Oneindig Technologies Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our Restated Financial Information included in the Red Herring Prospectus. You should also read the section entitled “Risk Factors” beginning on page 21, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our restated financial information, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our financial year ends on March 31 of each year, so all references to a particular financial year (“Financial Year” or “FY”) are to the twelve-month period ended March 31 of that year.

The financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the examination report issued of our statutory auditor dated April 07, 2026 which is included in this Red Herring Prospectus under the section titled “Restated Financial Information” beginning on page 186 of this Red Herring Prospectus. The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our Restated Financial Information to US GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our Restated Financial Information.

BUSINESS OVERVIEW

Our Company is engaged in providing Engineering, Procurement anssd Commissioning (EPC) services, in the solar energy sector, including complete turnkey solar power solutions and associated Operations and Maintenance (O&M) services. We undertake diverse solar projects, including residential rooftop, commercial & industrial (C&I) rooftop, ground-mounted projects and solar water pumps for Private clients and Government entities. In addition to turnkey solar power solutions, we supply wide range of solar products and equipment, including Solar PV (Photovoltaic) Modules, Solar inverters, Solar pump controllers, ESS(Li-ion/Lead Acid), ACDB/DCDB.LT/ HT Panels and all kinds of wires and cables. Further, we are also engaged in Independent Power Producer activities through Power Purchase Agreements (PPAs).

For further details, kindly refer to chapter titled “Our Business” beginning on page no. 112 of this Red Herring Prospectus.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR

As per mutual discussion between the Board of the Company and BRLMs, in the opinion of the Board of the Company there have not arisen any circumstances since the date of the last financial statements as disclosed in the Red Herring Prospectus and which materially and adversely affect or is likely to affect within the next twelve months except as follows:

Our company was converted from private limited company to a public limited company vide Special resolution passed by shareholders at Extra Ordinary general meeting held on March 15, 2024 and consequential change in our name from “Oneindig Technologies Private limited” to “Oneindig Technologies Limited” and a fresh certificate of incorporation dated June 29,2024 issued by Registrar of companies, central processing centre bearing

CIN U74999HR2016PLC066271

The Board of Directors of our Company have allotted 30,16,560 equity shares as Bonus Issue in the ratio of 3:5 in the Board Meeting dated September 06, 2024. The Board of Directors of our Company have allotted 4,88,000 equity shares as Preferential Allotment in the Board Meeting dated May 02, 2024.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled “Risk Factor” beginning on page 21 of this Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies. Changes in government focus and policy direction toward the renewable energy sector, particularly solar energy development and grid integration. Any changes in renewable energy policies, subsidy structures, or taxation that result in increased costs or reduced incentives for solar power projects. Our ability to retain our key management persons and other employees. Changes in environmental, energy, or power sector regulations applicable to solar power generation, EPC, or related transmission activities. Our failure to keep pace with rapid changes in technology. Our ability to grow our business. Our ability to make interest and principal payments and satisfy the covenants in our existing/future debt. General economic, political and other risks that are out of our control. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices. Companys ability to successfully implement its growth strategy and expansion plans. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate. Inability to successfully obtain registrations in a timely manner or at all. Occurrence of Environmental Problems & Uninsured Losses. Conflicts of interest with affiliated companies, the promoter group and other related parties; Any adverse legal proceedings initiated against our company or its promoters, directors and KMPs. Concentration of ownership among our Promoters, and The performance of the financial markets in India and globally.

SIGNIFICANT ACCOUNTING POLICIES

For Significant accounting policies please refer “Significant Accounting Policies", under Chapter titled Other Financial Information beginning on page 187 respectively of the Red Herring Prospectus.

CHANGE IN ACCOUNTING POLICIES

Except as mentioned in chapter “Other Financial Information” on page 187 of this Red Herring Prospectus, there has been no change in the accounting policies during the Fiscal 2025.

RESERVATIONS, QUALIFICATIONS AND ADVERSE REMARKS

There are no reservations or qualifications or adverse remarks in the auditors report on restated financial statements.

SUMMARY OF THE RESULT OF OPERATIONS

Our Results of Operations (Restated Financial Statements)

The following discussion on the restated financial operations and performance should be read in conjunction with the financial results of the company.

