Exicom: consolidated loss narrows 17% YoY on EBITDA turnaround; board okays Tritium exit

Exicom's consolidated net loss narrowed to ₹56.78 Cr in Q2 FY27 from ₹68.81 Cr a year earlier (-17.5% YoY) and ₹73.57 Cr in Q1 FY27 (-22.8% QoQ), as consolidated revenue grew 37.8% YoY and 17.3% QoQ to ₹388.35 Cr. The real shift was at the operating line: consolidated EBITDA turned positive at roughly ₹6.4 Cr (1.7% margin) against a loss of ₹17.0 Cr in Q1 FY27 and ₹27.5 Cr a year ago — landing inside the "Q2 or Q3 FY27" consolidated breakeven window management flagged on the last call. The bottom line stayed in the red only because finance costs (₹17.16 Cr) and depreciation (₹42.99 Cr) — both inflated by the Hyderabad capex cycle and Tritium integration — still exceed the modest operating surplus. Growth was led by the EV Charger segment (India charging plus Tritium), up 91% YoY to ₹213.69 Cr, with its segment loss narrowing 28.5% YoY to ₹44.04 Cr from ₹61.57 Cr. Critical Power was roughly flat YoY at ₹174.65 Cr in revenue with a ₹7.48 Cr segment profit, down sharply from ₹12.77 Cr in Q1 FY27 on sequential mix. Results also carry a ₹0.59 Cr exceptional charge (subsidiary employee redundancy/retention cost) versus ₹2.16 Cr of exceptional items a year ago; stripping both out, the underlying YoY loss-narrowing is closer to ~15.7% rather than the 17.5% reported. Standalone (India-only) profitability kept strengthening in parallel — PAT of ₹7.80 Cr, up 31.8% YoY and 58.5% QoQ on revenue of ₹276.98 Cr (+21.3% YoY) — reinforcing that the India business, not Tritium, remains the earnings engine. Management issued no separate press release alongside this filing, so there is no fresh management quote to weigh against the print. Against the last concall's guidance — consolidated EBITDA breakeven in Q2 or Q3 FY27, Tritium's own breakeven reaffirmed for Q4 FY27, and Critical Power export share rising from 8% to 15% of FY27 — this quarter is on track on the headline consolidated-EBITDA marker (hit in Q2, the earlier end of the window); the filing discloses no segment-export or Tritium-only P&L detail to check the other two. The only external estimate found, a July 2026 Arihant Capital note, modelled consolidated EBITDA reaching only "~breakeven" by Q4 FY27 — this quarter's positive print arrives roughly two quarters ahead of that projection, though no Q2 FY27-specific consensus revenue/PAT estimate turned up to benchmark the other lines. The quarter's most consequential disclosure sits outside the P&L: the Board, in the same meeting, approved a non-binding term sheet to divest the Tritium global DC fast-charging business — via sale of Exicom Power Solutions B.V. (Netherlands) or its underlying US/Netherlands/Australia/UK subsidiaries — at an indicative enterprise value of USD 85 million, to "sharpen its focus on its core EV Charging and Critical Power businesses in India and international markets." Exicom Power Solutions B.V. (largely the Tritium operations) contributed 17.74% of FY26 consolidated turnover but a loss of ₹291.63 Cr — about 106% of the group's entire FY26 net loss of ₹274.13 Cr — meaning the rest of the group was marginally profitable. No definitive agreement is signed; the deal needs due diligence, definitive documents and a shareholder special resolution via postal ballot, targeted for completion within the current financial year. Separately, the Board approved consolidating manufacturing from the Gurugram 75D facility (about 9.6% of FY26 standalone turnover) into the existing Hyderabad and Solan plants by November 15, 2026.