GP Eco Solutions India Ltd Management Discussions

Economic Overview

Global Economy

The global economy faces a major test in 2026 from the outbreak of war in the Middle East, after having withstood elevated trade barriers and policy uncertainty through 2025. Under the IMFs reference forecast which assumes the conflict remains limited in duration and scope, global growth is projected to slow to 3.1 % in 2026 and recover only slightly to 3.2% in 2027, below the roughly 3.4% pace of 2024-25 and well underthe pre-pandemic (2000-19) historical average of 3.7%. Global headline inflation is projected to rise to approximately 4.4% in 2026 before resuming its decline in 2027, with pressures concentrated in emerging market and developing economies, particularly commodity importers. [Source: International Monetary Fund, World Economic Outlook, April 2026: "Global Economy in the Shadow of War"]

Among major economies, the United States is projected to grow 2.3% in 2026 and 2.1 % in 2027; the Euro area 0.9% and 1.0%; the United Kingdom 0.8% and 1.3%; Japan 1.2% in both years; and China 4.4% in 2026. Downside risks dominate the outlook: a longer or broader Middle East conflict, deeper geopolitical frag mentation, a reassessment of Al-driven productivity expectations, or renewed trade tensions could weaken growth and unsettle financial markets further, compounded by elevated public debt and eroding institutional credibility in a number of economies. [Source: International Monetary Fund, World Economic Outlook, April 2026]

Outlook

India is a notable exception to the generally weaker global picture: the IMF projects Indian growth at 6.5% in both 2026 and 2027, among the fastest of any major economy, with its 2026 forecast revised upward by 0.3 percentage points relative to the January 2026 WEO Update — reflecting the carryover of a strong 2025 outturn and a reduction in incremental U.S. tariffs on Indian goods from 50% to 10%, which more than offsets the drag from the Middle East conflict. [Source: International Monetary Fund, World Economic Outlook, April 2026; IMF Press Briefing Transcript, April 14,2026]

Indian Economy

Indias real GDP grew 7.7% in FY 2025-26 (provisional estimate released June 5, 2026), up from 7.1 % in FY 2024-25, and ahead of both the RBIs own 7.6% projection and the Second Advance Estimate of 7.6% released in February 2026. Growth accelerated through the year, with Q4 FY26 (January-March 2026) real GDP growth of 7.8%. Real GDP reached 323.1 2 lakh crore at constant (2022-23 base year) prices, against 299.89 lakh crore in FY 2024-25; nominal GDP grew 8.9% to 346.36 lakh crore. [Source: Ministry of Statistics and Programme Implementation (MoSPI), Provisional Estimates of Annua l GDP for FY 2025-26, June 5,2026] Manufacturing was a standout contributor, expanding 10.7% in FY26 (against 9.3% in FY25), while Gross Fixed Capital Formation — the standard proxy for investment activity— grew 8.2% (against 6.4% in FY25), pointing to sustained capacity expansion across the economy, a backdrop directly relevant to the Companys own capital expenditure cycle discussed later in this MD&A. [Source: MoSPI, Provisional Estimates of Annual GDP for FY 2025-26, June 5,2026]

Looking ahead, the RBI has projected FY 2026-27 growth to moderate to 6.6%, citing downside risks from the Middle East geopolitical crisis and the possibility of a below-normal monsoon; the Economic Survey 2025-26 offered a slightly wider official band of 6.8%-7.2% for FY27. [Source: Reserve Bank of India projection and Economic Survey 2025-26, as reported in MoSPI-linked coverage, June 2026]

Industry Overview

Global Solar PV Market

The global solar photovoltaic (PV) market was valued at USD 196.94 billion in 2025 and is estimated to reach USD 216.04 billion in 2026, growing toward approximately USD 484.85 billion by 2035 — a CAGR of 9.43% over 2026-2035. Asia-Pacific, which held the largest regional share, was valued at USD 74.84 billion in 2025 and is projected to reach USD 181.58 billion by 2035 (CAGR 9.27%), supported by large-scale solar farm development, supportive government policy, and the presence of major manufacturers. [Source: Precedence Research, "Solar Photovoltaic (PV) Market Size to Hit USD 484.85 Billion by 2035," Report Code 1555, last updated June 19,2026]

