Power & Instrumentation Gujarat Ltd Management Discussions

Powering the Transition:

Advancing from Core EPC to Integrated Energy Solutions

Leveraging strategic expansion into EHV transmission and Solar EPC, the Company is scaling its capabilities to align with Indias evolving power infrastructure landscape. This transformation positions the Company to deliver future- ready, sustainable, and connected energy solutions across high-growth segments.

The global energy landscape is undergoing a structural transformation, shifting from centralized, fossil-fuel dominated systems to decentralized, renewable-led and digitally managed energy ecosystems. For Power & Instrumentation (Gujarat) Limited (PIGL), this transition represents a strategic evolution from conventional electrical contracting to a specialized partner in the broader energy transition value chain. This structural shift provides a strong macroeconomic and sectoral foundation for sustained growth in transmission, distribution, and high-voltage engineering solutions.

With India targeting 500 GW of non-fossil capacity by 2030, the complexity of the national grid is increasing significantly, driven by renewable intermittency, bidirectional power flows, and integration of distributed energy resources. This is accelerating demand for Extra High Voltage (EHV) infrastructure, smart substations, and digitally enabled grid systems. PIGLs strategic focus on high-voltage execution, specialized electrical infrastructure for critical sectors such as aviation, and grid-aligned engineering capabilities positions the Company to participate meaningfully across the evolving energy lifecycle.

Sectoral tailwinds remain robust, supported by structural demand growth and policy-led capital expenditure. This demand trajectory necessitates significant expansion and modernization of transmission and distribution networks. Looking ahead to FY 2025-26, growth visibility remains strong, anchored in policy continuity and infrastructure-led development. Emerging segments such as energy storage, digital energy management, and hybrid renewable infrastructure are expected to drive the next phase of sectoral expansion. The Company continues to align its strategic roadmap toward these high-growth areas, focusing on execution excellence and capability enhancement.

Sources:

• International Energy Agency (IEA) - Electricity 2026 Analysis

• India Brand Equity Foundation (IBEF) - Indian Power Industry Presentation (October 2025)

• Press Information Bureau (PIB) - Non-Fossil Fuels Contribution Landmark Release

• ICRA/CRISIL - Indian Power Sector Transmission Outlook 2025- 2030

Economy Overview

Amid moderating global growth trends in FY 2025-26, economic expansion is expected to stabilize around ~3%, supported by easing inflation and gradual policy normalization. Strong electrification momentum and energy transition investments, particularly in Asia- Pacific, continue to underpin resilient demand and long- term growth opportunities

Macroeconomic Stability and Growth Trends

The global economy in FY 2025-26 is characterized by moderated yet resilient growth, as the effects of prior monetary tightening cycles begin to stabilize across major economies. According to the International Monetary Fund (IMF), global GDP growth is projected at approximately 3.1% in 2026, reflecting a normalization from post-pandemic recovery peaks while remaining below long-term historical averages. Inflationary pressures have eased across most advanced and emerging markets; however, core inflation remains relatively sticky, particularly in services, leading central banks to maintain a cautious stance despite pausing aggressive rate hikes. The persistence of a “higher-for- longer” interest rate environment continues to influence capital flows, borrowing costs, and investment decisions globally.

Geo-economic Shifts and Supply Chain Realignment

From a structural standpoint, the global economy is increasingly shaped by geo-economic fragmentation and supply chain realignment. Trade patterns are being reconfigured through “friend-shoring” and “China Plus One” strategies, with multinational corporations diversifying manufacturing bases to mitigate geopolitical risks. While this transition introduces short-term inefficiencies, it is simultaneously driving capital investments into emerging markets across Asia. At the same time, advanced economies are contending with demographic challenges, fiscal consolidation pressures, and relatively subdued productivity growth, which collectively constrain their medium-term expansion potential.

Energy Markets and Decarbonization Transition

The global energy and commodity landscape remains a critical variable in the macroeconomic outlook.

While energy prices have moderated compared to peak volatility periods, they continue to be sensitive to geopolitical developments, particularly in regions such as Eastern Europe and the Middle East. Concurrently, the global push toward decarbonization is accelerating demand for critical minerals, renewable infrastructure, and electrification technologies. This structural shift is gradually decoupling economic growth from fossil fuel dependency, although transitional volatility in energy markets persists. Capital allocation is increasingly skewed toward clean energy, grid infrastructure, and digital technologies, reinforcing a long-term rebalancing of the global industrial base.

Emerging Markets as Growth Drivers

Emerging markets and developing economies (EMDEs), particularly in Asia, continue to act as the primary drivers of global growth, contributing a significant share of incremental GDP expansion. This outperformance is supported by favorable demographics, urbanization trends, and sustained public and private investment in infrastructure. India, Southeast Asia, and select Middle Eastern economies are benefiting from capital inflows linked to supply chain diversification and energy transition investments. In contrast, growth in advanced economies is expected to remain relatively subdued due to tighter financial conditions and structural constraints.

Outlook and Key Risks

Overall, the global economic outlook for FY 2025-26 reflects a phase of stabilization with underlying risks. While inflation moderation and policy normalization provide a degree of macroeconomic stability, downside risks persist in the form of geopolitical tensions, financial market volatility, and potential disruptions in commodity supply chains. For infrastructure and energy sector stakeholders, this environment necessitates a balanced approach-leveraging structural growth opportunities while maintaining vigilance toward macroeconomic and geopolitical uncertainties.

Growth Momentum and Macroeconomic Stability

India continues to maintain its position as the fastest- growing major economy globally, with GDP growth for FY 2025-26 projected in the range of approximately 6.5% to 7.0%, as per estimates from the Reserve Bank of India (RBI), International Monetary Fund (IMF), and World Bank. This growth trajectory is underpinned by strong domestic demand, improving investment activity, and sustained government-led capital expenditure. Despite a relatively moderated global environment, Indias macroeconomic fundamentals remain resilient, supported by stable inflation, a well-capitalized banking system, and continued policy continuity.

Domestic Demand and Consumption Trends

Domestic demand remains the principal driver of economic expansion, with private consumption showing steady recovery across both urban and rural segments. Urban demand continues to be supported by rising disposable incomes, formalization of the economy, and growth in services-led sectors, while rural demand is gradually strengthening on the back of improved agricultural output and government support measures. Simultaneously, capacity utilization levels in key manufacturing sectors have improved, encouraging private sector capital expenditure, particularly in industries aligned with infrastructure, energy transition, and electronics manufacturing.

