Exicom Tele-Systems Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Exicom Tele-Systems Ltd filed with BSE on 21 May 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 Tele-Systems reported Q4 FY26 standalone revenue of Rs 282 crore, up 33% year-on-year, with consolidated revenue of Rs 388 crore, up 46% year-on-year, driven by growth in both Critical Power and EVSE businesses. Consolidated EBITDA turned positive for the first time since the Tritium acquisition, while standalone EBITDA margin expanded to 10.6%. Management also discussed the new Hyderabad manufacturing plant becoming operational, export growth in both Critical Power and EV charging segments, and new product launches planned for Tritium in the coming months.
Numbers mentioned
Standalone revenue: INR 282 crores (Q4 FY26)
p. 9
“Q4 revenue came in at INR 282 crores, a growth of 33% year-on-year and 21% sequentially when compared to previous quarter.”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Consolidated revenue: INR 388 crores (Q4 FY26)
p. 10
“Q4 revenue was INR 388 crores, up 46% year-on-year and 40% sequentially.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Standalone EBITDA: INR 29.9 crores (Q4 FY26)
p. 10
“Standalone EBITDA for the quarter stood at INR 29.9 crores at a margin of 10.6%, up 148% year-on-year.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Consolidated EBITDA: 30 lakhs (Q4 FY26)
p. 10
“As I mentioned, consolidated EBITDA turned positive at 30 lakhs, modest in absolute terms but meaningful directionally moved from the losses that we had been absorbing.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Standalone gross margin: 27% (Q4 FY26)
p. 9
“Standalone gross margin in Q4 expanded to 27%, an improvement, significant improvement year-on-year, driven by a richer EVSE mix, fewer lower margin lithium batteries that we sell.”
Shiraz Khanna, page 9 of the filed PDF · View the filing
Full year standalone revenue: INR 895 crores (FY26)
p. 10
“The full year financial year, on the full year basis, standalone revenue was INR 895 crores, up 19% year-on-year.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Full year standalone EBITDA: INR 70 crores (FY26)
p. 10
“EBITDA was INR 70 crores, a 77% increase year-on-year and EBITDA margin expanding from 5.2% to 7.8%.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Full year consolidated revenue: INR 1,152 crores (FY26)
p. 10
“Consolidated revenue stood at INR 1,152 crores, up 33% on full year.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Full year consolidated EBITDA: negative INR 103 crores (FY26)
p. 10
“This year, consolidated EBITDA remains negative at INR 103 crores, primarily reflecting Tritium's fixed cost absorption over the full year.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Consolidated adjusted PAT: negative INR 258 crores (FY26)
p. 10
“Our consolidated adjusted PAT was INR 258 crores negative, impacted by higher finance cost, one-time exceptional cost which had inclusion of VRS payout, Tritium retention and redundancy cost and the impact of new labour code that kicked in beginning of calendar year 26.”
Shiraz Khanna, page 10 of the filed PDF · View the filing
Critical Power standalone revenue: INR 194 crores (Q4 FY26)
p. 5
“So, standalone revenue for a Critical Power business was INR 194 crores, and consolidated was about a similar number, only INR 198 crores.”
Anant Nahata, page 5 of the filed PDF · View the filing
EV charging revenue: INR 88 crores (Q4 FY26)
p. 7
“So, we had all-time highest quarterly revenue EV charging at INR 88 crores.”
Anant Nahata, page 7 of the filed PDF · View the filing
Order book: INR 1,000 crores (as of March 31, 2026)
p. 5
“The order book is about INR 1,000 crores as of 31st March, so a good position over there”
Anant Nahata, page 5 of the filed PDF · View the filing
Tritium revenue: $10 million (Q4 FY26)
p. 8
“Our Quarter 4 '26 was about $10 million in revenue with a sharp reduction with almost a 30% reduction in EBITDA losses compared to the previous quarter.”
Anant Nahata, page 8 of the filed PDF · View the filing
Tritium order booking: 10 million (Q4 FY26)
p. 8
“We had highest ever order booking in a quarter, which was 10 million and quarterly sales at 9.7 million.”
Anant Nahata, page 8 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.
Critical Power export share of sales — 20% · FY27
stated as an aspiration by Anant Nahata
p. 5
“We are really trying to increase that to 20% in FY '27, and this rise of 10% to 15% in Quarter 4 is just a trajectory on that journey.”
Anant Nahata, page 5 of the filed PDF · View the filing
Non-telecom BESS revenue — INR 50 crores · this financial year
stated as an aspiration by Anant Nahata
p. 6
“However, we are still looking to do INR 50 crores in business in this financial year from non-telecom BESS, which last year was quite insignificant.”
Anant Nahata, page 6 of the filed PDF · View the filing
Tritium revenue growth — 3x
stated conditionally by Anant Nahata
p. 8
“And based on the pipeline and order book that we have, we expect revenue scale up to happen almost to the tune of 3x and reduction in EBITDA losses by 25%.”
