Exicom Q1 FY26: Navigating a Soft Quarter with Clear Momentum for the Road Ahead
"We recognize that this quarter's performance has not met expectations, but it also does not reflect the full potential of the company or the strength of our pipeline. We are seeing visible momentum and clear signs of progress. In India, the steady rise in EV sales points to a stronger outlook for our charging business, and with Bharat Net deliveries now underway, we expect increased revenue contributions from Q2 onwards. Tritium has been a strategic investment for us to build global presence and revenue streams. Although the business is taking longer to turn around, there are positive lead indicators including growing customer confidence in its new portfolio," said Anant Nahata, Managing Director and CEO, Exicom.
Strategic Highlights and Business Updates
EVSE Business
India's four-wheeler EV market gathered momentum, with monthly sales topping ~13,000 units for four consecutive months. Supportive policies are expected to further lift demand ahead of the festive season, creating the strongest tailwinds we have seen in recent quarters. This is already reflecting in our business, with Harmony Direct 2.0, our advanced DC fast charger launched last quarter, building a robust pipeline. Five out of the top 8 EV customers have already transitioned fully to this differentiated product. On the home charging front, Exicom's Spin Air continued to gain traction through ecommerce and B2B channels, with the company delivering over 15000 chargers across geographies. A key highlight was robust year-on -year growth in Southeast Asia sales across four new customers. Exicom also signed its first-ever framework agreement with one of SEA's largest clean energy players, with an expected deal value of nearly USD 6 million over the next 2 years.
Tritium Update
While Tritium's financial performance is yet to catch up, there are positive leading indicators, including improved customer satisfaction, rising service revenues and order pipeline. Customer adoption is also strengthening, with more than 700 Tritium chargers deployed across the US, Europe and ANZ since January this year. The company is also in advanced discussions with key industry players on some of the largest EV charging opportunities in the sector. The Tri-Flex DC fast charger, a key part of Tritium's global product strategy, has secured new customers, with the first deployment planned with a UK-based CPO later this year. Cutting cash losses is one of our top priorities. Alongside these efforts, we are deeply focused on cost optimization and accelerating revenue conversions.
Critical Power Business
The Critical Power segment achieved lower-than-expected revenue in Q1, largely owing to delays in key projects. Execution of the Bharat Net project, which had faced delays due to project-level approvals and monsoons, has now commenced and is set to start contributing to the topline from Q2 onwards. Some of the battery projects expected to be delivered in Q1 also got deferred to Q2. On a positive note, the business secured significant wins in the Middle East and Africa and is on track to achieve its highest-ever international revenue this year.
Future outlook
The upcoming milestone of Hyderabad manufacturing plant remains on track to start operations by October 2025.
Talking about the ongoing financial year, Anant Nahata further added, "Although this quarter was not up to the mark, we remain confident on our efforts and growth trajectory. Strong industry tailwinds, a differentiated EVSE portfolio, and solid operational momentum in our telecom and critical power businesses position us strongly for what we expect to be a strong year for EVSE and a promising year for critical power. As a team, we are fully engaged and working with intent to deliver on the guidance shared in Q4 FY25. While we know there is work ahead, we believe we have the right foundations to achieve it. The strong shareholder support in our recent rights issue is an encouraging vote of confidence in our direction."
About Exicom
Exicom is one of India's leading EV charging and Critical Power solutions manufacturer, present across the entire EV charger value chain with a host of products across both AC & DC charger segments and is spear heading India's transition to sustainable transportation while ensuring the smooth functioning of critical infrastructure. With a wealth of expertise across its divisions, Exicom's critical power solutions serve as the backbone of communication networks, delivering uninterrupted power supplies crucial for telecom infrastructure. With a footprint spanning India, Southeast Asia, Middle East, US, Europe and over 1,50,000 chargers installed worldwide, Exicom is at the forefront of shaping the global EV charging landscape.
Investor Relations: investors@exicom.in
This is an auto-published feed from PTI with no editorial input from The Wire.
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