Juniper Green Energy Ltd Management Discussions

8 Certain land parcels from the land bank may not be utilized for our Under Construction Projects or future projects, and there is a possibility that some of these land parcels may be found unsuitable for any project development. Such parcels, if deemed surplus or unusable, may be surrendered by our Company in future in accordance with applicable norms and processes.

In addition to their expertise, our Promoters provide critical financial support. This includes significant equity infusions, corporate guarantees and other funding commitments through shareholder support agreements and standby letters of credit, which enhance our financial stability, reduce risk and enable access to project financing on favorable terms. As a result, their support plays a central role in driving our growth, maintaining operational resilience and ensuring a robust credit profile. For further details, see "Our Business Strengths Experienced and committed Promoters, credible financial partners and a dynamic team guided by experienced leadership" on page 344.

We are also led by our team of seasoned Senior Management who possess extensive experience in the renewable energy industry. Our Key Managerial Personnel and Senior Management are supported by more than 700 employees working across our projects as at June 30, 2026. For further details, see "Our Management Brief Profiles of our Key Managerial Personnel and Senior Management" on page 467.

Our revenue from operations and earnings before interest, taxes, depreciation and amortization ("EBITDA") grew at a CAGR of approximately 35.50% and 36.62% from Fiscal 2024 to Fiscal 2026, respectively. Furthermore, our strong credit ratings of CRISIL A+/Ind Ra A+ for the term loan facility from IREDA and ICRA A+ (Positive) / ICRA A1 for the 18,935.00 million non-fund based limits and 9,500.00 million term loans, reflect our financial health and ability to meet our obligations.

The following table sets forth certain operational and financial information as at and for the years indicated:

@ Impact of curtailment of power is not considered for the purpose of calculation of grid availability for the Company

Our results of operations and financial condition are affected by a number of important factors including:

The creditworthiness of our counterparties, pricing arrangements under our PPAs and effective receivables management are fundamental to our financial condition and predictable cash flows.

As at June 30, 2026, 97.68% of our total portfolio is backed by creditworthy counterparties rated "A" or above. This significantly mitigates counterparty credit risk, enhances the predictability of our cash flows and strengthens the overall financial profile of our portfolio. Furthermore, the fixed-tariff structure of our PPAs ensures stable revenue streams. A majority of our portfolio is secured through long-term PPAs with financially strong entities such as SECI, NTPC, SJVN, NHPC, TPCL and state Discoms like GUVNL and MSEDCL.

The key pricing arrangements across our portfolio include:

- Fixed Tariffs: Locked in through reverse bidding processes and remain fixed over the 20 to 25-year tenure of the PPAs.

- Competitive bidding tariffs: Discovered through transparent and structured bidding mechanisms, providing visibility and predictability of revenue.

- Merchant Market Exposure: A limited portion of our portfolio, as at March 31, 2026, is sold through merchant sales or short-term bilateral contracts. While this limits our overall exposure to market volatility, it also provides strategic flexibility to capitalize on higher tariffs during periods of power shortfall or peak demand, thereby enhancing potential upside in a tightening market.

Our careful selection of counterparties is also reflected in our short receivable cycle the lowest in the Indian renewable energy sector compared to listed industry peers for the Fiscals 2026, 2025 and 2024. (Source: CRISIL Report) This efficient receivables management reduces our reliance on working capital, ensures steady cash flows and enhances liquidity for reinvestment and operational continuity. Our average receivables period was 21.88, 16.94 and 23.06 days for Fiscals 2026, 2025 and 2024, respectively.

Despite these strengths, delays in payments, disputes under PPAs or financial instability of counterparties could affect our cash flows and working capital. Therefore, we continue to prioritize active monitoring of counterparty credit profiles, ensuring timely collections as part of our risk mitigation efforts.

The strength and expertise of our Promoter Group, coupled with their strategic guidance and financial support, have played a critical role in strengthening our financial position and supporting the consistent growth of our operations.

AT Holdings developed and monetized 958.65 MWp of renewable energy projects from 2012 to 2018, including 567.20 MW of operational wind projects, 200.00 MW of under construction contracted wind projects and 191.45 MWp of operational solar projects under the Orange Renewables platform.

Our financial stability is further strengthened by our Promoters and financial partners significant capital infusions. As at June 30, 2026, a total of 32,824.61 million has been provided to our Company as equity. Further, one of our Corporate Promoters, Juniper Renewable, has provided U.S.$40.00 million ( 3,784.00 million converted at exchange rate of U.S.$1 = 94.60 as at June 30, 2026) in standby letter of credit support to enhance our financial strength. As a result of this capital infusion, our net debt to equity stood at 2.75 times as at March 31, 2026. This has been and will continue to be instrumental in enabling us to scale our operations effectively while maintaining financial discipline.

To further enhance our creditworthiness, our Promoter Group has extended corporate guarantees, loss indemnities and shareholder support agreements. As at June 30, 2026, Juniper Renewable has issued corporate guarantees amounting to 4,671.86 million to support our working capital and project financing requirements. In addition,

AT Holdings has provided guarantees and loss indemnity commitments totaling 10,037.00 million as at June 30, 2026, thereby de-risking our portfolio and strengthening lender confidence.

