This article first appeared on GuruFocus .
Release Date: February 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Exicom Tele-Systems Ltd ( NSE:EXICOM ) reported a significant revenue growth of 58% in Q3 2026 compared to the same quarter last year.
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The company has a strong order book for critical power, with more than 1,400 crores to be delivered over the next 24 to 30 months.
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Exicom's EV charging business is expanding, with a 4% growth in standalone revenue and new product offerings like the Tritium charger.
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The company is diversifying its market by increasing exports, aiming to grow export sales to 20% of total sales.
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Exicom's new plant in Hyderabad is fully operational, enhancing production capabilities for batteries and EV chargers.
Negative Points
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The company's gross margins have dipped slightly compared to the previous quarter due to a product mix with more sales in the lower-margin battery segment.
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Exicom's consolidated revenue remains flat, with a slight decrease from the previous quarter, indicating challenges in achieving growth across all segments.
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The high cost structure and revenue losses in the Tritium subsidiary continue to impact overall profitability.
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The company has not yet achieved a consolidated break-even, with expectations set for Q4 FY 2027.
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There is a dependency on the cyclical nature of the critical power business, which can lead to fluctuating growth rates year-on-year.
Q & A Highlights
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Q: In the consolidated numbers, material costs are almost equal to revenue, and losses are continuing. How many more quarters will this high-cost structure persist, and when can we expect a break-even? A: We are all eagerly anticipating the consolidated break-even. We have entered the growth phase for Tritium in Q4 FY26, and we plan to build on this every quarter. We expect to achieve break-even by Q4 FY27, with continuous improvement in Tritium's performance from Q4 onwards.
Q: You mentioned a robust order book of around 1,435 crores. What proportion is executable in FY27, and what is the visibility on margins? A: The order book is for critical power and is executable over the next 24 months, with a small portion extending to 30 months. We expect a 30% jump in revenue due to new orders and the current order book, driven by investments from telcos and tower companies.
Q: You secured a $10 million equity inclusion from a UK-based firm. How will these funds be deployed, and is there any further equity dilution expected? A: The $10 million equity is specifically for Tritium at the holding company level and not at the listed company level. There is no further equity dilution expected for Exicom.
Q: With Triflex production beginning in March 2026, what is the expected ramp-up timeline, and how soon can it contribute meaningful revenues? A: Triflex is a high-power charger, and its deployment requires months of planning. We have some backlog of Triflex orders, and we expect momentum to build after initial deployments. We aim for a 3x revenue scale-up compared to FY26 to achieve break-even by Q4 FY27.
Q: Is there any plan for Exicom to enter the charge point operator business? A: No, entering the charge point operator business is not aligned with our focus as a technology and product company. It is a CapEx-heavy annuity business, which is not our area of expertise.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