Fiscal Policy and Infrastructure Push

The Government of Indias fiscal strategy remains anchored in a capex-led growth model, with sustained public investment in infrastructure acting as a catalyst for private investment. Investments across transportation, logistics, renewable energy, and urban infrastructure continue to generate multiplier effects across sectors.

At the same time, the government remains committed to fiscal consolidation, targeting a gradual reduction in the fiscal deficit to below 4.5% of GDP over the medium term. This balanced approach-combining growth- oriented spending with fiscal prudence-has strengthened investor confidence and enhanced macroeconomic stability.

Structural Reforms and Economic Transformation

Structurally, Indias growth outlook is being reinforced by ongoing reforms and strategic initiatives such as the Production Linked Incentive (PLI) schemes, “Make in India,” and the PM Gati Shakti National Master Plan. These initiatives are enhancing manufacturing competitiveness, strengthening supply chain integration, and improving logistics efficiency. Additionally, the rapid digitalization of the economy, expansion of financial inclusion, and increasing formalization are broadening the tax base and improving credit accessibility, thereby strengthening the overall economic ecosystem.

Outlook and Sectoral Implications

Looking ahead, Indias economic outlook remains robust despite external headwinds. While global demand conditions may exert some pressure on exports, strong domestic drivers are expected to provide a significant buffer. The continued focus on infrastructure development, energy transition, and digital transformation positions India to sustain medium-term growth momentum. For sectors such as power, transmission, and EPC infrastructure, this macroeconomic environment presents a structurally favorable opportunity landscape, supported by policy alignment, capital availability, and long-term demand visibility.

Sources:

• International Monetary Fund (IMF) - World Economic Outlook Reports

• World Bank - Global Economic Prospects

• Reserve Bank of India (RBI) - Annual Reports and Monetary Policy Statements

• Press Information Bureau (PIB) - Ministry of Finance Economic Updates

GDP Growth Projections (%)

Entity/ Region	2025-26 (Estimated)	2026-27 (Projected)	2027-28 (Projected)
Global Economy (IMF)	3.30%	3.10%	3.20%
India (IMF)	7.60%	6.50%	6.50%
India (RBI)	7.60%	6.90%	-
India (World Bank)	7.00%	6.60%	6.70%

Sources:

• International Monetary Fund (IMF) - World Economic Outlook, April 2026

• Reserve Bank of India (RBI) - Monetary Policy Statement (April 8, 2026)

• World Bank - Global Economic Prospects (January/June Updates)

Industry Overview

Global Power Sector

In FY 2025-26, the global power sector continues its structural shift toward low-emission sources, with renewables sustaining a dominant share of incremental electricity generation. Accelerated deployment of solar and wind capacity is reinforcing the transition toward a cleaner and more resilient energy mix.

The global power sector is undergoing a structural transformation driven by electrification, decarbonization imperatives, and expansion of digital infrastructure. Global electricity demand remains robust, growing by approximately 4% in 2024 and expected to sustain a growth trajectory of around 3-3.5% through 2026, led primarily by emerging economies and new-age demand drivers such as electric vehicles, data centers, and climate-driven consumption.

A key defining trend is the increasing dominance of low- emission energy sources. Investments in solar, wind, nuclear, and energy storage continue to outpace fossil fuel-based investments, with renewables expected to meet the majority of incremental electricity demand. While fossil fuels continue to support base-load requirements, the long-term shift toward a lower-carbon energy mix remains firmly established.

Simultaneously, the global energy ecosystem is transitioning toward more decentralized and flexible systems. The rise of distributed energy resources, alongside expansion of large-scale renewable capacity, is creating a hybrid energy architecture that requires significant investments in transmission networks, grid modernization, and digital monitoring systems to manage intermittency and ensure reliability.

Indias Position

India continues to play a pivotal role in the global power landscape, with electricity demand expected to grow at a robust pace of around 6%-7% annually over the medium term, outpacing most major economies. This growth is driven by strong economic activity, rising urbanization, increasing cooling demand, and rapid expansion of digital infrastructure.

The country is also witnessing a structural shift toward clean energy, supported by ambitious renewable capacity targets and policy initiatives.

While coal-based generation continues to provide base- load stability, the share of renewable energy-particularly solar-is increasing steadily, with solar power expected to contribute a significant portion of Indias electricity mix in the coming years.

Indias dual focus on capacity expansion and energy transition positions it as a key contributor to global electricity demand growth. Continued investments in transmission infrastructure, renewable energy integration, and grid modernization are expected to strengthen system reliability and support the countrys long-term sustainable growth trajectory.

Indian Power Industry Overview

India continues to be one of the largest electricity markets globally, ranking among the top producers and consumers, with installed capacity exceeding 520 GW as of FY 2025- 26. The sector is witnessing strong structural growth driven by rising demand, rapid renewable expansion, and ongoing grid modernization.

The Indian power sector has entered a structurally accelerated growth phase, supported by strong policy direction, rising electricity demand, and rapid expansion of renewable energy capacity. As of March 2026, Indias total installed power capacity stands at approximately 524.26 GW, with non-fossil fuel sources contributing over 53% of the total mix. This milestone marks an early achievement of Indias Nationally Determined Contribution (NDC) target, underscoring a decisive shift toward a cleaner and more sustainable energy ecosystem. The sector has transitioned from a historically deficit-driven framework to a structurally surplus and reliability-focused system, capable of supporting high-growth economic activity.

Capacity expansion in recent years has been both rapid and structural in nature. India has witnessed record additions in renewable energy, with solar emerging as the dominant contributor, alongside steady growth in wind and hydro segments. This expansion has been instrumental in meeting rising peak demand, which reached approximately 245 GW during FY 2025-26, with negligible supply shortages. The improvement in demand-supply balance reflects enhanced generation capacity, better grid management, and strengthened transmission infrastructure. At the same time, per capita electricity consumption has shown a consistent upward trend, driven by industrialization, urbanization, and increased electrification across sectors.

A defining feature of the Indian power sector is the structural shift toward non-fossil capacity. As of early 2026, the capacity mix is characterized by

• Total Installed Capacity: -524.26 GW

• Non-Fossil Capacity: Over 280 GW (including renewable energy, hydro, and nuclear)

• Solar Capacity: Exceeding 150 GW

While thermal power continues to play a critical role in ensuring grid stability and base-load supply, its share in the overall capacity mix is gradually declining. The sector is increasingly moving toward hybrid and round-the- clock (RTC) renewable solutions, integrating solar, wind, and storage technologies to ensure reliability alongside sustainability.

