Exicom Targets Global Growth With EVSE And Power Solutions

Exicom, a leading provider of EV charging and critical power solutions in India, has reported robust financial results for the quarter ending December 31, 2024. The company’s consolidated revenues grew by 28% quarter-on-quarter to approximately INR 197 crore, driven by the strategic acquisition of Tritium. However, revenues continued to trail on a year-on-year basis. Gross margins witnessed a slight decline of 2.8% from the previous quarter due to changes in the Critical Power customer mix and the depreciation of the Indian rupee against the US dollar.

The company’s Electric Vehicle Supply Equipment (EVSE) business saw a remarkable resurgence following a temporary industry slowdown during the first half of FY25. Exicom’s unit sales in India grew by approximately 77%, with revenue increasing by around 38% year-on-year, significantly surpassing the industry’s growth rate of 23% in four-wheeler EV sales. On a consolidated level, EVSE revenue grew by an impressive 120% year-on-year, fueled by strong sales momentum in the US and European markets.

At the Bharat Mobility Global Expo held in January 2025, 26 new EV models are unveiled that only strengthen the bullish market outlook on the sector. Industry trends continue to evolve, with increasing power and ultra-fast charging becoming prominent, areas that Exicom will be in pole position for the lead. Its newly launched Harmony Boost solution delivers a leading edge in a smart energy storage and management-enabled consistent 400kWh fast-charging experience per plug.

Exicom further strengthened its position in the DC segment by securing two major deals with leading Charge Point Operators and forming strategic partnerships with ChargeZone and Mufin Green Infra to accelerate the deployment of high-power charging stations across India. The company also achieved record-breaking sales of home (AC) chargers, cementing its leadership in the sector. Exicom’s total installed base of EV chargers has now surpassed 1.73 lakh units globally.

The company's global expansion strategy, with the recent acquisition of Tritium, is starting to deliver promising results. Although the fixed costs from the acquisition had an impact on the consolidated financials of the company, strategic efforts in operations and customer engagement resulted in revenues of about INR 44 crore ($5.1 million) during Tritium's first quarter post-acquisition. Exicom has also set up a regional hub in the UK for catering to the European market through the Tritium brand of fast EV chargers.

In the Critical Power segment, the company faced a cyclical slowdown due to consolidation and deferred capital expenditure in the telecom infrastructure sector. This led to a temporary decline in revenues and margins during the quarter. However, the company remains optimistic about the segment’s growth trajectory, with the telecom infrastructure sector projected to grow at a compound annual growth rate (CAGR) of 8-10% over the next three years.

Exicom recently secured a landmark order worth approximately INR 1,680 crore to supply DC power and energy storage solutions for the BharatNet project over the next three years, indicating early signs of recovery in the segment.

Following its highly successful initial public offering (IPO) in March 2024, Exicom is executing an ambitious growth strategy to expand its production capacity and enhance distribution channels. The company is establishing a state-of-the-art EVSE manufacturing and R&D facility in Hyderabad, which will enable it to triple its current annual production capacity and develop globally benchmarked EV charging solutions tailored for the Indian market.

Commenting on Exicom’s growth trajectory, Anant Nahata, Managing Director of Exicom, emphasized the company’s commitment to addressing critical industry shifts through innovation and strategic partnerships. “The world today needs both fast build of digital communication infrastructure and radical energy transition towards green mobility. Both of our core businesses – Critical Power and EV Charging – are addressing these key shifts with a strong focus on R&D and technology innovation. Our partnerships with leading infrastructure players for power management and energy storage solutions are providing the much-needed energy stability for digital networks, which are core to India’s success in digital infrastructure. At the same time, our high-quality and reliable charging solutions are helping accelerate EV adoption in India and across the world. As we move forward, we will be keenly focused on scaling our global ambitions for the EVSE business and work towards becoming one of the top five DC fast charging players in the key markets of North America and Europe," said Nahata.

With strong technology innovation and strategic collaborations, Exicom is well-placed to capitalise on the market momentum in FY26 and beyond; as a result, it has reassured its dedication to driving the green mobility revolution and advancement in India's digital infrastructure growth.