Exicom Tele-Systems Limited (EXICOM) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Exicom Tele-Systems Limited Q4 FY '25 Earnings Conference Call hosted by Monarch Networth Capital Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Aalok Shah. Thank you, and over to you, sir.

Yes. Thanks, Abhiraj. Good afternoon all. Thank you for joining me on this Saturday afternoon. On behalf of Monarch Networth, it is a pleasure to host the senior management team of Exicom Tele-Systems. We have with us Mr. Anant Nahata, Managing Director and CEO; Mr. Shiraz Khanna, CFO; and many other senior management team from Exicom. We will start the call with opening remarks from Anant sir, followed by a discussion on the financials from Shiraz sir, and then move to Q&A session. Thank you, and over to you, Anant, sir.

Thank you, Aalok. Good morning, everyone. Thank you for joining us today for Exicom's quarterly investor update. Appreciate your continued trust and partnership as we navigate an exciting and transformative time in clean energy and electric mobility. I look forward to sharing our progress, key milestones and what lies ahead in this journey. So I'm scrolling through the investor presentation that was uploaded last night after our results. In terms of executive summary, I'm going to say that in 3 segments. First, about our domestic EV Charger business. Our revenue in domestic EV Charger business was similar to Q4 FY '24, but had a degrowth of about 17% compared to Q3 FY '25. As we all know, the first half of FY '25 was quite a lull for electric vehicle industry as people were awaiting new models, new launches, which finally happened. And both Q3 and Q4 have seen a significant vehicle uptick, which we'll talk about shortly. But at the same time, there is very high competitive intensity. We, in fact, delivered more volume in Q4 compared to Q3. However, because of the price pressure, the revenue is slightly down. However, thanks to the positive momentum in the market, and new products launched, particularly the Gen 2.0 DC charger and higher expectation of customers for better product quality, better service is driving better market share for Exicom compared to its peers in FY '26. That's our strong hope that Exicom will have better market share than its peers in FY '26. On the Critical Power business, this is a business -- on a quarterly basis, the revenue may appear to be volatile, because it's linked to timing of certain specific telecom infrastructure projects, which we have won, which we are executing. But on an yearly basis, as I've always said through the IPO and various investor calls, it's a business which generates sustainable cash flows and grows at about 8% to 10% a year. It's a far more mature business than our EV Charging business. So there was a 33% degrowth compared to Q4 FY '24, but almost an 88% growth, which is significant compared to Q3 FY '25. We were happy with the revenue and the milestone and the deliverables we achieved in Q4 for Critical Power business. There is a very good traction. One thing which is different which happened in last quarter and will follow through the current year financial year as well, there is good traction across telcos, towercos in Africa, Southeast Asia, Middle East to build a robust export pipeline for FY '26. And last but not the least, this is the highest ever order book we have had for Critical Power business, which is more than INR 1,500 crores that has to be executed over the next 3 years, but still a substantial base order book to have robust revenues and profitability over the next 3 years. The third aspect I want to cover in executive summary is Tritium EV Charging business. We acquired Tritium Group of companies across U.S., Australia and Europe in September of '24 in a bid to expand geographically in the EV Charger business. The strategic investments have happened. Strategy is in place. However, these investments are taking longer time to convert to sales, but I remain very firm and positive on the outlook. Tritium launched its new distributed charging platform by the name TRI-FLEX in April '25 at ACT Expo in California, U.S.A. This is one of the largest electric mobility trade shows where the product got a lot of appreciation from peers and most importantly, our prospective customers. This product was center of the product strategy during the acquisition phase, and we are happy now it has manifested into a sellable product, which has brought back the Tritium's product range to current compared to the past product range, which were on the verge of becoming obsolete. There are advanced stage negotiations and conversations for significant value contracts with network operators in U.S. and Europe, and we hope we'll be able to provide you more details on that in the subsequent couple of quarters. With this, I finish my executive summary, and I move on to critical power business update for quarter 4. That's the next section in the presentation. In Critical Power business, while we service many vertical markets, but more than 95% of our revenue comes from telecom infrastructure, where we sell our power conversion systems as well as lithium-ion batteries to various elements in telecom infrastructure, towers being the biggest of them, but including fiber landing stations, telecom exchanges, solar sites, et cetera. So in a nutshell, our business is dependent on the growth of new towers as well as the replacement of the products which we have installed many years ago. The new tower installed base -- the new tower addition in Q4 '25 was about 7,500. This was a 26% decline compared to Q4 '24 of 10,000. And that's normal phenomenon, because the CapEx cycle of 5G spend and 5G infrastructure spend ended, and this is the time when telcos deferred the CapEx cycle to monetize the 5G infra spend that they have done. And once every 3 years, the CapEx cycle will restart with the introduction of new technologies such as 6G or others. As far as Exicom is concerned, we had a 35% degrowth compared to quarter 4 FY '24, but a 95% growth compared to last quarter on a stand-alone basis and 88% growth on a consolidated basis. As I mentioned, we have the highest order book. A lot of it is comprising of projects related to BharatNet, making the total order book more than INR 1,500 crores. And while we will start with deliveries of some of these big projects in Q1, but for all practical purposes, significant volume will start from Q2 onwards, especially related to this project. Some other