We are also financially supported by various shareholder support agreements which provides added assurance to our lenders and other stakeholders. Details of such agreements as at June 30, 2026, are as follows:

Long-term PPAs are a key factor in ensuring predictable cash flows. As of June 30, 2026, 97.68% of our total portfolio (in terms of MWp) is backed by long-term PPAs which are typically for 25 years with creditworthy counterparties with ratings of "A" or above, providing visibility on stable and predictable cash flows with the balance comprising merchant projects.

These PPAs typically include fixed tariff rates. Securing such contracts through competitive bidding processes ensures transparency and reliability in revenue. These agreements stabilize our operations by providing greater revenue certainty over the long term. For further details on the terms of these agreements, please refer to the section "Our Business Our off-takers and Power Purchase Agreements Terms of our Power Purchase Agreements" on page 615.

Adhering to our contractual obligations, such as obtaining the necessary licenses and approvals and ensuring timely power delivery, is essential to maintaining the validity of our PPAs. Non-compliance may result in penalties or even termination of the agreements. Furthermore, timely payments from off-takers remain critical to sustaining consistent and predictable revenue streams.

As at June 30, 2026, our Total Capacity stood at 7,910.20 MW (10,247.06 MWp) across 50 projects, comprising:

- 20 Operational Projects with an installed capacity of 1,794.80 MW (2,408.91 MWp);

- 19 Under Construction Contracted Projects with a planned capacity of 2,875.40 MW (3,656.65 MWp);

- 11 Under Construction Awarded Projects with a planned capacity of 3,240.00 MW (4,181.50 MWp); and

- As per our internal assessment, the aforementioned projects also entail planned installation of 4,563.88 MWh of BESS capacity.

Our ability to generate revenue in the future depends on the successful commissioning of our Under Construction Projects in accordance with the timelines set out in the applicable PPAs. These timelines generally provide a 24-month period from the execution date of the PPA to complete a project. Delays in commissioning or cost overruns could have a negative impact on our financial performance and cash flows over the long term. Additionally, our revenue and cash flows will naturally vary between reporting periods due to differences in the projected commissioning dates of projects that are still under construction.

Since the commencement of our renewable energy operations, we have consistently commissioned projects ahead of schedule. Across all operational projects, we achieved a weighted average early commissioning of 147 days before the SCOD. Notable examples include one solar project, commissioned 552 days ahead of schedule and our wind project, commissioned 222 days ahead of schedule on a weighted average basis.

The table below illustrates the actual commissioning date versus the SCOD and the number of days each of our Operational Projects were completed ahead of schedule:

In addition to the above, as of June 30, 2026:

- 100.00 MW (140.00 MWp) solar and 100.64 MWh BESS merchant project has been commissioned in respect of Juniper Green Cosmic Private Limited.

- 50.00 MW (70.00 MWp) solar merchant project Juniper Nirjara Energy Private Limited has been commissioned.

- As 75.00 MW (103.01 MWp) solar portion out of 101.40 MW (129.41 MWp) has been commissioned in respect of the Juniper Green Power Five Private Limited project.

- As 75.00 MW (108.74 MWp) solar portion out of 100.00 MW (133.74 MWp) has been commissioned in respect of the Juniper Green Spark Ten Private Limited project.

- As 100.45 MW (140.01 MWp) solar portion out of 150.45 MW (190.01 MWp) has been commissioned in respect of the Juniper Green Energy Limited project, as evidenced by the minutes of meeting with the representatives of GEDA dated April 23, 2026 and June 3, 2026, for 50.40 MW (70.00 MWp) and 50.05 MW (70.01 MWp), respectively.

- As 30.30 MW (42.02 MWp) solar portion out of 120.30 MW (152.02 MWp) has been commissioned in respect of the Juniper Green Spark Four Private Limited project, as evidenced by the minutes of meeting with the representatives of GEDA dated May 14, 2026.

- As 185.00 MW (259.00 MWp) solar portion, 81.90 MW (81.90 MWp) wind portion out of the total capacity of 476.60 MW (550.60 MWp) and 201.28 MWh BESS out of 201.28 MWh has been commissioned in respect of the Juniper Green Stellar Private Limited project.

- As 100.00 MW (140.00 MWp) solar portion out of 192.40 MW (232.40 MWp) and 201.28 MWh BESS out of 201.28 MWh has been commissioned in respect of the Juniper Green Stellar Private Limited project.

- As 20.00 MW (20.00 MWp) out of 90.00 MW (90.00 MWp) has been commissioned in respect of the Juniper Green Kite Private Limited project, as evidenced by the minutes of meeting with the representatives of GEDA dated June 20, 2026, June 21, 2026 and June 25, 2026 for 5.00 MW, 5.00 MW and 10.00 MW, respectively.

The efficiency of our operations is primarily driven by the volume of electricity generated and sold. This, in turn, depends on the generation capacity of our projects, which is influenced by factors such as favorable solar irradiation, wind conditions and weather patterns. The quantum of electricity generated during a given period also depends on the number of commissioned projects and the extent of planned or unplanned maintenance required to keep assets operational.

