Alpex Solar Ltd Directors Report

Directors Report

To

The Members of

ALPEX SOLAR LIMITED

Your Directorsare pleased to present the 33^,d (Thirty-Third) Annual Report on the business and operations of Alpex Solar Limited ("the Company"), together with the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31,2026.

1. FINANCIAL HIGHLIGHTS OF THE COMPANY:

The financial performance of the Company for the financial year ended March 31,2026, as compared with the previous financial year, is summarized below:

	(All values are in Rs. Lakhs, unless stated otherwise)
	Standalone		Consolidated
Particulars	Year Ended 31.03.2026	Year Ended 31.03.2025	Year Ended 31.03.2026	Year Ended 31.03.2025
Total Income	222,572.90	78,212.04	223,175.63	78,301.03
Total Expenses	194,351.47	67,068.54	195,046.14	67,067.80
Profit before Exceptional Items &Tax	28,221.43	11,143.50	28,129.49	11,233.23
Exceptional Items	(93.41)	-	(93.41)	-
Profit before share of profit/loss of Associates & Tax	28,221.43	11,143.50	28,036.08	11,233.23
Share of Profit/(Loss) of Associates	0.00	0.00	(86.73)	(2.04)
Profit before Tax	28,128.02	11,143.50	27,949.35	11,231.19
Less: Current tax	7,519.68	2,879.60	7,567.67	2,905.75
Deferred Tax /(Income)	230.39	(22.35)	230.39	(22.35)
Profit (Loss) after tax	20,377.95	8,286.25	20,151.30	8,347.79
Appropriations
Transferred to General Reserve	20,377.95	8,286.25	20,151.30	8,347.79
Dividend	0.00	0.00	0.00	0.00
Corporate Dividend Tax	0.00	0.00	0.00	0.00
Others	0.00	0.00	0.00	0.00

2. STATE OF COMPANYS AFFAIRS

The Company is primarily engaged in the manufacture of solar photovoltaic modules/panels and in rendering technical consultancy services in the renewable energy sector, including solar photovoltaic systems and hybrid energy systems.

The renewable energy sector, particularly solar energy, continues to witness significant policy support, increasing demand and accelerated adoption across residential, commercial, industrial and institutional segments. Solar electricity is increasingly emerging as a cost-effective, scalable and environmentally sustainable alternative to conventional fossil-fuel-based power generation.

During the year under review, the Company continued to strengthen its position in the solar manufacturing sector by focusing on high-efficiency solar PV modules, operational efficiency, capacity utilization, product quality and customer-centric execution. Your Directors believe that the Company is well positioned to benefit from Indias continuing transition towards clean and sustainable energy.

3. REVIEW OF OPERATIONS AND FINANCIAL PERFORMANCE

3.1 Standalone Performance

The standalone operating revenue of the Company for FY 2025-26 stood at Rs. 221,816.36 lakhs as compared to Rs. 77,922.67 lakhs for FY 2024-25, registering a significant increase during the year under review. The Profit After Tax for FY 2025-26 stood at Rs. 20,377.95 lakhs as compared to Rs. 8,286.25 lakhs for FY 2024-25.

The substantial increase in the Companys revenue and profitability was primarily driven byan increase in business volumes, backed by enhanced capacity and improved operational efficiencies. A detailed analysis of the financial and operational performance of the Company is provided in the Management Discussion and Analysis Report, which forms part of this Annual Report.

3.2 Consolidated

The Companys consolidated operating revenue for FY 2025-26 stood at Rs.222,327.19 Lakhs as compared to Rs.78,015.12 Lakhs in FY 2024-25.The Companys consolidated Profit After Tax (PAT) for FY 2025-26 crossed the milestone of Rs.20,151.30 Lakhs reflecting the resilience of its business portfolio. Overall, the sustained PAT performance highlighted improved earnings quality and the Companys ability to absorb operational disruptions while continuing its strategic transition.

The Companys EBITDA for FY 2025-26 witnessed significant growth of Rs.32,732.42 Lakhs compared to Rs.12,815.14 Lakhs of FY 2024-25, reflecting improved operating performance and higher scale of operations in its core solar manufacturing business. The improvement in EBITDA was primarily driven by higher contribution from the Solar PV Module manufacturing business, supported by increased business volumes, enhanced capacity utilization, better operating leverage and sustained execution momentum.

During the year under review, the Company continued to benefit from strong demand for solar modules and related solar energy solutions. The scale-up of manufacturing operations, improved product mix and focus on operational efficiencies contributed positively to the Companys earnings performance.

The Companys performance was also supported by its continued focus on high-efficiency solar PV modules, including mono PERC, bifacial and other advanced module technologies, along with its initiatives towards strengthening backward integration and enhancing manufacturing capabilities. The Companys emphasis on quality, cost efficiency, timely execution and customer relationships further contributed to improved operational performance during the year.

The increase in EBITDA was mainly attributable to higher sales volumes, enhanced production capacity, improved utilisation of manufacturing facilities and better absorption of fixed costs. The Company continues to focus on expanding its solar manufacturing capabilities, strengthening its presence in the renewable energy value chain and improving operational efficiencies to support sustainable growth.

Our Companys mission is to facilitate the transition to clean and sustainable energy by providing high- quality and cost-effective solar modules that harness the energy of the sun to power the world. This mission contributes to a reduction in greenhouse gas emissions and fossil fuel dependence. We place a strong emphasis on understanding our customers needs and offering innovative solutions, ensuring that we not only meet but exceed their expectations.

This commitment to customer satisfaction is what drives our long-term business relationships at all levels. Our Company thrives on providing development support on leading-edge technologies for the solar power industry. The technologies we use are indigenously developed and rigorously tested to ensure the highest degree of safety and customer satisfaction. Our main strategy is to provide our clients with low-cost, high-quality, and swift delivery services, ensuring that we are always there when they need us.