key developments in Critical Power business on next page, Page #6. As I mentioned in the executive summary, we are seeing good traction in Africa, Southeast Asia and Middle East. In Africa, we signed a frame agreement with a large telco for DC hybrid systems, normal power systems and lithium ion batteries. We received our first order from Philippines, Myanmar. We've been trying here for long. Finally, it manifested into some results. We are now also serving the biggest tower company in Saudi Arabia after a couple of trial orders. Now this has become a series order. And we have added 3 new infrastructure companies in India with already more than $1 million of orders received from these IP companies as well as an Indian telco. All these will go into making a robust pipeline for us in FY '26. We are in technology business, and we always have to stay ahead of the curve in technology. So in our Critical Power business, we launched a new power converter, as there is larger and larger use of small cell technology by telcos to offload high traffic to fiber network using small cells. Here, different kind of power solutions are used, and with launch of this 1.8 kilowatt power converter, we'll be able to cater to that market more effectively than we used to in the past. We also invested heavily in making a very optimized and a technology-leading product for BharatNet, which comprises of a smart rack with back-end management system, remote management system, comprises of a hybrid UPS, and a 50 amp hour lithium-ion battery. So we put all these together as a solution and launched it in this quarter. And in addition to these 2 key launches, we keep working on various types of customized products for our global customer requirement. I spoke about the order book a couple of times, but one thing to note is this order book was less than INR 200 crores on December 31, at the end of quarter 3, and is now almost 8x -- a little less than 8x higher. Moving on to the EV Charger business update. I'm on Page 8. So after a lackluster H1 EV sales, the Indian electric 4-wheeler industry saw a dramatic rise in second half. The passenger vehicle sales rose about 31% compared to quarter 4 '24 and about 21% compared to quarter 3 '25. What led to this growth? Renewed enthusiasm about the industry, but more importantly, launch of multiple car models; Mahindra BE, which is getting extremely popular, Creta by Hyundai, and there is a lot of buzz about the upcoming launch of electric vehicle by Maruti, which I think is going to be -- as per the public press, it's going to be somewhere in second half -- somewhere in quarter 2. We supplied over 50,000 chargers, most of them home chargers, but between 1,500 to 2,000 DC chargers as well. On a stand-alone basis, our revenue was similar to quarter 4, about INR 55 crores, which is a degrowth compared to quarter 3, but almost same as quarter 4 '24. On a consolidated basis as well, our revenue was similar to quarter 3 FY '25 at about INR 103 crores. As I mentioned, quarter 4 was a transition quarter for us where a lot of cost optimization, new product launches were in works. That have happened now, and we are beginning to see green shoots of those already in our current quarter. And with these new product introductions, efficiency in manufacturing, cost optimizations, we expect a much stronger FY '26. Next page, which shows revenue by geography. We acquired Tritium in a bid to be a global company, and you can see that through distribution of revenues, where U.S.A. contributed to about 10% of the revenues, U.K. and Europe, about 12%. India is still major and is always going to be center of our focus, about 63% of global revenues. And Australia, New Zealand and Southeast Asia contributed to about 15% of our revenue. On next page, there are some key developments for EV Charger business -- domestic EV Charger business. We inducted 11 new charge point operators. They are not large charge point operators, because we have already -- they were always part of our customer base, but nonetheless, very important upcoming charge point operators. We added 4 new OEMs for our customer list based on a new product launch of 3.3 kilowatt portable charger. We added 3 OEMs or that signed contracts of this product with 3 OEMs. We signed contracts with 2 OEMs for 7.2 kilowatt home chargers and with 1 OEM for DC chargers. On the new markets, for the first time, we exported new chargers -- home chargers to Australia and Brazil. We are also exploring more opportunities of selling home chargers, particularly in Southeast Asia, but in Brazil and Europe as well. Electric vehicle industry is not just about making cars and selling chargers, but enabling the ecosystem as well. We tied up with SBI Green and Mufin Green for financing options of our products to some customers if they want to enable it. And we also signed up with a software company, IonAge, where in certain use cases, we can offer a combined hardware and a software solution. And there has already been some project wins from major OEMs and housing societies based on this bundled offering. New launches, I'll skip here because there are some other pages going forward. In terms of new revenue streams, we want to be a full solutions company. So while our center of the business will be hardware sales, but we started charger-related I&C services, not just for our products, but other products as well, end-to-end turnkey services, digital services and also selling our home chargers through B2C channels, including our own websites, Amazon, et cetera. These revenue streams, albeit will have a low contribution to revenue, but are important streams for us to be a full solutions company. And also, we believe these revenue streams will contribute more significantly in the coming years. The order book has also increased by almost 25% compared to the last quarter. In the new product launches, on the next page, one of the biggest launches, and we got immediate success by signing some frame contracts with 3 OEMs was SPIN Free. This is a portable charger which customers can carry in their dickie and charge the electric cars with the help of a regular three-pin socket in case of emergencies or even use it for regular charging. This is built for Indian condition, but with global standards and specification. And unlike many other peers who import technology, our technology is fully developed by our team with 100% IP in India, and the product will be manufactured in India from July '25. We have already