# 1. Financial Performance ## A. Key Figures * **Revenue (Q4):** **₹282 Cr** standalone (+33% YoY / +21% QoQ) · **₹388 Cr** consolidated (+46% YoY / +40% QoQ) * **Revenue (FY):** **₹895 Cr** standalone (+19% YoY) · **₹1,152 Cr** consolidated (+33% YoY) * **EBITDA (Q4):** **₹29.9 Cr** standalone (10.6% margin; +148% YoY) · **₹30 Lakh** consolidated (Positive turn) * **Gross Margin (Q4):** **27%** standalone ## B. Revenue Growth * **Record-Breaking Momentum:** Achieved all-time high quarterly revenue driven by robust domestic demand and global operations, specifically within the EV charging infrastructure. * **Segment Outperformance:** Consolidated top-line growth was propelled by the EVSE segment's near-doubling in size, offsetting a slight contraction in new telecom tower installations. * **Tritium Integration:** The subsidiary reached a significant commercial scaling milestone, contributing to the group's sequential revenue expansion and record order bookings. ## C. Margins & Profitability * **Consolidated Breakeven:** Achieved a critical milestone as consolidated EBITDA turned positive for the first time since the Tritium acquisition, signaling successful integration and cost absorption. * **Strategic Mix Optimization:** Standalone margin expansion was driven by a deliberate shift toward higher-margin EVSE sales and a reduction in lower-margin lithium battery volume. * **Exceptional Headwinds:** Full-year consolidated PAT was weighed down by **-₹258 Cr** in adjusted losses, impacted by one-time integration costs, VRS payouts, and new labor code compliance. * **Inventory Normalization:** Future margins at Tritium may face pressure as low-cost inventory is exhausted, leading to a normalization of profitability levels in the coming quarters. ## D. Balance Sheet * **Strategic Inventory Build:** Management intentionally increased stock levels across Gurgaon and Hyderabad facilities to de-risk production for the **FY27** order book. * **Working Capital Management:** A sharp Q4 revenue ramp-up led to higher accounts receivable, though management maintains that collection quality remains healthy. * **Liquidity Position:** Maintained a strong balance sheet with comfortable debt coverage ratios, providing sufficient headroom for organic growth and capital investments. ## E. Segment Performance * **EVSE Leadership:** The segment remains the primary growth engine, with consolidated quarterly growth of **83%** and full-year growth of **72%**, cementing its position in the OEM and fleet markets. * **Critical Power Resilience:** Steady growth continues, fueled by AI-driven data traffic and off-grid telecom needs; however, government contract margins (BharatNet) faced pressure from fixed pricing and geopolitical costs. * **Tritium Synergy:** The acquisition is beginning to provide a higher-margin product mix to the consolidated entity as it scales toward commercial viability. --- # 2. Manufacturing & Operations ## A. Capacity Expansion & Optimization * **Strategic Manufacturing Pivot:** Shifting primary production from Gurgaon to the new **Hyderabad** facility within **2-3 months** to leverage Industry 4.0 efficiencies and global export capabilities. * **Capacity Activation:** The Hyderabad plant reached full operational status in Q4; while providing the scale necessary for the EVSE pipeline, it has introduced a planned increase in **depreciation expenses**. * **Dual-Hub Global Footprint:** Operations are now anchored by the newly inaugurated Hyderabad site and the **Tennessee (USA)** plant acquired via the Tritium transaction. ## B. Technology & Innovation * **R&D Infrastructure:** Leveraging three decades of power electronics expertise with a team of **130+ engineers** across specialized hubs in Gurgaon, Bangalore, and Brisbane. * **Product Leadership:** Deployed India’s first **liquid-cooled charger** and launched an **AI-based remote management platform** designed to ensure **99% uptime** for unmanned DC infrastructure. ## C. M&A Integration * **Tritium Synergy:** The integration of Tritium serves as a primary growth catalyst, with management targeting a **2x scaling** of revenues and profitability relative to historical quarterly performance. --- # 3. Product & Market Mix ## A. Key Figures * **Export Performance:** **₹30 Cr** Q4 sales · **₹30 Cr** Q4 order bookings · **15%** of total sales * **Regional Export Sales:** **₹32 Cr** Southeast Asia FY total * EV Revenue Mix: 50% India · 22% Europe · 10% USA · 16% Australia/NZ * **Market Penetration:** **>10%** combined EV penetration in select Tier-2/3 locations ## B. Product Portfolio * **Portfolio Expansion:** Successfully launched three new Tritium-branded products, establishing a robust pipeline for **FY '28**. * **Technological Diversification:** Portfolio spans from portable chargers to high-power liquid-cooled systems, including the new **TRI-FLEX inverter** targeting 