Particulars	For the period ended				For the financial year ended
	January 31, 2026	(%)*	March 31, 2025	(%)*	March 31, 2024	(%)*	March 31, 2023	(%)*
	On Consolidated Basis				On Standalone Basis
Income
Revenue from		99.84%	4601.42	99.73%	4364.12	99.87%	1931.99	99.99%
Operations	5,746.25
Other income	9.30	0.16%	12.44	0.27%	5.59	0.13%	0.26	0.01%
Total Income	5,755.55	100.00%	4613.86	100.00 %	4369.71	100.00%	1932.25	100.00 %
Expenses:
Purchase of Stock- in-Trade	3807.85	66.16%	4,093.46	88.72%	3,694.79	84.55%	1,648.63	85.32%
Changes in inventories of Stock-in-Trade	217.21	3.77%	(566.54)	-12.28%	(156.85)	-3.59%	(121.75)	-6.30%
Operating Expenses	330.96	5.75%	147.53	3.20%	126.47	2.89%	54.54	2.82%
Employee Benefit Expenses	172.55	2.99%	133.69	2.90%	98.82	2.26%	139.09	7.20%
Finance Cost	242.34	4.21%	122.55	2.66%	108.03	2.47%	111.77	5.78%
Depreciation & Amortization	18.10	0.31%	20.03	0.43%	17.22	0.39%	11.60	0.60%
Expenses
Other Expenses	145.70	2.53%	106.48	2.31%	71.00	1.62%	73.56	3.81%
Total Expenses	4934.71	85.74%	4057.20	87.94%	3959.47	90.61%	1917.44	99.23%
Profit Before Tax	820.84	14.26%	556.6	12.06%	410.24	9.39%	14.81	0.77%
Tax Expenses
Current tax	206.59	3.59%	140.70	3.05%	106.88	2.45%	4.16	0.22%
Prior period tax adjustments			-	-	6.47	0.15%	-	IGN=RIGHT>-
Deferred tax expense / (credit)	-2.15	-0.04%	(0.65)	-0.01%	1.84	0.04%	(0.18)	-0.01%
Profit for the Year	616.40	10.71%	416.61	9.03%	295.05	6.75%	10.83	0.56%

*(%) column represents percentage of total revenue.

Overview of Income and Expenses

Our Income and expenses are reported in the following manner:

Total Income

Revenue of operations:

Our Companys revenue is generated from supply of goods as well as services

Other Income:

The Other Income mainly comprises of Interest income and other miscellaneous income

Expenses

Our expenses primarily consist of Purchase of Stock-in-Trade, Changes in inventories of Stock-in-Trade, Operating Expenses, Employee Benefit Expenses, Finance Cost, Depreciation & Amortization Expenses and Other Expenses.

Purchase of Stock in Trade

It includes purchases from domestic vendors as well as merely imports from International vendors

Changes in inventories of Stock in Trade

It includes opening stock of stock in trade as well as closing stock of stock in trade.

Operating expenses

It includes Consumables, Installation, testing & maintenance expenses, Site expenses and other operating expenses.

Employee Benefit expenses

It includes Salaries, wages, bonus, directors remuneration, PF Contributions, Gratuity expenses and other social welfare expenses relating to employees

Finance Cost

Finance cost consist of interest expenses, other borrowings costs and Bank Charges etc.

Depreciation and Amortization Expenses

It includes Depreciation on Property plant equipment and Amortization of intangible assets.

Other Expenses

Other expenses comprise of various expenses such as Audit fees, business promotion expenses, commission expenses, electricity expenses, insurance expenses, provision for doubtful debts, Marketing expenses, Repair & Maintenance, interest on income tax, legal and profession expenses, travelling and conveyance expenses, rent expenses etc.

Tax Expenses

Tax expense comprises of Current Tax, Deferred Tax and prior period tax adjustments (if any).

FOR THE PERIOD ENDED JANUARY 31, 2026 (BASED ON RESTATED FINANCIAL STATEMENTS) Total Income Total Income

Our total income for the period ending January 31, 2026 stood at Rs. 5755.55 Lakhs.

Revenue of operations

During the period ending January 31, 2026 revenue from operations stood at Rs. 5746.25 Lakhs.

Other Income

During the period ending January 31, 2026 other income was Rs 9.30 Lakhs.

Expenses

Total Expenses

The Total Expenses for the period ending January 31, 2026 stood at Rs. 4934.71 Lakhs:

Purchase of Stock in Trade

During the period ending January 31, 2026, Purchase of stock-in-trade was at Rs. 3807.85 lakhs.

Changes in inventories of Stock in Trade

During the period ending January 31, 2026, there was a change in inventory of Rs. 217.21 lakhs.