Transmission and distribution infrastructure are emerging as critical enablers of this transition. The National Electricity Plan (Transmission) outlines a long-term roadmap, including:

• Expansion to ~6.48 lakh circuit kilometers of transmission network

• Transformation capacity exceeding 2,300 GVA by 2032

• Deployment of 765 kV AC and ?800 kV HVDC corridors

• Development of Green Energy Corridors for renewable integration

Indias Transmission Network Expansion

On the distribution side, structural reforms are being implemented to improve the financial and operational health of DISCOMs. The Revamped Distribution Sector Scheme (RDSS) is driving investments in smart metering, infrastructure upgrades, and loss reduction, with a focus on enhancing efficiency and service reliability. These reforms are critical to ensuring that gains achieved in generation and transmission are effectively translated into last-mile delivery.

Policy support continues to play a central role in shaping the sectors growth trajectory. Key government initiatives include:

• Production Linked Incentive (PLI) scheme for solar manufacturing

• Renewable energy incentives and infrastructure support programs

These initiatives have created a conducive investment environment, attracting significant capital inflows across generation, transmission, storage, and digital infrastructure.

Looking ahead, the Indian power sector presents a structurally strong growth outlook, driven by sustained demand, policy continuity, and technological advancements. The increasing integration of renewable energy, coupled with the need for grid modernization and storage solutions, is expected to create significant opportunities across the value chain. For EPC and infrastructure players, this evolving landscape offers scalable and long-term opportunities, particularly in high-voltage systems, grid infrastructure, and specialized engineering solutions supporting Indias transition toward a reliable, resilient, and low-carbon energy system.

Sources:

• International Energy Agency (IEA) - Electricity 2024/2025 Analysis (Referenced in Global Power Industry and Global Demand sections)

• India Brand Equity Foundation (IBEF) - Power Sector Report (October 2025) (Referenced in Indian Power Industry Overview and Demand Growth sections)

• Press Information Bureau (PIB) - Year-End Review of Ministry of New & Renewable Energy (Referenced in Renewable Energy and Government Initiatives sections)

• Central Electricity Authority (CEA) - Executive Summary of Power Sector (Referenced in Grid Modernization and Indian Power Industry sections)

FY	Total Generation (BU)	YoY Growth (%)	Key Driver / Macro Milestone
20-21	1,381.86	-0.52%	Lockdown impact; Low industrial demand.
21-22	1,491.86	7.96%	Post-pandemic recovery; V-shaped demand curve.
22-23	1,624.47	8.89%	Highest growth in a decade; extreme summer demand.
23-24	1,739.09	7.06%	Cooling and manufacturing sector momentum.
24-25	1,829.70	5.21%	Peak demand crossed 250 GW milestone.
TiLL Sep 25	938.45	-	First half (H1) performance snapshot.

 

FY	Thermal (Coal, Gas, Diesel)	Hydro (Large)	Nuclear	RES* (Solar, Wind, Bio, Small Hydro)	Total Installed Capacity
20-21	234.73	46.21	6.78	94.43	382.15
21-22	236.11	46.72	6.78	109.89	399.5
22-23	236.68	46.85	6.78	125.16	416.47
23-24	243.22	46.93	7.48	144.34	441.97
24-25	247.68	47.08	8.1	172.58	475.44
25-26*	248.5	51.41	8.78	215.52	524.26

(GW - Gigawatt, BU - Billion Unit;)

*Note-FY 2025-26 data is the latest available as of April 8, 2026. The RES (Renewable Energy Sources) category incLudes SoLar, Wind, Biomass, and SmaLL Hydro.

Sources:

• Central Electricity Authority (CEA): Monthly Executive Summary - March 2026 & April 2026 Updates

• National Power Portal (NPP): All India Installed Capacity Dashboard (Accessed April 15, 2026)

• Press Information Bureau (PIB): “Indias Power Sector - Record CLean Energy Deployment 2025-26”

• Ministry of Power: Power Sector at a GLance (Updated ApriL 2026)

Key Growth & Sectoral Drivers (India)

Indias electricity demand is undergoing a structural transformation, transitioning from cyclical growth patterns to a sustained, multi-driver expansion trajectory. According to estimates by the International Energy Agency (IEA), Indias power demand is expected to grow at approximately 6-6.5% annually over the medium term, significantly outpacing global averages. This growth is anchored in a combination of industrial expansion, urbanization, digitalization, and increasing electrification across sectors, positioning electricity as a core driver of economic activity rather than a derived outcome.

Industrial demand remains a primary contributor to base-load consumption, supported by government-led initiatives such as “Make in India” and the Production Linked Incentive (PLI) schemes. These initiatives are catalyzing investments in energy-intensive sectors including electronics manufacturing, semiconductors, specialty chemicals, and metals. The development of integrated industrial corridors and logistics infrastructure under the PM Gati Shakti National Master Plan is further strengthening demand visibility, ensuring that power consumption grows in tandem with manufacturing output and supply chain expansion.

A critical emerging variable in Indias demand profile is the increasing sensitivity to temperature-driven consumption, particularly due to the rapid penetration of air conditioning and cooling solutions. While overall air conditioner penetration remains relatively low compared to global benchmarks, recent years have witnessed strong growth in unit sales, significantly increasing peak load volatility. Empirical trends indicate that incremental increases in temperature can lead to sharp spikes in electricity demand, placing pressure on grid stability during extreme weather conditions. As a result, cooling demand is expected to become one of the largest contributors to peak electricity consumption over the next decade, necessitating flexible generation capacity and advanced grid management systems.

In parallel, the rapid expansion of digital infrastructure is creating high-density, reliability-sensitive demand centers. Data centers, driven by cloud computing, artificial intelligence, and digital services, are emerging as a significant source of incremental electricity demand. These facilities require uninterrupted power supply, high redundancy, and stable voltage conditions, thereby increasing the need for robust transmission networks and specialized electrical infrastructure. Indias data center capacity is expected to scale substantially over the next five to seven years, with power consumption from this segment growing at a faster pace than overall electricity demand.