800V data centers and BESS. * **Modular BESS Strategy:** Battery storage solutions are designed as scalable modular systems specifically for the **Commercial & Industrial (C&I)** segment. ## C. Geography Mix * **Global Scaling:** Achieving record export contributions with a strategic roadmap to reach a **20% export share** by FY '27. * **Western Market Entry:** Leveraging recent US certifications and existing customer engagements to move into pilot production for the North American and European markets. * **Domestic Market Evolution:** EV demand is decentralizing from metros, with Tier-2 cities like **Surat** emerging as major hubs alongside rapid highway infrastructure growth. ## D. Customer Metrics & Strategic Initiatives * **OEM Partnerships:** Maintains deep integration with multiple automotive OEMs for both residential home chargers and public fast-charging networks. * **Service Infrastructure:** Supports critical installations via a massive network of over **200 personnel** across **22 Indian states**. * **Operational Milestones:** New factory commencement has already triggered mass production and immediate orders from a base of over **100 key customers**. * **Integrated Solutions:** Executed **80 sites** under the "Exicom One" program, consolidating the full product-and-service stack for enterprise clients. --- # 4. Order Book & Demand ## A. Key Figures * **Order Book:** **₹1,000 Cr** as of March 31, 2026 * **Active Pipeline:** **₹400 Cr** in high-level market opportunities * **EV Penetration:** **32%** (3W) · **7%** (Buses) · **7%** (2W) · **5%** (4W) * **Market Share:** **~50%** of all EV cars sold in India bundled with Exicom home chargers ## B. Pipeline & Tenders * **Telecom Infrastructure Momentum:** Execution of a major DC power system order is providing a critical hedge against **FX volatility and commodity price inflation**. * **Public Sector Opportunities:** Management is aggressively pursuing **₹250 Cr** in aggregate opportunities via BharatNet and Phase-2 remote connectivity projects. * **Hyperscaler Engagement:** A successful pilot of the TRI-FLEX inverter with a global hyperscaler represents a significant long-term catalyst for **FY28** revenue. ## C. Industry Trends * **EV Market Acceleration:** Robust industry tailwinds saw sales reach **200,000 units per month**, with the 4W install base projected to hit **1 million** in FY27. * **Commercial Electrification:** Rapid adoption in the CV sector—specifically in ports and cement factories—is driving concentrated demand for fast public charging infrastructure. * **Macro Drivers:** Global energy security concerns and rising fuel prices are identified as the primary megatrends sustaining momentum in electric mobility. ## D. Competitive Position * **Dominant Market Leadership:** Exicom maintains its status as India's largest home charger manufacturer, capturing half of the bundled charger market for new EV sales. --- # 5. Risks & External Factors ## A. Supply Chain Risks * **Structural Import Dependency:** Domestic BESS market growth remains constrained by a heavy reliance on Chinese cell imports and subsequent exposure to exchange rate volatility. * **Localization Timeline:** A significant shift in the supply chain landscape is anticipated within the next **1 to 2 years** as local cell manufacturing commences in India. --- # 6. Guidance & Outlook ## A. Key Figures * **BESS Revenue Target:** **₹50 Cr** Current FY (from negligible base) * **FY28 Revenue Potential:** **₹850 Cr** Aggregate from three new product lines * **Tritium Breakeven:** **Q4 FY27** EBITDA target * **TRI-FLEX Opportunity:** **$30M–$35M** FY28 potential from hyperscaler testing ## B. Revenue Targets & Strategic Mix * **BESS Scaling:** Management expects the BESS segment to represent **30% of the Critical Power business** within **2 to 3 years**, following successful market entry. * **Growth Resilience:** Robust demand is expected to sustain growth momentum despite ongoing **geopolitical headwinds and supply chain constraints**. * **Tritium Trajectory:** Anticipating a significant revenue scale-up for the subsidiary, supported by a secured order book and a strong pipeline. ## C. Product Launch & Operational Schedule * **BESS Commercialization:** Following **10 to 20 small-scale pilots** in Q4, the company plans to scale the new product line in the second half of the current fiscal. * **EV Infrastructure Innovation:** Mass production of the **Ring Topology-based DC charger** is slated for **FY27**, targeting CAPEX reduction for Charge Point Operators. * **Hyperscaler Integration:** The TRI-FLEX inverter is undergoing factory acceptance testing, with a formal launch window scheduled between **May and July**. * **Mid-Term Pipeline:** Two additional products are scheduled for mid-2026 launches, representing a combined **₹3 Cr** opportunity in FY28 pending pilot outcomes.