Indian Solar Power Industry

Indias cumulative installed solar capacity reached 150.26 GW as of March 31,2026 — comprising 110.43 GW utility-scale, 25.73 GW rooftop, and 14.10 GW under PM-KUSUM and off-grid projects — crossing the 150 GW milestone during the year. FY 2025-26 saw the highest-ever annual solar capacity addition on record, at 44.61 GW, nearly double the previous record of 23.83 GW added in FY 2024-25 and well above the governments own 34 GW target for the year. [Source: Ministry of New and Renewable Energy / Press Information Bureau, statement by Union Minister Shri Pralhad Joshi, April 2026]

Total non-fossil-fuel electricity capacity reached 283.46 GW as of March 31,2026 (274.68 GW renewable plus 8.78 GW nuclear), with non-fossil sources contributing 29.2% of total electricity generation during FY26. India had already achieved 50% cumulative installed capacity from non-fossil sources in June 2025 — five years ahead of its 2030 Nationally Determined Contribution target — and now ranks third globally in renewable energy installed capacity per IRENAs 2026 statistics. [Source: Ministry of New and

Renewable Energy / Press Information Bureau, April 2026]

Key programmes continuing to shape demand for the Companys distribution, EPC and manufacturing businesses include the PM Surya Ghar Muft Bijli Yojana (rooftop solar, benefiting more than 42 lakh households to date), PM-KUSUM (agricultural solar, with 7.67 GW added in FY26 alone), the Production Linked Incentive (PLI) scheme for domestic module and cell manufacturing, and continued build-out of Solar Parks and the Green Energy Corridor for grid integration. [Source: Ministry of New and Renewable Energy / Press Information Bureau, April2026; PIB, March 2026]

India Solar Power Key Growth Drivers

• Government Policy Support and Ambitious Targets — continued pursuit of 500 GW non-fossil capacity by 2030, with FY26s record capacity addition placing India ahead of its own annual trajectory.

• Surge in Domestic Manufacturing Capacity — Indias solar module manufacturing capacity reached approximately 1 72 GW and solar cell manufacturing approximately 26 GW as of early 2026, continuing the rapid build-out supported by the PLI scheme and aimed at reducing import dependence.

• Technological Advancements — continued adoption of higher-efficiency cell technologies, grid integration solutions, and smart inverters, alongside rising R&D investment in system durability and performance.

• Rising Clean Energy Demand and Decarbonisation Goals — non-fossil sources 50%+ share of installed capacity, achieved five years ahead of schedule, continues to draw investment into grid-scale and decentralised solar and storage systems alike.

Source: Ministry of New and Renewable Energy / Press Information Bureau, various releases, March-April 2026; pv magazine India, April 10,2026.

Solar Power Market in India Dynamic

Indias solar power market continues to undergo a significant transformation, supported by a dynamic policy environment and a maturing investment landscape. The acceleration of solar investment — particularly in utility-scale and rooftop segments — has been catalysed by competitive panel pricing, improved access to financing, and rising electricity demand. India has distinguished itself among developing economies with a marked rise in both domestic and international funding for solar projects; as distribution companies strengthen their financial health alongside robust policy initiatives, investor confidence in the sector has continued to build through FY26.

Solar Power Market Opportunities and Challenges Opportunities

• Global Policy & Subsidy Support — growing government incentives such as tax credits, clean energy auctions, net-metering and renewable portfolio standards continue to boost investment confidence.

• Energy Storage Synergies — advances and cost declines in battery and storage technologies enable attractive solar-plus- storage offerings, unlocking commercial and residential use cases — directly relevant to the Companys own BESS build-out (see Segment-wise Performance and Way Forward below).

• Distributed Solar and C&l Growth — rooftop solar and community solar farms continue to expand, especially in urban markets and multi-tenant buildings.

• Emerging Market Expansion — solar deployment across Asia-Pacific, Africa and Latin America remains strong, driven by electrification needs and climate goals.