4. TRANSFER TO RESERVES

The net movement in the reserves of the Company on Standalone basis for FY 2025-26 and FY 2024-25 is as follows:

Particulars	Year Ended 31.03.2026	Year Ended 31.03.2025
Securities Premium	16,653.42	5,644.65
Retained Earnings, including remeasurement loss	33,913.95	13,523.16
Money received against Share Warrants, separate equity component	3,263.31
Total	53,830.68	19,167.82

The Board of Directors has approved the retention of the entire profit for FY 2025-26 in the retained earnings.

5. DIVIDEND:

Considering the Companys growth plans, capital expenditure requirements, business expansion initiatives and the need to conserve resources, the Board of Directors has not recommended any dividend for the financial year ended March 31,2026.

In accordance with Regulation 43A of the Listing Regulations, the Company has adopted a Dividend Distribution Policy, which provides parameters for dividend decisions and specifies various internal and external factors and other relevant considerations that the Board of Directors may evaluate while recommending or declaring dividends.

The Dividend Distribution Policy, adopted by the Board at its meeting held on May 21, 2026, is available on the Companyswebsite at the link:ittps://aIpexsolar.com/ assets/pdfs /investor/policies/Annexure %20l%20-%20 Dividend%20Distribution%20Policy%20(1).pdf

6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTIONFUND

During the financial year under review, the Company did not declare or pay any dividend. Accordingly, no amount was required to be transferred to the Investor Education and Protection Fund pursuant to Section 125 of the Companies Act, 2013.

7. CREDIT RATINGS

During the year under review, the Company has obtained the voluntary credit rating from Crisil Ratings Limited, a leading credit rating agency in India, the details of same is being given below:

	Credit Rating
Long Term Rating	Short Term Rating	Rating Outlook
Crisil BBB+	Crisil A2	Stable

8. SHARE CAPITAL

a) AUTHORISED CAPITAL

The Members at its Extra-Ordinary General Meeting held on August 28,2025, approved an increase in the Authorized Share Capital of the Company from Rs.25,00,00,000/- (Rupees Twenty-Five Crores only) to Rs.30,00,00,000/- (Rupees Thirty Crores only), comprising 3,00,00,000 (Three Crores) Equity Shares of Rs.10/- each.Accordingly, the authorized Share capital of the Company as on March 31, 2026, stood at 30,00,00,000/- (Rupees Thirty Crores only) divided into 3,00,00,000 (Three Crore) equity shares having a face value of Rs 10/- each.

b) ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL

The Issued, Subscribed and Paid-up capital of the Company as on March 31,2026, is Rs. 25,54,30,000/-(RupeesTwenty- Five Crore Fifty-Four Lakhs and Thirty Thousand Only) divided into 2,55,43,000 (Two Crore Fifty-Five Lakhs Forty-Three Thousand) equity shares having a face value of Rs.10/-each.

During the Financial Year under review, the Company:

(i) issued 10,77,800 equity shares having a face value of Rs.10/- each . Flowever, subscriptions were not received for 8,200 equity shares. Accordingly, the Company allotted 10,69,600 equity shares having a face value of Rs.10/- each at an issue price of Rs.1,212/- per share, including securities premium of Rs.1,202/- per share, aggregating to Rs.1,29,63,55,200/- (Rupees One Flundred Twenty- Nine Crores Sixty-Three Lakhs Fifty-Five Thousand Two Flundred Only), on September 24,2025.The said equity shares were listed during the Financial Year under review.

(ii) issued and allotted 10,77,000 Fully Convertible Warrants, convertible at an option of Warrant holder(s) in one or more tranches into equivalent number of fully paid-up Equity Shares of face value of Rs.10/- each, at an issue price of Rs.1,212/- per warrant, on receipt of subscription amount of Rs.3263.31 Lakhs equal to 25% of the issue price of the Fully Convertible Warrants. The balance amount of Rs.97,89.93 Lakhs is receivable within 18 months from the date of allotment on a preferential basis by way of private placement in terms of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018and applicable provisions, if any, of the Companies Act, 2013 ("the Act")read with the Rules made thereunder and such other applicable rules and regulations.

Consequent to the preferential issue of 10,69,600 equity shares, the paid-up equity share capital of the Company increased from Rs.24,47,34,000/- to Rs.25,54,30,000/-.

c) OTHER SHARE CAPITAL DISCLOSURES

During the financial year under review, the Company has not issued:

• equity shares with differential voting rights;

• shares by way of rights issue;

sweat equity shares;

• bonus shares.

Similarly, during the financial year under review, the Company has not undertaken buy-back of securities; provide money for purchase of its own shares by employees or trustees; undertaken split or sub-division of shares; granted or issued employee stock options; or make any further public offer.

9. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Composition of Board of Directors

The members of the Companys Board of Directors are distinguished individuals with a strong track record of competence and integrity. In addition to their extensive experience, they possess robust financial expertise, strategic insight, and exemplary leadership abilities. They demonstrate a high level of dedication to the Company, committing sufficient time to both meeting preparations and active participation in meetings.

As on March 31, 2026, the Board of Directors of the Company comprised an optimum combination of Executive and Non-Executive Independent Directors in accordance with Regulation 17 of the Listing Regulations read with Section 149 of the Companies Act, 2013 (hereinafter referred to as "Act").

As on March 31, 2026, the Board consists of Six (6) Directors. The Board met 15 (Fifteen) times during the financial year under review. The composition, category, tenure, attendance and other detailsare available in the Corporate GovernanceReport, which forms a part of this Annual Report.

In the opinion of the Board, Mr. Mukesh Malhotra, Independent Director of the Company, appointed during the Financial Year, possesses requisite expertise, integrity, experience and proficiency.

B. Key Managerial Personnel of the Company

The details of the Key Managerial Personnel of the Company are available in the Corporate Governance Report, which forms a part of this Annual Report.

C. Retirement by Rotation

Pursuant to the provisions of section 152(6) and other applicable provisions of the Companies Act, 2013, Mrs. Monica Sehgal, Whole-Time Director who retires by rotation and being eligible has offered herself for re-appointmentas Director of the Company in the ensuing AGM of the Company.