A key metric to assess performance is the CUF, which measures actual electricity output against the maximum possible output. Our PPAs typically prescribe a CUF range and we consistently aim to operate within these thresholds. Equipment performance plays a critical role, as downtime due to failures, grid issues or climatic events can materially impact output.

While short-term (monthly or quarterly) generation may reflect variability due to seasonality and operational factors, we expect our portfolios generation performance to stabilize over longer time horizons.

Securing new, profitable renewable energy projects through competitive bidding is critical to sustaining our growth, strengthening our project pipeline and maintaining our leadership position in the sector. We participate in auctions conducted by central such as SECI, NTPC, NHPC, SJVN, GUVNL and MSEDCL across solar, wind, WSH and FDRE projects.

Before participating in any auction, we conduct a rigorous assessment of key parameters. These include the creditworthiness of the off-taker, clarity in the policy and regulatory framework of the region, land availability, resource potential (solar irradiance or wind speeds) and capital expenditure requirements. We also evaluate payment security mechanisms, grid evacuation infrastructure and access to key utilities such as roads, water and communication systems.

Our extensive experience in evaluating complex renewable energy opportunities enables us to identify projects with stronger long-term profitability, particularly for WSH and FDRE projects. WSH projects, which include wind as a resource, offer higher utilization factors and improved tariff realizations compared to standalone solar projects. According to CRISIL, these factors make WSH and FDRE projects particularly attractive for sustainable growth and long-term returns.

While our approach remains selective and disciplined, auction outcomes can be unpredictable due to evolving regulations and competitive dynamics. Our continued success will hinge on our ability to adapt, differentiate through execution strength and consistently bid for projects aligned with our strategic and financial objectives.

The table below reflects the details of bids placed and won in Fiscals 2026, 2025 and 2024:

Our growth and profitability are influenced by supportive government policies and incentive frameworks that reduce capital and operating expenditures, enhancing project viability and EBITDA Margins.

At the central level, exemptions from excise and customs duties reduce the cost of key imported equipment such as solar modules and wind turbines. State-level incentives including waivers on entry tax, VAT, electricity duty (for auxiliary consumption) and concessions on stamp duty and registration charges further lower project development costs. For instance, exemptions on stamp duty directly reduce land acquisition expenses, thereby improving financial feasibility.

The Government of India has also introduced structural measures to promote long-term sector sustainability. The ALMM enhances quality compliance in solar procurement, although it has temporarily affected sourcing and pricing strategies. Additionally, the IREC market offers an alternative revenue stream for eligible projects not tied to long-term PPAs, improving liquidity.

To address financial challenges faced by power generators, the Government introduced the LPS Rules. These rules offer a structured mechanism to recover overdue receivables from Discoms by converting outstanding amounts into instalments, improving security for receivables and reducing payment delays. (Source: CRISIL Report)

While these policies and initiatives form the foundation of the renewable energy sectors growth in India, any adverse changes or discontinuation of such support mechanisms could impact our operational results and financial performance. Continuation of government-backed programs will be instrumental in ensuring the renewable energy sectors expansion and our future profitability.

Access to land and grid connectivity is critical to the development and commissioning of renewable energy projects, directly affecting our financial condition and results of operations. The timely acquisition of these resources reduces project delays, mitigates execution risks and enables the conversion of bids into revenue-generating assets. Any delays in securing land or access to transmission infrastructure can defer revenue generation, increase costs and adversely impact our cash flows.

We invest in identifying high-potential sites and securing key milestones such as land acquisition, rights of way and grid connectivity approvals in advance to the extent policy allows, to enhance our competitive edge in renewable energy projects. This strategy helps mitigate execution risks and ensures smoother project timelines.

The renewable energy sector in India faces significant constraints particularly around transmission infrastructure. According to CRISIL, there is limited capacity available at existing or under-construction 220 kV and 400 kV bays of the ISTS substations, which poses a significant challenge for connecting new renewable energy projects. Further delays often arise due to right-of-way disputes, forest clearance requirements and supply chain constraints affecting the development of transmission infrastructure.

To address these risks, we have adopted a proactive approach by securing grid permits, including connectivity approvals and bay allotments, at critical ISTS substations in advance to the extent policy allows. This readiness allows us to accelerate projects through execution while reducing the risk of delays caused by transmission bottlenecks. Additionally, even after allocating grid permits to all our under construction projects, we have surplus connectivity available to further scale our operations.

These investments not only help control capital expenditure and minimize the risks of delays but also directly impact our ability to secure reliable cash flows and maintain operational efficiency. In an industry where infrastructure limitations are a persistent challenge, our focus on early planning and resource readiness provides us with a financial and operational edge.

Our internal EPC capabilities enable us to manage our processes, costs and schedules effectively. We leverage our design expertise and have the flexibility to choose top-tier technology and suppliers. We are actively involved in the technological aspects, material selection and design features of the various components we use. We use advanced equipment like TOPCon solar modules, inverters and wind turbines to enhance power generation when feasible. According to CRISIL, TOPCon solar cell technology is not as complex as other technologies such as heterojunction technology, offers significant power improvement over Passivated Emitter and Rear Cell

("PERC") technology at elevated temperatures, has lower potential induced degradation and light induced degradation compared to monocrystalline PERC technology and is generally more cost effective. With respect to WTGs, we procure technologically advanced wind turbines which have a higher rated capacity and higher hub height. This direct involvement and control over components and technologies significantly contribute to our operational efficiency and cost-effectiveness.

