Exicom Tele-Systems Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Exicom Tele-Systems Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Exicom reported standalone revenue growth of 57% year-on-year to INR237 crores in Q1 FY27, with EBITDA more than doubling to INR21 crores at an 8.8% margin, while consolidated revenue grew 61% to INR331 crores with the EBITDA loss narrowing to about INR22.5 crores. Management said Critical Power revenue rose 73% year-on-year to INR177 crores and EV charging revenue grew 15% to INR61 crores on a standalone basis, while Tritium bookings crossed USD20 million for the first time. Management also described the Hyderabad plant becoming fully operational, an order book of roughly INR1,000 crores in Critical Power and INR1,400 crores consolidated, and discussed the drivers behind sequential margin movement and working capital changes.
Numbers mentioned
Standalone revenue: INR237 crores (Q1 FY27)
p. 3
“the overall performance on a stand-alone revenue rose by 57% year-on-year to INR237 crores”
Anant Nahata, page 3 of the filed PDF · View the filing
Standalone EBITDA: INR21 crores (Q1 FY27)
p. 3
“our EBITDA more than doubled to INR21 crores lifting the EBITDA margins to 8.8%”
Anant Nahata, page 3 of the filed PDF · View the filing
Consolidated revenue: about INR331 crores (Q1 FY27)
p. 3
“On a consolidated basis, revenue grew 61% to about INR331 crores”
Anant Nahata, page 3 of the filed PDF · View the filing
Consolidated EBITDA loss: about INR22.5 crores loss (Q1 FY27)
p. 3
“the EBITDA loss narrowed from almost INR40 crores in the previous -- in the quarter last year to about INR22.5 crores loss in the current quarter”
Anant Nahata, page 3 of the filed PDF · View the filing
Critical Power revenue: INR177 crores (Q1 FY27)
p. 4
“In Critical Power, we achieved a revenue of INR177 crores, which was 73% higher than quarter 1 fiscal '26”
Anant Nahata, page 4 of the filed PDF · View the filing
Export sales in Critical Power: roughly INR15 crores (Q1 FY27)
p. 4
“our key markets of Africa, Middle East, and Southeast Asia delivered export sales of roughly INR15 crores in the quarter, which is about 8% of our overall sales in critical power”
Anant Nahata, page 4 of the filed PDF · View the filing
Critical Power order book: roughly INR1,000 crores (as of call date)
p. 5
“Our order book as of today stands at roughly INR1,000 crores in critical power”
Anant Nahata, page 5 of the filed PDF · View the filing
Tritium bookings: north of USD20 million (Q1 FY27)
p. 3
“the bookings passed north of USD20 million”
Anant Nahata, page 3 of the filed PDF · View the filing
Tritium revenue: USD10 million (Q1 FY27)
p. 3
“so have the revenue to about USD10 million last quarter and -- sorry, USD10 million this quarter”
Anant Nahata, page 3 of the filed PDF · View the filing
EV charging standalone revenue: about INR61 crores (Q1 FY27)
p. 6
“our stand-alone revenues grew 15% from INR53 crores to about INR61 crores”
Anant Nahata, page 6 of the filed PDF · View the filing
Standalone revenue: INR236.8 crores (Q1 FY27)
p. 8
“stand-alone revenue for Q1 came in at INR236.8 crores against INR150.7 crores done in the previous year same quarter”
Shiraz Khanna, page 8 of the filed PDF · View the filing
Standalone gross margin: 29.1% (Q1 FY27)
p. 8
“Stand-alone gross margins for Q1 stood at 29.1%, which is 2% above the previous quarter”
Shiraz Khanna, page 8 of the filed PDF · View the filing
Standalone EBITDA: INR20.9 crores (Q1 FY27)
p. 8
“Stand-alone EBITDA came in at INR20.9 crores, which is -- with a margin of 8.8% margin”
Shiraz Khanna, page 8 of the filed PDF · View the filing
Standalone PAT: INR4.9 crores (Q1 FY27)
p. 8
“Stand-alone PAT stood at INR4.9 crores at 2.1% margin”
Shiraz Khanna, page 8 of the filed PDF · View the filing
Consolidated revenue: INR331.1 crores (Q1 FY27)
p. 9
“On a consolidated basis, the revenue of Q1 was INR331.1 crores, which is a good 61% increase year-on-year as compared to the last year same quarter”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Consolidated gross margin: 31.7% (Q1 FY27)
p. 9
“Consolidated margins was 31.7%, broadly stable as compared to the last quarter of last year”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Consolidated EBITDA loss margin: 6.6% margin negative (Q1 FY27)
p. 9
“Consolidated EBITDA loss narrowed, as Anant mentioned, down to INR21.9 crores at a 6.6% margin negative”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Consolidated PAT loss: INR73.6 crores loss (Q1 FY27)
p. 9
“The PAT again has shown improvement from the loss of INR83.1 crores, now down to INR73.6 crores loss”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Consolidated debt: about INR370 crores (as on 30 June 2026)
p. 10
“Consolidated debt stood at about INR370 crores as on 30 June '26”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Consolidated order book: INR1,400 crores plus (as on 30 June 2026)
p. 10
“a consolidated book order of INR1,400 crores plus as on 30 of June”
Shiraz Khanna, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Export share of Critical Power sales — roughly 15% of critical power sales · FY27
stated as an aspiration by Anant Nahata
p. 5
“Our target is to get the export sales to nearly double of 8%, which was achieved this quarter to roughly about 15% of critical power sales in a year.”
