Exicom Tele-Systems has reported consolidated revenue of Rs 2.05 billion for Q1 FY26, with an order book exceeding Rs 15 billion. Despite a soft quarter, the company expects stronger performance from Q2, backed by EVSE momentum, Bharat Net project execution, and international growth in its critical power business.

Exicom Tele-Systems, a leading Indian manufacturer of EV charging and critical power solutions, posted Q1 FY26 consolidated revenue of Rs 2.05 billion, an EBITDA margin of –18.8 per cent, and adjusted loss after tax of Rs 710.1 million. On a standalone basis, adjusted profit after tax was Rs 10.1 million.

While revenue growth was subdued, the company entered Q2 with a robust order book of over Rs 15 billion. Anant Nahata, Managing Director and CEO, acknowledged that the quarter did not meet expectations but noted positive market momentum, rising EV adoption, and the commencement of Bharat Net deliveries as key drivers for upcoming growth.

India’s four-wheeler EV market maintained momentum with monthly sales above 13,000 units for four consecutive months. Exicom’s advanced DC fast charger, Harmony Direct 2.0, is seeing strong adoption, with five of the top eight EV customers fully transitioned to the product. The Spin Air home charger also gained traction via e-commerce and B2B channels, with over 15,000 units delivered globally. In Southeast Asia, the company secured a framework agreement with a major clean energy player valued at nearly USD 6 million over two years.

While Tritium’s financial turnaround is ongoing, the business recorded over 700 charger deployments across the US, Europe, and ANZ since January 2025. The Tri-Flex DC fast charger has attracted new customers, with the first UK deployment expected later this year. Efforts remain focused on reducing cash losses and optimising costs.

Revenue for this segment was impacted by project delays, but Bharat Net execution has now commenced and is expected to contribute from Q2. The business also secured significant contracts in the Middle East and Africa, aiming for its highest-ever international revenue this year.

The Hyderabad manufacturing plant is on track for an October 2025 start. Nahata expressed confidence in delivering FY26 guidance, citing strong industry tailwinds, a differentiated product portfolio, and continued shareholder support following a successful rights issue.