Our projects team comprises civil and electrical engineers with well-established expertise in project development and management, ensuring effective oversight of our projects. The organizational structure we have in place enables on-site decision-making, allowing project managers to respond swiftly to changes or challenges during construction.

Our in-house construction expertise not only enhances our ability to track material pricing trends, monitor project milestones, and refine design capabilities, but also ensures high quality across all stages of our projects. This integrated approach helps us minimize risks related to delays and cost overruns by keeping projects on schedule and within budget. To further enhance cost efficiency and reduce execution timelines, we continue to diversify our supplier base while leveraging existing relationships to negotiate favorable commercial terms and delivery schedules. As our scale increases, we expect to benefit from stronger purchasing power, helping us lower per-MW equipment costs. In addition, we continue to invest in quality control processes and supply chain optimization tools to streamline procurement cycles, reduce project gestation periods, and improve the financial viability of our projects. Moreover, our strong track record of delivering projects ahead of schedule highlights the efficiency of our processes and further contributes positively to our financial performance.

Our in-house O&M capabilities for solar use technology, forecasting software, central monitoring, maintenance scheduling and other systems to track performance and operational metrics, aiming to maximize utilization rates, availability and system longevity. Effective operation and maintenance help us avoid disruptions, thereby ensuring consistent revenue generation from our operational facilities. OEM-backed long-term wind O&M contracts for our operational projects offer reliability and reduce operational risk strengthening our overall risk management framework and ensuring predictable returns.

Our in-house O&M function is geared toward maximizing plant performance and efficiency, leveraging advanced monitoring, forecasting and maintenance systems. Preventive and predictive maintenance practices are embedded into our operating model, resulting in high utilization rates, improved uptime and asset longevity. We centrally monitor all operational plants in real-time using Supervisory Control and Data Acquisition (SCADA) systems, which enable proactive issue detection, performance tracking and informed decision-making through integrated computing and networked communication.

For our operating wind project, we have secured a long-term O&M agreement directly with the OEM for 25 years. These comprehensive contracts ensure reliable maintenance and uptime, while leveraging OEM expertise throughout the life of the asset.

Our financial performance is significantly affected by our ability to maximize generation volumes across our projects. We aim to achieve this by improving the availability and capacity of our projects while reducing both planned and unplanned project downtime. Planned outages, which are necessary for regulatory inspections, testing and maintenance activities, can impact our operational results. To minimize the impact, we try to schedule these outages during periods of relatively low wind speeds at the affected projects. Similarly, unplanned outages may adversely affect our results.

By integrating EPC and O&M functions in-house, we retain construction margins typically passed to third-party contractors. This integrated execution model enhances our control over timelines, cost and quality, while enabling us to offer competitive bids and achieve higher profitability. It also gives us the flexibility to tailor project designs and technology choices to suit specific site and project requirements, ensuring seamless execution from design to long-term operations.

Our financial resilience plays a significant role in supporting growth opportunities while maintaining healthy leverage and funding flexibility, directly strengthens our financial condition and results of operations. A strong capital position and consistent cash flow generation allow us to pursue expansion in a sustainable manner, ensuring returns for stakeholders.

We are a well-capitalized company with a robust balance sheet and a conservative leverage strategy. Equity infusions by our Promoter at key growth stages have provided the necessary financial momentum to manage operations effectively while remaining flexible and prepared for future expansion.

We maintain a conservative net debt-to-equity ratio compared to many comparable players in the renewable energy sector. This prudent approach is complemented by our ability to sustain high EBITDA margins, driven by disciplined cost management, a high-quality asset base and a strong off-taker profile. These robust operating cash flows not only underpin our ability to efficiently manage existing debt but also provide the means to self-fund growth.

The combination of our low leverage and high EBITDA generation enhances our financial flexibility, allowing us to raise additional capital on favorable terms, if required. This ensures we can scale operations while maintaining financial discipline and protecting returns for stakeholders.

The availability of timely and cost-effective long-term financing is critical to the development of our projects and directly affects our financial performance. A disruption in debt availability or adverse lending terms could impact our ability to execute our development pipeline.

We operate in a capital-intensive industry and typically maintain a long-term financing mix with a debt-to-equity ratio ranging from 75:25 to 80:20 We fund the construction and development of our renewable energy projects through a combination of equity infusion, internal accruals and external debt financing. Given the extended capital recovery period in the sector, we rely on both operational cash flows and additional funding to support our project operations.

We have established a strong track record in securing long-term financing at competitive interest rates and repayment terms. Our relationships with lenders enable us to arrange project debt that supports stable cash flows over the long term.

Our financing agreements are typically structured with high average debt maturity periods, mitigating refinancing risks and ensuring strong debt service coverage ratios. This disciplined financial structure helps us optimize returns while controlling leverage, reflecting lender confidence in the quality of our projects, our execution capabilities and our strong promoter support.