D. Resignation/Cessation of Director

During the financial year under review, no Independent Director resigned before the expiryof her/his tenure. Mr. Satish Kumar Gupta resigned as Non-Executive Non- Independent Director of the Company with effect from September 30, 2025. The Board placed on record its appreciation for the contribution made by him during his tenure.

10. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from all Independent Directors confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16 of the SEBI Listing Regulations.

The Independent Directors have also confirmed that they have registered their names in the databank maintained by the Indian Institute of Corporate Affairs and that they are not aware of any circumstance or situation which exists or may reasonably be anticipated to impair or impact their ability to discharge their duties with independent judgment in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014,as amended.

In the opinion of the Board, all Independent Directors possess integrity, expertise and experience, including proficiency, and fulfil the conditions specified under the Companies Act, 2013 and the SEBI Listing Regulations and there has been no change in the circumstances which may affect their status as IDs of the Company and the Board is satisfied with the integrity, expertise and experience (including proficiency in terms of Section 150(1) of the Act and applicable rules thereunder) of all IDs on the Board.

During theyear under review, the Non-Executive Directors (NEDs) of the Company had no pecuniary relationship or transactions with the Company, otherthan sitting fees and commission, as applicable, received by them.

11. MEETINGS OF INDEPENDENT DIRECTORS

In terms of Schedule IV to the Companies Act, 2013 and the Rules made thereunder and Regulation 25 of the Listing Regulations, a separate meeting of the Independent Directors of the Company was held on March 30, 2026, without the attendance of Non-Independent Directors and members of management.

All the Independent Directors were present at the meeting of Independent Directors held on March 30, 2026.The Independent Directors, interalia, reviewed the performance of the Non-Independent Directors, the Board as a whole and the performance of the Chairman of the Board.taking into account the views of the Executive and the Non-Executive Directors. They also assessed the quality, quantity and timeliness of the flow of information between the Management and the Board.

12. MEETING OF THE BOARD OF DIRECTORS:

The details of the Meeting of the Board of Directors of the Company are available in the Corporate Governance Report, which forms a part of this Annual Report.

13. COMMITTEES OF BOARD:

As on March 31,2026, the Board has following Committees:

a) Audit Committee

b) Nomination and Remuneration Committee

c) Stakeholders Relationships Committee

d) Corporate Social Responsibility Committee

e) Risk Management Committee

The composition, terms of reference and meetings held, and attendance of members of the aforesaid Committees are provided in the Corporate Governance Report, which forms a part of this Annual Report.

14. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts, arrangements, and transactions entered into by the Company with related parties during the financial year 2025-26, including any material modifications thereof, if any were in the ordinary course of business and on an arms length basis.

Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1) of Section 188 of the Companies Act,

2013 and Rule 8(2) of the Companies (Accounts) Rules,

2014 in Form AOC-2 are furnished herewith in Annexure- II to this report.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions is available on the Companys website and can be accessed at ittps:// alpexsolar.com/assets/pdfs /investor/policies/Policy%20 on%20RPT.pdf

15. POLICYRELATEDTODIRECTORSAPPOINTMENT, REMUNERATION AND ANNUAL EVALUATION

The Company has established a Policy for the appointment and remuneration of Directors, which outlines for determining qualifications, performance evaluations, and otheraspects concerning Independent Directors, the Board, Board Committees, and individual Directors. This includes performance evaluation criteria for both Non- Executive and Executive Directors.

Selection and procedure for nomination and appointment of Directors:

The NRC is responsible for developing competency requirements for the Board based on the industry and strategy of the Company. The Board composition analysis reflects in-depth understanding of the Company, including its strategies, environment, operations,financial condition and compliance requirements.

The NRC conducts a gap analysis to refresh the Board on a periodic basis, including each timea Directors appointment or re-appointment is required.The NRC reviews and vets the profiles of potential candidates compared to the required competencies, undertakes due diligence and meeting potential candidates, prior to making recommendations of their nomination to the Board.

Criteria for determining qualifications, positive attributes and independence of a director:

In terms of the provisions of Section 178(3) of the Act, and Regulation 19 of the SEBI Listing Regulations, the NRC has formulated the criteria for determining qualifications, positive attributes and independence of Directors, the key features of which are as follows:

• Qualifications - The Board nomination process encourages diversity of thought, experience, knowledge, age and gender. It also ensures that the Board has an appropriate blend of functional and industry expertise.

Positive Attributes - Apart from the duties of Directors as prescribed in the Act, the Directors are expected to demonstrate high standards of ethical behavior, communication skills and independent judgment. The Directors are also expected to abide by the respective Code of Conduct as applicable to them.

Independence - A Director will be considered independent if he/she meets the criteria laid down in Section 149(6) of the Act, the Rules framed thereunder and Regulation 16(1 )(b) of the SEBI Listing Regulations. The Directors affirm that the remuneration paid to Directors, KMPs and employees is as per the Remuneration Policy of the Company. The Companys Nomination & Remuneration Policy, which covers the appointment, remuneration, qualifications, positive attributes, independence of Directors, and other related matters, is attached as Annexure-IV to this Report. It is also available on the Companys website at the following link: ittps://alpexsolar.com/assets/pdfs/ investor/policies/NRC_Policy.pdf

We affirm that the remuneration paid to the Directors is as per the terms laid out in the nomination and remuneration policy of the Company.

16. HUMAN RESOURCES

A. Learning & Development

The Company values its employees as its most important assets and understands that its growth depends on attracting and retaining talented individuals. Recognizing the importance of developing employees skills, the Company provides training opportunities to help them excel and contribute to business objectives.

The Company is committed to maintain an inclusive and supportive work environment, respecting universal human rights, and partnering with businesses that share these values. Equal opportunities, safe and healthy workplaces, and environmental protection are prioritized at all levels

As an equal opportunity employer, the Company does not discriminate based on race, religion, nationality, gender, age, or any other factor unrelated to job performance. Additionally, the Company is dedicated to enhancing the well-being of neighboring communities through educational, cultural, and social initiatives.

Employees of the Company are its most precious assets. The Company promotes and practices progressive HR policies to encourage, motivate and attract as well as retain quality professionals.