The electrification of mobility is another key structural driver. The adoption of electric vehicles (EVs), supported by government incentives and policy frameworks, is gradually increasing electricity consumption across both urban and semi-urban regions. Unlike traditional demand segments, EV charging introduces a decentralized and time-sensitive load profile, requiring grid strengthening at the distribution level and the development of smart charging infrastructure. Over time, the integration of EVs with grid systems may also create opportunities for demand-side management and energy storage through vehicle-to-grid (V2G) technologies.

Overall, Indias electricity demand growth is becoming increasingly multi-dimensional, driven by a convergence of industrial, climatic, and technological factors. This evolving demand profile requires not only capacity addition but also significant investments in grid flexibility, storage solutions, and digital infrastructure. For the power and EPC ecosystem, these trends translate into sustained opportunities across generation, transmission, distribution, and specialized electrical engineering segments, reinforcing the sectors long-term structural growth outlook.

Sources:

• International Energy Agency (IEA) - Electricity 2025: Analysis and Forecast to 2027

• Central Electricity Authority (CEA) - 20th Electric Power Survey of India (Volume-I)

• Deloitte Asia Pacific - Powering Asia Pacifics Data Centre Boom Report

• Press Information Bureau (PIB) - Power Demand and Generation Capacity Update (February 2026)

FY	Peak Demand (GW)	Peak Met (GW)	Shortage (%)	Key Driver / Record Date
20-21	190.2	189.4	0.40%	Post-lockdown industrial restart.
21-22	203.01	200.54	1.20%	V-shaped recovery in demand.
22-23	215.89	207.23	4.00%	Extreme summer heatwaves (H1).
23-24	243.27	239.93	1.40%	Manufacturing & cooling demand surge.
24-25	249.86	249.85	0.00%	All-time High: 250 GW Met (May 30, 2024).
25-26*	245.44	245.42	0.03%	Peak Met on Jan 9, 2026 (Winter Peak).

Power Transmission & Grid Modernization

Indias power transmission network is rapidly evolving into a critical backbone for a clean, integrated, and future-ready energy ecosystem, enabling large-scale renewable integration and grid reliability.

The expansion and modernization of Indias power transmission infrastructure has become a critical enabler of the countrys energy transition, particularly in the context of achieving 500 GW of non-fossil fuel capacity by 2030. As renewable energy generation is geographically concentrated in resource-rich regions such as Rajasthan and Gujarat, while demand centers are distributed across industrial and urban clusters, the role of a robust and high-capacity transmission network has become increasingly strategic. This structural decoupling of generation and consumption necessitates the development of long-distance, high-efficiency transmission corridors capable of handling large-scale power evacuation with minimal losses.

Indias transmission network has witnessed significant expansion over the past decade and continues to scale in line with future demand requirements. This expansion is essential to facilitate seamless power flow across regions, strengthen grid resilience, and enable efficient integration of renewable energy into the national grid.

A key technological shift within the transmission segment is the increasing adoption of Extra High Voltage (EHV) and High Voltage Direct Current (HVDC) systems. Infrastructure such as 765 kV AC lines and ?800 kV HVDC corridors are being deployed to enable bulk power transfer over long distances while minimizing transmission losses and optimizing right-of-way constraints. These systems are particularly critical for connecting large renewable energy zones to load centers and ensuring grid stability in a high renewable penetration scenario.

In parallel, the sector is undergoing a transition toward grid digitalization and intelligent network management. Advanced technologies such as Phasor Measurement Units (PMUs), real-time monitoring systems, and automated grid control mechanisms are enhancing visibility and operational efficiency. The concept of “smart grids” is gaining traction, enabling predictive maintenance, faster fault detection, and improved load management. Emerging technologies such as digital twins are further strengthening planning and operational capabilities by allowing simulation-based decision- making and scenario analysis.

Grid flexibility is emerging as a central theme in transmission planning, driven by the increasing share of variable renewable energy (VRE).

From an investment perspective, the transmission and distribution segment is expected to witness substantial capital deployment over the next decade, driven by both public and private sector participation. The increasing adoption of Tariff-Based Competitive Bidding (TBCB) has enhanced transparency and efficiency in project allocation, creating a structured pipeline of opportunities for EPC players and infrastructure developers.

Overall, the transformation of Indias transmission ecosystem is not merely an expansion exercise but a strategic modernization initiative aimed at building a resilient, flexible, and future-ready grid. As the energy mix becomes increasingly renewable and decentralized, the importance of high-voltage infrastructure, digital integration, and storage-enabled networks will continue to rise. For specialized EPC players, this evolving landscape presents significant opportunities in high- voltage systems, substation development, and advanced grid solutions, forming a critical backbone for Indias long-term energy transition.

Sources:

• Press Information Bureau (PIB) - Renewable Energy Integration & GEC Updates (March 2026)

• Central Electricity Authority (CEA) - National Electricity Plan (Volume II: Transmission)

• Observer Research Foundation (ORF) - Digital Twins for Indias Smart Grid Transformation (December 2025)

• Grid Controller of India (Grid-India) - Monthly Operational Performance Reports

Renewable Energy & Solar Sector Overview

Indias renewable energy sector continues to witness strong momentum, with capacity surpassing 170 GW in FY 2025-26, driven by policy support, rising investments, and accelerated solar and wind deployment. The country remains among the leading global renewable markets, advancing steadily toward its long-term clean energy targets.

Renewable energy has decisively transitioned from a peripheral component to the centerpiece of Indias power sector growth, with solar energy acting as the primary engine of this metamorphosis.

In FY 2025-26, India achieved a historic landmark by crossing 150 GW of cumulative installed solar capacity, supported by a record-breaking annual addition of 44.61 GW-neariy double the additions of the previous year. This expansion is bifurcated between utility-scale “mega-parks” and a rapidly accelerating distributed solar segment, which was catalyzed by a “rooftop revolution.”

Wind power has also witnessed a strategic resurgence, recording its highest-ever annual addition of 6.05 GW in FY 2025-26, bringing total wind capacity to 56.09 GW. The sector is now shifting toward Integrated Renewable Energy Projects (IREPs) and Firm and Dispatchable Renewable Energy (FDRE) tenders.

By combining solar, wind, and storage solutions like Battery Energy Storage Systems (BESS) and Pumped Storage Projects (PSP), the industry is increasingly capable of providing “Round-the-Clock” (RTC) power that competes directly with traditional thermal base loads. With total non-fossil capacity (including large hydro and nuclear) reaching 283.46 GW-representing over 52.3% of the total installed base-the dominance of clean energy underscores its role as the primary vehicle for achieving Indias long-term decarbonization roadmap and strategic energy independence.

