Exicom Tele-Systems Q1 FY26 Concall Decoded: EV Chargers Plugged In, But Profits Still on Low Battery

1. Opening Hook

Exicom entered Q1 FY26 hoping to ride India’s EV boom like Shah Rukh Khan riding a train in Dil Se. Instead, they tripped on Tritium and faceplanted into losses. Critical Power revenues snoozed thanks to BharatNet delays, while EV Chargers hummed but didn’t charge profits. The Hyderabad plant looks Instagram-ready but hasn’t produced a rupee yet. Investors are stuck asking: when will this EV mess shift from “Range Anxiety” to “Profit Anxiety”? Spoiler: not before FY27. Stick around—the banter gets juicier.

2. At a Glance

Standalone Revenue: ₹151 Cr (-38% YoY) – Missed the charging point entirely.

Consolidated Revenue: ₹205 Cr (-19% YoY) – Tritium dragged the cable.

Adjusted EBITDA: -₹38 Cr (vs -₹17 Cr QoQ) – “Minus” is their favorite plug type.

PAT: -₹71 Cr – Shocking, but not in an EV kind of way.

Order Book: ₹1,500+ Cr – Pipeline hotter than Delhi in May.

Gross Margin: 39% – Fancy mix saved some face, but not enough.

3. Management’s Key Commentary

“This quarter fell short of expectations.”
(Translation: Monsoon + bureaucracy = zero juice.)

“We still hold 70% share in lithium battery upgrades.”
(Translation: At least in one exam, we topped the class.)

“Tritium turnaround is slower than expected.”
(Translation: Our expensive foreign toy is still chewing cash.)

“We signed a global EV charging pact in SE Asia.”
(Translation: Exporting chargers where Bollywood songs are already popular.)

“Hyderabad plant SOP by Oct’25.”
(Translation: The factory looks Instagram-worthy; profits TBD.)

“We’ll maintain 50% revenue growth & 2.5x EBITDA guidance.”
(Translation: Cross your fingers harder than our CFO does.)

“We won an award from Nitin Gadkari.”
(Translation: If not profits, at least trophies.)

4. Numbers Decoded

Metric	Value Q1 FY26	YoY Change	One-Line Analysis
Standalone Revenue	₹151 Cr	-38%	Missed growth bus; blamed delayed projects.
Consolidated Revenue	₹205 Cr	-19%	Tritium sucked the charge out of results.
Gross Margin	39%	+18 pts	Better mix – lipstick on a pig moment.
Adj. EBITDA	-₹38 Cr	Worsened	Burning cash faster than an e-scooter fire.
PAT	-₹71 Cr	Deep red	Needs charging station for profits.
Order Book	₹1,500 Cr+	N/A	Backlog huge; delivery tiny.
EV Charger Revenue	₹53 Cr	+61% YoY	Tailwinds strong, wallet share growing.
Critical Power Revenue	₹98 Cr	-26% YoY	BharatNet delays: towers didn’t tower.