Exicom Tele-Systems Limited, a leading player in India’s EV charging and critical power sector, announced its Q2 FY26 financial results, reporting consolidated revenues of ~₹282 crore, reflecting an 84% year-on-year (YoY) and 37% quarter-on-quarter (QoQ) growth. While the consolidated bottom line remained under pressure with an EBITDA loss of ₹32.7 crore (~15% lower QoQ), the company’s standalone business demonstrated a strong turnaround, both in revenue and profitability.
Standalone revenues rose to ~₹228 crore, marking a 50%+ increase sequentially and YoY, driven by technology-led differentiation and enhanced customer engagement amid favourable industry dynamics. Standalone EBITDA for the quarter reached ₹15.17 crore, up ~72% QoQ and ~154% YoY.
The Critical Power business rebounded strongly, delivering ~₹170 crore in consolidated revenues. Growth was fueled by renewed project activity post-monsoon, including deployment of smart power and energy storage systems across ~5,000 Bharat Net sites. The company also brought on a new system integrator under Bharat Net through a multi-year supply and AMC contract, strengthening its position in rural connectivity solutions.
Lithium-ion battery adoption accelerated among major tower companies, with Exicom securing ~₹60 crore in new energy storage orders. Additionally, the company achieved first-time shipments to key customers in Africa with a newly developed solution, laying the foundation for repeat business in upcoming quarters.
The EV Charging business witnessed strong momentum with ~51,000 4w EVs sold this quarter, strong activity in e-buses and e-trucks and rising investments by CPOs and OEMs towards fast-charging infrastructure. With foresight and early bets on high-power charging, Exicom was well-positioned to capitalize on these trends. This was reflected in consolidated EVSE revenues of ~₹112 crore and broad-based wins across customer segments.
- Achieved highest-ever AC charger sales of ~20,000+ units this quarter, through OEM and e-commerce channels
- New partnership with a leading Auto/EV OEM for 180 kW high-power fast charging product (Harmony Direct 2.0) and its newly introduced full-station integration solution
- Expanded presence across Southeast Asia, the Middle Eastthrough strategic channel partnerships, paving the way for higher export sales in upcoming quarters.
With the upcoming ~11,000 e-bus tender under the PM e-Drive scheme and renewed policy focus on e-trucking, high-power charging is poised for strong growth. An early mover in heavy-duty charging, Exicom already leads the e-bus segment and is now expanding into e-trucking with high-capacity DC shipments to a leading player and partnerships with multiple OEMs for on-route charging networks.
Commenting on the quarter’s performance, Anant Nahata, Managing Director and CEO, Exicom, said: “This performance reflects our clarity and consistent execution. Both our businesses have found their rhythm again, translating technology depth and customer focus into stronger sales. With a sharper product mix, higher exports, the new Hyderabad facility, and continued cost discipline, we expect sustained improvement in standalone EBITDA in the coming quarters.”
Since acquiring Tritium in August 2024, Exicom has revived its sales and customer sentiment. While consolidated EBITDA remains under pressure due to fixed costs, this is expected to improve as Tri Flex and DC Flex products commercialize in Q4 FY26 and Q2 FY27, driving large orders in the U.S. and Europe.
Exicom BV’s board has approved up to $40 million in external financing through equity or convertible securities to support Tritium’s product commercialization, working capital, and fixed costs, targeting steady-state revenue and EBITDA break-even by Q4 FY27.
CEO Anant Nahata emphasized that while Tritium’s near-term losses will affect consolidated results, it remains a long-term growth driver, and the new financing structure limits Exicom’s investment exposure while enhancing shareholder value.
With a resurgence in EV sales and Bharat Net execution, Exicom expects stronger performance in Q3 and Q4 FY26. However, due to later-than-expected tailwinds, the company revised full-year guidance: standalone revenue growth ~20% (vs. 50% earlier), EBITDA growth ~200% (vs. 250%), and consolidated revenue growth ~35%.
The following table summarizes the unaudited financial results for Q2 FY26 as approved by the Board of Directors on November 10, 2025:
| Standalone | Consolidated | |||||
| Rs Cr | Q2FY26 | Q1FY26 | Q2FY25 | Q2FY26 | Q1FY26 | Q2FY25 |
| Revenue | 228.38 | 150.66 | 148.65 | 281.73 | 205.32 | 153.37 |
| EBITDA | 15.17 | 8.80 | 5.97 | -32.7 | -38.58 | -14.59 |
| EBITDA % | 6.6% | 5.8% | 4.0% | -11.6% | -18.8% | -9.5% |
| PAT | 5.92 | -7.75 | 4.53 | -68.81 | -83.14 | -17.03 |
