GRE Renew Enertech Ltd Management Discussions

A. ECONOMIC AND INDUSTRY ENVIRONMENT

1. Global Economic Environment

The global economy remained resilient during FY 2025 26, despite geopolitical tensions, evolving trade policies and tighter financial conditions. Economic activity was supported by resilient domestic demand, continued investment in technology and infrastructure and gradual easing of supply-side constraints.

Global economic activity was shaped by changes in trade policies, tariff measures, supply-chain realignment and differing monetary policy conditions across major economies. Geopolitical developments, particularly towards the latter part of the year, contributed to uncertainty in commodity markets and investment conditions.

The International Monetary Fund (IMF), in its July 2026 World Economic Outlook Update, projects global growth at 3.0% in 2026 and 3.4% in 2027. The outlook remains subject to risks arising from geopolitical developments, energy-market disruptions, trade-related uncertainties and financial-market repricing, while technology-led investment is expected to provide an offsetting factor.

Over the medium term, structural trends including digitalisation, technology adoption, diversification of global supply chains and increasing investment in energy security and sustainability are expected to support economic activity and capital formation.

Source: International Monetary Fund (IMF), World Economic Outlook Update, July 2026.

2. Indian Economic Environment

The Indian economy continued to demonstrate resilience during FY 2025 26, supported by domestic consumption, public investment, infrastructure development and a stable financial system. India remained among the fastest-growing major economies, notwithstanding global geopolitical uncertainties, commodity price volatility and evolving trade conditions.

According to the Ministry of Statistics and Programme Implementation (MoSPI), Indias real Gross Domestic Product (GDP) expanded by 7.7% during FY 2025 26, compared with 7.1% in FY 2024 25. Growth was supported by resilient domestic demand and sustained investment activity, particularly in infrastructure.

Inflation remained broadly contained during the year, with consumer price inflation easing to approximately 3.4% in March 2026. The moderation was supported by easing food price pressures and supply-side measures, although global commodity and energy prices remain potential sources of volatility.

The Reserve Bank of India (RBI) maintained a calibrated approach to monetary policy, balancing growth considerations with price stability and financial-system resilience.

Indias medium-term growth outlook remains supported by favourable demographics, infrastructure investment, digitalisation, manufacturing expansion and continued policy support. Rising electricity demand and Indias energy-transition objectives are expected to support investment in the power and renewable energy sectors.

Source: Ministry of Statistics and Programme Implementation (MoSPI); Reserve Bank of India (RBI).

3. Global Energy & Renewable Energy Landscape

The global energy sector continued to undergo structural changes during 2025, driven by rising electricity demand, electrification, digitalisation and the transition towards cleaner sources of energy. Global energy demand increased by approximately 1.3% during the year, while electricity demand grew at a substantially faster pace.

Electrification across transport, buildings and industries, together with increasing electricity consumption from data centres and other digital infrastructure, continued to influence global energy demand.

Solar photovoltaic (PV) remained a major contributor to growth in global electricity generation during 2025, with solar generation increasing by approximately 600 TWh, reflecting the continued acceleration of solar deployment.

According to the International Renewable Energy Agency (IRENA), global renewable energy capacity increased by a record 692 GW during 2025, taking cumulative installed renewable capacity to 5,149 GW, representing a 15.5% year-on-year increase.

Source: International Energy Agency (IEA), Global Energy Review 2026; International Renewable Energy Agency (IRENA), Renewable Capacity Statistics 2026.

4. Indian Renewable Energy Industry

India continued to strengthen its renewable energy position during FY 2025 26, supported by record capacity additions, rising electricity demand and sustained policy support.

As of 31 March 2026, Indias non-fossil fuel-based installed power capacity stood at 283.46 GW, comprising 274.68 GW of renewable energy capacity and 8.78 GW of nuclear energy capacity.

During FY 2025 26, India added approximately 55.3 GW of non-fossil fuel capacity. As at 31 March 2026, Indias cumulative installed renewable energy capacity stood at approximately 274.68 GW, comprising 150.26 GW of solar energy, 56.09 GW of wind energy, 51.41 GW of large hydro power, 11.75 GW of bioenergy and 5.17 GW of small hydro power.