Key Growth Drivers

• Aggressive Policy & Residential Incentives: The launch of the PM Surya Ghar: Muft Bijli Yojana has been a structural game-changer, aiming to solarize one crore households. This initiative helped push rooftop solar capacity past the 25 GW mark in 2026, creating a decentralized generation network that reduces pressure on the macro-grid.

• Domestic Manufacturing & PLI Momentum: The Production Linked Incentive (PLI) scheme has successfully scaled Indias solar module manufacturing capacity to 172 GW, up from just 74 GW a year prior. This has drastically reduced import dependency and insulated the domestic sector from global supply chain volatility and price fluctuations.

• Infrastructure & Evacuation Efficiency: The expansion of the Green Energy Corridor (GEC) and the waiver of Inter-State Transmission System (ISTS) charges for renewable projects have significantly lowered the levelized cost of energy (LCOE). These measures facilitate the seamless flow of green power from resource-rich states like Rajasthan and Gujarat to high-demand industrial hubs.

• Technological Shift to RTC & Hybrids: To manage the intermittency of renewables, the industry has pivoted toward hybrid projects. The integration of storage and the development of Hybrid Energy Parks ensure a more stable and dispatchable generation profile, meeting the national peak demand which reached 245.42 GW during the 2025-26 cycle.

Sources:

• Press Information Bureau (PIB): “India Ranks Third Globally in Renewable Energy Capacity” (April 10, 2026)

• Central Electricity Authority (CEA): Monthly Executive Summary - March 2026 & Renewable Energy Generation Reports

• Ministry of New and Renewable Energy (MNRE): Annual Performance Review 2025-26 and Solar/Wind Capacity Status

• Times of India / Energetica India: “India adds a record 51 GW of renewable capacity in FY26” (April 9, 2026)

FY	Renewable Energy (Excl. Large Hydro)	Large Hydro Capacity	Total Renewable Capacity	YoY Growth (%)
20-21	94.43	46.21	140.64	-
21-22	109.89	46.72	156.61	11.35%
22-23	125.16	46.85	172.01	9.83%
23-24	144.15	46.93	191.08	11.09%
24-25	172.58	47.08	219.66	14.96%
25-26	223.27	51.41	274.68	25.05%

This table tracks the growth of Indias renewable energy capacity (including Large Hydro) from the post-pandemic recovery phase through the record-breaking expansion of FY 2025-26.

Installed Renewable Capacity Breakup (GW)

Renewable Energy Source	Installed Capacity (GW)	% Share in Total RE
Solar Power	150.26	54.70%
- Utility Scale	110.43	-
- Rooftop Solar	25.73	-
- Off-Grid / PM-KUSUM	14.1	-
Wind Power	56.09	20.40%
Large Hydro Projects	51.41	18.70%
Bio-Power (Biomass/Cogen/Waste-to-Energy)	11.75	4.30%
Small Hydro Power	5.17	1.90%
Total Renewable Capacity	274.68	100%

Indian Solar Power Sector Overview

Indias solar power sector continues its strong growth trajectory in FY 2025-26, surpassing 100 GW capacity and reinforcing its position as one of the worlds leading solar markets with sustained policy and investment support.

The Indian solar power sector has undergone a historic metamorphosis, evolving from a supplementary energy source to the primary engine of the national grids expansion. As of the conclusion of FY 2025-26, India has emerged as a leading renewable energy market, securing the third rank globally in total renewable energy installed capacity, trailing only China and the USA.

Key Statistics (FY 2025-26 Results)

• Cumulative Solar Capacity: Reached 150.26 GW as of March 31, 2026, representing the single largest component of Indias 274.68 GW renewable energy base.

• Historic Annual Addition: India added a record 44.61 GW of solar capacity in FY 2025-26, significantly exceeding all previous annual benchmarks.

• Segmented Breakup:

• Utility-Scale Solar: 110.43 GW (forming the backbone of the ISTS-connected grid).

• Rooftop Solar: 25.73 GW (reflecting a massive surge in decentralized generation).

• Off-Grid/PM-KUSUM: 14.10 GW (dedicated primarily to agricultural and rural electrification).

• Generation Contribution: Solar-led non-fossil sources contributed 29.2% (538.97 BU) of the total national electricity generation of 1,845.92 BU during the fiscal year.

• Operational Peak: In July 2025, renewable energy sources, spearheaded by solar, met 51.5% of the countrys total electricity demand (203 GW) in a single day.

• Manufacturing Prowess: Domestic solar module manufacturing capacity surged to ~172 GW, allowing the nation to reduce solar module imports by nearly three-fold-from $2,152 million in FY25 to **$758 million** in FY26.

Government Initiatives & Policy Support

The growth momentum of Indias solar power sector continues to be strongly supported by targeted government initiatives aimed at expanding energy access and strengthening domestic manufacturing capabilities.

Flagship programs such as the PM Surya Ghar: Muft Bijli Yojana have accelerated rooftop solar adoption, benefiting millions of households, while the PM-KUSUM scheme has significantly advanced solarization in the agricultural sector by enabling widespread deployment of solar pumps and reducing dependency on conventional power sources. On the industrial front, policy frameworks such as the Production Linked Incentive (PLI) scheme and the Approved List of Models and Manufacturers (ALMM) have fostered the development of a robust domestic solar manufacturing ecosystem, enhancing supply chain resilience and reducing import dependence. Collectively, these initiatives continue to provide a strong policy foundation for sustained growth, investment inflows, and long-term energy transition in the solar sector.

Top 10 States by Solar Power Capacity (As of March 31, 2026)

Rank	State	Installed Solar Capacity (GW)	FY 2025-26 Addition (GW)
1	Rajasthan	41.01	12.25
2	Gujarat	29.3	9.88
3	Maharashtra	19.62	8.47
4	Tamil Nadu	15.35	5.04
5	Karnataka	12.42	2.73
6	Andhra Pradesh	7.4	1.99
7	Telangana	6.15	1.31
8	Madhya Pradesh	6.12	0.96
9	Uttar Pradesh	5.85	2.48
10	Haryana	3.5	1.4

Note: Generation figures are based on FY 2024-25 totals as reported by the NITI Aayog Energy Dashboard and CEA Monthly reports. Installed capacity is as of October- November 2025.

