Exicom, a leading provider of electric vehicle (EV) charging and critical power solutions in India, has reported substantial growth in its Electric Vehicle Supply Equipment (EVSE) segment. The company’s robust financial performance in Q3 FY25 highlights its strategic readiness to capitalize on the accelerating momentum of the EV market in FY26.
Exicom Q3 FY25 Results – Financial Performance
Exicom posted consolidated revenues of approximately INR 197 crore for the quarter ending 31 December 2024, marking a 28% quarter-on-quarter (QoQ) increase, primarily driven by its acquisition of Tritium. However, year-on-year (YoY) revenue growth remained steady. The company experienced a 2.8% dip in gross margins, attributed to fluctuations in the Critical Power customer mix and currency depreciation against the US dollar.
EVSE Segment Surges Ahead of Industry Growth
Following a temporary slowdown in the EV industry during the first half of FY25, Exicom’s EVSE business demonstrated a strong resurgence in Q3. The company reported a 77% YoY growth in unit sales within India and an overall 38% rise in sales, significantly outpacing the 23% growth in four-wheeler EV unit sales across the industry.
On a consolidated basis, EVSE revenue soared by 120% YoY, driven by high demand from the US and Europe. The recent unveiling of 26 new EV models at the Bharat Mobility Global Expo in January 2025 underscores the promising market outlook.
As the industry shifts towards high-power, ultra-fast charging solutions, Exicom is leading the transition with its Harmony Boost solution. This cutting-edge system integrates smart energy storage and high-power public charging, offering a consistent 400 kWh fast-charging experience per plug.
Expanding Market Footprint with Strategic Collaborations
Exicom is strengthening its footprint in the Direct Current (DC) fast-charging segment through two major Charge Point Operator (CPO) deals. Additionally, partnerships with ChargeZone and Mufin Green Infra are accelerating the deployment of high-power charging stations across India.
The company also recorded unprecedented sales in home (AC) chargers, further consolidating its leadership in the sector. Its total installed EV charger base has surpassed 1.73 lakh units globally.
Gains from Tritium Acquisition and Global Expansion
The acquisition of Tritium is yielding positive momentum despite its fixed-cost impact on consolidated financials. Tritium’s first post-acquisition quarter contributed approximately INR 44 crore (USD 5.1 million) in revenue. To bolster its international presence, Exicom has established a regional hub in the UK, catering to the growing demand for fast EV chargers across Europe.
Critical Power Business & BharatNet Project Boost Future Prospects
Despite a cyclical slowdown in telecom infrastructure investments, Exicom remains optimistic about its Critical Power business. The telecom infrastructure sector is forecasted to grow at an 8-10% CAGR over the next three years.
A significant milestone was achieved with a landmark INR 1,680 crore order for the BharatNet project, set to deliver DC power and energy storage solutions over the next three years. This contract cements Exicom’s role in India’s digital and power infrastructure expansion.
Scaling Up Production to Meet Future Demand
Following its successful IPO in March 2024, Exicom is executing an ambitious growth strategy. The company is scaling up manufacturing and distribution to meet rising market demand. The new EVSE manufacturing and R&D facility in Hyderabad will triple the company’s annual production capacity, reinforcing its commitment to globally benchmarked EV charging solutions tailored for India.
Leadership Insights
Commenting on the company’s trajectory, Anant Nahata, Managing Director of Exicom, stated:
“The global transition towards digital connectivity and green mobility is accelerating. Our core businesses—Critical Power and EV Charging—are at the forefront of this transformation. Through cutting-edge R&D, strategic partnerships, and scalable solutions, we are ensuring energy stability for digital networks while driving EV adoption. Our vision is to expand Exicom’s global footprint and establish ourselves among the top five DC fast-charging providers in North America and Europe.”
About Exicom
Exicom is a leading manufacturer of EV charging and Critical Power solutions in India. With a comprehensive portfolio of AC and DC chargers, the company is driving the sustainable mobility revolution while ensuring uninterrupted telecom infrastructure operations.
With a global presence spanning India, Southeast Asia, the Middle East, the US, and Europe, and over 1.73 lakh EV chargers installed worldwide, Exicom is a frontrunner in shaping the EV charging ecosystem.
Conclusion
Exicom’s strong Q3 FY25 performance, high-power charging innovation, and strategic global expansion position it as a leader in the growing EVSE market. With a focus on technological advancements, market leadership, and international expansion, the company is set to capitalize on the EV infrastructure boom in FY26 and beyond.
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