Ravindra Energy Ltd Management Discussions

We are an energy transition company focused on

(i) supply of renewable energy to customers across the government (rural feeder level solarization) and commercial and industrial sectors (open access and rooftop); and

(ii) adoption of electric vehicles in heavy commercial vehicle category by corporates and transporters. In our renewable energy business, we are primarily engaged in setting up of distributed solar energy plants and selling solar energy on long term basis to government owned electricity distribution companies (DISCOM) under rural feeder solarization scheme and commercial and industrial sectors (open access and rooftop). In our EV business, we are engaged in sale of 46 to 55-tonnes electric heavy commercial vehicles (e-HCVs) and in providing Battery-as-a-Service solution through our associate company, Energy in Motion Limited (EIM).

A) INDUSTRY STRUCTURE AND DEVELOPMENT

Renewable Energy business

The solar power sector has experienced remarkable growth between fiscal 2020-2026 (till December 2025), with a CAGR of 25% resulting in a total installed capacity of 136 GW. The sectors growth momentum continued in fiscal 2025, with a record 23.83 GW and 30.16 GW in fiscal 2026 (till December 2025) of solar capacity added due to declining module prices, competitive rates, increased focus, government thrust, widespread adoption of utility scale as well as rooftop solar installations, taking the total installed capacity to 136 GW as of December 2025.

Cumulative installed solar capacity in India

The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Component-C

Under the Component-C of the PM-KUSUM scheme, India is actively solarizing existing grid-connected agricultural pumps through both individual pump solarization and feeder-level solarization, aiming to solarize 35 lakh pumps. While significant, progress has been varied, with over 10 lakh total solar pumps (including Component-B) installed/solarized by late 2025. Component-C saw a massive surge, with 1.8 lakh pumps solarized in FY25 (till Jan-25), a 17-fold increase over the previous year. Several states, including Maharashtra, Haryana, Rajasthan, Karnataka, and Madhya Pradesh, are actively implementing these components. As of 31st January 2025, Component C (IPS) saw a cumulative achievement of only 22% whereas Component C (FLS) was at only 36.9%.

However, considering the massive consumption from agriculture category in select agrarian states of India, there is huge potential for agriculture solar pumps across country. e.g. in Maharashtra, assuming 24X7 supply and average 19% CUF for solar panels, around 24 GW of solar pumps will be required to supply power only through solar pumps. As against this, only 2.7 GW capacity is installed in the State providing a large opportunity for solarisation. A summary of expected MW requirements across key states of India if only solar power is supplied and latest available installed capacities under KUSUM is provided in following table.

Expected MW requirements if only solar power is supplied and installed capacities

Note: #For the top 9 Indian States with significant agriculture consumption *Based on 23-24 consumption and assuming 19% CUF and 24X7 Hr supply

Open Access (C&I) Segment

35-45 GW of open-access solar projects (under the capex and opex mode) is expected to be commissioned by fiscal 2031, led by green energy open access rules 2022, sustainability initiatives/RE 100 targets of the corporate consumers, better tariff structures and policies of states such as Uttar Pradesh and Karnataka, which are more long term in nature

For C&I consumers, open access power models primarily revolve around Captive, Group Captive, and Third-Party options, allowing them to source renewable energy directly, bypassing state distribution companies, with group captive being very popular for its cost savings by sharing investment and costs with other users, while third-party offers no upfront investment but involves IPP management, and captive involves full ownership for maximum long-term savings and control.

Projected annual solar capacity additions in C&I segment (FY26-FY31)

Heavy Electric Vehicle business

A tractor-trailer is a heavy commercial vehicle made up of two connected units: the tractor and the trailer. The tractor, also called the prime mover, is the powered front section with the engine and driver cabin that pulls the load, while the trailer is the rear, non-powered unit used to carry cargo such as containers, bulk goods, or industrial materials. Tractor-trailers are widely used for long-haul transportation due to their high load-carrying capacity and operational efficiency, with common applications including container movement, bulk commodity transport, industrial logistics, and long-distance freight haulage.

Tractor Trailer sub-segmental sales

The momentum reflects a decisive and sustained shift in Tractor Trailer demand towards the higher tonnage sub-segment (=46 tons and =55 tons) over fiscal 2020-2026 (till Q3). Volumes in this category rose from 8.87 thousand units in fiscal 2020 and 9.96 thousand units in fiscal 2021 to 22.62 thousand units in fiscal 2022, after which the segment witnessed a sharp scale-up in fiscal 2023-2025, reaching 49.47 thousand units in fiscal 2023, peaking at 59.94 thousand units in fiscal 2024, and remaining elevated at 56.32 thousand units in fiscal 2025. The segment has grown at a CAGR of 44.7% between FY20 and FY25, driven by structural shifts in long-haul freight and logistics efficiency.