Government initiatives including PM Surya Ghar: Muft Bijli Yojana, PM-KUSUM, Green Energy Open Access Rules, Renewable Purchase Obligations (RPOs) and the PLI Scheme for High-Efficiency Solar PV Modules continue to support renewable-energy deployment, domestic manufacturing and private-sector participation.

Based on IRENA Renewable Energy Statistics 2026, India ranked third globally in renewable energy installed capacity, based on renewable capacity data as at December 2025.

Solar energy remained the primary driver of Indias renewable energy capacity expansion during FY 2025 26. India also continued to strengthen its domestic solar manufacturing ecosystem. Initiatives including the Approved List of Models and Manufacturers Efficiency Solar (ALMM)andthePLISchemeforHigh-PV Modules have supported domestic manufacturing and supply-chain resilience.

The expansion of the installed solar asset base is also expected to create opportunities in Operations & Maintenance (O&M), asset management and other lifecycle services.

Source: Ministry of New and Renewable Energy (MNRE) / Press Information Bureau (PIB), Government of India; International Renewable Energy Agency (IRENA), Renewable Energy Statistics 2026.

5. Indian Solar EPC, O&M and RESCO Market

Indias Solar Engineering, Procurement and Construction (EPC), Operations & Maintenance (O&M) and Renewable Energy Service Company (RESCO) markets continue to expand alongside the growth in renewable energy capacity and increasing adoption of solar power across customer segments. Increasing investments in utility-scale, commercial and industrial (C&I), rooftop, captive and open-access solar projects, together with policy initiatives such as the Approved List of Models and Manufacturers (ALMM), the PLI Scheme for High-Efficiency Solar PV Modules and renewable energy procurement frameworks, are supporting the development of the domestic solar ecosystem and supply chain.

For GRE Renew, the continued development of Solar EPC, O&M and RESCO models provides opportunities to participate across different stages of the solar value chain. The Company intends to pursue such opportunities selectively, taking into consideration project economics, execution capability, funding requirements, contractual arrangements and prevailing market conditions.

Source: Relevant Government of India / MNRE / IRENA / IEA publications and other applicable industry sources.

6. Industry Outlook

Indias renewable energy sector is expected to maintain a favourable long-term growth trajectory, supported by rising electricity demand, increasing adoption of renewable energy, continued policy support and investments in generation, transmission and associated infrastructure.

The Governments objective of achieving 500 GW of non-fossil fuel-based installed electricity capacity by 2030 is expected to support continued development of renewable energy projects across utility-scale, commercial and industrial, rooftop, captive and open-access segments.

Solar energy is expected to remain a key driver of renewable energy capacity additions, supported by improving project economics, expanding domestic manufacturing capabilities and continued investments across the solar value chain.

At the same time, the industry remains subject to challenges relating to regulatory changes, competitive intensity, financing availability, supply-chain conditions, land and grid connectivity, project execution and working-capital requirements. These factors may influence project timelines, costs and profitability.

For GRE Renew, the industrys long-term growth prospects provide opportunities across Solar EPC, O&M and RESCO / renewable energy asset ownership. The Company intends to pursue these opportunities selectively, with emphasis on project viability, execution capability, disciplined capital allocation, working-capital management and risk mitigation.

B. MANAGEMENT PERSPECTIVE

FY 2025 26 was a year of continued growth and business development for GRE Renew Enertech Limited. Solar EPC remained the Companys core business, supported by execution across commercial, industrial, institutional and other customer segments. The Company also continued to build its O&M capabilities and develop its RESCO portfolio as complementary growth avenues.

The successful listing on the BSE SME Platform in January 2026 strengthened the Companys capital base and provided additional resources to pursue identified growth opportunities. The Company remains focused on prudent capital allocation and deployment towards projects offering sustainable and risk-adjusted returns.

Going forward, the Company will focus on strengthening its Solar EPC order pipeline, selectively pursuing larger and utility-scale projects, expanding its geographic presence, scaling O&M services and evaluating viable RESCO opportunities. Management remains committed to disciplined project selection, execution excellence, working-capital efficiency and prudent risk management to support sustainable long-term growth and value creation.

