Ampvolts Ltd Management Discussions

Electric Vehicle (EV) Charging Station Business:

During FY 2025-26, the Company continued to expand its charging infrastructure under the COCO model by identifying strategic locations and investing in the installation and operation of EV charging stations. For HCV (Heavy Commercial Vehicles, up to 55 ton truck trailer) charging infrastructure and selective LSP (Logistic Service Providers) segment, which is highly deprived of, at 807this point of time. It has huge market potential, sighting ESG compliances & BR-SR obligations of various corporates in Bulk chemicals, steel, cement, etc… sectors. Keeping this upcoming potential, company has started its _rst E-truck _eet with large corporate on long term basis. Company has also signed long term agreements with multiple LSPs and serving for charging their E-trucks at Mundra (Kuchh, Gujarat) & Khalapur (Maharashtra) The Company believes that the increasing adoption of electric vehicles, coupled with the gradual expansion of public charging infrastructure, will generate sustainable recurring revenue from charging operations. The Company continues to strengthen its operational capabilities through technology-enabled monitoring, preventive maintenance, e_cient charger uptime and customer-centric services, thereby positioning itself to bene_t from the growing EV ecosystem. We Make EV Charging Easy

a) Company has proven supply of chargers with the Company having developed & tested the quality product up to 360 KW bulk fast DC chargers

b) Board of Directors with strategic mindset

c) Proven track record of establishing HCV charging hubs

d) Scalable Infrastructure Development with notable presence in EV charging infrastructure segment.

f) Focus on recurring revenue through Company-Owned Company-Operated (COCO) model.

g) Experienced management team with industry expertise.

a) High Capital-intensive nature of charging infrastructure development.

b) Dependence on pace of EV adoption and charging utilization.

c) Longer ROI period for achieving optimum utilization of charging infrastructure.

d) Dependency on various DISCOMs capabilities, policies and procedural pace

a) Solid growth in EV adoption across India backed with higher emphasis from Govt.. with Government incentives promoting EV ecosystem.

b) Expansion opportunities in _eet charging and commercial charging hubs.

c) Growing demand for fast-charging infrastructure

d) Strategic collaborations with OEMs, LSPs and commercial establishments.

a) Increasing competition from established and new market participants.

b) Customers baseline of Diesel truck price mechanism

c) Regulatory and policy changes a_ecting the EV sector.

d) Rapid technological advancements requiring continuous upgrades.

e) Grid infrastructure constraints with various DISCOMs.

The outlook for the Indian EV charging industry remains positive, supported by favourable government policies, increasing EV adoption and continuous investment in charging infrastructure. As consumers increasingly shift towards electric mobility, the requirement for accessible and reliable charging networks is expected to grow signi_cantly. The Company plans to enhance leveraging and expanding its charging station network under the COCO model while stepping up its e_ciency and customer experience. It also sees the bright opportunity to explore strategic partnerships and new business opportunities within the EV ecosystem. Management feels con_dent that the Companys business model is poised to capitalize on the long-term growth potential of the green mobility segment.

The Company recorded a Pro_t After Tax (PAT) of 155.23/- lakhs during FY 2025-26 as compared to

46.28/- lakhs during FY 2024-25. Revenue from operations stood at 2063.64/- lakhs as against198.20/-lakhsintheprevious_nancialyear.TheCompanysoperationalperformancere_ectscontinuedfocus on expansion of charging infrastructure, cost optimization and strengthening of recurring revenue streams.

Adequate internal control ensures transactions are authorized, recorded and reported correctly and assets are safeguarded against loss from unauthorized use or disposition. In addition, there are operational controls and fraud risk controls, covering the entire spectrum of internal _nancial controls. The Company has been reviewing its internal control systems and processes continuously and company have a separate department of internal control for continuous surveillance.

During the year under review, the Company continued to strengthen its human resource capabilities by focusing on employee engagement, training, and skill enhancement initiatives. Various programs were conducted to promote professional growth, workplace safety, and a culture of collaboration. The Company maintained a harmonious work environment with cordial employee relations across all levels.

No material changes occurred in the nature of the human resources function during the year. As on March 31, 2026, the Company had 11 employees on its rolls. The Company remains committed to attracting, developing, and retaining talent to support its long-term business objectives.