This segment is increasingly preferred for containerized movement, bulk commodities, industrial raw materials, cement, steel, and port-to-hub transportation, where higher payload per trip significantly lowers unit freight cost. Growth has also been supported by rising hub-and-spoke logistics, dedicated freight corridors, and higher road penetration of organized fleet operators. From a vehicle standpoint, the segment benefits from higher horsepower engines (typically 180-280+ HP), strong torque output, multi-axle configurations, and improved drivetrain durability, enabling efficient movement of heavier loads over long distances. Features such as better fuel efficiency, factory-built sleeper cabins, telematics, higher gradeability, and improved braking/suspension systems have made these vehicles more productive and fleet-friendly. The ability to maximize payload within regulatory norms, improve turnaround time, and enhance driver comfort for long hauls has been a key factor driving accelerated adoption in the 46-55T TT category.

Source: SIAM

Global sales of Electric trucks

The market is expected to grow at a CAGR of 34.8% between 2025 and 2030 to reach 3.2 to 3.5 million units by 2030 which was due to convergence of economic, technological, and regulatory tailwinds. Economically, the industry is approaching a critical tipping point as the Total Cost of Ownership (TCO) for electric trucks begins to outperform diesel counterparts, particularly in urban and regional haulage where fuel and maintenance savings can reach over 50%. This is supported by significant technological advancements, including a nearly 90% decline in battery prices over the last decade. In terms of regulatory push, stringent emission norms and carbon zero pledges by corporates from key industry leaders will also enable the growth of electric trucks globally.

Segmental Sales of Global electric trucks market (CY20-CY 25)

Source: Nexdigm

55T Electric Truck Sales in China

The 55T electric truck segment in China from 2023 to 2025 witnessed exponential growth, due to transition from a niche experimental market to a high-volume industrial segment. While the overall electric truck market showed steady growth, the 55T segment experienced a massive breakout in 2025, surging from 543 units in January 2025 to a peak of 4,576 units by December 2025. While the demand for 55T electric trucks has been growing steadily due to lower TCO, LNG market decline and battery swapping technology maturity, but the specific spike towards end of 2025 was primarily due to the tax incentive changes in 2026, and some restrictions to trade-in subsidy policy. The market grew from a mere 550 units in 2023 to 22,285 units in 2025 and grew by 342% over 2024.

Source: Nexdigm

B) OPPORTUNITIES AND THREATS i) Opportunities: Renewable Energy Business

Rural Feeder Level Solarisation (FLS) scheme

PM Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) scheme promotes usage of solar energy for generating electricity to be used by farmers in India. This scheme was launched in 2019, scaled up in 2024 and it aims to add 34.8 GW by March 2026, with the support from GoI to the tune of approximately Rs 340,000 million. The current phase of PM-KUSUM scheme has concluded in March, 2026, post which Phase II of the scheme is planned to be launched.

Key Advantages of FLS including PM-KUSUM Scheme includes:

- Long-Term Revenue Visibility (25 Years): Developers enter into a 25-year PPA with local DISCOMs, ensuring a stable, long-term income stream.

- Low evacuation losses: Projects under the FLS scheme are intentionally located within a 5 km radius of existing 33/ 11 kV sub-stations to minimize transmission losses, reducing infrastructural development costs for the developer.

- Low curtailment risks - Solar power plants under this scheme are granted must-run status, ensuring that DISCOMs purchase all the power generated, minimizing curtailment risks.

- Supportive government policies: The Central Government has targeted solarisation of 3.5 million grid connected agricultural pumps. Upto 60% combined subsidy (state as well as central) is available for famers.

- Flexible Development Models: Developers can operate under different models, such as the RESCO model (Renewable Energy Service Company), where the developer owns and operates the plant while the farmer gets lease rent, or the CAPEX model, providing flexibility in business operations.

- Daytime power generation and consumption: Traditionally, many farmers received grid power at irregular or late-night hours. FLS shifts this consumption to the daytime, aligning it with peak solar generation.