C. COMPANY OVERVIEW

GRE Renew Enertech Limited is an integrated renewable energy solutions provider focused primarily on Solar Engineering, Procurement and Construction (EPC), Operations & Maintenance (O&M) services and renewable energy asset ownership under the Renewable Energy Service Company (RESCO) model. As at March 31, 2026, the Company had executed and commissioned more than 61 MW of cumulative solar EPC capacity across rooftop and ground-mounted projects. Solar EPC remains the Companys principal business segment and primary revenue contributor. Following its successful listing on the BSE SME

Platform in January 2026, the Company has continued to focus on strengthening its renewable energy business and deploying capital towards identified growth opportunities, including renewable energy asset development.

The Company also undertakes the supply of energy-efficient LED lighting products under the GRE brand. However, such activities contributed less than 3% of the Companys total revenue during FY 2025 26 and remain non-core to the Companys current business strategy. The Companys principal focus remains on Solar EPC, O&M and renewable energy asset development and ownership.

D. BUSINESS MODEL

The Companys business model combines an asset-light Solar EPC business with complementary O&M services and selective renewable energy asset ownership under the RESCO model. The O&M business provides opportunities for continued customer engagement and recurring service revenues following project commissioning.

The RESCO model provides an opportunity for the Company to develop, own and operate renewable energy assets and generate long-term revenues through the sale of power, subject to project viability and contractual arrangements.

The Company intends to progressively develop its O&M and RESCO activities while continuing to scale its core Solar EPC business, with emphasis on execution capability, project economics and sustainable returns.

E. BUSINESS SEGMENTS

Solar EPC

Solar EPC constitutes the Companys core business and principal revenue-generating segment. Under this model, the Company provides integrated solutions covering engineering and design, procurement, construction, installation, testing, commissioning and grid connectivity for rooftop and ground-mounted solar power projects.

Solar EPC contributed C 11,179.00 Lakhs to the Companys revenue from operations during FY 2025 26, representing approximately 96.91% of audited revenue from operations of C 11,534.72 Lakhs. The segment continues to be the principal driver of the Companys operating performance and remains the primary focus area for future growth.

Operations & Maintenance Services

The Company provides Operations & Maintenance (O&M) services to support the operational reliability, performance and efficiency of solar power plants. Its services include plant monitoring, preventive and corrective maintenance, performance optimisation and technical support.

O&M services complement the Companys EPC operations by enabling continued engagement with customers following project commissioning and providing opportunities for recurring service revenues over the operating life of solar assets.

RESCO / Renewable Energy Asset Ownership

The Company is developing its renewable energy asset ownership capabilities through the Renewable Energy Service Company (RESCO) model. Under this model, the Company invests in, owns, operates and maintains solar power assets and supplies electricity to customers under long-term contractual arrangements, including Power Purchase Agreements (PPAs), where applicable.

During FY 2025 26, the Company continued the development of its 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power project in Gujarat, funded partly through the proceeds of its Initial Public Offering.

The Company also had 2.99 MWp of rooftop solar projects commissioned under long-term PPAs with Government institutions.

The RESCO model provides customers with access to renewable power without significant upfront capital expenditure and provides the Company with an opportunity to develop long-term revenue streams through ownership, operation and maintenance of renewable energy assets.

The Company intends to pursue RESCO opportunities selectively, considering project viability, funding requirements, contractual arrangements and long-term return potential.

F. COMPETITIVE STRENGTHS

The Companys key competitive strengths include:

Proven Project Execution Experience

The Company has executed and commissioned more than 61 MW of cumulative solar EPC capacity as at March 31, 2026, across rooftop and ground-mounted projects and different customer segments.

Established Market Presence

The Company has an established presence in Gujarats commercial, industrial and institutional solar market, supported by relationships with customers, suppliers and other project stakeholders.

Technical and Project Execution Capabilities

The Companys management and project execution teams possess capabilities across engineering, procurement, project management, construction and commissioning, supporting execution of projects of varying sizes and configurations.

The Companys EPC experience also provides a platform for identifying suitable opportunities in O&M and renewable energy asset ownership, subject to project viability, funding requirements and prevailing market conditions.

G. GEOGRAPHIC AND CUSTOMER PRESENCE

The Company has an established presence in Gujarat and has executed solar projects across commercial, industrial, institutional and government customer segments.

The Company continues to evaluate opportunities in other states and across additional customer segments, with project economics, customer requirements, execution capabilities, working-capital requirements and regulatory conditions being key considerations in its geographic and market expansion.

