GLOBAL ECONOMY:
The global economy exhibited stability throughout 2025. It successfully navigated evolving trade policies alongside varied regional performances. Investments in technology helped offset the impact of new tariffs and policy shifts. Global inflation stabilised at 4.1%. Several countries achieved rates below initial market projections. This outcome created a more reliable cost base for international activities and forward planning. World GDP grew by 3.4% over the year. Results differed across regions. Advanced economies expanded by 1.9%. The United States recorded 2.1% growth. This stemmed from technology investments and fiscal measures. The euro area advanced by 1.4%. Japan grew by 1.2%. Emerging markets achieved stronger results at 4.4%.
Trade tensions eased following a US-China agreement. This pact reduced tariffs and removed export restrictions on electronic components and minerals. The United States also eliminated certain agricultural tariffs. Overall tariff rates remained comparable to previous levels. Policy uncertainties, while lower than their late-2025 peaks, stayed elevated compared to the prior year. Financial conditions proved supportive despite some market fluctuations. High-growth technology stocks outperformed the broader market. Global trade volumes remained stable. Strong technology exports from Asia contributed to this steadiness. Central banks addressed inflation through measured policy adjustments. These included interest rate reductions in the United States and the United Kingdom. Such actions helped sustain financial stability amid trade frictions and geopolitical challenges.
The global economic environment remained under pressure during 2026 due to escalating geopolitical tensions and the continuation of major international conflicts. The outbreak of war in the Middle East during the year added fresh uncertainty to an already fragile global economy that was still adjusting to the long-term effects of the Russia-Ukraine conflict. These developments disrupted global trade flows, intensified volatility across commodity and energy markets, and increased concerns around inflation, supply chain stability, and economic growth.
The global economy also witnessed increased financial market volatility during the year as investors adopted a cautious approach amid heightened geopolitical risks. Financial conditions tightened across several markets, risk premiums increased, and currency fluctuations added pressure on import-dependent economies. Commodity-importing nations, particularly emerging and developing economies, remained vulnerable to elevated fuel and food prices alongside currency depreciation pressures.
These developments collectively contributed to a moderation in global growth expectations and reinforced concerns around economic resilience, energy security, and supply chain diversification. For energy-intensive sectors such as power generation, the evolving geopolitical landscape has further highlighted the strategic importance of fuel security, operational flexibility, and resilient supply arrangements in managing long-term business sustainability.
INDIAS ECONOMIC RESILIENCE AND GROWTH DRIVERS:
The Indian economy exhibited resilience in FY 2025-26 amid global trade uncertainties and market fluctuations. The Second Advance Estimates indicate real GDP growth of 7.6% alongside Gross Value Added at 7.7%. These figures underscore the strength of a domestic demand-led growth trajectory. Robust agricultural performance bolstered rural earnings. Urban consumption gained momentum from stable jobs and easing inflation.
India remains among the fastest-growing major economies globally, backed by resilient domestic demand, active investment, and ongoing structural reforms. It is important to note that the latest estimates place India as the sixth-largest economy in the world with a nominal GDP of approximately USD 4.15 trillion in 2026, rather than the fourth-largest as previously stated. Despite this, the nation is expected to sustain its growth momentum and could improve its global ranking over the medium term as expansion continues.
Average headline Consumer Price Index (CPI) inflation recorded a historic low of 1.7% during the first nine months of FY 2025-26, supporting domestic purchasing power through sustained price stability. Due to the global distress, the Ministry of Statistics and Program Implementation (MoSPI) finalised the inflation rate at 3.4% (as of March 2026), anchored by prudent government spending and steady bank credit expansion. The banking system shows fortitude with ample capital buffers and minimal non-performing assets. Foreign exchange reserves surpass USD 700 billion. These reserves equip India to navigate international turbulence.
The Union Budget 2026-27 reinforces commitment to balanced growth and fiscal prudence. Emphasis persists on infrastructure and manufacturing investments. This aligns with aspirations for a developed India. Priorities include energy transition, digital progress, and aid for small and medium enterprises. Steps to streamline regulations and expand credit access promise to lift industrial output and lay the groundwork for enduring expansion.
The outlook for the Indian economy remains positive and stable, with real GDP growth for FY 2026-27 projected between 6.8% and 7.2%. These estimates reflect Indias ability to sustain strong growth momentum despite prevailing global uncertainties. However, geopolitical tensions in West Asia and fluctuations in global crude oil prices may continue to exert pressure on the Indian Rupee and external balances in the near term. Nevertheless, supported by resilient foreign exchange reserves, stable domestic demand, and prudent policy measures, India remains well-positioned to manage external volatility while maintaining macroeconomic stability.