B. Particulars of Employees and Related Information

Pursuant to the amendment in Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a detailed statement is attached as Annexure-V.

The statement containing names of the top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2)and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of this Report. In terms of Section 136(1) of the Act, the Annual Report is being sent to the Members, excluding the aforesaid statement. The statement is open for inspection upon request by the Members and any Member desirous of obtaining the same may write to the Company Secretary & Compliance Officer at nvestors@alpex.in.

No. of employees as on March 31,2026, is as follows:

Sr. No. Type of employees	Number of employees
1 Male	343
2 Female	36
3 Transgender	0

17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with rule 8(3) of The Companies (Accounts) Rules, 2014, relevant details of energy conservation, technology absorption and foreign exchange earnings and outgo are attached as Annexure-VI to this Report.

18. INTIMATION OF SUBSIDIARY/JOINT VENTURE/ ASSOCIATE COMPANY ALONG WITH PERFORMANCE AND FINANCIAL POSITION

During the Financial Year 2025-26, the Company has following subsidiaries:

Alpex GH2 Private Limited Alpex Green Energies Private Limited The Company also had the following associate companies:

CER Rooftop Private Limited

Zyconic Private Limited (Formerly known as Krishma

Machine Tools Private Limited)

Further, the Company formed a joint venture with NVNR Power & Infra Limited under the name Alpex NVNR Consortium for execution of a project under Western Coalfields Limited.

Apart from above, no other Company has become or ceased to be Subsidiary, Associate or Joint Venture of the Company during the Financial year 2025-26.

A separate report on performance and financial position of the subsidiary and associates Company, included in the consolidated financial statement pursuant to Section 129(3) of the Companies Act, 2013 is given in form AOC-1 as Annexure-VII, forming part of the Board Report.

The audited financial statements including the consolidated financial statement of the Company and all other documents required to be attached thereto are available on the Companys website and can be accessed at ittps://alpexsolar.com/assets/pdfs/investor/ fs/Fi nancials-Revised.pdf

The financial statements of the subsidiaries are available on the Companys website and can be accessed at https:// alpexsolar.eom/investors#fmancials_Subsidiaries.

The Policy for determining Material Subsidiaries is available on the Companys website and can be accessed at https:// alpexsolar.com/assets/pdfs/investor/policies/Policy%20 on%20dealing%20with%20material%20su bsidiaries.pdf

19. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as per the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") is presented in a separate section, which forms part of this Annual Report.

20. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3) (c) of the Companies Act, 2013, with respect to Directors Responsibility Statement, your Directors confirm that:

a. In the preparation of the annual accounts forthe year ended March 31, 2026, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b. appropriate accounting policies have been selected and applied consistently, and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2025 and of the profit of the Company for the year ended on that date;

c. proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the annual accounts have been prepared on a going concern basis;

e. internal financial controls have been laid down and such internal financial controls are adequate and operating effectively; and

f. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

21. AUDITORS AND AUDITORSREPORT

A. Statutory Auditors

M/s. Seth & Seth, Chartered Accountant (ICAI Registration No 014842N.) (Peer Review Certificate No.: 016316) was appointed as the Statutory Auditor of the Company in the Annual General Meeting held on 30^th September, 2021 up to the conclusion of 33^,d Annual General Meeting of the Company i.e. for the financial year 2021-22 to 2025-26.

Based on the recommendation of the Audit Committee, the Board has recommended the re-appointment of M/s. Seth & Seth Co., Chartered Accountants, as the Statutory Auditors of the Company for a second term of five (5) consecutive years, subject to the approval of the shareholders in the ensuing Annual General Meeting.

A Certificate from auditors has been received to the effect that their appointment, if made, would be in accordance with Sec 139 (1) of the Companies Act, 2013 (the Act) and they are not disqualified for re-appointment within the meaning of Section 141 of the Companies Act, 2013.

The Statutory Auditorshave expressed their opinion on the Standalone and Consolidated Financial Statements, and their report does not contain any qualification, reservations, adverse remarks or disclaimers except the following;-

Sr. No. Statutory Audit Observations	Comments from the Board
1. The Company needs to strengthen the adequate design of information technology (IT) general and application controls in order to get complete and accurate information consistent with financial reporting objectives.	To strengthen the adequate design of information technology (IT) general and application controls in order to get complete and accurate information consistent with financial reporting objectives, the Compay has installed the SAP software and also working on the internal controls.

B. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company is required to undertake a secretarial audit and annex the Secretarial Audit Report to the Boards Report.

During the year under review, Vishal Mishra & Associates, Company Secretaries (ICSI Unique Code: S2023DE911800), the erstwhile Secretarial Auditor of the Company, tendered their resignation and consequently ceased to act as the Secretarial Auditor of the Company.

To fill the casual vacancy arising from the aforesaid resignation, the Board of Directors, at its meeting held on June 29, 2026, appointed Ruchi Kotak & Associates, Practising Company Secretaries (ICSI Unique Code: S2018MH649600),a peer-reviewed firm, as the Secretarial Auditor of the Company to conduct the Secretarial Audit for the financial year ended March 31,2026. The firm shall hold office until the conclusion of the ensuing Annual General Meeting of the Company.

The Secretarial Audit Report issued by Ruchi Kotak & Associates for the financial year ended March 31,2026 is annexed to this Boards Report as Annexure -land forms an integral part thereof.