Challenges

• Supply Chain Disruptions — fluctuations in the supply of polysilicon, wafers and inverters, often tied to geopolitical issues or production constraints, can delay project execution timelines.

• Grid Integration and Stability — higher solar penetration is placing growing demands on grid infrastructure, requiring continued investment in grid management, flexibility and transmission.

• Land and Environmental Conflicts — large-scale utility projects continue to face land-use constraints, permitting delays and competing land needs.

• Workforce and Skill Gaps — demand for skilled labour, including engineers, installers and technicians, continues to outpace supply, a constraint directly relevant to the Companys own hiring plans as it scales manufacturing (see Human Resources below).

Source: Framework and structure follow GP Eco Solutions India Limited, Annual Report FY 2024-25, Management Discussion and Analysis, pp. 62-63; updated narrative reflects FY26 developments.

Company Overview

During FY2025-26, the Company successfully transformed from a pure-play solar products distributor into an integrated solar and energy storage solutions provider, significantly strengthening its position across the renewable energy value chain. Under its flagship INVERGY brand, the Company expanded its manufacturing capabilities by offering a comprehensive portfolio comprising on-grid, hybrid and off-grid solar inverters, as well as advanced Battery Energy Storage Systems (BESS), catering to residential, commercial, industrialand utility-scale applications.

The Company further enhanced its end-to-end capabilities through turnkey Engineering, Procurement and Construction (EPC) services, Project Management Consultancy (PMC), strategic developer partnerships, and Energy-as-a-Service (EaaS) solutions, enabling it to deliver integrated and value-driven clean energy solutions. During the year, the Company achieved several significant milestones, including the commissioning of its BESS Giga Factory at Dasna, Uttar Pradesh, the launch of its comprehensive INVERGY BESS product portfolio, the introduction of a new range of PV string inverters, and a substantial expansion of its EPC order book.

The Companys commitment to operational excellence is reinforced by its ISO 9001:2015 certification for Quality Management Systems. It has also established a robust nationwide distribution ecosystem comprising solar system integrators, channel partners and installers, with a particularly strong presence across North India, while strategically expanding its footprint into Southern and Western India as well as select international markets.

As on March 31,2026, the Group comprised nine wholly owned subsidiaries, including Invergy India Private Limited and Invergy Medicare Private Limited, along with five majority-owned subsidiaries, including GPS Green Projects Private Limited and AN3 Techno Power Limited. The expanded Group structure reflects the Companys diversified business platform, enhanced execution capabilities and sustained growth achieved during FY2025-26, positioning it to capitalize on emerging opportunities in the rapidly evolving renewable energy sector.

Key Financial Highlights

The table below follows the Companys house convention of presenting headline financial highlights in Lakhs on a consolidated basis, now drawn from the audited consolidated Statement of Financial Results for the year ended March 31,2026 (Board-approved May 28,2026).

Particulars ( in Lakhs, Consolidated	FY2025-2026	FY 2024-2025	% Change
Revenue from Operations	41,438.42	24,643.48	69
EBITDA (computed)	6,258.76	1,688.17	271
PBT	5,396.1 1	1,406.21	284
PAT	4,012.16	1,036.49	287

Source: GP Eco Solutions India Limited, Audited Consolidated Statement of Financial Results forthe Half Year and Yearended March 31,2026, filed with NSE, May 28,2026.

Discussion On Financial Performance With Respect To Operational Performance Revenue from Operations

Revenue from operations increased from 24,643.48 lakh in FY 2024-25 to 41438.42 lakh in FY 2025-26 on a Consolidate basis, growth of approximately 69%. This improvement was primarily driven by the ramp-up of the Companys Invergy-branded manufacturing business and a growing EPC order book, alongside continued growth in the base distribution business — a mix shift discussed further under Segment-wise Performance below. Growth was heavily back-half weighted: Consolidated H2 FY26 (October 2025-March 2026) revenue of 29291.35 lakh was nearly two and halftimes H1 FY26 revenue of 1 2147.07 lakh, which management attributes to project-execution and order-conversion timing. [Source: GP Eco Solutions India Limited, Audited Consolidated Statement of Financial Results, May 28,2026]

