# 1. Financial Performance ## A. Key Figures * **Standalone Revenue:** **₹151 Cr** (Q1 FY'26) (–29% QoQ, –38% YoY) · **EV Chargers Revenue:** **₹53 Cr** (+61% YoY) * Adjusted EBITDA: ₹12.6 Cr standalone (8.6% margin) · –₹38.6 Cr consolidated * Adjusted PAT: ₹1.1 Cr standalone · –₹71 Cr consolidated * Gross Margin: 39.4% consolidated · 32.7% in core business * **Net Worth:** Increased to **₹910 Cr** from ₹650 Cr post-rights issue ## B. Revenue & Growth * **Near-Term Revenue Disruption:** Standalone revenue decline driven by **Bharat Net delays** and **battery delivery deferrals**, with recovery expected in Q2 as large projects resume. * **EV Charger Momentum:** EVSE segment shows **strong double-digit growth** and stable sequential performance, now representing a major portion of standalone revenue. * **Consolidated Stability:** Despite headwinds, EV sector revenue held firm, supported by contributions from **Tritium and Southeast Asia**. ## C. Margins & Profitability * **Margin Recovery Underway:** Gross margin expanded significantly on **richer product mix** and **cost optimization**, even amid lower volumes. * **Tritium Drag Persists:** Consolidated profitability remains under pressure due to **ongoing operational losses at Tritium**, exacerbated by FX-related accounting impacts. * **Path to Profitability:** Standalone PAT positivity reaffirmed; **scaling revenue expected to drive 4x EBITDA leverage** through better cost absorption. ## D. Balance Sheet & Cash Flow * **Balance Sheet Strengthened:** Rights issue of **₹260 Cr** completed, used to repay debt, convert promoter loans, and fund Tritium turnaround. * **Improved Financial Structure:** Debt-equity ratio reduced from **7 to 35**, lowering interest burden and improving capital flexibility. * **Guidance Intact:** Management sees minimal annual impact from Q1 delays, with no revision to full-year outlook. --- # 2. Order Book & Demand ## A. Key Figures * **Order Backlog:** **>₹1,500 Cr** total (>₹1,200 Cr hardware) * **Export Revenue:** **30%** of current quarter revenue * **TRI-FLEX Bookings:** **$8 Mn** in Q1 FY'26 ## B. Total Order Backlog * **Record Backlog & EV Momentum:** Company reports strongest order book ever, led by robust demand in EV charging and **major export wins in the Middle East and Africa**. * **Core Product Strength:** TRI-FLEX order book expanding with **repeat and service orders**, signaling strong customer retention and potential for accelerated growth. * **Market Leadership:** Maintains **~70% share** in key rural infrastructure project and holds **majority share** among large-scale, well-funded charging network operators. ## C. Segment-wise Orders * **Critical Power Support:** Standalone performance underpinned by **strong order visibility** in the Critical Power segment, ensuring revenue resilience. ## D. Export Demand * **Regional Expansion & Partnerships:** Exports gaining traction across **Africa and Southeast Asia**; strategic global framework agreement signed with **top-tier Southeast Asian clean energy player** to deploy chargers in Malaysia, Indonesia, and Thailand. * **Policy Tailwinds:** Government initiatives promoting **electric buses as standard** are reshaping demand dynamics and expanding the addressable market beyond light-duty vehicles. --- # 3. Product & Segment Performance ## A. Key Figures * **Critical Power Revenue:** ₹98 Cr stand-alone · ₹102 Cr consolidated * **Electric Car Sales:** **23,000 units (Q1 FY25)** → **40,000 units (Q1 FY26)** (+72% YoY, +15% QoQ) ## B. EV Charger Business * **Strong Market Tailwinds:** EV charger demand accelerating due to robust growth in electric car and bus adoption, supported by new model launches and anticipated entry of **Maruti** into the EV space. * **Global Product Validation:** Secured OEM win with a **German luxury automaker**, reinforcing product quality and expanding credibility into premium global automotive markets. * **Innovation & Differentiation:** Launched **lifetime warranty on DC power modules**—an industry-first—targeting reliability leadership and capturing value in a key cost component. * **Turnkey Model Expansion:** Adoption of end-to-end turnkey solutions with **leading Indian OEMs** is enhancing revenue per customer and deepening client stickiness. * **Product Leadership:** Over **50% of DC deliveries now Gen 2**, reflecting rapid market acceptance; **Tritium’s TRI-FLEX** positioned for U.S./Europe, with India adoption pending high-energy vehicle demand. ## C. Critical Power Business * **Temporary Revenue Disruption:** Critical Power segment underperformed due to **project delays in Bharat Net and lithium-ion battery upgrades**, with monsoon and approval lags pushing revenue into Q2 and beyond. * **Execution Resuming:** Despite minimal revenue recognition in Q1, **execution on delayed projects has commenced**, with approvals secured and confidence in catch-up recovery. * **Structural Shift Confirmed:** Secured **large lithium-ion battery orders from major telcos**, validating the transition from lead-acid and positioning for long-term run-rate growth. ## D. New Product Adoption * **Record Product Adoption:** New EV charger launch achieved **fastest customer uptake in company history**, with **six of top ten customers fully transitioned**—a strong signal of