H. OPPORTUNITIES AND THREATS

Opportunities

The continued expansion of Indias renewable energy sector, rising electricity demand and increasing investments in solar power infrastructure provide opportunities for the Companys Solar EPC, O&M and RESCO businesses.

The Company sees opportunities to expand its Solar EPC business across commercial, industrial, institutional, government and utility-scale projects, including rooftop and ground-mounted projects. The Companys existing EPC execution experience provides a foundation for pursuing larger projects and expanding its customer and geographic presence beyond Gujarat.

The growing installed base of solar assets also provides opportunities to expand the Companys Operations & Maintenance (O&M) business through projects executed by the Company as well as suitable third-party solar assets. This may support development of recurring service revenues and strengthen long-term customer relationships.

The RESCO model provides an opportunity for the Company to develop, own and operate renewable energy assets and generate long-term revenues through contractual power sale arrangements. The Company may selectively pursue such opportunities based on project viability, funding requirements and expected returns.

The Companys successful listing and access to capital markets provide an additional platform to support identified growth initiatives, including renewable energy asset development, subject to prudent capital allocation and project viability.

Threats

The Companys business operates in a competitive and evolving renewable energy market and is subject to risks arising from competitive intensity, changes in government policies and regulations, project financing conditions and changes in customer requirements. The Solar EPC business is exposed to fluctuations in the prices and availability of solar modules, inverters, electrical equipment, steel, aluminium and other key components. Supply-chain disruptions, changes in import duties or other trade measures and delays in procurement may affect project costs, execution timelines and margins.

Project execution may also be affected by factors such as land availability, statutory approvals, grid connectivity, transmission infrastructure, weather conditions, logistics, labour availability and customer readiness. Such factors may result in project delays, cost overruns or changes in project economics. The Companys expansion into larger projects, new geographies, O&M and RESCO activities may involve increased funding requirements, working-capital commitments and execution complexity. Delays in customer collections or milestone payments may also place pressure on liquidity and working capital. The Company seeks to address these challenges through selective project evaluation, prudent bidding and costing, contractual safeguards, diversified supplier relationships, project monitoring, receivable management, working-capital discipline and regular assessment of market and regulatory developments.

All identified opportunities and associated growth initiatives remain subject to project viability, funding availability, contractual arrangements, execution capabilities, prevailing market conditions and applicable regulatory requirements.

I. FINANCIAL PERFORMANCE

Particulars ( K in Lacs)	FY 2025-26	FY 2024-25
Revenue from Operations	12,292	8,372
EBITDA	1,615	945
EBITDA Margin	13.10%	11.35%
Dep & Amortization	72	35
PBT	1,809	947
PAT	1,358	702
PAT Margin	11.07%	8.36%
EPS	12.08	6.70

Revenue Analysis

Revenue from operations during FY 2025 26 increased by approximately 47% over the previous year, primarily reflecting the level of Solar EPC project execution, project mix and contribution from renewable energy asset-related activities.

Solar EPC continued to be the principal contributor to the Companys revenue from operations.

Revenue Mix

Particulars ( K in Lacs )	FY 2025-26	%	FY 2024-25	%
Solar EPC	11179	90.94	7675	91.67
Sale of Power	232	1.89	41	0.49
Others	882	7.17	656	7.84
Total Revenue from operations	12292	100	8372	100

Solar EPC remained the principal contributor to revenue from operations during FY 2025 26.

J. PROFITABILITY ANALYSIS

EBITDA

EBITDA increased by approximately 70.79% to C 1,614.53 Lakhs in FY 2025 26 from C 945.38 Lakhs in FY 2024 25. EBITDA margin stood at 13.14% compared with 11.29% in the previous year.

The movement in EBITDA and EBITDA margin was primarily influenced by the level and mix of project execution, project margins, operating expenses and cost-management initiatives during the year.

Profit Before Tax

Profit Before Tax increased to C 1,809.37 Lakhs in FY 2025 26 from C 946.53 Lakhs in FY 2024 25, representing an increase of approximately 91.26%. The movement in PBT was primarily attributable to the Companys operating performance, revenue growth, operating expenses, depreciation, finance costs and other income during the year.