EBITDA

EBITDA (computed as PBT plus Interest Expenses plus Depreciation) rose from 1,688.32 lakh in FY 2024-25 to 6,258.80 lakh in FY 2025-26 on a Consolidated basis, growth of approximately 271%, with margin expanding from approximately 4.19% to approximately 9.61% of revenue from operations. The increase was largely attributable to the Companys shift toward higher- margin manufacturing and EPC revenue and to operating leverage on a substantially larger revenue base, alongside a genuine, audited increase in trade receivables and borrowings over the same period, discussed further below. [Source: GP Eco Solutions India Limited, Audited Consolidated Statement of Financial Results, May 28,2026]

Profit Before Tax (PBT)

PBT improved from 1,406.21 lakh in FY 2024-25 to 5,396.11 lakh in FY 2025-26 on a Consolidated basis, an increase of approximately 283.73%, supported by the overall growth in sales and operating margin described above, partly offset by higher financial expenses (71 0.56 lakh versus 208.76 lakh, up approximately 240.37%) as borrowings increased to fund the Dasna Giga factory and related working capital. [Source: GP Eco Solutions India Limited, Audited Consolidated Statement of Financial Results, May 28,2026]

Profit After Tax (PAT)

PAT increased from 1,036.49 lakh in FY 2024-25 to 4,01 2.16 lakh in FY 2025-26 on a Consolidated basis, growth of approximately 287.09%. The strong performance was driven by higher sales volumes and margin expansion, with the consolidated effective tax rate little changed at approximately 25.34% in FY26 versus approximately 24.3% in FY25 (unlike the more pronounced tax-rate improvement visible at the consolidated level). [Source: GP Eco Solutions India Limited, Audited Consolidated Statement of Financial Results, May 28,2026]

Balance sheet growth kept pace with the scale-up in operations: consolidated trade receivables grew from 6,429.66 lakh to 19,511.04 lakh and inventories from 1,874.07 lakh to 5,663.98 lakh, in line with the higher revenue base, while borrowings (long-term and short-term combined) increased from 3,308.57 lakh to 1 0,896.91 lakh to support working capital and continued investment in manufacturing capacity. [Source: GP Eco Solutions India Limited, Audited Consolidated Balance Sheet, May 28,2026]

Segment-wise or Product-wise Performance

The Companys audited FY26 financial results confirm that GP Eco Solutions "is engaged in one and only segment of Trading and Assembling of solar panels and inverters," and that it "does not have any identifiable reportable business segment in accordance with Accounting Standard 17," such that formal segment-wise financial disclosure is not required. This is consistent with the Companys continued use of Accounting Standards (AS) rather than Ind AS, per its SME-exchange exemption. [Source: GP Eco Solutions India Limited, Notes on Financial Results (Standalone & Consolidated), Note 4, May 28,2026]

The Companys FY 2024-25 Annual Report disclosed product-wise sales for that year (Solar Inverters, Solar Modules, Other), including a specific brand-level breakout for Sungrow inverters. The managements own qualitative disclosure of the FY26 revenue split by business vertical, given on the June 10,2026 earnings call is given below:

Business Vertical	FY 2024-25 Revenue Share	FY 2025-26 Revenue Share
Manufacturing (Invergy)	17%	31%
Distribution (GPES Solar)	76%	53%
EPC (GPES Green Projects)	7%	16%

Source: GP Eco Solutions H2 & FY26 Earnings Call Tran script, June 10, 2026. Percentages as stated by management; underlying - value figures by vertical were not separately disclosed.