Sources:

• Press Information Bureau (PIB) - Year-End Review of Ministry of Power & MNRE 2025

• Central Electricity Authority (CEA) - Renewable Energy Generation Reports (Jan/Feb 2026)

• NITI Aayog - India Climate & Energy Dashboard (ICED) Generation Data

• Ministry of New and Renewable Energy (MNRE) - State-wise Capacity Status (As on 30.11.2025)

Airport Infrastructure Development in India

Indias airport infrastructure expansion remains relevant for PIGL because airport projects require reliable electrical distribution, airfield power systems, substations, backup power and precision execution. Indias airport network expanded from 74 airports in 2014 to 157 airports by early 2026, with a stated roadmap to reach 220 airports by 2030. These investments create demand for airfield lighting, HT/

LT distribution, terminal electrical systems and energy- management infrastructure. For PIGL, the opportunity is anchored in its airport electrification credentials and FY 2025-26 airport-related order wins.

Key Figures and Company Opportunity

• Airport Network: Expanded from 74 airports in 2014 to 157 airports by early 2026, with a roadmap to reach 220 airports by 2030.

• Modernization Demand: Terminal expansion, airfield infrastructure and power supply systems require specialized electrical execution.

• PIGL Opportunity: Airfield lighting systems, high- tension electrical distribution, substation works, backup power and energy-management systems.

Sources:

• Press Information Bureau (PIB): “Year-End Review 2025: Ministry of Civil Aviation Landmarks”

• India Brand Equity Foundation (IBEF): Aviation Industry in India Report (October 2025)

• Airports Authority of India (AAI): AnnuaL Traffic and Capex Performance Data 2025-26

• Deloitte/CAPA India: Indian Aviation Outlook FY 2026

Solar Power Sector

Indias solar power sector remained a key driver of renewable capacity expansion in FY 2025-26, with cumulative solar capacity reaching 150.26 GW as on March 31, 2026. For PIGL, the relevant opportunity is not generation ownership, but Solar EPC, rooftop and industrial solar implementation, renewable evacuation infrastructure and reliable electrical integration for commercial and institutional customers.

Key Targets / Figures / Company Opportunity

• Cumulative solar capacity: 150.26 GW as on March 31, 2026.

• FY 2025-26 solar addition: 44.61 GW, reinforcing execution opportunity in solar-linked infrastructure.

• Segment mix: utility-scale, rooftop and off-grid solar create both centralized and distributed EPC opportunities.

• Domestic manufacturing: solar module manufacturing capacity around 172 GW supports supply-chain resilience and project execution visibility.

• PIGL Opportunity: Solar EPC, rooftop / C&I installations, HT/LT evacuation, substations, backup power and energy-management integration.

Sources:

• Press Information Bureau (PIB): Renewable Energy Capacity and Solar Capacity, FY 2025-26

• Ministry of New and Renewable Energy (MNRE): Physical Progress / Renewable Capacity Data

• Central Electricity Authority (CEA): Renewable Energy Generation and Installed Capacity Reports

• National Power Portal / NITI Aayog ICED: Renewable and solar capacity dashboards

Extra High Voltage (EHV) Segment Opportunities in India

Indias EHV opportunity is driven by renewable evacuation, long-distance power transfer and urban load growth. As renewable generation is concentrated in resource-rich states such as Rajasthan and Gujarat, stronger 765 kV AC and ?800 kV HVDC corridors are required to connect generation zones with load centres. For PIGL, the relevant opportunity lies in EHV substations, GIS / urban systems, renewable evacuation works and grid-linked electrical infrastructure, subject to project scope and technical qualification.

Key Drivers and Opportunity Lens

• Renewable evacuation: EHV corridors and substations for bulk RE power transfer.

• GEC / transmission planning: grid expansion supports execution-led EPC opportunities.

• Inter-regional capacity: 143 GW by 2027 and 168 GW by 2032 support high-voltage infrastructure.

• Urban load density: GIS / urban power systems and underground cabling opportunities.

• Automation and reactive-power systems: future opportunity areas, subject to project scope and qualification.

Sources:

• Central Electricity Authority (CEA): National Electricity Plan (Volume II: Transmission) 2022-2032

• Press Information Bureau (PIB): “Government Approves Phase-II of Green Energy Corridor” (PRID: 1788107)

• Grid Controller of India (Grid-India): Monthly Operational Performance Report (February 2026)

• Deloitte/CRISIL: Infrastructure Sector Outlook - Transmission & EHV Segment Analysis 2025-26

Company Strategic Overview

The Company, incorporated in 1975, has evolved into a well-established and trusted player in the electrical EPC and power infrastructure domain, with a strong legacy built under the leadership of its promoter, whose strategic vision and execution-driven approach have enabled consistent growth and market credibility. The organization operates across a diversified spectrum of electrical contracting services, encompassing transmission, distribution, substation development, and emerging renewable-linked infrastructure, positioning itself as a comprehensive solutions provider to industrial, commercial, and government clients.

Over the years, the Company has strengthened its marke positioning by catering to a balanced mix of public sector undertakings, large corporates, and institutional clients, thereby mitigating concentration risks while enhancing revenue visibility. Its operational capabilities are anchored in end-to-end project execution, from design and engineering to procurement, installation, and commissioning, supported by a skilled workforce and established vendor ecosystem. The business model is primarily EPC-driven, with a focus on high- value electrical infrastructure projects, including extra high voltage systems and integrated energy solutions, reflecting alignment with evolving sectoral dynamics.

The Companys service portfolio spans core electrical contracting, substation construction, transmission infrastructure, distribution and solar EPC projects, enabling it to participate across multiple segments of the power value chain. With proven project execution capabilities and adherence to quality and timelines, the Company has successfully delivered projects across diverse geographies, establishing a strong regional presence with gradual expansion into new markets. Its order book, estimated at RG94.29 crore as of FY 2025- 26, provides robust revenue visibility and is supported by a healthy pipeline of upcoming opportunities driven by increasing investments in power infrastructure and energy transition initiatives. Overall, the Company remains strategically positioned to capitalize on sectoral growth trends, leveraging its technical expertise, execution track record, and expanding market footprint.