Profit After Tax

Profit After Tax increased to C 1,357.74 Lakhs in FY 2025 26 from C 702.38 Lakhs in FY 2024 25, representing an increase of approximately 93.31%

PAT margin stood at 11.05% compared with 8.39% in FY 2024 25. The improvement in profitability reflects the Companys operating performance during the year, supported by project execution and continued focus on cost and operational efficiency.

K. NET WORTH

The Companys net worth increased to C 7,964.63 Lakhs as at March 31, 2026 from C 3,121.77 Lakhs as at March 31, 2025

The movement in net worth primarily reflects the fresh equity capital raised through the Initial Public Offering, securities premium, profit earned during the year and other movements in reserves, after considering applicable issue-related expenses and other adjustments.

L. WORKING CAPITAL MANAGEMENT

The Company continued to focus on efficient management of receivables, inventories and trade payables to support project execution and maintain adequate liquidity. Working capital requirements remained influenced by the scale and timing of project execution, procurement cycles, milestone-based billing and customer collections.

The Company continued to focus on receivable monitoring, procurement planning, inventory management and alignment of project expenditure with expected cash flows.

Key Working Capital Indicators

Particulars	FY 2025-26	FY 2024-25
Inventory Days	35	26
Trade Receivable Days	28	31
Trade Payable Days	29	14
Working Capital Cycle (Days)	34	43

The movement in working-capital indicators should be analysed with reference to the timing of project execution, procurement, milestone billing, customer collections and supplier credit during the respective financial years.

M. CAPITAL EXPENDITURE

During FY 2025 26, the Company continued to invest in renewable energy infrastructure in line with its long-term business strategy and development of its RESCO portfolio.

Capital expenditure during the year primarily related to renewable energy assets and associated project infrastructure.

The Company continued the development of its 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power project in Gujarat.

Capital Work-in-Progress stood at C 967.68 Lakhs as at March 31, 2026, compared with C 903.50 Lakhs as at March 31, 2025.

N. CAPITAL STRUCTURE

During FY 2025 26, the Company successfully completed its Initial Public Offering and raised C 3,956 Lakhs through a fresh issue of equity shares. The IPO proceeds are being utilised in accordance with the objects of the Issue as disclosed in the Companys offer document, including development of renewable energy assets and other identified corporate purposes.

Consequent to the fresh issue, the Companys paid-up equity share capital increased from C 1,052 Lakhs to C 1,429 Lakhs during the year.

IPO Proceeds and Utilisation

Particulars	Amount
Gross proceeds from IPO	3,956.40
Issue-related expenses	400.36
Net proceeds	3556.04
Amount utilised up to March 31, 2026	1986.02
Unutilised balance	1570.02

O. DEBT PROFILE

Total borrowings stood at C 180.34 Lakhs as at March 31, 2026 compared with C 159.17 Lakhs as at March 31, 2025.

The movement in borrowings during the year was primarily attributable to project funding requirements, repayment of borrowings and other financing requirements, as applicable.

P. CASH FLOW ANALYSIS

Operating Cash Flows

Net cash generated from operating activities amounted to C 455.72 Lakhs during FY 2025 26 compared with C 1,049.79 Lakhs during FY 2024 25. The movement in operating cash flows was primarily influenced by operating profitability and changes trade receivables, inventories, trade payables and other working-capital items, as well as the timing of project-related receipts and payments.

Investing Cash Flows

Net cash used in investing activities amounted to C 1,532.64 Lakhs during FY 2025 26 compared with C 1,008.34 Lakhs during FY 2024 25.

The investing cash flows primarily reflected capital expenditure and investment in renewable energy assets and related project infrastructure.

Financing Cash Flows

Net cash generated from financing activities amounted to C 3,486.68 Lakhs during FY 2025 26 compared with net cash used in financing activities of C 2.56 Lakhs during FY 2024 25.

The financing cash flows primarily reflected proceeds from the Initial Public Offering, borrowings, repayment of borrowings and other financing-related movements during the year.

Q. LIQUIDITY POSITION

The Company maintained adequate liquidity during FY 2025 26, supported by its operating performance and the successful completion of the Initial Public Offering.

Cash and cash equivalents stood at C 3,078.58 Lakhs as at March 31, 2026 compared with C 668.81 Lakhs as at March 31, 2025.