Way Forward

The Company is strategically positioned to reinforce its leadership in the renewable energy sector by continuing to scale the Dasna Giga factory — Phase 1 commissioned and, per management, commercially operational in Q1 FY27, with Phase 2 targeted for September 30, 2026, taking BESS capacity to 3 GWh, and a further scale-up to 5 GWh targeted by FY28. FY26 revenue grew approximately 61% on a standalone basis (approximately 68% consolidated); management has guided to further FY27 revenue and PBT growth of approximately 2-3x FY26 levels, and an EBITDA margin improvement of "8 to 10%" from the FY26 level (management did not specify whether this is percentage points or a relative increase). [Source: GP Eco Solutions H2 & FY26 Earnings Call Transcript, June 10, 2026]

The Company is also strengthening its warehousing infrastructure to support faster delivery and effective regional support, and continuing to invest in manufacturing capacity for solar inverters and BESS in line with rising demand for sustainable energy technologies. Certification progress (BIS and IEC, partly obtained and partly expected as of the June 2026 call) is intended to unlock discom, government and institutional-financing-backed project opportunities. [Source: GP Eco Solutions H2 & FY26 Earnings Call Transcript, June 10, 2026]

On the customer front, the Company continues to develop Sunergy, an advanced SCADA and Energy Management System, and Invergy Electric, a range of next-generation LT and HT electrical panels, as it moves toward more customised, comprehensive energy management solutions. Consistent with its FY25 positioning, the Company has stated it continues to expand regional partnerships into Southern India and international markets, alongside advancing its sustainability agenda through carbon credit policy development and energy-efficient, locally-sourced manufacturing practices. [Source: GP Eco Solutions H2 & FY26 Earnings Call Transcript, June 10, 2026; GP Eco Solutions India Limited, Annual Report FY 2024-25, MD&A, p. 65]

One notable change of plan: the Companys previously stated 1.2 GW TopCon solar-module and 3 GW PV solar-cell manufacturing plans, described in FY25/H1 FY26 materials as deferred to FY27/28, were described by promoter/director Mr. Astik Mani Tripathi on the June 2026 call as "dropped... as of now," in favour of remaining focused on BESS, inverters and EPC. This draft treats the more recent statement as the current position and flags it for confirmation in the final Annual Report text.

Separately, the Boards May 28, 2026 meeting also took on record a utilisation certificate for the Companys earlier (June 13, 2025) preferential issue, which had raised 835.20 lakh (on a fully-diluted, warrants-converted basis). Of the 522.00 lakh received in cash to date, 469.80 lakh was applied to working capital and 52.20 lakh to general corporate expenses, both fully utilised as stated, with no material deviation from the offer documents stated objects; the balance reflects the 75% of warrant consideration not yet due, since those warrants remain unconverted. [Source: GP Eco Solutions India Limited, Notes on Financial Results, Note 8, May 28, 2026]

To support the next phase of growth, the Board approved a further preferential issue on May 28, 2026, comprising 5,53,000 equity shares and 28,47,000 fully convertible warrants, both at 364 per security, for an aggregate amount of up to 123.76 crore, subject to shareholder approval. Proceeds are earmarked for working capital and general corporate purposes as the Company scales the Dasna Giga factory and its EPC and manufacturing order book. [Source: GP Eco Solutions India Limited, Outcome of Board Meeting, May 28, 2026 and Annexures A & B thereto]

Human Resources

At GP Eco Solutions India Limited, our people remain the foundation of our success. The Company is committed to fostering a high- performance, inclusive, and collaborative workplace that promotes innovation, continuous learning, employee well-being, and sustainable growth.

1. Talent Acquisition

The Company adopted a multi-channel recruitment strategy by leveraging job portals, social media, and campus placement drives to attract skilled professionals and young talent. These initiatives strengthened our talent pipeline, enhanced brand visibility across educational institutions, and supported business expansion. During the financial year, the Company onboarded 158 employees, resulting in 243% year-on-year workforce growth.

2. Learning & Development

The Company focused on developing future talent through structured internship and on-the-job training programmes. During the year, 11 trainees received 74,00 cumulative training hours, equipping them with practical industry exposure and technical skills.

3. Employee Engagement

The Company continued to foster a positive workplace through employee engagement initiatives, including festival celebrations, birthdays, farewell gatherings, corporate events, and Interactive Saturdays, promoting collaboration, teamwork, employee morale, and a strong sense of belonging.