The Secretarial Auditors Report for Financial Year 2025-26 contains certain qualifications. The details of the qualifications and comments of the Board on the same are as under:

No. Observations	Comments from the Board
1. The Company did not obtain prior approval of the Audit Committee for remuneration paid to the Directors and Key Managerial Personnel forming part of the promoter and promoter group, nor was subsequent ratification obtained during the period under review.	The Board has taken note of the observation. The remuneration paid to the Directors and Key Managerial Personnel forming part of the promoter and promoter group was inadvertently not placed before the Audit Committee for its prior approval or subsequent ratification during the year under review. The said transactions were subsequently placed before and ratified by the Audit Committee at its meeting held on June 04,2026.
	The Company has strengthened its internal compliance and review mechanism to ensure that all such transactions are duly identified and placed before the Audit Committee for the requisite approval in accordance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2. Related Party Transactions with promoter-controlled entities, subsidiaries, step- down subsidiaries and the joint venture were not placed before the Audit Committee for prior approval, nor was subsequent ratification obtained during the period under review.	The Board has taken note of the observation. Owing to an inadvertent oversight in the process of identification and reporting of Related Party Transactions, certain transactions with promoter-controlled entities, subsidiaries, step-down subsidiaries and the joint venture were not placed before the Audit Committee for prior approval or subsequent ratification during the year under review. The said transactions were subsequently placed before and ratified by the Audit Committee at its meeting held on June 04,2026.
	The Company has strengthened its frameworkfor the identification, monitoring, reporting and approval of Related Party Transactions to ensure due compliance with the applicable regulatory requirements going forward.
3. The details of Related Party Transactions undertaken pursuant to omnibus approval were not placed before the Audit Committee for review on a quarterly basis during the period under review.	The Board has taken note of the observation. The details of Related Party Transactions undertaken pursuant to omnibus approval were inadvertently not placed before the Audit Committee for quarterly review during the year under review. The said transactions were subsequently placed before and ratified by the Audit Committee at its meeting held on June 04, 2026. The Company has introduced a structured quarterly reporting and monitoring mechanism to ensure that details of all transactions undertaken pursuant to omnibus approvals are placed before the Audit Committee at the prescribed intervals.

Further, in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the Board of Directors, based on the recommendation of the Audit Committee, has approved the appointment of M/s Narendra Rahalkar & Co , (ICSI Unique ID: S2026MH1076500), as the Secretarial Auditor of the Company for a term of five consecutive financial years, commencing from the financial year 2026-27 and continuing up to FY 2030-31, subject to the approval of the Members at the ensuing Annual General Meeting. Upon such approval by the members, the firm shall hold office from the conclusion of the ensuing Annual General Meeting until the conclusion of the Annual General Meeting to be held in the FY 2030-31, on such terms and conditions, including remuneration, as may be determined by the Board of Directors in consultation with the Secretarial Auditor.

C. Internal Auditor

Pursuant to the provisions of Section 138 of the Companies Act, 2013 and The Companies (Accounts) Rules, 2014, during the year under review,The Board of Directors of the Company has appointed M/s. Ram C. Kapoor & Associates (Firm Reg No. 007537N) to conduct the Internal Audit as per Rule 13 of the Companies (Accounts) Rules, 2014 prescribed under Section 138 of the Companies Act, 2013 for the Financial Year 2025-26, to undertake the internal audit of the functions and activities of the Company on the quarterly basis. There were no adverse remarks or qualifications on accounts of the Company from the Internal Auditors.

D. Cost Auditor

Pursuantto the provisions ofSection 148 of the Companies Act, 2013 and rules framed thereunder, during the year under review, the Board of Directors had appointed R. Nanabhoy & Co., Cost Accountants, (Firm Registration No. 000010), as Cost Auditors of the Company for the Financial Year 2025-26 to audit the cost records for the financial year ended March 31,2026.

The Cost Audit Report for the year ended March 31,2026, does not contain any qualification, reservation or adverse remark.

During the financial year under review, the Company has duly maintained cost accounts and records in respect of the products/activities prescribed by the Central Government under Section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time. Pursuantto the provisions ofSection 148 of the Act read with Notifications/Circulars issued by the Ministry of Corporate Affairs, from time to time, the Board has reappointed R. Nanabhoy & Co., Cost Accountants as the Cost Auditor to audit the cost records of theCompany for the financial year 2026-27.

The remuneration payable to the Cost Auditor is subject to ratification by theMembers at the AGM. Accordingly, thenecessary resolution for ratification of theremuneration payable to R. Nanabhoy & Co., Cost Accountants, for the audit of costrecords of the Company for the financial year 2026-27, has been included in the Notice ofthe forthcoming 33^rd AGM ofthe Company.

22. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

In pursuant to Section 134(3)(q) ofthe Companies Act, 2013 read with Rule 8(5)(viii) of Companies (Accounts) Rules, 2014, the Companyhas an adequate system of internal controls in place. There are documented policies and procedures covering all financial and operating functions. These controls have been designed to provide a reasonable assurance regarding maintaining proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, and protecting assets from unauthorized use or losses, compliances with regulations. We have continued our efforts to align all our processes and controls with global best practices. Some significant features ofthe internal control of systems are: The Audit Committee of the Board of Directors regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with accounting standards as well as reasons for changes in accounting policies and practices, if any; Documentation of major business processes and testing thereof including financial closing, computer controls and entity level controls, as part of compliance program, as required under the Companies Act, 2013;

Supplier relations management and customer relations management connects to different locations, dealers and vendors for efficient and seamless information exchange. We also maintain a comprehensive information security policy and undertake continuous upgrades to our IT systems;

Detailed business plans for each segment, investment strategies,year-on-year reviews, annual financial and operating plans and monthly monitoring are part of the established practices forall operating and service functions;

A well-established, independent, multi-disciplinary Internal Auditteam operates in line with governance best practices. It reviews and reports to management and the Audit Committee about compliance with internal controls and the efficiency and effectiveness of operations as well as the key process risks;

An ongoing program, for the reinforcement of the Code of Conduct is prevalent across the organization. The Code covers integrity of financial reporting, ethical conduct, regulatory compliance, conflicts of interests review and reporting of concerns.

The Board takes responsibility for the overall process of risk management throughout the organization. The Business risk is managed through cross functional involvement and communication across businesses. The results of the risk assessment are presented to the senior management.

There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During FY26, we assessed the effectiveness of the Internal Control over Financial Reporting and have determined that our Internal Control over Financial Reporting as at March 31,2025, is effective.

23. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

There were no material changes or commitments affecting the financial position of the Company between the end of the financial year and the date of this Report.

24. CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of governance and has also implemented several best governance practices. The Corporate Governance Report as per the Listing Regulations forms part of this Annual Report. The Certificate from the Practicing Company Secretary confirming compliance with the conditions of Corporate Governance is attached to the Corporate Governance Report.