Operating expenses

During the period ending January 31, 2026, Operating expenses was at Rs. 330.96 lakhs.

Employee Benefit expenses

During the period ending January 31, 2026, Employee Benefit expenses was at Rs. 173.23 lakhs.

Finance Cost

Finance costs for the period ending January 31, 2026 was Rs. 242.34 Lakhs.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses for the period ending January 31, 2026 was Rs. 18.10 Lakhs.

Other Expenses

Other expenses for the period ending January 31, 2026 was Rs. 145.02 Lakhs.

Profit before Tax

The Company reported Restated profit before tax for the period ending January 31, 2026 of Rs. 820.84 Lakhs.

Profit for The Year

The Company reported Restated profit for the period ending January 31, 2026 of Rs. 616.40 Lakhs.

FINANCIAL YEAR 2024-25 COMPARED WITH THE FINANCIAL YEAR 2023-24 (BASED ON RESTATED FINANCIAL STATEMENTS)

Total Income

Total Income

Our total income increased by 244.15 lakhs i.e. 5.59% to 4,613.86 lakhs for the financial year 2024-25 from 4,369.71 lakhs for the financial year 2023-24 due to the factors described below:

Revenue of operations

Our revenue from operations increased by 237.30 lakhs i.e. 5.44% to 4,601.42 lakhs for the financial year 2024-25 from 4,364.12 lakhs for the financial year 2023-24. Revenue from operation increased primarily because of Billing of Solar Water Pumps in Haryana.

Other Income

The other income increased by 6.85 lakhs i.e. 123% to 12.44 lakhs for the financial Year 2024-25 from 5.59 lakhs for the financial year 2023-24. The increase was mainly due to increase in interest Income from fixed deposit created for bank guarantees.

Expenses

Total Expenses

Total Expenses increased by 97.72 lakhs i.e. 2.47% to 4,057.20 lakhs in the financial year ended March 31, 2025, from 3,959.48 lakhs in the financial year ended March 31, 2024. Our total expenses increased due to the factors described below:

Purchase of Stock in Trade

The Purchase of stock in Trade increased by 398.67 lakhs i.e. 10.79% to 4,093.46 lakhs in the financial year ended March 31, 2025 from 3,694.79 lakhs in the financial year ended March 31, 2024. Purchase of stock in Trade increased primarily because of stock of Solar water Pumps.

Changes in inventories of Stock in Trade

The changes in inventories of stock in trade increased by 409.69 lakhs i.e. 261.2% to 566.54 lakhs in the financial year ended March 31, 2025 from 156.85 lakhs in the financial year ended March 31, 2024. Such change due to stock of Solar water Pumps .

Operating expenses

The Operating Expenses increased by 21.06 lakhs i.e. 16.65% to 147.53 lakhs in the financial year ended March 31, 2025 from 126.47 lakhs in the financial year ended March 31, 2024. Operating expenses were increased due to increase in cost of installation of Solar Water Pumps.

Employee Benefit expenses

The Employee benefit expenses increased by 34.87 lakhs i.e. 35.29% to 133.69 lakhs in the financial year ended March 31, 2025 from 98.82 lakhs in the financial year ended March 31, 2024. Employee benefit expenses primarily increased due to planned increase in number of employees.

Finance Cost

The Finance cost has increased by 14.52 lakhs i.e. 13.44% to 122.55 lakhs in the financial year ended March 31, 2025 from 108.03 lakhs in the financial year ended March 31, 2024. Finance cost has increased because of processing fees of 11.50 Lakhs for new facility of Bank Guarantee of 9.50 crore and also increase in interest rate from CC limits utilised from Bank of Maharashtra.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses has increased by 2.81 lakhs i.e. 16.32% to 20.03 lakhs in the financial year ended March 31, 2025 from 17.22 lakhs in the financial year ended March 31, 2024. Depreciation and Amortization Expenses have increased mainly due to increase due to increase in Fixed Assets carrying higher depreciation rate.

Other Expenses

Other expenses increased by 35.48 lakhs i.e. 49.97% to 106.48 lakhs in the financial year ended March 31, 2025 from 71.00 lakhs in the financial year ended March 31, 2024. Other expenses were increased due to increase in marketing activities resulting in increased travelling expenses and provision for debts longer than three years.

Profit before Tax

Profit before Tax has increased by 146.43 lakhs i.e. 35.69% to 556.66 lakhs in the financial year ended March 31, 2025 from 410.23 lakhs in the financial year ended March 31, 2024. Profit before Tax has increased due to better negotiated purchasing by the Company.