had trial runs for this product. The next page shows a very recent launch. So this is for quarter 1 of this year, but it was a big launch. So we have put in this presentation. This was about 3, 4 days ago in May of '25. This is our next-generation DC fast charger, which we call a Gen 2.0 DC charger, which is a modular architecture from 60 to 400 kilowatt. But apart from many features for reliability, user experience, there are many features which help our customers to improve station economics. That's why we forecast a good pipeline for that. Also one major change here is, for the first time in India, for literally the first time in India, there is a company who has developed EV charger controllers for fast DC chargers indigenously. We call that Harmony OS, and this new product is powered from Harmony OS. This also is going to go into production in July '25. The next product we launched is called a battery energy storage system. You have heard a lot about battery energy storage systems being talked about by solar companies, by battery companies. This is also a product in that category, but serving the EV charger market, because today everybody wants fast charging, especially on highways. And these are areas where the grid is not stable and high-power connections are not available easily. Even if they're available, they take a lot of time. Integrating these battery energy storage systems along with low-power grid still gives high-speed charging all the time. They can also integrate with solar -- on-site solar to reduce the cost of the power. And these are liquid cool technology-based systems, which have a much longer life compared to traditional batteries that are available by peers. We have interacted with many of the customers, particularly the charge point operators and the network operators. And we feel this is a technology which will be adopted by them for specific use cases, particularly in highways, to reduce the cost of infrastructure or electricity-related upgrades and also allow them to deploy fast charging at a faster rate. We launched this in Q4 of '25. We have won 2 trial orders, and they'll be executed in the beginning of quarter 2 FY '26, after which hopefully, these can convert into series orders as well. The last product launch I want to talk about is TRI-FLEX. It's from the Tritium Group of Companies, which was launched at one of these biggest expo. This is not just a new product, but a new platform which redefines what distributed charging is. Globally, most of the network operators deploy what we call as distributed charging. It's a product in that category, and we are in advanced stage of conversation/negotiation with customers to build this pipeline, and we'll be able to provide you that update in the next quarter or the quarter after that. Overall, on Tritium's update, global EV market was tepid in FY '25, but recovery has begun. We see green shoots again. And since we bought Tritium Group of Companies out of bankruptcy, there was a lot of base building that we had to do. There was a lot of restructuring which we had to do to make the company agile again, customer-focused again, technology leading again. We did a variety of things to put this strategy into action. We built a global sales and service team, which was decimated earlier. We opened our global support center in Coventry, U.K. U.K. is the geography where we have largest Tritium fleet deployed. We built the first prototypes of this new product that I spoke about and began in-depth testing and certification for these products. We officially launched TRI-FLEX at the conference in California that I just spoke about. We signed global framework agreements even for our existing products with a couple of large oil and gas majors, which allow them to buy from us and continue obtaining field services, SLAs and even the hardware product from us. And as I mentioned, we are in advanced discussion for large contracts with leading operators. We celebrated the install and commissioning of 500 new Tritium chargers in this calendar year since January 1, '25. That's a big achievement. That shows the vote of confidence of customers in our product and gives us confidence of them continuing to buy in future. Overall, there has been good development, but financially, the strategy execution is taking a little longer than expected, but I continue to remain positive on long-term potential of Tritium to help Exicom become one of the leaders in EV charging globally. With that, my business update is finished, but I will give a quick update on our upcoming plant, for which we raised the funds in the IPO. And after that, I'll pass to Shiraz for the financial update. This is Page #23. You see the most updated photos of the upcoming plant. There are some revised time lines over here, which go all the way from June till mid of September. This is about a 2- to 3-month delay from our previous estimated time line and some of those reasons are pointed in the next slide. This does not cause us any -- I just want to reassure all the investors, this delay does not cause us any shortfall in revenue, because we are well equipped to do our targets, especially of Q1 and Q2 in the current facility. It will be a little stretched at the end of Q2 and Q3, but that's when this factory comes live. Some of the delay in execution was due to unforeseen geological changes. That was the main reason. Hyderabad is known for having very dense rock formations, and we encountered a lot of that towards the mature stages of development. Also, there was a road that collapsed into our area due to heavy rainfall. And there was a lot of time spent with the government to remake that, but then we decided to do it ourselves finally, and this took a lot of time as well. So mainly the geological reasons caused some delay. But in grand scheme of things, it's still a project which is going exactly as per the aspiration of what a new generation factory should look like. We are working in a lot of detail to have the right balance of automation and the manpower to achieve the desired efficiency from this factory in the long run, and we'll be happy to share considerable progress in the next quarter call for this facility, but the revised time line of go-live for this is September of '25, and we'll do whatever best in our ability to continuously try and compress this time line. Thank you, everyone. Thank you, dear shareholders, investors. And with that, I'll pass to Shiraz to give you the financial update.