4. Diversity, Equity & Inclusion (DEI)

The Company remains committed to providing equal opportunities and fostering an inclusive workplace where every employee is respected and empowered. As of the end of the financial year, women represented 20% of the Companys workforce, reflecting our continued commontrol itment to building a diverse and balanced organization.

Internal Control and System

The Company has established and maintains appropriate internal control systems and procedures that encompass all financial and operational aspects. The Company believes a strong internal control framework is a fundamental element of good corporate governance, and continuously works to improve the systems ability to prevent unauthorised use of, or losses to, its assets. The Audit Committee plays a supervisory role over all internal operational matters and provides guidance on necessary corrective measures. [Source: GP Eco Solutions India Limited, Annual Report FY 2024-25, MD&A, p. 65]

For FY26 specifically, the Companys statutory auditors, N K M R & Co., Chartered Accountants, issued unmodified (unqualified) opinions on both the standalone and consolidated audited financial results for the year ended March 31,2026, with no emphasis of matter raised (stated as "Nil" in both audit reports) and no going-concern qualification. The Board separately reviewed a statement of deviations in the use of preferential-issue proceeds under Regulation 32 of the SEBI (LODR) Regulations and found no material deviations from the stated objects of the offer (see Way Forward above). [Source: GP Eco Solutions India Limited, Independent Auditors Reports on Standalone and Consolidated Financial Results, N K M R & Co., May 28, 2026]

Cautionary Statement

This statement made in this section describes the Companys objectives, projections, expectations and estimations, which may be forward-looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual results could differ materially from those expressed or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments.

This cautionary language reproduces the Companys own FY 2024-25 Annual Report disclaimer verbatim. [Source: GP Eco Solutions India Limited, Annual Report FY 2024-25, MD&A, p. 65]

Financial Ratio

The table below follows the Companys own house format — the same eight ratios, with a Reasons column explaining every year- on-year change, not only those crossing SEBIs 25% mandatory-disclosure threshold. Ratios are now computed on the same standalone basis as the Companys own FY25 table, using the audited FY26 consolidated Statement of Financial Results and Balance Sheet.

Particulars	FY 25-26	FY 24-25	% Change	Reasons
Debtors Turnover (in times)	3.19	5.65	-43%	The decrease in trade receivables turnover ratio was primarily due to increase in average receivables arising from higher sales volumes and relatively extended credit period offered to customers.
InventoryTurnoverfin times)	10.99	13.26	-17%	The decline in inventory turnover ratio was mainly on account of higher inventory holding levels maintained during the year to ensure uninterrupted supply and support anticipated business demand.
Interest Coverage Ratio (in times)	8.85	8.09	9%	The improvement in the debt service coverage ratio was driven by higher operating profitability and stronger cash accruals, enhancing the Companys ability to service its debt obligations efficiently.
Current Ratio (in times)	1.13	1.20	-6%	The marginal decline in the current ratio was primarily due to an increase in current liabilities during the year as compared to the growth in current assets, indicating relatively higher utilization of short-term funds for operational requirements.
Debt Equity Ratio (in times)	0.97	0.51	90%	The significant increase in the debt- equity ratio was mainly attributable to additional borrowings availed during the year to support business expansion, capital expenditure, and working capitalrequirements.
Operating Profit Margin (%)	14.98	6.82	119.60%	Due to Increase in operationalefficiency
Net Profit Margin (%)	13%	6%	128%	The significant increase in net profit ratio was driven by higher revenue generation, improved operational efficiency, and effective control over operating costs during the year.
Return on Net Worth (%)	38	16	128%	The increase in return on net worth was mainly due to higher profitability during the year, resulting in improved returns on shareholders funds and reserves.

Source: Computed by Confideleap Partners from GP Eco Solutions India Limiteds Audited Consolidated Statement of Financial

Results and Balance Sheet as at March 31,2026, filed with NSE May 28,2026.

SOURCES & REFERENCES

Every source cited inline in this draft is listed below.