R. STRATEGIC INITIATIVES TO AUGMENT

GROWTH AND PROFITABILITY

GRE Renew Enertech Limited continues to focus on sustainable growth, disciplined capital allocation, operational efficiency and development of complementary revenue streams. The Companys key strategic initiatives include the following:

1. Expansion of the Solar EPC Business

The Company intends to strengthen its Solar EPC order pipeline by pursuing opportunities across industrial, commercial, institutional and government segments, including rooftop, ground-mounted and utility-scale projects. The Company will continue to focus on disciplined project selection, execution capability, procurement efficiency and timely project delivery while maintaining appropriate risk and margin discipline.

2. Development of Utility-Scale Solar Projects

Building on its EPC experience, the Company is evaluating opportunities in larger ground-mounted and utility-scale solar projects. Such projects may enable GRE Renew to participate across engineering, procurement, construction and, where commercially viable, long-term operation and asset ownership.

3. Geographic Expansion

While Gujarat remains the Companys established market, GRE Renew is evaluating opportunities in other states with favourable renewable energy potential and project opportunities. Geographic expansion will be undertaken selectively, taking into consideration customer demand, project economics, execution capability, working-capital requirements and applicable regulatory conditions.

4. Expansion of O&M Services

The Company plans to expand its Operations & Maintenance (O&M) portfolio through opportunities arising from projects executed by the Company as well as suitable third-party solar assets. The expansion of O&M services is expected to strengthen customer relationships and provide additional recurring revenue opportunities over the operating life of solar assets.

5. Strengthening Working Capital and Supply

Chain Management

The Company continues to focus on working-capital efficiency through timely project execution, milestone-based billing, receivable monitoring, procurement planning and inventory management. In parallel, the Company intends to further strengthen its supplier network and procurement processes to support supply continuity, competitive sourcing, quality and timely project execution.

6. Technology-Driven Project Management

The Company is focused on strengthening project monitoring and management processes through appropriate digital tools and data-driven reporting. Technology-enabled processes are expected to improve visibility over project progress, procurement status, resource utilisation, cost management and execution timelines.

7. Human Capital and Strategic Partnerships

The Company continues to invest in recruitment, training and development of technical, project management, procurement and operational personnel to support its expanding business requirements. All strategic initiatives remain subject to project viability, funding availability, customer requirements, execution capabilities, prevailing market conditions and applicable regulatory requirements.

S. RISKS, CONCERNS AND MITIGATION

The Companys business is exposed to various operational, commercial, regulatory and financial risks. The Company seeks to identify, assess and manage these risks through disciplined project selection, contractual safeguards, procurement planning, project monitoring, financial controls and regular management oversight. The key risks and mitigation measures are set out below:

Risk	Description	Mitigation Strategy
Concentration Risk	A significant portion of the Company\u2019s operations and revenues is concentrated in the Solar EPC business and, historically, in Gujarat. Any slowdown in project awards, regional policy changes, competitive pressures or market disruptions may adversely affect business performance	The Company is evaluating opportunities across geographies, customer segments and renewable energy business models, including EPC, O&M and RESCO, with the objective of progressively diversifying its revenue base and reducing dependence on any particular geography or business segment.
Regulatory Risk	The renewable energy industry is influenced by government policies, DISCOM regulations, tariff structures, open-access requirements, renewable purchase obligations, taxation and other regulatory frameworks. Changes in these regulations may affect project economics, demand or execution.	The Company monitors regulatory developments and evaluates their potential impact on project viability and operations. The Company also maintains compliance with applicable laws and considers regulatory requirements during project selection and execution.
Supply Chain risks	Dependence on suppliers for solar modules, inverters, mounting structures, transformers and other balance-of-system components may expose the Company to supply disruptions, lead- time constraints and price volatility, which could affect project timelines and margins.	The Company follows a multi-vendor procurement approach, maintains relationships with multiple suppliers, undertakes vendor evaluation and plans procurement in line with project requirements to support timely availability, quality and cost efficiency.
Project Execution Risk	Solar projects may be affected by land availability, statutory approvals, grid connectivity, transmission infrastructure, logistics, weather conditions, labour availability and customer readiness, potentially resulting in delays or additional costs.	The Company follows structured project planning, milestone-based monitoring, dedicated project management and regular progress reviews. Coordination with customers, suppliers, contractors and relevant authorities is undertaken to identify and address execution issues in a timely manner.
Turnkey Contract Execution Risk	Fixed-price and time-bound EPC contracts may expose the Company to cost overruns, design changes, unforeseen site conditions and execution delays, which may adversely affect project margins.	The Company undertakes technical and commercial due diligence before bidding, prudent project costing, contract review and ongoing monitoring of project costs and timelines. Project execution is supported by experienced technical and project management teams
Working Capital & Liquidity Risk	Solar EPC projects require working capital for procurement, mobilisation and project execution before receipt of customer payments. Delays in milestone payments or receivables may place pressure on liquidity.	The Company focuses on receivable monitoring, milestone-based billing, procurement planning and alignment of project expenditure with expected cash flows. Banking relationships and appropriate financing arrangements are also maintained to support working-capital requirements.
Commodity Price Risk	Prices of solar modules, steel, aluminium, copper and electrical equipment are influenced by global supply-demand conditions, currency movements affect project and other market factors, which may costs and profitability.	The Company seeks to manage cost volatility through timely procurement, competitive sourcing, supplier negotiations, appropriate cost assumptions during bidding and continuous monitoring of market conditions.

