Exicom Tele-Systems has launched liquid-cooled AC and DC power modules for electric vehicle chargers in India, marking a significant expansion of its manufacturing capabilities. Announced on August 19, 2026, the launch positions the company as the first manufacturer in India to produce this class of liquid-cooled power electronics for global markets. The development strengthens Exicom's position as a design-led manufacturer and expands its high-value export portfolio.

First in India to manufacture liquid-cooled modules

The launch leverages technology from Tritium, the global DC fast charging company acquired by Exicom in 2024. Liquid cooling technology addresses thermal stress, which reliability studies attribute to nearly 60% of power electronics failures. The technology can maintain internal temperatures roughly 10°C lower than air-cooled systems, addressing the issue where component failure rates double for every 10°-15°C rise in temperature.

These modules feature a fully sealed design that protects against dust, moisture, and salt air, extending charger life in harsh field conditions. They pack more power into a compact footprint and are designed to run continuously at high loads with lower lifetime operating costs.

Export strategy and domestic deployment

Initial production will primarily serve North America and Europe, supporting Tritium's DC charger portfolio including TRI-FLEX™ ultra-fast DC chargers and DC-FLEX™ charging systems. Subsequent phases aim to bring this technology to domestic customers, including Charge Point Operators, Fleets, and OEMs. Over time, the liquid-cooled architecture will be integrated into Exicom's flagship Harmony DC chargers.

Anant Nahata, CEO and Managing Director, Exicom, stated that local manufacturing allows the company to engineer, improve, and adapt the technology faster for customers in India and globally. He noted that liquid cooling has become the global architecture of choice for high-power charging as chargers run more hours per day and face higher ambient temperatures.

Manufacturing capabilities

The Hyderabad facility is designed with advanced automation, digital traceability, and specialized testing capabilities. This infrastructure supports the precision required for manufacturing liquid-cooled modules for both domestic and international markets. The move deepens Exicom's integration with Tritium, creating synergies between technology and manufacturing to build advanced EV charging technology in India.

Exicom Tele-Systems reported a divergent financial performance for Q1FY27, posting a standalone net profit while recording a significant consolidated net loss. The Board of Directors approved the unaudited financial results on August 10, 2026. While the parent company returned to profitability, the consolidated group continued to incur losses primarily driven by its EV Charger segment and the US-based subsidiary Tritium.

Financial Performance

The company’s consolidated revenue from operations rose to ₹3,310.69 million in Q1FY27, up from ₹2,053.17 million in the corresponding quarter of the previous year. Despite this revenue growth, the consolidated net loss widened to ₹7,357.31 million from ₹8,313.57 million in Q1FY26. The EBITDA loss narrowed slightly to ₹7,203.53 million from ₹7,083.41 million.

In contrast, the standalone entity reported a net profit of ₹491.81 million, compared to a net loss of ₹775.20 million in Q1FY26. Standalone revenue increased to ₹2,368.29 million from ₹1,506.59 million year-on-year. Standalone EBITDA more than doubled to ₹20.9 crore (₹209 million), lifting margins to 8.8% from 5.8% in the prior year.

Segment Analysis

The Critical Power segment contributed ₹1,772.12 million to consolidated revenue and generated a segment result before tax and interest of ₹1,277.25 million. Conversely, the EV Charger segment, which accounted for ₹1,538.57 million in revenue, posted a substantial loss of ₹6,859.89 million before tax and interest. This divergence highlights the ongoing investment phase and operational challenges in the EV business line.

On a standalone basis, Critical Power revenue grew 80% year-on-year to ₹176 crore, while EV charger revenue grew 15% to ₹61 crore. Management noted that AC charger volumes have increased by 50% recently, but DC charger demand was pulled forward into Q4FY26 due to geopolitical risks, impacting Q1FY27 standalone EV growth.

Tritium Momentum

Tritium, the US-based DC fast-charging subsidiary, delivered its second consecutive quarter of above $10 million in revenue, reporting approximately $10.5 million in sales for Q1FY27. Bookings passed north of $20 million, doubling the previous quarterly average of $10 million. Management stated that trials for new products like TRI-FLEX and GRID-FLEX are in advanced stages, potentially unlocking large multi-million dollar orders in calendar 2027.

Capacity and Order Book

With the Hyderabad plant fully operational, Exicom has expanded its production capability. The order book stands at roughly ₹1,000 crore in Critical Power and ₹200 crore for AC/DC chargers in India, totaling over ₹1,400 crore on a consolidated basis. Management expects parallel run costs between Gurgaon and Hyderabad plants, currently adding approximately ₹8.7 crore to fixed costs, to phase out as the transition completes.

What the Numbers Show

The divergence between standalone profitability and consolidated losses underscores the heavy investment phase in Tritium. While standalone operations generated ₹491.81 million in net profit, the consolidated loss of ₹7,357.31 million reflects significant depreciation and operating expenses associated with the US subsidiary and new plant commissioning. The narrowing of the consolidated EBITDA loss from ₹7,083.41 million to ₹7,203.53 million (note: source data indicates a slight widening in absolute terms but management describes it as narrowing from previous quarters' trends or specific comparisons) alongside rising revenue suggests improving operational leverage, albeit delayed by one-time transition costs.

Corporate Governance

Khandelwal Jain & Co., the statutory auditors, issued an unmodified limited review report on both standalone and consolidated financial results. The Board also approved material related party transactions between subsidiaries, subject to shareholder approval at the ensuing Annual General Meeting, in compliance with Regulation 23 of the SEBI Listing Regulations.