India continued to strengthen its position as the worlds third-largest power sector during FY 2025-26, supported by large-scale infrastructure development and rising energy demand across the country. The sector is witnessing a steady transition towards a more diversified and sustainable power mix, with renewable energy contributing nearly 40% of the total installed capacity. While coal continues to remain the primary source for baseload power generation, strong growth in solar and wind energy capacity has further improved Indias standing among the leading renewable energy markets globally.
Indias power sector supports economic growth with total electricity generation exceeding 1,846 TWh in FY 2025-26, driven by rising demand from urbanisation, industry, and electrification. Installed capacity reached 5,05,023 MW as of October 31, 2025, with non-fossil sources at 2,59,423 MW, including 2,50,643 MW from renewables. The sector is set to attract investments worth Rs. 40 lakh crore over the next decade. These funds will support capacity addition and grid upgrades across the industry.
MARKET SIZE:
Electricity plays an increasingly important role in the functioning of modern economies, powering advanced manufacturing, high value-added services, the digital economy and AI. Global power demand continues to rise rapidly supported by the increasing electrification of industry, transportation, and the building sectors. Consumption is also increasing from some of the most dynamic segments of global economies, such as artificial intelligence, data centres, and evolving technological innovations.
Global wind and utility-scale solar project pipelines continued to expand in 2025, with prospective capacity rising by 11% from 4.4 TW to 4.9 TW, according to Global Energy Monitor. Despite accounting for nearly half of global wealth, G7 countries represent only 11% of the worlds prospective wind and utility-scale solar capacity additions, underscoring a decisive shift in clean power development toward emerging and developing economies. This reflects sustained momentum in clean energy development. China remains the dominant force, hosting 448 GW of wind and utility-scale solar projects under construction - more than half of the global under-construction total of 758 GW. India follows with 125 GW currently under construction, advancing toward its 2030 target of 500 GW non-fossil capacity.
Year 2025 marked a landmark period for Indias power sector, with historic advancements and sustained additions in energy generation, transmission, and distribution. During FY 2026, India successfully met a peak power demand of 245 gigawatts (GW). The power shortage also declined sharply to 0.03% compared to 4.2% in FY 2014, reflecting a significant improvement in supply adequacy, and demonstrating resilience and commitment to sustainable growth. Significant strides in energy conservation, consumer empowerment, and infrastructure development underscore the governments efforts to ensure reliable, affordable, and clean energy for all. With groundbreaking initiatives such as universal electrification, enhanced rural power availability, and the adoption of cutting-edge technologies, India is firmly on the path to becoming a global energy leader.
Indias power sector witnessed continued capacity expansion in FY 2026, despite relatively muted electricity demand growth during the year, primarily due to an early and prolonged monsoon, cooler temperatures that reduced cooling-related demand. Total power generation stood at 1,846 BU, up 1.0% YoY, while installed generation capacity increased to 532.7 GW as of March 31, 2026, compared with 475.2 GW as of March 31, 2025, translating into 12.1% YoY growth. During FY 2026, India added 64.9 GW of generation capacity, reflecting sustained investments in the sector. Further, to address medium-term baseload requirements and strengthen system reliability, approximately 13.32 GW of new coal-based thermal capacity was awarded during FY 2026 up to November 30, 2025.
In line with the Honble Prime Ministers vision outlined at COP-26, Government is working to reach 500 GW Non-fossil energy capacity by 2030. India achieved the milestone of 50% of its cumulative electric power installed capacity from non-fossil fuel sources in June 2025, five years ahead of the 2030 target set under its Nationally Determined Contribution (NDC) to the Paris Agreement. The total non-fossil power installed capacity has reached 283.5 GW in March 2026 which is 53.2% of the total installed electricity capacity in the country (532.74 GW). As per IRENA RE Statistics 2026, India stands 3rd globally in total renewable energy.
SUMMARY OF OUR BUSINESS:
Our primary focus in renewable energy has been in solar industry and to cater it we developed an AI based intelligent Solar Digital Platform. We have developed Software as a Service (SaaS) products for solar companies to streamline the processes, design PV, do project management and monitor generation alongwith an integrated Marketplace to connect the demand & supply digitally. Apart from this, another SaaS product is for the governments to implement the distributed renewable programme in their service area.
Our Core business can be divided in following categories:
a) Solar Software Service
b) Solar Marketplace
c) Solar Advisory and Consultancy Service
d) Development of Solar Power Plant
Our company is also involved in the business of Advisory for sustainable development and energy transition to renewables.