Our ability to arrange attractively priced, long-tenor debt enhances the bankability of our projects, directly supporting the scalability of our growth pipeline. This financial strength plays a vital role in maintaining the viability of our development schedule, safeguarding cash flows and enabling us to expand sustainably.

The Restated Consolidated Financial Statements comprise the financial statements of Group as at 31 March 2026. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:

- Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

- Exposure, or rights, to variable returns from its involvement with the investee, and

- The ability to use its power over the investee to affect its returns.

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

- The contractual arrangement with the other vote holders of the investee

- Rights arising from other contractual arrangements

- The Groups voting rights and potential voting rights

- The size of the groups holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Consolidated Financial Statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the group uses accounting policies other than those adopted in the Consolidated Financial Statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group members financial statements in preparing the Consolidated Financial Statements to ensure conformity with the groups accounting policies.

The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e., for the year ended 31 March 2026. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so.

(a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date.

(b) Offset (eliminate) the carrying amount of the parents investment in each subsidiary and the parents portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill.

(c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions.

Profit or loss and each component of other comprehensive income ("OCI") are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries and associates to bring their accounting policies into line with the Groups accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary and associates, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it:

- Derecognises the assets (including goodwill) and liabilities of the subsidiary

- Derecognises the carrying amount of any non-controlling interests

- Derecognises the cumulative translation differences recorded in equity

- Recognises the fair value of the consideration received

- Recognises the fair value of any investment retained

- Recognises any surplus or deficit in profit or loss

- Reclassifies the parents share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities

Non- controlling interest, presented as part of equity, represent the portion of subsidiarys statement of profit and loss and net assets that is not held by the Group. Statement of profit and loss balance (including OCI) is attributed to the equity holders of holding Company and to the non- controlling interest basis the respective ownership interests and such balance is attributed even if this result in controlling interests having a deficit balance.

The Group treats transactions with non - controlling interests that do not result in a loss of control as transactions with equity owners of the group. Such a change in ownership interest result in an adjustment between the carrying amounts of the controlling and non-controlling interest to reflect their relative interest in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised with in equity.

The preparation of Restated Consolidated Financial Statements in conformity with Ind AS requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the managements best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

The Group applies the acquisition method in accounting for business combination for the business which are not under common control. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquirees identifiable net assets. Acquisition-related costs are expensed as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their acquisition date fair values. For this purpose, the liabilities assumed include contingent liabilities representing present obligation and they are measured at their acquisition fair values irrespective of the fact that outflow of resources embodying economic benefits is not probable. However, the following assets and liabilities acquired in a business combination are measured at the basis indicated below:

- Deferred tax assets or liabilities, and the assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with Ind AS 12 Income Tax and Ind AS 19 Employee Benefits respectively.

- Liabilities or equity instruments related to share based payment arrangements of the acquiree or share based payments arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with Ind AS 102 Share-based Payments at the acquisition date.

- Assets (or disposal groups) that are classified as held for sale in accordance with Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.

- Reacquired rights are measured at a value determined on the basis of the remaining contractual term of the related contract. Such valuation does not consider potential renewal of the reacquired right.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.

Goodwill is measured as the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. The goodwill is tested for impairment at each reporting date in accordance with Ind AS 36.

Business combinations involving entities or businesses under common control are accounted for using the pooling of interest method. The assets and liabilities of the combining entities are reflected at their carrying amount. No Adjustments are made to reflect fair value, or to recognise any new assets or liabilities.

The balance of retained earnings appearing in the financial statements of transferor is aggregated with the corresponding balance appearing in the financial statements of transferee.

The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve.

Asset acquisition: Acquisition of assets and liabilities which do not constitute a business is accounted for using asset acquisition method. The consideration paid is allocated to the identifiable assets and liabilities based on the fair values of such assets and liabilities on the acquisition date. Accordingly, no goodwill or deferred tax is created.

The Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to existing standards under the Companies (Indian Accounting Standards) Rules from time to time. MCA has notified amendments to Ind AS 1 Presentation of Financial Statements (classification of liabilities as current or non- current, including liabilities with covenants), Ind AS 12 Income Taxes (International Tax Reform Pillar Two Model Rules), Ind AS 21 The Effects of Changes in Foreign Exchange Rates (Lack of Exchangeability), and Ind AS 7 Statement of Cash Flows and Ind AS 107 Financial Instruments: Disclosures (Supplier Finance Arrangements), effective from April 1, 2025.

The Company has reviewed these amendments and based on its evaluation, has determined that they do not have any impact on these Groups Restated Consolidated Financial Information.

Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants Amendments to Ind AS 1- The amendments clarify that lender waivers obtained after the reporting date cannot be considered for the purpose of classifying liabilities as current or non- current and require retrospective application in accordance with Ind AS 8. These amendments are effective for reporting periods beginning on or after April 1, 2026.

The Group does not expect any material impact on these Restated Consolidated Financial Information.

Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer.

Revenue is measured based on transaction price, which is the consideration, adjusted for discounts and other incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes or other amounts collected form customers.

