capacity
- Question: At what capacity is Tritium's US manufacturing operating? (Himanshu Jain)
- Answer: Current revenue ~$10M/quarter; factory capacity can support roughly $100M+ annual revenue (2.5x current rate). Underutilization reflects the ongoing turnaround, not a structural issue; new product qualifications and backlog execution should improve utilization (Anant Nahata).
Standalone Charging Growth Lag
- Question: Why did standalone charging grow only 15% despite strong EV tailwinds? (Himanshu Jain)
- Answer: AC chargers actually grew ~30%; DC charger demand was pulled forward into Q4 FY26 as customers pre-ordered ahead of commodity, forex, and geopolitical risk. Growth is continuing and should show quarter-on-quarter improvement for both AC and DC chargers (Anant Nahata).
Charging Infrastructure Underutilization
- Question: News reports highlight underutilized charging infrastructure (PM E-DRIVE funds) - what's the industry reality? (Shashi Kant)
- Answer: Good networks (a southern operator, a pan-India player, and networks owned by top conglomerates) have healthy utilization, with some sites above 20%. Industry aggregate averages are dragged by obsolete chargers deployed in 2020-22 (30-35% of installed chargers reportedly non-functional). Exicom's focus on quality and reliability positions it as the chargers of choice for India's most reliable networks (Anant Nahata).
Key Takeaway
Exicom delivered a strong Q1 FY27 with standalone revenue of ₹236.8 crores (+57% YoY) and EBITDA of ₹20.9 crores (8.8% margin, +137% YoY), driven by critical power execution and record order intake; consolidated revenue reached ₹331.1 crores (+61% YoY), though Tritium's margin normalization and ₹8.7 crores of Hyderabad-Gurgaon parallel-run fixed costs held consolidated EBITDA at -₹21.9 crores. The record consolidated order book of ₹1,400+ crores, doubling of Tritium bookings to $21M, and AC charger volumes already up 50% underpin management's guidance for consolidated EBITDA breakeven in Q2-Q3 FY27 and Tritium breakeven in Q4 FY27. Capacity utilization across most lines is at 90-100%, with supply chain disruptions (semiconductors, plastics, copper) the binding constraint. Key watch points: successful qualification of Tritium's new products with Fortune 100 customers (potential $20-30M+ CY27 contracts), phase-out of parallel-run costs, and export expansion to ~15% of critical power sales (from 8%) this fiscal.