Thank you so much, Anant, for a detailed walk-through of the business update, and good afternoon to everyone. I'm Shiraz, the CFO of Exicom. Anant has given a pretty detailed update on the financials, also touched upon them as well. But I just want to have an opening statement that the year '24-'25 has been a bit of challenge from some of the external factors. The FAME II policy, which is basically driving the EV rollout in the country, came to an end on 31st of March '24. And a new PM E-DRIVE policy came or actually announced on the 15th of September and thereafter got implemented. So there was a gap in terms of the push from the government, probably because of the elections that came in starting in April, which ended in June '24. And by the time the new government formed and the policies came in, it took a while to get that push back into the drive of EV. Similarly, we saw some projects that were being run earlier in the previous year of '23-'24, which was uncovered villages, upgradation of network, especially in BSNL, so on and so forth, ran through till Q1 of '24-'25, which was April, May, June. And then with the government election and stuff, the new BharatNet policy or rather the next rollout of BharatNet policy came in later and we won substantial orders thereafter. So the year has been a little bit challenging. I'll cover quickly on financials, which you must have seen. Standalone, this quarter we are much better at INR 212 crores versus INR 147 crores in previous quarter. And that's basically because we've got a huge increase in the Critical Power revenue. EV standalone remains almost the same as what we did in this quarter vis-a-vis Q4 of last year, a slight dip from previous 3 months. The gross margins have again had its difficulty because of the hardening of competition, which Anant mentioned. But this year now it's looking a little better. So the gross margins have had a challenge because of, a, the reduction in the sales and of course, the percentage coming down. And EBITDA, of course, has an impact of the sales and margins on that with a bit of cost of fixed cost coming into this. In terms of full year financials, we did INR 866 crores last year standalone. We're now at INR 752 crores. And as Anant mentioned, while we sold more units in EV, the prices had corrected or came down. And so more push on sales with the revenue. Gross margins, a slight dip from 29.9% to about 27%, and that's only because of the tightening competition, which has a cycle in any business that we talk about. EBITDA, again, has an impact because of the sales dip this year and slight margin dip. And we had a slight increase in the fixed cost where we've hired a few more people for our expansion, which will help us grow in the coming years. Moving on to the consolidated financials. This quarter has seen much better numbers of INR 265 crores vis-a-vis INR 196 crores over previous quarter, though it is slightly lower from the Q4 numbers. I think the numbers this quarter has seen because Tritium has come in with about approximately INR 50 crores of revenue, and it had another almost same number. So we've done about INR 97 crores in these last 2 quarters, which is helping EV grow better. Gross margins, again, in a consolidated quarterly are better because of Tritium. The cost of goods sold, we got Tritium at a pretty, I would say, good price. So the sales has a better gross margin that we will see. And that's where the percentage of gross margin increases. However, given that Tritium is still at a start-up stage. It's just been 2 quarters. It will take a bit of time to come back. And while it is showing good top line already, it will take a little while to get in profitability. And that's why you see a dip in terms of EBITDA. However, this quarter overall, we are better off than the previous quarter, and we are in black from red. In terms of consolidated revenue, again, we are slightly lower in terms of overall sales. Margins remains more or less same from INR 273 crores in the last full year to INR 270 crores. EBITDA takes a little time because of the Tritium fixed costs and expense getting clubbed, which we saw last quarter and this quarter. But in coming financial year, this should start improving in terms of this. So overall, I think while it's been a challenging year, we are looking at the next year very positively. We're looking at the investors put in already about INR 80 crores in the last quarter itself and infused it into the company. And we've also gone ahead and taken -- in fact, the shareholders have approved increase in authorized capital by INR 25 crores to now INR 155 crores. And yesterday in the Board meeting, we've taken an in-principle approval to look at exploring raising of funds, which will help us ease out the investments that we are doing for long term in terms of Tritium. And we look forward to a better financial year in '25-'26. Thank you so much on this, and I will now hand it back to the moderator for Q&A session.

