When an EV Module Maker Exports to the World—India's Liquid-Cooling Edge
Exicom launches India's first liquid-cooled power modules for EV chargers, targeting North America and Europe. A proprietary thermal-management moat emerges as Tritium integrates the tech.
₹158.05
Aug 18 close
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high ₹182.90
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low ₹75.60
49
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₹237 Cr
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1.51M
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India's first liquid-cooled EV charger module maker
Exicom launches India's first liquid-cooled power modules for EV chargers
Exicom Tele-Systems has commenced manufacturing of advanced liquid-cooled AC and DC power modules for EV chargers at its Hyderabad facility. The company is now the first in India to produce this class of thermal-managed electronics. Initial production targets North American and European markets, supporting Tritium's DC charger portfolio. The technology will also be integrated into Exicom's own Harmony DC chargers to create a new export line.
Read:Liquid cooling solves a critical reliability problem: thermal stress is a primary cause of power electronics failure in EV chargers. By maintaining lower internal temperatures than air-cooled systems, the tech extends component lifespan and reduces field failures—a significant differentiator in markets where warranty costs bite deeply into margins. The Hyderabad facility, funded from IPO proceeds, now transitions from being a capex sink to an export revenue driver. This is Exicom's inflection point from a domestic-focused charging player to a global thermal-tech manufacturer.
BSE filing, Aug 19, 2026Why this matters for exports: The global EV-charger market is consolidating around thermal efficiency as a brand differentiator. Tesla's Supercharger and ABB's Terra High Power DC chargers are already liquid-cooled. Tritium, which Exicom acquired in 2024, was losing money at scale—₹68.6 Cr loss in Q1 FY27 despite ₹153.9 Cr in revenue. Adding proprietary liquid-cooled modules to Tritium's product line is the pathway to margin recovery: higher reliability = fewer warranties and service calls = path to the 15–18% EBITDA margins the core Critical Power business already earns.
Critical Power stays strong; Tritium still burning cash
Standalone (the profitable domestic business) grew revenue 57% YoY to ₹237 Cr in Q1 FY27, with EBITDA more than doubling to ~₹21 Cr. The sequential dip from Q4's ₹282 Cr is typical post-fiscal-year normalization.
Consolidated figures include overseas subsidiaries. Critical Power segment (standalone core) profitable; EV Charger/Tritium driving the loss.
The consolidated loss widened to ₹73.6 Cr in Q1 FY27 from ₹54.3 Cr in Q4 FY26, even though revenue rose 61% YoY. The culprit: Tritium. The EV Charger segment's loss deepened to ₹68.6 Cr from ₹60.7 Cr a year earlier, despite 49.6% YoY revenue growth. Depreciation spiked 57% YoY to ₹38.96 Cr (Hyderabad plant ramp-up), and employee costs jumped 43% YoY to ₹50.09 Cr. The math is brutal: you cannot absorb that overhead on charger volumes and margins alone. You need a margin multiplier — and liquid-cooled modules are exactly that.
Where the money is and where it's burning
Critical Power is the cash engine: ₹177 Cr revenue (+73% YoY), ₹12.8 Cr segment profit (+133% YoY). This business serves the 5G telecom buildout (power backup), Bharat Net fibre expansion, and data centre UPS demand. It is profitable, growing, and funded the Hyderabad plant from accruals. EV Charger / Tritium is the growth thesis but currently a margin killer. ₹153.9 Cr revenue (+49.6% YoY) is real, but the ₹68.6 Cr loss is a path problem. The company guided for Tritium EBITDA breakeven by Q4 FY27 (two quarters away). Liquid-cooled modules are the breakeven catalyst: better margins, fewer warranty claims, a premium product in a commodity market.
Consolidating near 52-week support
49
158.05
Mid-range after 109% run from lows
- Above SMA 200
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The stock is trading in a neutral technical zone—above the 200-day moving average (₹124.2) but below the 20 and 50-day lines. RSI at 49 signals no overbought or oversold condition. Support is around ₹140; resistance at ₹180.9. The 52-week range (₹75.6 to ₹182.9) is wide, reflecting high volatility around the Tritium acquisition and IPO narrative shifts.
The road to Tritium breakeven
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Q2 FY27 (Oct 2026): EV Charger segment loss trajectory. If it narrows despite added depreciation, liquid-cooled ramp is on track.
Pending
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Export order wins: Watch for customer announcements from North America and Europe. Tritium was handling Exicom's global sales; liquid-cooled modules should expand the TAM.
Pending
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IPO capex completion: ₹400 Cr raised, now fully deployed. Future growth must come from FCF or fresh fundraising. Scrutinise cash conversion.
Pending
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Margin bridge: Even a 2–3% margin expansion in the EV segment (via thermal-tech premium pricing) cuts the loss in half at current scale.
Pending
Q2FY27EarningsAndSegmentMargin
Does EV Charger segment loss narrow? Thermal-tech margin uplift in action.
CriticalPowerMomentum
EXICOM5G/Bharat Net demand cycle. A slowdown here hits standalone profitability and FCF.
TritiumExportTraction
Liquid-cooled modules integrated into next-gen DC charger roadmap. Customer design wins in key markets.
CapitalAllocation
With IPO capex spent, does the company reinvest excess FCF into R&D, or return it to shareholders?
CompetitivePosition
Who else is launching liquid-cooled modules? Tesla, ABB, Tritium already have them; this closes a gap but doesn't create a lasting moat without IP protection.
Exicom's liquid-cooled module launch is a well-timed inflection point: the Hyderabad facility transitions from a loss-driver to a margin-multiplier, Tritium's cost structure finally has a revenue counterweight, and the company can position itself in a premium thermal-tech segment where Indian players have been absent. The data indicates risk-reward is tilted favorably at current levels if Tritium's path to breakeven holds and Critical Power's domestic momentum persists.
Key monitorables are Q2 FY27's EV segment margin trajectory (the litmus test), export order announcements (the volume proof), and management's capital-allocation discipline as IPO proceeds convert to FCF. A miss on any of these could reset the breakeven timeline by quarters.
Informational and educational content only. Not investment advice.