Risk	Description	Mitigation Strategy
Human Resource Risk	Availability and retention of skilled engineers, project managers, procurement personnel and technical professionals are important for effective project execution and business growth.	The Company focuses on talent acquisition, technical training, employee engagement, performance management and development of project and functional capabilities to build and retain a competent workforce.
Land and Grid Connectivity Risk	Availability of suitable land, grid connectivity and transmission infrastructure affect project may development timelines and costs.	The Company evaluates site, connectivity and project-development requirements during project selection and monitors relevant approvals and milestones throughout project execution.
Customer / Counterparty Risk	Delays in customer payments, changes in project requirements or counterparty-specific issues may affect project execution and working capital.	The Company evaluates customer and project terms, follows milestone-based billing and monitors receivables and project execution on an ongoing basis.

T. INTERNAL CONTROL SYSTEMS AND

THEIR ADEQUACY

The Company has established internal financial controls commensurate with the size, scale and complexity of its operations. These controls are designed to support operational efficiency, safeguarding of assets, accuracy and reliability of financial reporting, compliance with applicable laws and regulations, and prevention and detection of fraud and errors.

The internal control framework is supported by well-defined policies and standard operating procedures, delegation of authority, maker-checker mechanisms and appropriate approval processes across key functions, including project execution, procurement, finance, treasury, taxation, inventory management and statutory compliances.

The Company has an internal audit mechanism with a risk-based approach for reviewing the adequacy and effectiveness of internal controls, operational processes and compliance systems. The Internal Auditors report their observations and recommendations to the Audit Committee, which reviews the internal audit reports and monitors the implementation of corrective actions.

Based on the assessments undertaken during the year, the Management believes that the Companys internal control systems are adequate and commensurate with the size and nature of its operations.

U. HUMAN RESOURCES

Human resources remain an important enabler of the Companys growth and operational performance. The Company focuses on attracting, developing and retaining skilled professionals across engineering, project execution, procurement, finance, sales and support functions.

The Company promotes a performance-oriented and collaborative work environment, supported by technical training, employee engagement, professional development and appropriate performance management practices. The Company also places emphasis on occupational health, safety and employee welfare across its offices and project locations.

As at March 31, 2026, the Company had 52 permanent employees on its rolls. During FY 2025 26, industrial relations remained cordial and harmonious, and the

Company did not experience any material disruption arising from employee-related matters.

The Company will continue to focus on strengthening its human capital and developing technical and managerial capabilities to support its project execution requirements and long-term growth objectives.