[Operator Instructions] The first question is from the line of Harshit Goyal, an individual investor.

My first question is, so you have given the guidance for FY '26, 50% on a standalone basis and 100% revenue growth on a consolidated basis. So like how much confident are you on this?

Sorry, you said 50% on a standalone basis. Can you repeat?

Yes, I believe 100% growth on a consolidated basis, you have given guidance for FY '26. So just wanted to know how much confident are you in achieving this number?

So we have released the guidance yesterday in our press release. So there is a 50% growth on revenue on a standalone basis and a multifold growth in EBITDA on a standalone basis. Obviously, if we have released the guidance, that is based on what we feel we can achieve based on the market momentum, the order book we have, and the work we are undergoing. So we feel fairly confident. Again, some of our -- the 2 industries we work on, one may be volatile quarter-to-quarter, which is Critical Power. But annually, I think it's stable; and EV Charging industry is new. So I think the only request to the shareholders will be to see this as an annual figure. Some of the quarter numbers may be slightly volatile just because of the nature of our industry, but we feel very confident of this guidance that we have given.

Got it. And my second question is, since you are exporting to U.S. and it's contributing to around 10%, and recently, like Trump passed the bill that they won't be focusing on the green energy. So will there be an impact in the business? And secondly, like what are we doing for the competition, like because of competition, our revenue and profit margin went down, right?

