Exicom Tele-Systems Limited , a leading manufacturer of EV charging and critical power solutions in India, has announced its support for Charger on Wheels, a mobile EV charging startup. This strategic move aims to address the challenges of grid readiness for EV charging setups in urban areas and accelerate the adoption of electric vehicles in India.

Partnership Details

The collaboration between Exicom and Charger on Wheels will focus on strengthening the latter's technology platform and scaling up mobile EV charging services. This initiative is expected to provide a capital-light solution to bridge the gap in EV charging infrastructure, particularly in areas with limited grid availability.

Addressing Urban Charging Challenges

Anant Nahata, Managing Director and CEO of Exicom, highlighted the importance of this partnership, stating, "Seamless charging infrastructure is crucial for EV adoption and we need newer formats that address the pain points of EV users. One such pain point is grid readiness for EV charging setup specially in urban areas. To solve this, we need a Capex-light solution that can serve this need. Mobile EV charging or Charger on Wheels can help bridge this gap."

Charger on Wheels' Progress

Anil Kumar, Founder of Charger on Wheels, revealed that the startup has already secured partnerships with leading developers for residential charging via mobile vans. This approach addresses the challenges posed by limited grid availability in urban India and fire safety norms that restrict EV chargers in basements.

Exicom's Expanding EV Ecosystem

This partnership is part of Exicom's broader strategy to strengthen the electric mobility ecosystem. The company has recently announced collaborations with:

• Germany-based Hubject for interoperability
• Ionage for an integrated Charger Management System
• Mufin Green Infra to provide turnkey solutions to customers

Exicom's Global Footprint

Exicom has established a significant presence in the EV charging market, with operations spanning across India, Southeast Asia, Middle East, US, and Europe. The company has sold over 133,000 chargers worldwide, positioning itself as a key player in shaping the global EV charging landscape.

Looking Ahead

As urban areas grapple with the challenges of implementing widespread EV charging infrastructure, innovative solutions like mobile charging units could play a crucial role in supporting the transition to electric mobility. Exicom's backing of Charger on Wheels represents a step towards more flexible and accessible charging options for EV owners in India's rapidly evolving electric vehicle market.

Exicom Tele-Systems Limited , a leading power management solutions company, has reported its financial results for the first quarter, revealing a mixed performance across its business segments.

Financial Performance

The company's consolidated revenue for Q1 stood at ₹205 crore, marking a 23% decrease quarter-on-quarter and a 19% decline year-on-year. On a standalone basis, Exicom reported revenue of ₹151 crore, down 29% quarter-on-quarter and 38% year-on-year.

Despite the revenue decline, Exicom's standalone gross margin improved to 32.7% from 21.3% in the previous quarter, driven by a richer product mix and cost optimization efforts. The adjusted standalone EBITDA rose to ₹12.6 crore, representing an 8.6% margin, up from ₹10.9 crore in Q4.

However, the company faced challenges on a consolidated level, primarily due to the slower turnaround of its acquired subsidiary, Tritium. The adjusted consolidated EBITDA was negative ₹38.6 crore, compared to negative ₹17 crore in the previous quarter. The adjusted consolidated PAT stood at negative ₹71 crore, down from negative ₹62 crore in Q4.

Segment Performance

Critical Power Business

The Critical Power segment reported standalone revenue of ₹98 crore and consolidated revenue of ₹102 crore. The lower-than-expected performance was attributed to delays in key projects, including Bharat Net and other major initiatives. However, the company secured significant wins in the Middle East and Africa, indicating potential growth in export business.

EV Charging Business

The EV Charging segment maintained strong momentum, particularly in Southeast Asia and the premium OEM segment. Standalone revenue for this division reached ₹53 crore, marking a 61% increase year-on-year. On a consolidated basis, including Tritium and Southeast Asian operations, the segment generated revenue of ₹103 crore.

Recent Developments and Future Outlook

1. New Product Launches: Exicom introduced its next-generation EV charger, Harmony Gen 2, which has received positive market response. The company also launched Tritium's TRI-FLEX charger for high-end markets in the U.S. and Europe.

2. Strategic Partnerships: Exicom signed a global framework agreement with one of the largest clean energy players in Southeast Asia for EV chargers, marking its expansion into markets like Malaysia, Indonesia, and Thailand.

3. Manufacturing Expansion: The company's new integrated manufacturing plant in Hyderabad is nearing completion, with production expected to commence in October 2025.

4. Rights Issue: Exicom successfully completed a rights issue of ₹260 crore, which will be used to repay debt, convert promoter loans to equity, and support Tritium's operations.

5. Order Book: The company reported a robust order backlog exceeding ₹1,500 crore, with hardware supply orders of over ₹1,200 crore.

Despite the challenges in Q1, Exicom's management remains confident about the company's growth prospects. They maintain their guidance of 50% revenue growth and 2.5x EBITDA increase for the full year on a standalone basis, citing a strong order book and improving project execution.

Anant Nahata, Managing Director and CEO of Exicom Tele-Systems, commented on the results, stating, "While this quarter's performance fell short of expectations, it does not reflect our full potential or the strong pipeline we have today. We have the highest order book we've ever had as a company, and we're seeing great momentum in our EV Charging business."

As Exicom continues to navigate challenges in its Tritium operations and project delays, investors will be closely watching the company's performance in the coming quarters to see if it can meet its ambitious growth targets.