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India's EV Charging Race: Tata vs. Exicom
9 Oct
Summary
- EV registrations hit 24.5 lakh units in FY26, reaching 8.7% of total sales.
- Tata Power leads India's largest EV charging network with 7,200 points.
- Exicom Tele-Systems aims for EBITDA breakeven within two quarters.
India's electric vehicle sector is rapidly expanding, with EV registrations reaching 24.5 lakh units in FY26, accounting for 8.7% of all vehicle sales. This growth fuels demand for charging infrastructure, with public charging stations surpassing 29,000 by December 2025.
Tata Power leads the charge with its expansive 'Tata Power EZ Charge' network, featuring 7,200 charging points across 717 cities and towns as of Q1FY27. The company aims to install over 10,000 public charging points by 2030, extending its reach into Tier II and III cities.
Meanwhile, Exicom Tele-Systems focuses on manufacturing EV chargers, reporting a 49.7% year-over-year revenue growth in its EV charger business for Q1FY27. The company holds a significant market share in wallbox chargers and is expanding its production capacity, with expectations of reaching EBITDA breakeven within the next two quarters of FY27.
Both companies face challenges, including charger utilization and capital requirements. The successful conversion of network expansion into sustainable revenue and profitability will be key to capturing the industry's growth potential.