25. ANNUAL RETURN

Pursuant to Section 134(3)(a), the Annual Return of the Company prepared as per Section 92(3) of the Companies Act, 2013, for the financial year ended March 31, 2025 is hosted on the website of the Company and can be accessed at https://alpexsolar.eom/investors#AnnualReturn.

26. LOAN(S) AND INVESTMENT(S) UNDER SECTION 186 OF COMPANIES ACT, 2013:

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security provided are proposed to be utilized by the recipient are disclosed in the Standalone Financial Statement (Please refer Note 5 to the Standalone Financial Statement.

27. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has followed the applicable Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India and hereby confirmed that such systems are operating effectively during the year under review.

28. DISCLOSURE PURSUANT TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Our Company is committed to being an equal opportunity employerand strongly believes in providing opportunities and key positions to women professionals. We are dedicated to supporting women in the workplace by ensuring a safe, healthy, and conducive working environment. To achieve this, the Company has implemented comprehensive policies aimed at addressing and ensuring safe working conditions for women.

The Company maintains a zero-tolerance stance on sexual harassment in the workplace. To reinforce this commitment, we have adopted a policy on the prevention, prohibition, and redressal of sexual harassment, in line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, and its associated rules adopted by the Board of Directors. The policy on POSH can be accessed on the Companys website at https://alpexsolar.com/assets/pdfs/investor/ policy/POSH%20Policy%20_%2029.06.2026.pdf

The Company has constituted Internal Committee(IC) to redressand resolve any complaintsarising underthe POSH Act. Training/awareness programmes are conducted throughouttheyearto create sensitivity towards ensuring a respectable workplace.

Summary of Sexual Harassment Complaints for the Financial Year 2025-26:

NumberofComplaintsatthe Beginning of the Financial Year: NIL

Number of Complaints Disposed of During the Year: NIL

Number of Complaints Pending at the End of the Financial Year: NIL

Nature of Action Taken by the Company: Not Applicable

29. DISCLOSURE WITH RESPECT TO THE COMPLIANCE OF THE PROVISIONS RELATING TO THE MATERNITY BENEFIT ACT, 1961

The Company is in compliance to the Maternity Benefit Act, 1961 which is extended to the female employees. This policy reflects our belief in parenting and our commitment to creating an inclusive workplace. Beyond leave, we support female employees through access to mental wellness programs, professional counseling, and structured return-to-work programs that ease the transition back to their roles with confidence. To further assist working parents, we offer creche facilities or tie-ups with day care facilities at our offices, ensuring peace of mind and a better work-life balance.

30. BRIEF OF POLICIES ADOPTED BY THE COMPANY

The Company has adopted various policies in compliance with the Companies Act, 2013, SEBI Listing Regulations and other applicable laws, including:

A. Code of Practices and Procedures for Fair Disclosure of Unpublished Price-Sensitive Information

The Board of Directors has implemented an Insider Trading Policy in line with the Securities & Exchange Board of India (Prohibition of InsiderTrading) Regulations, 2015. This policy outlines the procedures and guidelines to be adhered to, as well as the disclosures required when trading the Companys shares. It also details the consequences of any violations. The policy is designed to regulate, monitor, and ensure proper reporting of transactions by employees, while upholding the highest ethical standards in the handling of the Companys shares.

The Insider Trading Policy, which includes the code of practices and procedures for fair disclosure of unpublished price-sensitive information can be accessed on the Companys website at https://alpexsolar. com/assets/pdfs/investor/policies/CODE%20OF%20 PRACTICE%20AND%20PROCEDURE%20FOR%20FAIR%20 DISCLOSE! RE%200F%20UNPUBLISHED%20PRICE%20 SENSITIVE%20INFORMATION.pdf

B. Code of Conduct to Regulate, Monitor and Report Trading by Insiders

The Company holds various pieces of information that are both important and price-sensitive, requiring strict confidentiality. Unauthorized disclosure of such information could harm the Companys reputation. The term "insider" includes all individuals associated with the Company, including employees. Therefore, the Company has implemented a policy that applies to all employees and Key Managerial Personnel (KMP), prohibiting the disclosure of confidential information that could impact the Companys performance.

This policy is accessible on the Companys website at

https://alpexsolar.com/assets/pdfs/investor/policies/

CODE%200F%20CONDUCT%20TO%20REGULATE,%20

MONITOR%20AND%20REPORT%20TRADING%20BY%20

THE%20INSIDER.pdf

C. Code of Conduct for the Board of Directors and Senior Management

Senior management and the Board of Directors are required to adhere to a specific code of conduct, which mandates compliance with applicable laws and regulations to ensure good governance and uphold business ethics. This code outlines their responsibilities and accountability towards the Company.

The Companys policy on this matter is available for review at the following link: ittps://alpexsolar.com/assets/pdfs/ investor/policies/Code%20of%20Conduct%20of%20 Directors%20and%20Senior%20Ma nagement.pdf

D. Corporate Social Responsibility (CSR)

The Corporate Social Responsibility (CSR) policy of the Companyencompasses the Companys efforts to contribute to societal welfare. While CSR is mandatory under certain provisions of the Companies Act, 2013, it also offers the Company an opportunity to enhance its social impact and improve its public image. The CSR policy aims to create social awareness and outlines the Companys obligations towards society. It covers all the areas as stated in Schedule VII of Companies Act, 2013. For more details, the CSR policy can be accessed at: ittps:// alpexsolar.com/assets/pdfs/investor/policy/CSR%20 Policy.pdfRs.v=1

As per the CSR Policy, the Company stepped up its endeavours to bring positive momentum to the lives of people and enable an inclusive approach through initiatives in the areas of Health, Education, Eradication of Poverty, Women Empowermentand Environment & Animal Welfare. The three core commitments of Scale, Impact and Sustainability, with a focus on environment, women, children and youth, form the bedrock of the Companys philosophy for CSR initiatives.

The Annual Report on CSR activities is annexedas Annexure - III and forms a part of this Annual Report.