Anant Nahata, page 5 of the filed PDF · View the filing
Tritium EBITDA breakeven — breakeven · quarter 4 '27
stated conditionally by Anant Nahata
p. 10
“I still expect Tritium EBITDA breakeven in quarter 4 '27”
Anant Nahata, page 10 of the filed PDF · View the filing
Consolidated EBITDA breakeven — breakeven · next 2 quarters
stated conditionally by Anant Nahata
p. 10
“on a consolidated basis, the breakeven may be over the next 2 quarters itself”
Anant Nahata, page 10 of the filed PDF · View the filing
Tritium revenue growth — 3x revenue growth · FY27
stated firmly by Anant Nahata
p. 11
“I'm sure that we will have 3x revenue growth compared to last year as well as EBITDA breakeven in quarter 4, '27”
Anant Nahata, page 11 of the filed PDF · View the filing
AC charger monthly run rate — grow by almost 50% · next 3 months
stated firmly by Anant Nahata
p. 11
“our AC charger production run rate -- monthly run rate will almost grow by 50% in the next 3 months because of the demand”
Anant Nahata, page 11 of the filed PDF · View the filing
Tritium and Exicom revenue/profitability inflection — Q4 FY26
stated conditionally by Anant Nahata
p. 13
“all of them together to start and giving us the kind of revenue and profitability that we have been hoping for the last 2 years that starting point will be Q4 FY26”
Anant Nahata, page 13 of the filed PDF · View the filing
Tritium new product contracts — USD20 million to USD30 million contract · calendar '27
stated conditionally by Anant Nahata
p. 7
“if these trials are successful, Tritium can be awarded more than USD20 million to USD30 million contract for calendar '27”
Anant Nahata, page 7 of the filed PDF · View the filing
GRID-FLEX contract award — USD20 million of contract · CY27
stated conditionally by Anant Nahata
p. 8
“subject to successful trials can be expected to be awarded for USD20 million of contract for CY27”
Anant Nahata, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to seasonality (Q4 being the strongest quarter) and erosion of previously low-cost Tritium inventory margins, and guided to consolidated breakeven within two quarters and Tritium breakeven by Q4 FY27.
Answered by Anant Nahata
Asked by Taksh Gaur: What drove the sequential margin deterioration from Q4 EBITDA breakeven to a Q1 EBITDA loss, and when will breakeven return?
p. 10
“So a combination of that resulted in a INR22 crores EBITDA loss.”
Anant Nahata, page 10 of the filed PDF · View the filing
Management said yes, citing the order backlog, continuing order pace, and large strategic opportunities expected to convert into contracts.
Answered by Anant Nahata
Asked by Taksh Gaur: Does the doubled Tritium order intake support the previously guided 3x revenue growth and EBITDA breakeven by Q4 FY27?
p. 10
“Yes. So now, we are confident of that.”
Anant Nahata, page 10 of the filed PDF · View the filing
Management described utilization levels across product lines, with AC chargers and PCBA near 100%, DC power systems 90-100%, and DC chargers around 65%, noting supply chain issues rather than capacity as the constraint.
Answered by Anant Nahata
Asked by Taksh Gaur: With the Hyderabad plant operational, what is current capacity utilization and where will it reach in FY27?
p. 11
“Overall, capacity utilization, I see on the DC charging to be about 65% because that's a heavier machinery and it's not a mass manufacturing product.”