1. GP Eco Solutions India Limited, Outcome of Board Meeting held May 28, 2026 — Audited Standalone and Consolidated Financial Results for the Half Year and Year ended March 31,2026, Balance Sheets, Cash Flow Statements, Notes on Financial Results, Independent Auditor s Reports (N K M R & Co., Chartered Accountants), MD/CFO Certificates, and preferential issue (equity shares and warrants) approval with allottee annexures. Supplied directly by the Company, May 28, 2026. (supplied directly by the Company; also filed with NSE underSymbolGPECO)

2. International Monetary Fund, World Economic Outlook, April 2026: "Global Economy in the Shadow of War," April 14, 2026. https://www.imf.Org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026

3. International Monetary Fund, World Economic Outlook, April 2026, Chapter 1 and Executive Summary, https://www.imf.org/- /media/files/publications/weo/2026/april/english/ch1 .pdf

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Domestic Product for 2025-26 and Quarterly Estimates of GDP for the Fourth Quarter of 2025-26," June 5, 2026. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2269286&reg=48&lang=2

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8. Ministry of New and Renewable Energy / Press Information Bureau, statement by Union Minister Shri Pralhad Joshi on Indias renewable energy capacity as on March 31, 2026. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2250039 & lang=1 &reg=3

9. Press Information Bureau, "Indias Power Sector" update on renewable capacity additions, March 2026. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2241822&reg=3&lang=1

10. pv magazine India, "India installs record 45 GW solar capacity in FY2026," April 10, 2026. https://www.pv-magazine- india.com/2026/04/1 0/india-installs-record-45-gw-solar-capacity-in-fy2026/

11. Precedence Research, "Solar Photovoltaic (PV) Market Size to Hit USD 484.85 Billion by 2035," Report Code 1 555, last updated June19,2026. https://www.precedenceresearch.com/solar-photovoltaic-market

1 2. GP Eco Solutions India Limited, Annual Report FY 2024-25 (Management Discussion & Analysis, pp. 60-65; Secretarial Audit Report, Annexure-A), NSE filing, September 5, 2025. https://archives.nseindia.com/annual_reports/ SME_AR_28534_GPECO_2024_2025_A_14736188_05092025123446.pdf

1 3. GP Eco Solutions India Limited, Transcript of Earnings Conference Call — H2 & FY26 (held June 10, 2026), NSE filing, June 12, 2026. https://nsearchives.nseindia.com/corporate/GPEC0_120620261 75147_Transcript_lnvestors_Call_June_10_2026.pdf

14. GP Eco Solutions India Limited, Corrigendum to the Notice of Extra Ordinary General Meeting dated May 28, 2026 (preferential issue of equity shares and warrants), NSE filing, June 9, 2026. https://nsearchives.nseindia.com/corporate/GPECO_ 09062026200943_Corrigendum_EGM_June_2026.pdf

15. Infomerics Valuation and Rating Ltd, Rating Rationale—GP Eco Solutions India Limited, April 7, 2026. https://www. infomerics.com/admin/uploads/pr-GPEco-Solutions-7apr26.pdf

16. GP Eco Solutions India Ltd, consolidated financials, ratios and announcements archive, Screener.in (data sourced from BSE/NSE and C-MOTS Internet Technologies Pvt. Ltd.), accessed July 2-3, 2026. https://www.screener.in/company/ GPECO/consolidated/

1 7. GPES (GP Eco Solutions), company and headcount profile, Tracxn, accessed July 3, 2026 — used only as a rough cross-check on

employee headcount; not otherwise relied upon, https://tracxn.eom/d/companies/gpes/ JJNna9bUu0eFjqJJIe-

SvUaFvNbl8D9RqV79UibdYe8

18. "GP Eco Solutions Bags 5 MW Solar PPA in Madhya Pradesh Under Surya Mitra Krishi FeederYojana," Tradebrains, accessed July 2, 2026 — used for consolidated FY26 balance sheet and cash flow commentary cross-checks, https://tradebrains.in/ gp-eco- solutions-bags-5-mw-solar-ppa-in-madhya-pradesh-under-surya-mitra-krishi-feeder-yojana/