E. Familiarization Programme for Independent Directors

Under the Familiarization Programme, all Independent Directors (IDs) inducted into the Boardreceives an orientation. This includes presentations by Executive Directors (EDs) and Senior Management to provide an overview of the Companys operations. The orientation covers the Companys products, group structure, subsidiaries, Board constitution, procedures, matters reserved for the Board, and major risks along with risk management strategies. This policy also includes ongoing updates on the Companys operations and projects. The policy on the Companys Familiarization Programme for IDs is available at: https://alpexsolar.com/assets/pdfs/ investor/policies/Details%20of%20Familiarization%20 Programme.pdf

Whenever any new Independent Director is appointed, he/she is made familiar to the Companys business and operations and also about his/her role and duties through presentations/programs by Chairman, Managing Director and Senior Management. Pursuant to Clause VII of the Schedule IV of the Companies Act, 2013 and Regulation 25 of Listing.

F. Nomination and Remuneration Policy and Board Evaluation

The Nomination and Remuneration Policy, approved by the Board based on the Nomination and Remuneration Committees recommendations, is designed to ensure that remuneration levels are competitive and sufficient to attract, retain, and motivate high-quality Directors and employees.

The policy clarifies the relationship between remuneration and performance with clear benchmarks. It balances fixed and incentive pay to reflect both short-term and long-term performance objectives appropriate to the Companys goals. The policy can be accessed at ttps://alpexsolar.com/ assets/pdfs/investor/policies/NRC_Policy.pdf

Pursuant to the provisions of the Companies Act, 2013, Regulations 17 and 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and the Nomination and Remuneration Policy of the Company, the requirement relating to annual performance evaluation became applicable to the Company during the financial year under review.

Accordingly, the Company has established a structured mechanism for evaluating the performance of the Board, its Committees and individual Directors, including Independent Directors, based on qualitative parameters through a structured questionnaire.

The evaluation framework broadly covers, inter alia, the composition and functioning of the Board and its Committees, attendance and participation at meetings, quality and value of contributions, knowledge, skills and experience, level of engagement, understanding of the Companys business and governance matters, and effectiveness of the decision-making process.

Considering that the aforesaid requirement became applicable to the Company during the financial year under review, the Company initiated the necessary process for implementing the performance evaluation framework. The evaluation of the Board, its Committees and individual Directors, including Independent Directors, in respect of the financial year ended March 31,2026, is scheduled to be undertaken in the ensuing financial year in accordance with the applicable provisions of the Companies Act, 2013, the SEBI Listing Regulations and the Nomination and Remuneration Policy of the Company.

G. Risk Management Policy

Pursuant to the provisions of Section 134(3)(n) of the Companies Act, 2013 and Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable, the Company recognizes that effective risk management is essential for achieving sustainable business growth, protecting stakeholders interests and ensuring long-term business continuity.

The Company has been following an internal risk identification and monitoring mechanism forassessing key business, operational, financial, regulatory, compliance, technological, cyber security and other risks which may impact the operations and objectives of the Company. The management periodically reviews the key risks and mitigation measures with a view to minimize potential adverse impact on the Companys business.

During the year under review, the Company came within the applicability criteria of Regulation 21 of the SEBI Listing Regulations, being among the top 1000 listed entities based on market capitalisation. Accordingly, the Company is required to comply with the provisions relating to constitution of the Risk Management Committee and adoption/implementation of a Risk Management Policy within the prescribed timelines under the SEBI Listing Regulations.

The Company has initiated steps towards formalizing its risk management framework and Risk Management Policy. However, the Risk Management Policy was not approved by the Risk Management Committee up to March 31, 2026. The Company proposes to place the Risk Management Policy before the Risk Management Committee and the Board of Directors, for approval in the ensuing financial year and thereafter implement the same in accordance with the applicable provisions of the SEBI Listing Regulations and the Companies Act, 2013.

The proposed risk management framework shall, interalia, endeavor to support the Companys objectives by:

ensuring sustainable business growth with stability and promoting a proactive approach in reporting, evaluating and resolving risks associated with the business;

providing a framework that enables business activities to be carried out in a consistent, structured and controlled manner;

improving decision-making, planning and prioritization through a comprehensive understanding of business activities, volatility, opportunities and threats;

evaluating the likelihood and impact of major adverse events;

developing appropriate responses to either prevent such events from occurring or to manage and minimize the impact of such events, if they occur; and

• identifying unmitigated or emerging risks and formulating suitable action plans for addressing such risks.

Upon approval, the Risk Management Policy shall provide guidance on identification, assessment, ownership, mitigation, monitoring and reporting of risks, including strategic, operational, financial, regulatory, compliance, cyber security and other material risks.and shall be hosted on the website of the Company, as may be applicable.

The Company is taking necessary steps to ensure compliance with the applicable requirements of Regulation 21 of the SEBI Listing Regulations within the prescribed timelines.

H. Determination of Materiality of Information & Events

In the context of being a listed entity, the Company recognizes the need to disclose material information to investors. This policy governs the determination of what constitutes material events and ensures timely disclosure to investors. The policy specifies how the Company identifies and discloses material information that is essential for investors. For more information, the policy is available at: ittps://alpexsolar.com/assets/pdfs/investor/ policies/Materiality%20Policy.pdf

I. Preservation of Documents

The preservation of corporate records must adhere to the requirements set out under relevant laws. The policy for the safekeeping and management of these documents ensures compliance with legal obligations. Details of this policy can be accessed on the Companys website at: https://alpexsolar.com/assets/pdfs/investor/polides/ Policy%20on%20preservation%20of%20documents.pdf

J. Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions

The Policy on Related Party Transactions establishes materiality thresholds and procedures for transactions between the Company and its related parties. It aims to ensure transparency and compliance with legal requirements. The policy provides guidelines for managing these transactions effectively. For further details, the policy is available at:ittps://alpexsolar.com/ assets/pdfs/investor/policies/Policy%20on%20RPT.pdf