Anant Nahata, page 8 of the filed PDF · View the filing
Tritium EBITDA breakeven — breakeven · Q4 FY27
stated firmly by Anant Nahata
p. 8
“But we are firmly on our path for EBITDA breakeven at Tritium in Quarter 4 of FY '27 and the 3x revenue growth paved the way for it.”
Anant Nahata, page 8 of the filed PDF · View the filing
TRI-FLEX inverter revenue opportunity — $30 million to $35 million · FY28
stated conditionally by Anant Nahata
p. 8
“As we talk currently, a factory acceptance test is ongoing with a big hyperscaler, which if successful, can unlock almost $30 million to $35 million of revenue opportunity in FY'28.”
Anant Nahata, page 8 of the filed PDF · View the filing
Other two Tritium products revenue opportunity — close to 30 million · FY28
stated conditionally by Anant Nahata
p. 8
“Same is the case with other two products, where based on successful pilots over the next two to three months, both of these products have lost close to 30 million revenue opportunity in FY '28.”
Anant Nahata, page 8 of the filed PDF · View the filing
BESS share of Critical Power business — 30% · next 2-3 years
stated as an aspiration by Anant Nahata
p. 13
“I think we have a chance for this business to become maybe 30% of our Critical Power business over the next 2-3 years, if we are successful.”
Anant Nahata, page 13 of the filed PDF · View the filing
Production shift to Hyderabad — majority of production · next 2-3 months
stated firmly by Anant Nahata
p. 9
“Our Gurgaon plant is still running. But over the next 2-3 months, we are planning to shift the majority of the production to Hyderabad.”
Anant Nahata, page 9 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 said commercial EV electrification is currently limited to captive, within-boundary applications like ports, cement factories and mining, with intercity routes still some years away.
Answered by Anant Nahata
Asked by Shashi Kant: What ground infrastructure exists for commercial EV electrification given grid connectivity constraints?
p. 11
“So, the application today where commercial vehicle electrification is taking place are within parameter running kind of application.”
Anant Nahata, page 11 of the filed PDF · View the filing
Management described TRI-FLEX as a Tritium product converting grid power to high voltage DC, applicable to microgrids, battery storage integration, and 800-volt data centers, currently in hyperscaler pilot testing.
Answered by Anant Nahata
Asked by Shashi Kant: Can you explain the TRI-FLEX data center inverter product driving the FY28 revenue opportunity?
p. 12
“This is a versatile product which is used to convert a normal grid power into high voltage DC power and this can have application in various domains.”
Anant Nahata, page 12 of the filed PDF · View the filing
Management said these products were developed alongside existing customer engagements and, if pilots succeed, should lead to long-term contracts with the strategic customers already involved.
Answered by Anant Nahata
Asked by Shashi Kant: What is the strategy to onboard new clients for the two additional products launching for European and US markets?
p. 12
“these products have been built, basic engagement with customers, now nearing pilot production and pilot testing.”
Anant Nahata, page 12 of the filed PDF · View the filing
Management said Exicom is the largest home charger manufacturer with partnership contracts with many OEMs for both home and fast chargers.
Answered by Anant Nahata
Asked by Sumit Kane: Does Exicom have tie-ups with automakers to supply EV chargers with vehicles?
p. 13
“we are the largest manufacturer of home chargers. And I think if you buy an EV car, there is a 50% chance it will come with a charger manufactured by Exicom.”
Anant Nahata, page 13 of the filed PDF · View the filing
Management described modular battery systems targeted at commercial and industrial customers combining BESS with solar or backup power, with plans to scale from pilot projects to over Rs 50 crore this year, constrained by lack of local cell manufacturing.
Answered by Anant Nahata
Asked by Sumit Kane: What are Exicom's BESS offerings and how will that segment scale over the next 3-5 years?
p. 13
“Today, there is no cell production in India. So, you are heavily dependent on China imports, spending dollars, the commodity price and the exchange fluctuation risk.”
Anant Nahata, page 13 of the filed PDF · View the filing
Risks flagged
Fixed pricing in government contracts squeezing margins amid rising input costs
p. 5
“while the supplies have been strong, but since here the end customer is PSU, so because of the fixed nature of pricing in these government contracts some slight low, the contribution margin in Q4 is slightly lesser than in Q3 because of some of the price increases due to geopolitical situation”
Anant Nahata, page 5 of the filed PDF · View the filing
Dependence on Chinese cell imports creating commodity and currency exposure
p. 13
“So, you are heavily dependent on China imports, spending dollars, the commodity price and the exchange fluctuation risk.”
Anant Nahata, page 13 of the filed PDF · View the filing
Slowdown in new telecom tower installations
p. 5
“In Q4, there has been a slight degrowth in the number of new towers installed compared to the previous quarters, and that happens as telecom is a critical business.”
Anant Nahata, page 5 of the filed PDF · View the filing
Geopolitical headwinds and supply chain constraints affecting business momentum
p. 14
“And we hope to carry forward this momentum in the coming year despite the geopolitical headwinds and the supply chain constraint.”
Anant Nahata, page 14 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.