Anant Nahata, page 11 of the filed PDF · View the filing
Management said EV was about 30% of FY26 standalone revenue and expects a similar mix this year, roughly 65-35 or 70-30 split.
Answered by Anant Nahata
Asked by Suraj C: What is the expected revenue mix between Critical Power and EV, and what growth is expected in EV chargers and Tritium?
p. 12
“we did about INR277 crores of revenue on a stand-alone basis in FY26, right? And it is about 30% of our overall revenue.”
Anant Nahata, page 12 of the filed PDF · View the filing
Management explained standalone depreciation rose due to new plant commissioning while Tritium depreciation reflects R&D capitalization from the product development journey post-acquisition, which will start generating revenue from Q4 FY27 or Q1 CY27.
Answered by Anant Nahata
Asked by Suraj C: Why is depreciation running high relative to the asset block?
p. 12
“There has been capitalization because of those reasons, a heavy R&D investment to get the products out, as I just mentioned.”
Anant Nahata, page 12 of the filed PDF · View the filing
Management explained that Exicom has high share in wallbox chargers but not portable chargers, and some OEMs do not supply wallbox chargers with mass-market EV models, so the relationship is not direct.
Answered by Anant Nahata
Asked by Suraj C: Does higher EV registrations translate directly into proportional charger unit sales given Exicom's market share?
p. 13
“We have a very high market share in the wallbox charger, not in the portable charger.”
Anant Nahata, page 13 of the filed PDF · View the filing
Management said the facility can service about 2.5x current revenue, roughly USD100 million, and current utilization is about a quarter of that capacity.
Answered by Anant Nahata
Asked by Hemansh Jain: What is the capacity utilization at the Tritium U.S. manufacturing facility?
p. 14
“I think the capacity there can service 2.5x of this revenue. So roughly, let's say, USD100 million, slightly more maybe. And we are doing 1/4 of that today.”
Anant Nahata, page 14 of the filed PDF · View the filing
Management attributed the gap to a timing issue where DC charger demand was pulled forward into Q4 due to customers ordering ahead of anticipated cost increases.
Answered by Anant Nahata
Asked by Hemansh Jain: Why did EV standalone revenue grow only 15% versus 50% on a consolidated basis despite tailwinds?
p. 15
“a lot of customers due to realizing commodity, forex, and other associated geopolitical risk, they upfront ordered a lot of chargers in Q4.”
Anant Nahata, page 15 of the filed PDF · View the filing
Management said aggregate utilization figures are misleading because many older or poorly deployed chargers are obsolete or non-functional, while well-run, reliable networks show strong utilization.
Answered by Anant Nahata
Asked by Shashi Kant: What explains reports of underutilization of installed EV chargers?
p. 15
“the report that 30% to 35% of the deployed DC chargers are not even functional anymore”
Anant Nahata, page 15 of the filed PDF · View the filing
Risks flagged
Rising forex and commodity prices offsetting margins on large orders
p. 4
“Some of these large orders, the margins were offset by a rise in forex and commodity prices.”
Anant Nahata, page 4 of the filed PDF · View the filing
Monsoon-related slowdown affecting BharatNet project delivery
p. 4
“while due to monsoons, the project was slightly slow, but we are still delivering the number of systems”
Anant Nahata, page 4 of the filed PDF · View the filing
Supply chain disruption in battery materials and commodity pricing
p. 6
“There has been some disruption of supply chain, especially in the battery materials and the battery-linked commodity pricing.”
Anant Nahata, page 6 of the filed PDF · View the filing
Geopolitical situation causing supply chain disruption in semiconductors, plastics and copper
p. 11
“The geopolitical situation has caused supply chain disruption in semiconductors, anything plastic related, anything copper related has become very expensive.”
Anant Nahata, page 11 of the filed PDF · View the filing
Elevated receivables from sharp revenue increase
p. 9
“receivables, account receivable is elevated, but this is a direct function of a sharp revenue increase that we've had in Q1”
Shiraz Khanna, page 9 of the filed PDF · View the filing
US-led input cost pressure on gross margin
p. 8
“On a year-on-year basis, gross margin was down by about 3.6%, primarily on account of the U.S.-led input cost pressure, partially offset by the favorable segment mix that we had.”
Shiraz Khanna, page 8 of the filed PDF · View the filing
Additional fixed costs from running Gurgaon and Hyderabad plants in parallel
p. 9
“the running and running of the Gurgaon and the Hyderabad plant were in parallel during this transition phase, which is additionally approximately INR8.7 crores to our fixed cost while the transition is happening”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.