Year	Key Developments
2010	ISGTF & ISGF formed
2012	Pilot Projects Sanctioned
2013	Smart Grid Vision and Roadmap Launched
2015	NSGM Established, IS 16444 & Model SG Regulations Released, IS 15959 & National Tariff Policy Announced
2016	NSGM Operational, Model DPR & RFP Released
2018	SGKC Inaugurated
2019	NSOM Framework Launched
2021	RDSS for 250 Million Smart Meters Announced
2022	AMISP Standard Bidding Documents Released
2023	60 Lakh Smart Meters Installed
2024	1 Crore Smart Meters Target, Progressing
FY26	Order Book Crossed RG90 Crore Led by Substation, Transmission & Electrification Wins; Strategic Collaborations Strengthened Design & Execution Capabilities; Stake in PEC Limited Advanced Backward Integration and Manufacturing Scale-Up

Environmental, Social, and Governance

• Environmental Stewardship: The Company is a primary engine of Indias energy transition, having crossed 150 GW of cumulative solar capacity by late FY 2025-26. By scaling its Solar EPC and EHV transmission capabilities, the Company directly supports the national target of 500 GW of non-fossil capacity by 2030. Furthermore, the strategic focus on reducing solar module import dependency through domestic manufacturing aligns with “Atmanirbhar” sustainability.

• Social Impact & Inclusion: Through participation in the RDSS and PM-KUSUM schemes, the Company is improving power quality and reliability in rural and semi-urban corridors. These initiatives empower decentralized “prosumers” and support agricultural solarization, directly benefiting millions of households and reducing the carbon footprint of irrigation.

• Corporate Governance: The Company maintains a robust Internal Financial Control (IFC) framework in strict compliance with the Companies Act, 2013. Governance is reinforced through independent internal audits, risk- based assessment mechanisms, and a transparent multi-level billing certification process to ensure financial integrity and revenue assurance

SWOT Analysis

Geographic Concentration: A substantial portion of the Companys project portfolio remains clustered within Gujarat and neighboring Western Indian states. While this proximity provides a logistical advantage and operational efficiency, it exposes the order book to localized economic shifts or regional regulatory changes.

Scaling Complexity in EHV & GIS: As the Company transitions from traditional 400kV backbones to specialized 765kV EHV and Gas Insulated Substations (GIS), the technical precision required for execution increases significantly. These projects involve higher entry barriers and multi-stakeholder coordination, where any delays in specialized equipment procurement or site-level engineering can impact overall project margins

Strengths

The Companys strengths are rooted in its long- established industry presence, strong execution track record, and evolving strategic positioning in high-growth energy infrastructure segments. With over five decades of experience and execution of 300+ projects across India, the Company has built a credible brand in electrical EPC services, particularly in critical infrastructure such as airports and government projects.

• Industry Experience and Market Presence: The Companys 50+ years of operational legacy, strong relationships with government bodies, PSUs, and reputed corporates, along with successful execution of complex infrastructure projects, positions it as a reliable EPC partner with proven technical expertise and execution capability.

• Strategic Growth Initiatives: The Companys entry into Extra High Voltage (EHV) transmission and Solar EPC, coupled with backward integration through its investment in Peaton Electricals Company Limited (PECL) and Siemens-certified manufacturing capabilities, strengthens its ability to deliver integrated and higher-value solutions aligned with Indias energy transition.

• Diversified Project Portfolio: A well-balanced project mix across airports, rural electrification, industrial infrastructure, and renewable energy reduces concentration risk. The Companys exposure to both government and private sector clients ensures revenue stability and enhances its ability to withstand sectoral fluctuations.

Weaknesses

Despite strong fundamentals, the Company faces certain structural constraints, particularly related to sectoral concentration, regional exposure, and execution complexities inherent in EPC operations.

• Sectoral Concentration: The Companys revenue is largely dependent on electrical EPC and power infrastructure projects. While diversification into renewables has commenced, a significant dependence on core contracting activities exposes it to sector- specific risks and cyclicality.

• Geographic Concentration: A considerable portion of operations remains concentrated in select regions such as Gujarat and nearby states. While this enables operational efficiency, it limits pan-India penetration and exposes the Company to localized economic or regulatory disruptions.

• Execution Complexity Risks: EPC projects inherently involve risks related to delays, cost escalations, multi-stakeholder coordination, and supply chain dependencies. As the Company scales into larger EHV and infrastructure projects, execution risks may increase, impacting margins and timelines if not managed effectively.

Opportunities

The Company is weii-positioned to benefit from Indias infrastructure-led growth and accelerating energy transition, supported by strong policy push and rising electricity demand.

• Expansion in Transmission Segment: With significant investments planned in transmission infrastructure to support renewable integration and rising demand, the Companys entry into the EHV segment creates access to large-scale, high-margin projects and long-term growth opportunities.

• Growth in Solar EPC and Renewables: Indias aggressive renewable capacity targets provide a strong opportunity for expansion in Solar EPC. The Companys strategic positioning enables it to capture demand from industrial, commercial, and government segments transitioning toward clean energy solutions.

• Government Infrastructure Investments: Continued government focus on infrastructure development, including airports, smart cities, rural electrification, and industrial corridors, provides a robust pipeline of opportunities. The Companys established track record in executing government projects enhances its ability to secure large contracts.

Threats

The Company operates in a competitive and regulated environment, where external risks related to market dynamics, compliance, and financial cycles may impact performance.

• Competitive Intensity: The EPC sector is highly competitive, with the presence of large organized players and regional contractors. Increasing competition may lead to pricing pressures, impacting margins and order acquisition.

• Regulatory and Compliance Risks: The Company is subject to evolving regulatory frameworks, including environmental, safety, and contractual compliance requirements. Any changes in policies or delays in approvals may affect project execution and cost structures.

• Payment Delays and Working Capital pressure: A significant portion of projects involves government and institutional clients, where payment cycles can be extended. Delayed receivables may increase working capital requirements and financing costs, impacting liquidity and operational flexibility.

