Exicom Launches India's First Liquid-Cooled Charging Modules, Begins US Exports

Market snapshot: Exicom Tele-Systems Limited has launched India's first indigenously manufactured liquid-cooled power modules at its newly commissioned Hyderabad facility. Simultaneously, the company has officially commenced the export of these specialized, high-tech modules to its factory in the United States, representing a major strategic step in its global localization efforts.

Data Snapshot

• The company spent nearly two years and invested approximately USD 3.5 million to develop the advanced liquid-cooled charging modules.
• The liquid-cooled power modules are being manufactured at Exicom's state-of-the-art Hyderabad facility, built with an investment of ₹216 crore.
• Exicom's Q1 FY27 standalone revenue grew 57% year-on-year to ₹237 crore, with standalone EBITDA rising to ₹21 crore.
• Exicom's consolidated revenue for Q1 FY27 stood at ₹331.07 crore, up 61.25% year-on-year from ₹205.32 crore.

What's Changed

• Prior to this launch, Exicom was primarily localized around AC/DC retail chargers and imported high-end power modules from overseas partners.
• The start of local manufacturing at the Hyderabad plant shifts Exicom's role to a key technology exporter, powering its own global Tritium chargers.
• By substituting high-cost imported components with locally produced modules, the company is systematically working to improve its consolidated gross margins.

Key Takeaways

• Exicom has successfully launched India's first indigenously designed and manufactured liquid-cooled power modules.
• Commercial production has begun at the ₹216 crore Hyderabad facility, which scales EV charger production capacity 2.5 times.
• Initial export shipments have commenced to Exicom's Tennessee facility in the US, where they will power the rectifiers of Tritium's next-generation chargers.
• The technology was developed collaboratively over two years with a localized investment of USD 3.5 million.

SAHI Perspective

This development represents a high-margin operational pivot. By leveraging its Hyderabad manufacturing engine to produce complex liquid-cooled modules—the most critical and expensive part of EV fast-chargers—and exporting them to its US factory, Exicom is capturing substantial manufacturing cost Arbitrage. It directly implements synergies from the August 2024 Tritium acquisition, allowing the company to build globally competitive products at Indian cost structures.

Market Implications

With standard compliance guidelines tightening in Western markets (e.g., Build America, Buy America Act), having a cost-optimized supply chain that feeds into a US assembly plant is a significant competitive edge. This increases Exicom's addressable market in high-power highway corridors and supports its target of reaching over 15% of EV charger sales from international markets, acting as a tailwind for consolidated EBITDA expansion.

Trading Signals

Market Bias: Bullish

Commencing high-value exports from the cost-optimized Hyderabad facility is expected to enhance margins. Backed by solid top-line performance with Q1 FY27 consolidated revenue rising over 61% YoY to ₹331.07 crore, this structural shift addresses the key constraint of consolidated profitability.

Overweight: EV Infrastructure, Power Electronics, Clean Tech

Trigger Factors:

• Rapid scale-up of high-power fast charger orders in North American and European corridors.
• Consolidated EBITDA turning positive as Hyderabad module localization reduces high Tritium component costs.
• Further rollout of high-power highway public charging hubs within the domestic market.

Time Horizon: Medium-term (3–12 months)

Industry Context

Thermal management is the most significant hurdle in high-power EV charging (such as 150kW-400kW fast-charging). Traditional air-cooling triggers thermal throttling in high ambient temperatures, drastically increasing charge times. Active liquid-cooled power electronics provide zero-throttling 500A continuous power output and improve longevity, making it the industry standard for next-generation charging corridors.

Key Risks to Watch

• Global semiconductor supply chain volatility and fluctuations in copper and critical component input costs.
• Foreign exchange rate fluctuations, which put pressure on gross margins in Q1 FY27 (31.7% vs 39.4% YoY).
• Turnaround and integration execution timelines for the overseas Tritium business.

Recent Developments

On August 10, 2026, Exicom announced its Q1 FY27 results, reporting standalone revenue growth of 57% YoY to ₹237 crore and a narrowing of consolidated net loss to ₹73.57 crore from ₹83.14 crore in Q1 FY26. In March 2026, the company inaugurated its ₹216 crore integrated manufacturing facility in Hyderabad to scale power electronics manufacturing.

Closing Insight

Exicom's commercialization and export of India's first liquid-cooled power modules marks a transition from a domestic equipment provider to a core global technology player. By leveraging structural cost advantages from India to feed global markets, Exicom is systematically positioning itself to command premium market share in the global EV transition.

High Performance Trading with SAHI.