New Delhi:
India’s EV charging and critical power specialist Exicom Tele-Systems Limited reported a stable yet strategically significant performance for Q3 FY26, maintaining revenue momentum while quietly stacking up orders and technology bets for what it hopes will be a stronger FY27. In corporate language, it was a quarter of “consolidation”; in simpler terms, the company kept the engine idling smoothly while preparing to hit the accelerator.
Exicom posted consolidated revenue of about ₹277 crore, registering roughly 41% year-on-year growth, driven primarily by domestic demand. Standalone revenue reached around ₹234 crore, up 58% YoY, with EBITDA of approximately ₹16 crore. At the consolidated level, the company reported an EBITDA loss of about ₹32 crore, reflecting continued investments and integration costs.
Tritium Integration Moves From Repair Mode to Growth Mode
A key focus area remains the integration of Tritium, the global fast-charging company acquired in September 2024. While profitability has faced near-term pressure during the integration phase, Exicom now expects the transition from stabilization to growth to begin taking shape.
CEO and MD Anant Nahata said the company expects Tritium revenues to reach about USD 10 million in Q4 FY26, roughly 2.4 times Q3 levels, which should significantly narrow losses.
The company is targeting EBITDA breakeven for Tritium by Q4 FY27, supported by commercialization of its Tri-Flex and DC Flex platforms and an expanding global order pipeline.
During the quarter, Tritium secured around USD 9 million in bookings, including projects linked to the San Francisco Bay Ferry REEF programme, supporting one of the world’s first high-speed battery-electric ferry routes. It also received purchase orders and forecasts totaling roughly USD 30 million from a major US customer, with deliveries already underway from January 2026.
On the technology front, Tritium launched GRID-FLEX, an 800V bidirectional liquid-cooled inverter platform for data centres and renewable energy systems, offering peak efficiency near 98.5% and significantly higher power density.
Production of TRI-FLEX systems is scheduled to begin in Tennessee, US, in March 2026, while liquid-cooled power modules will be manufactured at Exicom’s Hyderabad facility, signalling a growing localization strategy.
EV Charging Business Expands as India’s EV Wave Gains Speed
India’s EV adoption continues to build momentum, with quarterly sales crossing 50,000 units for two consecutive quarters. Riding this wave, Exicom’s EV charger segment delivered revenue of about ₹70 crore, slightly ahead of market growth.
The company onboarded:
- 6 new charge-point operators
- 2 new electric bus OEMs
- A pilot DC charging project with a two-wheeler OEM
(Yes, even scooters now want fast charging — the future clearly dislikes waiting.)
Exicom also secured a three-year contract with a major passenger vehicle manufacturer for its Spin Free portable charger, while its integrated rollout solution Exicom One has begun gaining traction among OEMs and charging operators.
Internationally, the company strengthened its Middle East distribution network, expanded in Southeast Asia, and achieved about USD 2 million YTD export revenue. UL certification for Spin AC chargers also opens the door to potential US market expansion.
Critical Power Division Delivers Strong Bounce-Back
Exicom’s Critical Power business delivered one of the strongest performances this quarter, with revenue more than doubling year-on-year to roughly ₹164 crore, largely due to full-scale deliveries under the BharatNet programme.
Looking ahead, the company sees additional opportunities as telecom operators plan infrastructure investments across nearly one lakh sites. Supporting this outlook, Exicom secured an initial DC power systems order exceeding ₹100 crore from a major Indian telco, with revenue impact expected from the next quarter onward.
Outlook: Quiet Quarter, Loud Pipeline
Summarising the quarter, Nahata described Q3 as one focused on strengthening execution, expanding customers, and building the order book rather than chasing short-term acceleration.
With Tritium scaling, domestic EV charging demand strengthening, and telecom infrastructure spending rising, Exicom enters Q4 FY26 positioning itself for what it hopes will be a materially stronger FY27.
Or as the EV industry might put it: the charging cable is plugged in, the battery percentage is climbing — now it’s just waiting for the green light.
Unaudited financial results for Q3 FY26 as approved by the Board of Directors on February 13, 2026:
| Standalone | Consolidated | |||||
| ₹ Crores | Q3FY26 | Q2FY26 | Q3FY25 | Q3FY26 | Q2FY26 | Q3FY25 |
| Revenue | 233.7 | 228.4 | 147.7 | 276.7 | 281.7 | 196.6 |
| EBITDA | 16.1 | 15.2 | -6.5 | -32.3 | -32.7 | -31.2 |
| EBITDA % | 6.9% | 6.6% | -4.4% | -11.7% | -11.6% | -15.9% |
| PAT | 3.5 | 5.9 | -9.7 | -67.9 | -68.8 | -49.0 |
