Epic Energy Ltd Management Discussions

1. Management Overview

FY 2025-26 was a year of consolidation and selective expansion for Epic Energy Limited ("Epic" or "the Company"). Rooftop solar, solar EPC and energy-efficiency solutions continued to form the Companys established operating base, while open-access solar, EV charging infrastructure and lithium-ion battery recycling progressed at different stages of development and implementation. The commercial requirements of these businesses are not identical. Rooftop EPC requires disciplined bidding, execution and collections. Open-access projects involve land, connectivity, long-term offtake and financing. EV charging depends on equipment reliability and the suitability of the use case. Battery recycling requires safe operations, feedstock access, process recovery and regulatory compliance. Management therefore focused on three priorities during the year: strengthening execution and working-capital discipline in established activities; progressing newer initiatives in line with approvals, funding and operating readiness; and strengthening project-management, procurement, accounting and compliance systems for a multi-vertical operating structure.

MANAGEMENT VIEW

Growth will be assessed through execution, profitability, cash conversion and the capital required to support it.

2. Market Context: Global Scale, Indian Momentum

Latest available public data through July 2026 is used to establish the direction of the market; the discussion focuses on commercial implications rather than forecasts.

Indias installed solar capacity (GW)

India added 11.89 GW of solar capacity during April June 2026. Source: MNRE cumulative physical progress as at June 30, 2026; earlier year-end values from MNRE.

3. Solars Next Phase: From Capacity to Quality

Solar demand is increasingly consumer-led. India entered FY 2026-27 with approximately 90.04 GW of solar projects under construction as at March 31, 2026, while cumulative solar capacity reached 162.15 GW by June 30, 2026. The market is therefore moving from awareness and equipment availability toward grid access, bankable contracts, system quality, monitoring and lifecycle performance.

For Epic, this supports selective rooftop EPC and open-access development. From June 1, 2026, ALMM List-II applies without a blanket extension, increasing the importance of cell sourcing and procurement planning.

India solar capacity mix as at June 30, 2026 (GW)

Source: MNRE cumulative physical progress as at June 30, 2026; CEA quarterly report on under-construction renewable-energy projects as at March 31, 2026; MNRE ALMM List-II notice dated May 25, 2026.

MANAGEMENT VIEW

The solar market is no longer constrained mainly by awareness or technology. The more difficult questions are project quality, grid access, financing and lifecycle performance.

4. The Opportunity is Integrated Energy Management

From capacity addition to integrated energy systems

Customers increasingly require more than an isolated equipment solution. The most effective energy strategy begins with reducing avoidable consumption, then matching renewable generation to the load profile, monitoring actual performance, managing peak demand and integrating storage or EV charging where appropriate. Policy is moving in the same direction. In July 2026, the Ministry of Power proposed mandatory BEE ratings for all new buildings and building complexes with a built-up area of 20,000 square metres or more, while recognising established systems such as GRIHA, IGBC, LEED and GEM. Epics experience in energy efficiency and solar provides the base for this integrated approach. EV charging and digital capabilities extend the Companys role toward energy management, while battery reuse and recycling address the end-of-life stage.

MANAGEMENT VIEW

Buildings are becoming energy platforms: efficiency, solar, storage, charging and digital controls will increasingly be evaluated together.

5. EV Charging: Infrastructure, Not a Hardware Race

Charging requirements differ across homes, workplaces, destination locations, fleets and highways. Each use case has a different dwell time, power requirement, tariff structure and utilisation profile. A charger can be technically operational and still be commercially underused. The market will increasingly reward reliability, interoperability, convenient payment, remote monitoring and suitable location selection rather than installation count alone. PM E-DRIVE has been extended for eligible e-2Ws to July 31, 2026 and for eligible e-3Ws to March 31, 2028, reinforcing the need for charging systems that can scale with actual vehicle adoption.

6. Circularity and Critical-Mineral Security

The policy is significant because it rewards the production of target critical minerals, not only intermediate preprocessing. With targeted annual recycling capacity of around 3 lakh tonnes, feedstock access, recovery depth, product quality and operating compliance are likely to become the principal competitive differentiators. Epics battery-recycling and second-life initiatives are aligned with this direction. Managements priority remains to complete implementation and establish safe, stable and commercially credible operations before considering scale.

Source: Ministry of Mines / Press Information Bureau, April 30, 2026; National Critical Mineral Mission; CPCB Battery Waste Management EPR framework.

7. Epics Strategic Position

The portfolio has been developed around connected energy requirements rather than unrelated diversification. The businesses remain at different stages of maturity and will be sequenced according to commercial viability, funding, operating readiness and regulatory requirements.

8. Business Review

9. Opportunities and Threats

10. Outlook

The outlook for renewable power, electric mobility, energy efficiency and responsible material recovery remains constructive. Indias 13.90 GW of renewable capacity additions in the first quarter of FY 2026-27, the application of ALMM List-II from June 2026, the recycling schemes eligibility milestone and proposed mandatory ratings for large new buildings show that policy is moving from broad targets toward implementation standards.

Managements priorities for FY 2026-27 are to complete ongoing solar execution, progress selected open-access projects through approvals and financing, expand demand-backed EV charging, complete and stabilise the battery-recycling initiative and strengthen project-level cost and cash-flow monitoring. The newer businesses may require a period of implementation and stabilisation before making a material contribution to consolidated profitability. The pace of expansion will therefore remain aligned with operating experience, funding availability and commercial visibility.

11. Risks and Concerns

Public Data Sources and Image Credits

SEBI LODR Regulations current consolidated text IEA Electricity 2026, published February 6, 2026 IEA Global EV Outlook 2026, published May 20, 2026

MNRE cumulative renewable-energy physical progress as at June 30, 2026 CEA under-construction renewable-energy projects as at March 31, 2026 MNRE ALMM List-II notice dated May 25, 2026

Ministry of Heavy Industries PM E-DRIVE status as at March 12, 2026 and current extension Ministry of Mines / PIB 58 companies eligible for critical-mineral recycling scheme, April 30, 2026 Ministry of Power / BEE draft mandatory rating framework for large new buildings, July 2026

Web-image credits

Industrial rooftop solar: Siwawut Phoophinyo / Unsplash

EV charging: CHUTTERSNAP / Unsplash

Battery collection and recycling: John Cameron / Unsplash

All web photographs are used as thematic industry images under the Unsplash License. They do not depict Epic projects or facilities. Epic-owned photographs may replace them before publication.