Risk Management Framework

Risk Category	Description
Business Risk	The Company acknowledges the risk arising from dependence on a limited set of revenue streams or clients. To mitigate this, it continues to diversify its business portfolio through expansion into new service lines, geographies, and sectors. The focus remains on building a balanced client base and enhancing value delivery through superior service quality, thereby strengthening long-term relationships and reducing exposure to price-based competition.
Operational Risks	The Companys operations and financial performance are subject to risks associated with execution challenges, evolving client requirements, and competitive pressures. Variations in project scope, delays, or inefficiencies may impact margins and timelines. Additionally, product liability risks and operational disruptions may affect overall performance, necessitating robust project management systems and continuous process improvements.
Legal & Statutory Risk	The Company operates within a well-defined compliance framework and currently does not have any significant pending litigation relating to contractual obligations. A structured compliance mechanism, supported by internal legal oversight and periodic reporting to the Board, ensures adherence to applicable laws and regulations. The Company also seeks independent legal advice, where necessary, to mitigate risks arising from regulatory changes and contractual complexities.
Human Resource Attrition Risk	Recognizing human capital as a critical asset, the Company faces risks related to attrition in a competitive talent market. To address this, it emphasizes employee engagement, competitive compensation structures, and clear career progression pathways. Continuous focus on talent retention and skill development ensures operational continuity and sustained execution capabilities.
Macroeconomic Risks	The Companys performance is influenced by macroeconomic factors such as changes in government policies, taxation, inflation, and overall economic conditions in both domestic and international markets. Any adverse developments may impact project inflows, cost structures, and execution timelines. The Company mitigates these risks through prudent financial management, market diversification, and continuous monitoring of economic indicators.
Foreign Exchange and Commodity Risks	The Company is exposed to fluctuations in foreign exchange rates and commodity prices, particularly for key raw materials used in project execution. Volatility in input costs may impact margins where cost pass-through mechanisms are limited. To mitigate such risks, the Company adopts disciplined procurement strategies, monitors market trends, and incorporates appropriate contractual safeguards wherever feasible.
Other Risks	The Company may also be exposed to residual risks such as changes in technology, cybersecurity vulnerabilities, and unforeseen environmental or force majeure events, which could impact project execution and operational continuity. Continuous monitoring, adoption of best practices, and adaptive risk management frameworks help mitigate such emerging risks.

Mitigation Strategy

The Company adopts a structured and proactive risk mitigation approach focused on diversification, operational discipline, and financial prudence. It continues to expand its presence across geographies and segments, including EHV transmission and renewable energy, to reduce dependence on any single business line or region. Strong project management practices, vendor optimization, and technology adoption support efficient execution and cost control, while backward integration through manufacturing initiatives enhances supply chain reliability. The Company also maintains prudent working capital management, conducts rigorous pre-bid due diligence, and strengthens client relationships to mitigate payment risks, thereby ensuring sustainable growth and resilience in a dynamic business environment.

Internal Review Mechanisms - Key Control Areas

Project Cost Controls

The Company follows a structured project cost control framework to ensure adherence to approved budgets and safeguard margins across EPC assignments. At the time of project initiation, detailed cost estimates and budget allocations are prepared based on engineering specifications, resource planning, and contractual terms. Periodic variance analysis is conducted comparing actual costs with budgeted estimates, with deviations reviewed by project management and finance teams.

Key cost heads such as material consumption, subcontracting expenses, and labor costs are closely monitored. Any cost overruns are escalated through defined approval matrices, and corrective actions are implemented to maintain financial discipline. The Company also undertakes project-wise profitability reviews at regular intervals to ensure alignment with expected margins and overall financial objectives.

Vendor Onboarding

The Company has established a formal vendor onboarding and evaluation process to ensure quality, reliability, and cost efficiency in procurement. Vendors are selected based on predefined criteria including technical capability, financial strength, past performance, and compliance with statutory and quality standards. A due diligence process is carried out prior to empanelment, and vendors are categorized based on the nature of supplies and services. Periodic performance evaluations are conducted based on delivery timelines, quality benchmarks, and pricing competitiveness. The Company maintains an approved vendor list, and procurement is routed through standardized processes to ensure transparency, competitive pricing, and risk mitigation.

Billing Certification

Billing and revenue recognition are governed by a structured certification process aligned with contractual milestones and project progress. Running account (RA) bills and final bills are prepared based on work completed and are verified by site engineers, project managers, and client representatives, wherever applicable. Internal checks ensure that all billings are supported by measurement records, work completion certificates, and contractual terms. The finance team reviews billing documentation to ensure compliance with accounting standards and proper revenue recognition. This multi- level certification mechanism minimizes the risk of billing discrepancies and strengthens revenue assurance.

Receivables Monitoring

The Company maintains a disciplined receivables management system to ensure timely collection and efficient working capital utilization. Receivables are tracked on a project-wise and client-wise basis, with defined credit terms aligned to contractual agreements. Ageing analysis is carried out periodically to identify overdue receivables, and follow-up mechanisms are implemented through coordination between project, finance, and client servicing teams. High-value or delayed receivables are escalated to senior management for resolution. The Company also undertakes periodic review of provisioning requirements and adopts measures such as milestone-based billing and contractual safeguards to mitigate credit risk and strengthen cash flow visibility.

Audit and Internal Control System

The Company has established an adequate Internal Financial Control (IFC) framework in compliance with the Companies Act, 2013, ensuring orderly and efficient conduct of business operations. The internal control system encompasses well-defined policies and procedures for safeguarding assets, preventing and detecting frauds and errors, and ensuring accuracy and completeness of accounting records along with timely preparation of reliable financial information. A structured risk-based assessment mechanism is followed, wherein key processes and accounts are identified, associated controls are mapped, and periodic testing is conducted to evaluate operating effectiveness. Internal audits are carried out independently, and necessary remediation measures are implemented to address identified gaps, thereby strengthening governance and control environment.

Human Resource

The Company recognizes human capital as a critical enabler of its growth and operational excellence. It fosters a professional and performance-driven work culture built on core values of integrity, commitment, speed, and teamwork. The Company focuses on attracting skilled talent and retaining employees through competitive compensation, continuous learning opportunities, and defined career progression paths. Employee engagement and capability development remain key priorities to support execution of complex projects. As on March 31, 2026, the total employee strength of the Company stood at 61, reflecting a balanced mix of technical and managerial personnel.

Accounting Policies

The Company follows consistent and prudent accounting policies, applied in line with applicable Accounting Standards prescribed under the Companies Act, 2013. Financial statements are prepared on an accrual basis under the historical cost convention, ensuring true and fair representation of financial performance and position. Management exercises reasonable judgment and estimates in preparation of financial statements, with appropriate disclosures made wherever required. The Company ensures compliance with all relevant guidelines issued by the Institute of Chartered Accountants of India (ICAI), maintaining transparency and reliability in financial reporting.

Cautionary Statement

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, and expectations may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors, including changes in global and domestic economic conditions, demand- supply dynamics, input costs, regulatory changes, taxation policies, and other external risks such as litigation or industrial relations. The Company undertakes no obligation to publicly update such forward-looking statements based on subsequent events or developments.