Yes. I'll answer the second part first. So in quarter 4, yes, our margins did decline. But we have to be just very vigilant on our cost structure and efficiency, because I do feel the market has bottomed out. So thanks to that cost pressure, which did hurt us in quarter 4, we have been able to do very sharp optimization in our cost structure, whether of the product, whether of the people, whether of the process, and that will start bringing fruits from quarter 1 and more so from quarter 2 as well. Regarding exports, we are not exporting to U.S. from India. Through Tritium, who has factories in U.S., they do supply in U.S. And the EV charging market will be there, right? Yes, politically, there may be statements one way or the other. But electrification is a global phenomenon and it cannot be stopped. So we are bullish on the market. FY '25 was weak for EV charging -- sorry, EV cars globally. But with all the billions of dollars of investment that car companies have made and generally, as electrification is becoming cheaper and cheaper, we see a good demand, good market. And if anything, people who have companies, who have factories in U.S., will tend to gain from whatever is happening politically. And Tritium is one of those companies, which, in my view, does stand to gain.

And sir, one more last question. Since like last time in the conference call, you mentioned that you are not participating in many of the government contracts, because there the margin pressure and all comes in and you don't want to lower down the cost and all. So in this quarter or coming quarter, are you thinking to change your strategy, like participating in government contracts and all?

Well, I may have miscommunicated slightly. My message was that we want to make sure we are able to use all our resources to do viable business, right? And if we have enough viable business, -- and in that case, there is no reason to take unviable business, right? So we keep -- it's not like we don't bid in government contracts at all. We do bid in government contracts from time to time. Critical Power, a lot of our business is -- if not directly, but indirectly government, we may be working for system integrators who serve the government PSUs, et cetera. My comment was more about EV charging, where at least at that time some irrational pricing was happening in government tenders. And that's why today, one big problem for these oil PSUs is a significant number of chargers are not working, right? So I think the government has strengthened the local content thing, which will make the bids more transparent compared to before. As well as, yes, we'll keep looking at this opportunity from time to time. And in the business terms, which will be aggressive, if the opportunity makes sense, we will be the first one to grab those opportunities. But if they don't make sense, then there is no point of wasting company's resources on unviable business.

The next question is from the line of Priyanshi Kankane from Brighter Mind Asset Management Company.

Sir, [ Sriram ] this side from Brighter Mind Equity Advisors. As we are starting the year with more positive outlook, FY '26, so that sounds good to our shareholders. So first thing is from Critical Power segment. So we are having around INR 1,500 crores order book this year, FY '26. So what is the pipeline that we are bidding in FY '26?

I didn't get the last sentence. What is the...

What is the order pipeline we are currently having for FY '26 that we are bidding?

So I think I've mentioned this in the presentation that we have provided overall revenue guidance as well. But out of the INR 1,500 crore order book, it's a mix of a couple of large orders that we have for the BharatNet project and then multiple customers, domestic, telcos, tower companies, exports, et cetera. So from particularly BharatNet project, that has to be executed over 3 years. But even this year, we will have a very healthy -- so part of the INR 1,500 crore pipeline, all has to be executed this year. And a big part of the pipeline, which is about, I think, INR 1,000 crores would be over the next 3 years.

Second question is, since our Critical Power business depends upon the new tower addition and replacement of towers. So currently, I mean, what percentage of towers are to be replaced in your assessment or for continuation of 5G? And the second part of that question is, India is testing its 6G to launch in 2030. So how we are preparing ourselves for that?