K. Terms and Conditions for Appointment of Independent Directors

Independent Directors play a crucial role on the Board, as outlined in Schedule IV of the Companies Act, 2013. They are skilled, experienced, and knowledgeable individuals whose presence enhances the Boards decision-making capabilities. The policy detailing the terms and conditions for their appointment is essential for guiding the Board in selecting and appointing Independent Directors. This policy is available for review on the Companys website at: https://alpexsolar.com/assets/pdfs/investor/ policies/Terms%20and%20Conditions%20of%20 lndependent%20Directors.pdf

L. Archival Policy

The Archival Policy governs the retention and archiving of corporate records. These records, created by employees, are critical for transparency and historical reference. According to this policy, any material information related to the Company will be hosted on the Companys website for investors and the public, and will remain accessible fora period of five years. The policy can be accessed here: https://alpexsolar.com/assets/pdfs/investor/policies/ Archival%20Policy.pdf

M. Code of Conduct for Independent Directors

Independent Directors, who have no material relationship with the Company, are required to follow a specific Code of Conduct to ensure impartiality and objectivity in their oversight. This Code outlines their duties and responsibilities, ensuring their activities align with the Companys standards and ethics.The policy governing the Code of Conduct for Independent Directors is available at: ittps://a I pexsolar.com/assets/pdfs/investor/policies/ Code%20of%20Conduct%20of%20Directors%20and%20 Senior%20Management.pdf

N. Vigil Mechanism/Whistle Blower Policy

The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior. In line with the Code of Conduct (CoC), any actual or potential violation, howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. The role of the employees in pointing out such violations of the CoC cannot be undermined.

Pursuant to Section 177(9) of the Companies Act, 2013 and rules framed thereunder, the Board of Directors adopted the Vigil Mechanism/Whistle Blower to promote ethical behavior and provide a mechanism for reporting concerns. The Whistle Blower Policy can be accessed on the Companys website at: ttps://alpexsolar.com/assets/ pdfs/investor/policy/Vigil%20Mechanism%20&%20 Whistle%20Blower%20Policy.pdf

31. INVESTOR GRIEVANCE REDRESSAL MECHANISM

The Company has an effective investor grievance redressal mechanism. During the year under review, investor grievances were attended to and resolved in a timely manner.

As on March 31,2026, there were no investor complaints pending against the Company, as confirmed by the Registrar and Share Transfer Agent.

32. CHANGE IN THE NAME OF THE COMPANY

There was no change in the name of the Company during FY 2025-26.

33. DECLARATION AFFIRMING COMPLIANCE WITH CODE OF CONDUCT

It forms the part of Corporate Governance Report as attached in its Annexure - IV

34. DEPOSITORY SYSTEM

The Companys equity shares are available for dematerialization through National Securities Depository Limited and Central Depository Services India Limited.

35. LISTING ON STOCK EXCHANGE

The Company got its shares listed on the SME Platform of NSE i.e., NSE Emerge on 15^th February, 2024.

Further, trading in the Equity Shares was not suspended on the Stock Exchanges during the financial year under review.

36. GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the financial year 2025-26:

Details relating to deposits covered under Chapter V of the Act as no amount were accepted or renewed falling within the purview of provisions of Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules, 2014, during the financial year under review.

• Neither the Managing Director nor the Whole time Directors of the Company receive any salary or commission from any of the subsidiaries of the Company.

• No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

• No fraud has been reported by the Auditors to the Audit Committee or the Board.

There has been no change in the nature of business of the Company.

There is no proceeding pending underthe Insolvency and Bankruptcy Code, 2016.

There was no instance of one-time settlement with any Bank or Financial Institution

There was nocyber security incidents which were reported.

37. OTHER DISCLOSURES

During the financial year under review, the paid-up share capital of the Company exceeded Rs.25 crore. Consequently, the provisions of the applicable laws, rules and regulations governing companies listed on the Main Board became applicable to the Company. The Company has duly complied with such applicable requirements within the prescribed timelines.

Further, the Company came within the applicability criteria of certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, being among the top 1000 listed entities based on market capitalization. Consequently, the Company became subject to the applicable compliance requirements prescribed for such listed entities, including, inter alia, provisions relating to constitution of the Risk Management Committee and preparation/adoption of the Risk Management Policy, as applicable under the SEBI Listing Regulations.

The Company has taken necessary steps towards ensuring compliance with the applicable provisions and has constituted the Risk Management Committee during the year under review. The Company is also in the process of strengthening and formalizing its risk management framework in accordance with the applicable regulatory requirements.

The Company has adopted transition to Indian Accounting Standards (Ind AS) with effect from FY 2025-26 and has prepared its financial statements, including consolidated financial statements, in accordance with Ind AS for all applicable periods commencing from the effective date.

38. ISO CERTIFICATION AND RECOGNITION

The Company is certified under:

ISO 9001:2015-Quality Management System;

• ISO 45001:2018-Occupational Health and Safety Management System; and ISO 14001:2015-Environmental Management System.

These certifications cover manufacturing and assembly of solar photovoltaic modules/panels, solar power generating systems, including off-grid, on-grid and hybrid solar power plants, and solar pumping systems.

39. ACKNOWLEDGEMENTS

On behalf of the Board of Directors of the Company, we hereby place on record our profound gratitude to our shareholders, customers, business partners, vendors, bankers, financial institutions, and academic institutions for their steadfast support extended throughout the Financial Year.

The Board further expresses sincere appreciation to the Government of India, respective State Government ministries, local communities proximate to our operational sites, municipal authorities, and regional administrative bodies across our areas of operation in India. We equally acknowledge the invaluable cooperation extended by international partners, governmental agencies, and stakeholders in all jurisdictions where the Company maintains an operational presence.

Finally, the Directors duly acknowledge and commend the unwavering commitment of all employees of the Company, alongside their families, whose collective contributions remain instrumental to the Companys achievements and sustained growth.

	For and on behalf of Board
	ALPEX SOLAR LIMITED
	Sd/-	Sd/-
	Mr. Ashwani Sehgal	Mrs. Monica Sehgal
Date: September 05,2026	Managing Director	Whole-Time Director
Place: Greater Noida	DIN: 00001210	DIN: 00001213