Profit for The Year

Profit for the year has increased by 121.57 lakhs i.e. 41.20% to 416.61 lakhs in the financial year ended March 31, 2025 from 295.04 lakhs in the financial year ended March 31, 2024. Profit for the year has increased due to increase in profit before tax.

FINANCIAL YEAR 2023-24 COMPARED WITH THE FINANCIAL YEAR 2022-23 (BASED ON RESTATED FINANCIAL STATEMENTS)

Total Income

Total Income

Our total income increased by 2437.46 lakhs i.e. 126.15% to 4,369.71 lakhs for the financial year 2023-24 from 1,932.25 lakhs for the financial year 2022-23 due to the factors described below:

Revenue of operations

Our revenue from operations increased by 2432.13 lakhs i.e. 125.89% to 4,364.12 lakhs for the financial year 2023-24 from 1,931,99 lakhs for the financial year 2022-23. Revenue from operation increased primarily because of addition of Solar Pumps business contributing 8.49 crore and increase in government and private projects in normal course of business.

Other Income

The other income increased by 5.33 lakhs i.e. 2050% to 5.59 lakhs for the financial Year 2023-24 from 0.26 lakhs for the financial year 2022-23. The increase was mainly due to increase in interest Income from fixed deposit created for bank guarantees.

Expenses

Total Expenses

Total Expenses increased by 2,042.04 lakhs i.e. 106.50% to 3,959.48 lakhs in the financial year ended March 31, 2024, from 1,917.44 lakhs in the financial year ended March 31, 2023. Our total expenses increased due to the factors described below:

Purchase of Stock in Trade

The Purchase of stock in Trade increased by 2046.16 lakhs i.e. 124.11% to 3,694.79 lakhs in the financial year ended March 31, 2024 from 1,648.63 lakhs in the financial year ended March 31, 2023. Purchase of stock in Trade increased due to increase turnover of the company.

Changes in inventories of Stock in Trade

The changes in inventories of stock in trade increased by 35.1 lakhs i.e. 28.83% to 156.85 lakhs in the financial year ended March 31, 2024 from 121.75 lakhs in the financial year ended March 31, 2023. Such change due to stock of Solar water Pumps.

Operating expenses

The Operating Expenses increased by 71.93 lakhs i.e. 131.88% to 126.47 lakhs in the financial year ended March 31, 2024 from 54.54 lakhs in the financial year ended March 31, 2023. Operating expenses were increased due to increase in due to increase in the operations of the company resulting in higher revenue.

Employee Benefit expenses

The Employee benefit expenses decreased by 40.27 lakhs i.e. 28.95% to 98.82 lakhs in the financial year ended March 31, 2024 from 139.09 lakhs in the financial year ended March 31, 2023. Employee benefit expenses primarily decreased due to decreased in numbers of employees who were hired for three new verticals that were planned during last year but subsequently decided against.

Finance Cost

The Finance cost has decreased by 3.74 lakhs i.e. 3.35% to 108.03 lakhs in the financial year ended March 31, 2024 from 111.77 lakhs in the financial year ended March 31, 2023. Finance cost has decreased because of reduction in interest component of EMIs payable against outstanding unsecured loans.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses has increased by 5.62 lakhs i.e. 48.45% to 17.22 lakhs in the financial year ended March 31, 2024 from 11.60 lakhs in the financial year ended March 31, 2023. Depreciation and Amortization Expenses have increased mainly due to increase in Fixed Assets.

Other Expenses

Other expenses decreased by 2.56 lakhs i.e. 3.48% to 71 lakhs in the financial year ended March 31, 2024 from 73.56 lakhs in the financial year ended March 31, 2023. Other expenses were decreased due to reduced expenditure on business promotion activities.

Profit before Tax

Profit before Tax has increased by 395.42 lakhs i.e. 2669.95% to 410.23 lakhs in the financial year ended March 31, 2024 from 14.81 lakhs in the financial year ended March 31, 2023. Profit before Tax has increased due to increase in turnover thus absorbing fixed expenses faster and therefore resulting in higher operating profit

Profit for The Year

Profit for the year has increased by 284.21 lakhs i.e. 2624.28% to 295.04 lakhs in the financial year ended March 31, 2024 from 10.83 lakhs in the financial year ended March 31, 2023. Profit for the year has increased due to increase in turnover and maintaining fixed expenses resulting in higher net profit.