Yes. So as you rightly said, the business depends on new tower addition as well as not tower replacement, but replacement of our equipment inside the tower, right? So as a simple thumb rule formula, and take this directionally, not exactly. When there is deployment going on for 4G, 5G, usually, the ratio of our revenue becomes 50% or 60% for new equipment and 40% to 50% for replacement equipment, which are replacing end-of-life equipment, which have become inefficient or whatever. In lean periods where the CapEx is not going on in telecom infrastructure by telcos with that level of intensity, almost 75% of our business becomes replacement of aging equipment business and 25% becomes new site business, right? So that's one thing on the telco side. But then there are a lot of projects which -- like BharatNet has nothing to do with towers. It's a project by government under Prime Minister Modi's leadership that all the panchayats in India should be connected by fiber. So for us, last year, there was a project where BSNL gave job to various system integrators to put telecom infrastructure in the border villages or some less favorable geo-terrain places where there was no network or very poor network. So government is funding such 4G implementation of network in these underserved areas, right, where telcos don't go, because there is no return on investment. So that's why government have to do that. The business is -- first, it's a combination of business driven by telco. That's where the 50% share of replacement, 50% new or 75% replacement, 25% new comes in. And second, we work on these very large infrastructure projects driven by government. So it's a combination of those.

The next question is from the line of [ Sahil Patani from Strokes Capital ].

So a couple of questions piggybacking on the previous participant's question. So while we're promising that we'll be doing 100% consolidated increase in revenue as well as EBITDA, and we've seen 2 consecutive quarters of losses, when do you think we'll turn profitable during this year?

Yes. So standalone financials, as you can see by the guidance, we have given strong guidance on the standalone financials with healthy profitability as well. On a consolidated basis, we have given a cautious view because while we expect a significant jump in revenue and also a significant jump in EBITDA, but we are still investing to make the strategies at Tritium play out, right? So the best I can do at least at this time for all the shareholders is go by that guidance where there is a very strong standalone guidance. And even for consolidated, it's a strong guidance. Whether it is positive or not, I don't know. That will be honest attempt of the company. But I know we are building a company which will be one of the global leaders in the area we operate. I'm absolutely convinced about that part at least.

Okay. My second question is that we saw that for FY '25, our bifurcation in terms of revenue was 65% Critical Power, 35% in EV. Do we see that trend continuing going forward? Or do you see that changing, that EV is going to have a much larger share?

I think if we go by quarter 4, quarter 4, the ratio would be -- just give me a second -- because quarter 3 Critical Power was very subdued, and that's why Critical Power cannot be looked on quarter-on-quarter. It becomes a little bit challenging. But I think the correct ratio would be 70% Critical Power, 30% EV charger business, at least for this financial year. That's what was there last financial year as well. I think one quarter may just have some different numbers.

Okay. Got it. And you also mentioned in your investor presentation that you are looking at certain multimillion dollar tie-ups in Europe as well. So I just want to understand at what stage are we? Are we in the stage of finalizing, or is there more time to go? Just if you can share some more light on that?

As I mentioned in my business update section, yes, so while the strategies are taking longer to manifest at Tritium, we do have very good conversations going on for fairly large contracts. At this point, since we are under NDAs and it's not prudent because we have not won these things, so it's not prudent to disclose more. But these are opportunities which we are very excited by, and we'll be giving our shareholders update in next quarterly presentation or the one after that.

The next question is from the line of Jigar Shah, an individual investor.

Can you share the details of our advanced stocks in a different tender and what stage we are in?

Sorry, advanced what?

In our presentation, it is shown as advanced stocks for different tenders across the globe. So can you share the details that at what stage we are in?

So I think that's what I just did in the last question. So that was probably answered in the last question. And also, I want to mention to all the shareholders. Hey, can I make a general remark?

Yes, sir.

I just want to mention to all the shareholders that yes, we have given guidance for the next year, and thank you for your continued support. We also passed an enabling resolution allowing us for fundraise, which Shiraz has mentioned. The promoters of the company have pumped in close to INR 80 crores in the last financial year. So we remain very committed to the company. And yes, thank you for your support, and we'll look forward to updating you next quarter as well.

As there are no further questions, I would now like to hand the conference over to Mr. Aalok Shah for closing comments.

Yes. Thank you, Anant, for these very encouraging comments and for providing guidance on what we look forward into FY '26. Thank you, entire management team of Exicom. Thank you participants for dialing in on this call on a Saturday afternoon. You may now disconnect this call. Thank you. Thank you all.

Thank you. On behalf of Monarch Networth Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.