Sale of Power: The Groups revenue from sale of electricity generally includes one performance obligation. The revenue from supply of power is recognized over time when electricity is transferred to the customer i.e. on the supply of units generated from the plant to the grid. The revenue is recognized at the agreed tariff rate as per the terms of the Power Purchase Agreements ("PPA") entered into with the customer/ agreed terms with power procurer.

Revenue from operations on account of change in law events in terms of PPAs with customers is accounted for based on the orders/ reports of respective regulatory authorities and management best estimates, wherever required.

Sale of Verified Emission Reductions ("VER"): Revenue from sale of VER is recognised when following conditions have been satisfied:

i. The significant risks and rewards of ownership of the VER have been passed on to the buyer; ii. The amount of revenue can be measured reliably; iii. It is probable that the economic benefits associated with the sale of VER will flow to the entity; and iv. The cost incurred or to be incurred in respect to sale of VER can be measured reliably.

Trade Receivables: A receivable represents the groups right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).

Contract Assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.

Property, plant and equipment is stated at cost, and subsequent to initial recognition, property, plant and equipment other than freehold land are measured at cost less accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price. Subsequent costs are included in the assets carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. All other repair and maintenance costs are recognized in statement of profit or loss as incurred.

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item of property, plant and equipment, if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably with the carrying amount of the replaced part getting derecognised. The cost for day-to-day servicing of property, plant and equipment are recognised in Statement of Profit and Loss as and when incurred.

Capital work-in-progress represents expenditure incurred in respect of capital projects under development and is stated at cost, net of accumulated impairment loss, if any. Cost includes land related acquisition expenses, modules/WTG costs, development/ construction costs, borrowing costs and other direct expenditure.

Depreciation on property, plant and equipment is provided on a straight-line basis, computed on the basis of useful lives (as set-out below) prescribed in Schedule II to the Act:

The identified components are depreciated over their useful lives; the remaining asset is depreciated over the life of the principal asset. The assets residual values and useful lives are reviewed at each financial year end or whenever there are indicators for impairment and adjusted prospectively.

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in statement of Profit & loss in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit and loss unless such expenditure forms part of carrying value of another asset. The softwares are amortised over a period of three years.

Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit or loss when the asset is derecognized.

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets are follows:

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

The Group applies the short-term lease recognition exemption to its short-term leases of certain plant & machinery, vehicle etc. (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.

Borrowing costs are capitalized as part of the cost of a qualifying asset if they are directly attributable to the acquisition, construction or production of that asset. Capitalization of borrowing costs commences when the activities to prepare the asset for its intended use or sale are in progress and the expenditures and borrowing costs are incurred. Borrowing costs are capitalized until the assets are substantially completed for their intended use or sale. All other borrowing costs are expensed in the period they occur. Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings, other costs that an entity incurs in connection with the borrowing of funds and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the borrowing cost.

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

All Financial Assets except trade receivables are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of Financial Assets, which are not at Fair Value Through Profit or Loss, are adjusted to the fair value on initial recognition. Purchase and sale of Financial Assets are recognised using trade date accounting. Trade receivables that do not contain a significant financing component are measured at the transaction price.

For purposes of subsequent measurement, financial assets are classified in four categories:

- Debt instruments at amortized cost;

- Debt instruments at fair value through other comprehensive income ("FVTOCI");

- Debt instruments, derivatives and equity instruments at fair value through statement of Profit & Loss

(" FVTPL"); and

- Equity instruments, measured at FVTOCI.

A debt instrument is measured at the amortized cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate ("EIR") method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the Statement of Profit and Loss. The losses arising from impairment are recognized in the Statement of Profit and Loss. The category applies to the Groups trade receivables, unbilled revenue, other bank balances, security deposits etc.

A debt instrument is classified as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets; and

b) The assets contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Group recognizes interest income, impairment losses & reversals in the statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from the equity to Statement of Profit and Loss.

Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

In addition, the Group may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as accounting mismatch).

Debt instrument included within FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.

A financial asset (or, where applicable, a part of a financial asset) is primarily derecognized (i.e. removed from the Groups consolidated balance sheet) when:

a) The contractual rights to receive cash flows from the asset have expired; or

b) The Group has transferred its contractual rights to receive cash flows from the financial asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and Either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the asset to the extent of the Groups continuing involvement in the asset. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and contingent consideration recognized by an acquirer in a business combination to which Ind AS103 applies are classified as at FVTPL. For all other equity instruments, the Group may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Group makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the Group may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

A financial asset (or, where applicable, a part of a financial asset) is primarily derecognized (i.e. removed from the Groups consolidated balance sheet) when:

a) The contractual rights to receive cash flows from the asset have expired, or

b) The Group has transferred its contractual rights to receive cash flows from the financial asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and Either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the asset to the extent of the Groups continuing involvement in the asset.

In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Financial asset that are debt instruments and are measured as at FVTOCI

Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 11 and Ind AS 18.

The Group follows simplified approach for recognition of impairment loss allowance for trade receivables.

The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Group determines whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, twelve month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in the subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognizing impairment loss allowance based on a twelve month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events on a financial instrument that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider:

All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument

Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

As a practical expedient, the Group uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates.

ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the statement of profit and loss. This amount is reflected under the head other expenses in the statement of profit and loss. The balance sheet presentation for financial instruments is described below:

For financial assets measured at amortised cost: ECL is presented as an allowance i.e. as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write off criteria, the Group does not reduce impairment allowance from the gross carrying amount.

For assessing increase in credit risk and impairment loss, the Group combines financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis.

Financial liabilities are classified, at initial recognition as financial liabilities at fair value through profit or loss, loans and borrowings, payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Groups financial liabilities include trade and other payables, loans and borrowings.

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to P&L. However, the Group may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Profit and Loss.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Statement of profit or loss.

The Group uses derivative financial instruments, such as forward currency contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

The purchase contracts that meet the definition of a derivative under Ind AS 109 are recognised in the statement of profit and loss.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognised in OCI and later reclassified to profit or loss when the hedge item affects profit or loss or treated as basis adjustment if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability

For the purpose of hedge accounting, the Group has classified its hedges into cash flow hedge i.e. hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.

The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged, and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:

- There is an economic relationship between the hedged item and the hedging instrument.

- The effect of credit risk does not dominate the value changes that result from that economic relationship.

- The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.

Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:

Cash Flow Hedges: The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the effective portion of cash flow hedges, while any ineffective portion is recognised immediately in the statement of profit and loss. The effective portion of cash flow hedges is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.

The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in forecast transactions. The ineffective portion relating to foreign currency contracts is recognised in statement of profit & loss. The Group designates only the spot element of a forward contract as a hedging instrument. The changes in fair value of the forward element of the derivative are recognized in other comprehensive income and are accumulated in Cash Flow Hedge Reserve.

The difference between forward and spot element at the date of designation of the hedging instrument is amortised over the period of the hedge. Hence, in each reporting period, the amortisation amount shall be reclassified from the separate component of equity to profit or loss as a reclassification adjustment. The accumulated balance in cash flow hedge reserve is transferred to property, plant and equipment on settlement. However, if hedge accounting is discontinued for the hedging relationship that includes the changes in forward element of the hedging instrument, the net amount (i.e. including cumulative amortisation) that has been accumulated in the separate component of equity shall be immediately reclassified into statement of profit or loss as a reclassification adjustment.

The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassifications are made for financial assets and financial liabilities.

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

The financial statements are presented in Indian Rupees (INR or ) which is also the functional and reporting currency of the Group.

Foreign currency transactions are recorded in the functional currency, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction.

Foreign currency monetary items outstanding at the balance sheet date are converted to functional currency using the closing rate. Non-monetary items denominated in a foreign currency which are carried at historical cost are reported using the exchange rate at the date of the transactions.

Exchange differences arising on monetary items on settlement, or restatement as at reporting date, at rates different from those at which they were initially recorded, are recognized in the statement of profit and loss in the year in which they arise.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in other comprehensive income or profit or loss are also recognized in other comprehensive income or profit or loss, respectively).

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Group operates and generates taxable income

Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

- When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

- In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

- When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

- In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity

The Group offsets deferred tax assets and deferred tax liabilities if and only if it has legally enforceable right to do so, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously.

Employee benefit in the form of provident fund is a defined contribution scheme. The Group has no obligation, other than the contribution payable to the provident fund. The Group recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

Employee benefit in the form of gratuity is a defined benefit scheme. The costs of providing benefits under the scheme are determined on the basis of actuarial valuation at each year-end using the projected unit credit method. The actuarial valuation is carried out for the plan using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

- The date of the plan amendment or curtailment; and

- The date that the Group recognizes related restructuring costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation as an expense in the statement of profit and loss:

- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

- Net interest expense or income.

Accumulated leave, which is expected to be utilized within the next 12 months, is treated as short-term employee benefit. The Group measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

The Group treats accumulated leave expected to be carried forward beyond twelve months, as long-term employee benefit for measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the year-end. The Group presents the leave as a current liability in the balance sheet, to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where Group has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the same is presented as non-current liability.

Certain eligible employees of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments. The cost of equity-settled transactions is determined basis the fair value at the date when the grant is made using Black Scholes valuation model. That cost is recognised, together with a corresponding increase in employee stock option reserves in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefits expense in the statement of profit and loss account. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Companys best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefits expense.

When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Statement of profit or loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources would be required to settle the obligation, the provision is reversed.

The Group records a provision for decommissioning costs of its solar power plants. Decommissioning costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the cost of the particular asset. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the decommissioning provision. The unwinding of the discount is expensed as incurred and recognised in the statement of profit and loss as a finance cost. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate applied are added to or deducted from the cost of the asset.

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Group makes an estimate of the assets recoverable amount. An assets recoverable amount is the higher of an assets or cash-generating units fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Impairment losses are recognised in the statement of profit & loss, except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.

A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the assets recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in statement of comprehensive income unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.

Contingent assets are not recognized. However, when realization of income is virtually certain, then the related asset is no longer a contingent asset, and is recognized as an asset.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in the financial statements.

Cash and cash equivalents in the Balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Groups cash management.

The Group measures financial instruments such as derivates at Fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability

- In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participants ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

At each reporting date, the management of the Group analysis the movements in the values of the assets and liabilities which are required to be measured or reassessed as per the accounting policies of the Group.