Our key expertise include:
Through our advisory services, we have our footprints across India and currently working with 38 cities to transform them to solar cities and enable the growth of solar namely in Gujarat, Punjab, Uttar Pradesh, Goa, Maharashtra, Telangana, Uttrakhand, Jharkhand, Delhi/NCR, Odisha, Karnataka, Kerala, J&K, etc.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has a proper and adequate system of internal financial controls, commensurate with its size and business operation. It ensures timely and accurate financial reporting in accordance with applicable accounting standards, safeguarding of assets against unauthorised use or disposition and compliance with all applicable regulatory laws and Company policies. The internal control systems are modified continuously to meet the dynamic change. Further the Audit Committee of the Board of Directors reviews the internal audit reports and the adequacy and effectiveness of internal controls.
Discussion on Financial Performance with respect to Operational Performance: The key strategy will be focused around:
FINANCIAL HIGHLIGHTS:
| Particulars | Consolidated F.Y. 2025-26 | Consolidated F.Y. 2024-25 | Standalone F.Y. 2025-26 | Standalone F.Y. 2024-25 |
| Revenue From Operations (including other operating income) | 9196.97 | 5798.83 | 1098.73 | 3899.75 |
| Other Income | 28.59 | 47.83 | 28.38 | 49.28 |
| Total Income | 9225.56 | 5846.66 | 1127.11 | 3949.02 |
| Operating expenditure before Finance cost, depreciation and amortization | 9145.66 | 5897.45 | 1060.14 | 4007.87 |
| Earnings before Finance cost, depreciation and amortization (EBITDA) | 79.90 | (50.79) | 66.97 | (58.85) |
| Less: Depreciation & Amortization | 34.82 | 37.60 | 33.76 | 37.60 |
| Less: Finance Cost | 12.36 | 8.06 | 4.79 | 8.06 |
| Profit Before Tax | 32.72 | (96.45) | 28.42 | (104.51) |
| Less: Current Tax | 1.08 | 2.03 | 0 | 0 |
| Less: MAT Credit | - | (0.73) | (0.73) | - |
| Less: Deferred tax Liability (Asset) | 11.08 | (2.20) | 11.59 | (2.20) |
| Profit after Tax | 20.55 | (95.55) | 16.83 | (101.58) |
| EPS | 0.67 | (3.36) | 0.55 | (3.57) |
All activities of the company revolve around the main business and as such there is no separate reportable business segment and all the operations of the company are conducted within India as such there is no separate reportable geographical segment.
OUTLOOK:
We believe, the Company has a great deal of opportunities for future growth. We believe our management team has a long-term vision and has proven its ability to achieve long term growth of the Company. Our strengths lie in our track record of completing our projects efficiently and effectively within the stipulated time. It is critical in the renewable industry that projects are completed as per contracted schedule.
We have a track record of timely execution of the projects which minimizes cost overruns and eliminates any possibilities of penalties and liquidated damages, while earning repeat orders from our clients. We have never been penalized for delayed execution of a project. We intend to take advantage of the growing opportunities in renewable development by strengthening our expertise in software, advisory, development of solar plants and enabling the adoption of distributed solar for new prospects for growth.
The Company also continues to converge on improving business capabilities and enhancing growth levers. Improved R&D capabilities, enhanced retail format expansion, design abilities and better operational management amongst others will help reinforce our competitive advantages.
HEALTH, SAFETY AND ENVIRONMENT:
At our renewable advisory company, we hold a steadfast commitment to upholding all relevant health, safety, and environmental regulations throughout our operational endeavors. Our dedication to effective implementation of safety protocols is paramount. At the outset of each project, we meticulously identify potential material hazards, assess associated risks, and subsequently establish, execute, and oversee appropriate measures to mitigate these risks.
THREATS, WEAKNESS AND CONCERNS:
The industry is highly fragmented in the hands of several organized and unorganized players. Due to the attractiveness of the opportunity and large potential, competition across the industry in India is rising significantly.
The Companys weakness is limited recognition due to its relatively recent founding, the company might have lower brand recognition and while digital innovation is a strength, reliance on technology could pose a risk if there are disruptions in the digital infrastructure. The possible threats are the regulatory changes, competition and the technology shifts happening in the sector. There are no entry barriers in our industry, which puts us to the threat of competition from new entrants.
SWOT:
Strengths:
Weaknesses:
Opportunities:
Threats:
OUR BUSINESS MODEL:
Our Business Model can be broadly categories into three categories:
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS:
The Companys relations with the employees continued to be cordial and harmonious with its employees. It
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