product superiority. * **Strategic Segment Expansion:** Entered **electric trucking segment** via PME drive policy incentives, securing **exclusive partnership with a top national operator**. * **Margin-Enhancing Innovation:** **Harmony Gen 2** launch delivered higher value and **improved gross margins**, a rare competitive advantage in the pricing-sensitive EV charging market. --- # 4. Manufacturing & Capacity ## A. Key Figures * **Production Output:** **80%** of expected levels last month due to rare earth import delays ## B. Hyderabad Plant Status * **Imminent Commissioning:** Integrated Hyderabad manufacturing plant set for start of operations in **October 2025**, marking a pivotal step in scaling production capacity. * **Phased Ramp-Up:** Full transition to Hyderabad operations will occur over **two quarters post-commissioning**, implemented product- and line-wise. ## C. Production Ramp-up * **Strategic Milestone:** Production launch in late September to early October will position Exicom as a leading domestic electronic manufacturing hub, leveraging automation and Industry 4.0 standards. * **Supply Chain Disruption:** Geopolitical headwinds have delayed rare earth material imports, temporarily constraining output for one charger category. ## D. Utilization & Constraints * **Demand-Driven Utilization:** New facility will not operate at full capacity initially, as current demand does not necessitate full use of available infrastructure. --- # 5. Technology & Innovation ## A. R&D Investment * **Headline:** R&D represents a major strategic priority, with **160 dedicated engineers** split evenly between EV charging and critical power divisions. ## B. Core Component Design * **Headline:** Exicom holds a unique competitive advantage as the only Indian EV charger OEM designing and manufacturing its own controller, enhancing technological differentiation and customer trust. ## C. Digital Enablement * **Headline:** Digital transformation of EV charger portfolio via remote monitoring and smart tools drives higher uptime and operational efficiency. * **Headline:** Dual-track innovation strategy combines incremental improvements with feature enhancements to directly address customer pain points. --- # 6. Risks & Turnaround Execution ## A. Tritium Integration * **Strategic Commitment Maintained:** Tritium remains a key pillar for global expansion despite a **slower-than-expected turnaround**, with early momentum reflected in rising customer confidence and interest in new products. * **Operational Progress:** Positive leading indicators in **customer satisfaction, product reliability, and service quality** signal foundational improvements at Tritium. * **India Market Entry:** TRI-FLEX platform in business development phase locally; commercialization dependent on EV infrastructure and technology evolution. ## B. Supply Chain Delays * **Limited Direct Exposure:** Exicom’s design architecture avoids reliance on rare earth metals and magnets, insulating it from direct China-linked supply shocks. * **Indirect Sector Risks:** Broader EV industry headwinds—supply chain strains and potential sales softness—pose modest downstream demand risks, though recent outlooks suggest limited impact. * **Production Cut Fears Subsiding:** Prior concerns over industry-wide production cuts have eased, with current signals pointing away from severe spillover effects. ## C. Market Adoption Cycles * **Workforce Optimization:** VRS and redundancy measures implemented across standalone operations and Tritium to align cost structure with strategic priorities. * **Favorable Adoption Trends:** EV demand supported by **growing consumer comfort, improved TCO awareness, and rising first-time EV purchases**. * **Selective Business Focus:** Shift toward high-return segments over government/PSU tenders continues, though **relaxed P&P norms could open public sector opportunities** in the future. --- # 7. Guidance & Outlook ## A. Key Figures * **Standalone Revenue Guidance:** **50% growth** (full year) * **IPO Proceeds:** **₹400 Cr** raised · **₹257 Cr** spent by Mar-25 · **₹35 Cr** used in Q1 · **₹108 Cr** remaining (expected deployment by end-Sep) ## B. Revenue Targets * **Confident Growth Trajectory:** Maintains **50% standalone revenue growth** guidance with strong order book and rising EV tailwinds in FY '26. * **Consolidated Growth Risk:** Full-year consolidated revenue target may fall short due to **Tritium's delayed turnaround**, tempering initial 100% growth outlook. * **Forward Momentum:** Management expects business momentum and market excitement to become increasingly visible in upcoming quarters. ## C. Profitability Timeline * **Standalone Commitment Intact:** Despite Q1 underperformance and four consecutive loss quarters, full-year EBITDA target remains unchanged. * **Consolidated Profitability Pushed to FY '27:** Due to Tritium delays, consolidated profitability now expected in **FY '27**, not FY '26. ## D. Capital Deployment * **IPO Spend on Track:** Deployment progressing as planned, with **₹108 Cr** remaining and expected to be fully utilized by end-September amid plant completion. * **Q2 Investment Ramp-Up:** Increased spending anticipated on working capital, key projects, revenue scaling, and R&D, with returns expected in the following year.