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

Impact of events occurring after the balance sheet date that provide additional information materially effecting the determination of the amounts relating to conditions existing at the balance sheet date are adjusted to respective assets and liabilities. The Group does not adjust the amount recognized in its financial statements to reflect non-adjusting events after the reporting period. The Group make disclosures in the financial statement in case of significant events.

There have been no changes in our accounting policies during Fiscals 2026, 2025 and 2024.

Total income comprises: (i) revenue from operations; and (ii) other income.

Revenue from operations comprises revenue from contracts with customers which consists of: (i) revenue from contract with customer comprising of sale of power and (ii) other operating income comprising of sale of

Renewable Energy Certificates ("RECs") and sale of Voluntary Emission Reductions ("VERs").

Other income comprises interest income on fixed deposits, income tax refund and security deposit, late payment surcharge, profit on disposal of property, plant and equipment, profit on redemption of mutual funds, net gain on investment in mutual funds measured at fair value through profit and loss, MTM gain on derivatives, foreign exchange gain (net), late payment surcharge and other miscellaneous income. Other miscellaneous income includes credit balance written back, service charges for project development, sale of wind mast data, insurance claims received, sale of scrap and gain on termination of lease.

Expenses comprise cost of power purchased, employee benefits expense, finance costs, depreciation and amortization expense and other expenses.

Cost of power purchased represented cost incurred on procurement of power from third party by one of the subsidiary company for its BESS project.

Employee benefits expense comprises salaries, wages and bonus, employee stock options expenses, contribution to provident and other funds, gratuity expense (i.e. provision made for gratuity based on an actuarial report), compensated absences (i.e. provision made for leave encashments based on an actuarial report) and staff welfare expenses.

Finance cost comprises interest on loan from bank and financial institutions, interest on buyers credit, interest on bank overdraft, interest expense on lease liabilities, interest expense on decommissioning liabilities, interest on non-convertible debentures, foreign exchange fluctuation and other borrowing cost (bank guarantee, hedging cost and other charges).

Depreciation and amortization expense comprises depreciation of property, plant and equipment, amortization of intangible assets, amortization of right of use assets less capitalization during the year.

Other expenses comprises insurance expenses, legal and professional expenses, directors sitting fees, operational expenses, security expenses, travelling and conveyance expenses, electricity charges, office expenses, rates and taxes, DSM and forecasting charges, charges towards bid application and processing fees, payment to auditors, rent and lease expenses, subscription and membership fees (i.e. Naukri and LinkedIn subscriptions, Azure blob storage and server/user backup, weather data for solar estimation, Sophos server security license, data room access, Microsoft O365 licenses, carbon credit data access, corporate memberships and others), liquidated damages charges, communication expenses, corporate social responsibility expenditure, connectivity application fee, VER issuance expenses, charges towards repair and maintenance (others), printing and stationery expenses, foreign exchange loss (net), website maintenance charges, loss on sale of property, plant and equipment (net), loss on termination of lease and miscellaneous expenses.

The following table sets forth certain information with respect to our results of operations on a consolidated basis for Fiscals 2026, 2025 and 2024:

- Commissioned a new 150.00 MW solar project in Maharashtra in a phased manner on May 22, 2025 and June 23, 2025.

- Commissioned a new 75.00 MW AC solar project in Maharashtra in a phased manner on June 6, 2025, and July 14, 2025. This capacity forms part of the MSEDCL hybrid project of 75.00 MW (solar) and 26.40 MW (wind).

- Commissioned a new 40.95 MW wind project capacity in Gujarat in a phased manner on July 25, 2025, August 14, 2025, and March 9, 2026. This capacity forms part of the GUVNL wind project of 50.40 MW.

- Commissioned a new 75.00 MW AC solar project in Maharashtra in a phased manner on October 12, 2025, and January 10, 2026. This capacity forms part of the MSEDCL hybrid project of 75.00 MW (solar) and 25.00 MW (wind).

- Commissioned a new 40.95 MW wind project capacity in Gujarat in a phased manner on October 15, 2025, October 16, 2025, November 15, 2025, January 3, 2026, and March 23, 2026. This capacity forms part of the GUVNL wind project of 72.45 MW.

- Commissioned a 100.64 MWh BESS project in Rajasthan in a phased manner on December 24, 2025, and January 23, 2026.

Total income increased by 41.27% from 5,697.80 million for Fiscal 2025 to 8,049.30 million for Fiscal 2026, primarily as a result of the following:

Revenue from operations increased by 41.33% from 5,086.78 million for Fiscal 2025 to 7,189.34 million for Fiscal 2026, primarily as a result of an increase in sale of power from 5,031.00 million for Fiscal 2025 to 7,140.20 million for Fiscal 2026, driven by the commissioning of new projects during Fiscal 2026, including Juniper Green Ray Two Private Limited, Juniper Green Power Five Private Limited, Juniper Green Spark Ten Private Limited and Juniper Green Kite Private Limited, and sale of RECs from 27.30 million for Fiscal 2025 to

64.25 million for Fiscal 2026. This was partially offset by a decrease in sale of VERs from 65.25 million for Fiscal 2025 to 32.57 million for Fiscal 2026.