V. KEY FINANCIAL RATIOS

Ratio	Figures As At 31.03.2026	Figures As At 31.03.2025	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Debtors Turnover	13.09	11.60	12.84%	Not Applicable
Inventory Turnover	10.57	14.14	(25.24)%	The decrease was primarily attributable to an increase in
Ratio				average inventory relative to the corresponding movement in
				cost of goods sold, resulting in lower inventory turnover during
				the year.
Interest Service	125.74	32.51	286.81%	The increase was primarily attributable to improved operating
Coverage Ratio				profitability and lower finance costs, resulting in enhanced
				capacity to service interest obligations.
Current Ratio	3.19	2.43	31.68%	The increase was primarily attributable to growth in current
				assets relative to current liabilities, resulting in an improvement
				in the Company\u2019s liquidity position.
Debt-Equity Ratio	0.02	0.05	(55.59) %	The decrease was primarily attributable to the significant
				increase in shareholders\u2019 equity following the IPO and accretion
				to reserves, resulting in a lower debt-to-equity position.
Operating Profit	14.84	11.66	27.27%	The increase was primarily attributable to improved operating
Margin (%)				efficiency, project execution and better control over operating
				costs during the year.
Net Profit Margin	0.11	0.08	31.65%	The increase reflects improvement in profitability during
(%)				the year, supported by the Company\u2019s overall operating
				performance..
Debt Service	10.69	6.37	67.85%	The increase was primarily attributable to improved operating
Coverage Ratio				earnings relative to debt servicing obligations.
Return on Equity	0.24	0.27	8.69	Not Applicable
Ratio
Trade Payables	12.77	25.39	(49.71)%	The decrease was primarily attributable to an increase in
Turnover Ratio				average trade payables relative to purchases, reflecting changes
				in supplier credit and working capital management.
Net Capital	2.35	4.66	(49.64)%	The decrease was primarily attributable to an increase in
Turnover Ratio				net working capital relative to the growth in revenue from
				operations
Return on Capital	0.22	0.30	(25.34)%	The decrease was primarily attributable to an increase in capital
Employed				employed following the strengthening of the Company\u2019s equity
				base, which was proportionately higher than the growth in
				operating profit.
Return on	0.18	0.15	20.64%	Not Applicable
Investment

W. RETURN ON NET WORTH / RETURN

ON EQUITY

The Return on Net Worth decreased from 27% in FY 2024 25 to 24% in FY 2025 26. The moderation was primarily attributable to the significant increase in the Companys net worth following the fresh equity infusion pursuant to the Initial Public Offering and accretion to reserves.

While the Companys profitability improved during FY 2025 26, the increase in average net worth was proportionately higher, resulting in a moderation in the Return on Net Worth.

X. DISCLOSURE OF ACCOUNTING TREATMENT

In the preparation of the financial statements for FY 2025 26, no treatment different from that prescribed under the applicable Accounting Standards has been followed.

Y. CAUTIONARY STATEMENT

This Annual Report contains statements about expected future events, financial and operating performance and business outlook, which may constitute forward-looking statements. Such statements are based on assumptions and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements.

Factors that may cause actual results to differ include changes in economic conditions, government policies, regulatory developments, market conditions, project execution, supply-chain conditions, financing requirements and other risks and uncertainties. Readers are therefore cautioned not to place undue reliance on such forward-looking statements.

Annexure C

Conservation Of Energy, Technology Absorption And Foreign Exchange Earnings And Outgo

Information as Required Under Section 134(3)(M) of the Companies Act, 2013 Read With Rule 8(3) of the Companies (Accounts) Rules, 2014 Are set out as under

A. Conservation of energy

1) The Company, being engaged in the renewable energy sector, contributes to conservation of conventional energy resources through its solar EPC and related renewable energy activities. Although its operations are not energy intensive, the Company continues to focus on efficient utilization of energy and resources through optimized processes, energy-efficient equipment and adoption of innovative technologies.

2) The steps taken or impact on conservation of energy:

The Company contributes to energy conservation through its solar EPC and renewable energy activities, promoting the use of clean energy and reducing dependence on conventional energy sources. The Company is not engaged in energy-intensive manufacturing activities and continues to focus on efficient utilization of resources across its operations.

3) The steps taken by the Company for utilizing alternate sources of energy:

The Company promotes the adoption of solar energy through its renewable energy business operations, thereby supporting sustainable and clean power generation.

4) The capital investment on energy conservation equipment:

Not Applicable

B. Technology absorption

i. The effort made towards technology absorption: Not Applicable ii. The benefit derived like product improvement, cost reduction, product development or import substitution:

Not Applicable iii. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) - Not Applicable

C. Foreign Exchange Earnings & Expenditure:

i. Details of Foreign Exchange Earnings: J 40,801.20 ii. Details of Foreign Exchange Expenditure: Nil

The Company has incurred sales of C 40,801.20 during the period under review.