- Land Procurement is Easy (small projects requiring smaller size land parcels): Land procurement for FLS projects is designed to be highly accessible because it utilises small, distributed land parcels rather than the massive tracts required for utility-scale solar parks. Projects can be set up on barren, fallow, marshy, or pasture land and in many states, no specific permission is required for changing the land-use status to install these solar plants.

Open access solar

On June 6, 2022, MoP notified amendments to the open access rules through Green Energy Open Access Rules 2022. These amendments are a positive step towards promotion of open access market as it ensures:

- Centralizing procedure to remove variability across states

- Standardizing of some key policy aspects such as procedures and banking provisions;

- Ensuring concessions for green energy by removing certain ancillary charges (standby charges where applicable) again eliminating variability across states.

- Creating a mechanism for the discoms to supply green energy and certify the same to promote competitiveness.

Projected growth in C&I RE capacity (FY26-FY31)

Over the next 3-4 years, we believe that the solar power capacity addition, especially under FLS scheme and open access, will accelerate. This is because of two reasons- 1) electricity demand is expected to grow at significant pace and 2) governments push for rural improving electricity supply to farmers. We estimate that India will need to add another 100 GW of renewable energy capacity in next five years with solar capacity addition being the main contributor.

Electric Vehicle Business

There is a large addressable market for our integrated e-mobility platform in the heavy commercial vehicle segment. The global electric vehicle market has witnessed significant growth over the past decade, driven by increasing environmental concerns, government incentives, and advancements in battery technology. The trucks segment has witnessed significant growth, increasing from 2 GWh in 2015 to 24 GWh in 2024, with a projected demand of 260 GWh by 2030. The growth in this segment is driven by the transition from pilot projects to larger-scale procurement in use cases such as regional haul, drayage, and return-to-base operations. Policy instruments, including zero-emission truck mandates, carbon pricing, and targeted funding for corridor charging, are expected to accelerate adoption.

Global sales of electric trucks (CY20-CY 25)

Indias EV penetration goals are supported by a multi-layer national framework combining policy incentives, regulatory standardisation, infrastructure enablement and industrial localisation. This framework is administered through multiple central agencies including the Ministry of Heavy Industries (MHI), Ministry of Road Transport and Highways (MoRTH), Ministry of Power (MoP), NITI Aayog, Central Electricity Authority (CEA), Bureau of Indian Standards (BIS) and Central Pollution Control Board (CPCB), which improves sustainability by reducing dependence on any single scheme. In the current phase, Indias EV strategy is increasingly aligned to national priorities such as -

(i) decarbonisation of transport

(ii) reduction in crude oil imports

(iii) domestic manufacturing capability building

enabling EV adoption to shift gradually from a subsidy-driven phase to an ecosystem-led phase

46 to 55-tonnes Tractors: Critical and fast growing within the eHCV category in India

Electrification in the commercial vehicle industry has progressed at a relatively slower pace compared to other vehicle segments, particularly in the HGV E-Trucks segment. This is primarily attributable to high upfront costs, which are significantly higher than other vehicle categories due to the larger lithium-ion battery pack requirements to meet operational demands, along with limited charging infrastructure availability.

Over the last five fiscal years, sales of HGV e-Trucks have remained low and volatile, reflecting the nascent stage of adoption in the segment. The industry recorded very limited volumes in fiscal 2020 with only 2 units sold, followed by no sales in fiscal 2021 and fiscal 2022, indicating minimal market activity during the initial phase.

The industry witnessed a pickup in fiscal 2023, with sales increasing to 183 units, marking the beginning of broader adoption of HGV e-Trucks. This momentum continued into fiscal 2024, with volumes rising further to 237 units. However, sales moderated in fiscal 2025, with 201 units sold, highlighting the still-evolving nature of demand in the HGV E-Trucks segment.

Despite the moderation in fiscal 2025, the industry has demonstrated a strong revival in the current fiscal year. As of Apr- Dec fiscal 2026, sales of HGV e-Trucks have increased sharply to 503 units, significantly exceeding full-year volumes recorded in previous fiscal years. This represents a 284% year-on-year growth compared to the Apr-Dec period of fiscal 2025, during which 131 units were sold. The sharp increase in volumes during YTD fiscal 2026 indicates accelerating adoption momentum in the HGV E-Trucks segment.

HGV e-Trucks retail sales trend

E-Tractors: Beneficial user economics compared to ICE HCVs

- Energy cost per km (electricity vs diesel) - Electric drivetrains are materially more energy-efficient than diesel engines, so the cost per km can be lower if electricity is priced reasonably and charging losses are managed.

- Maintenance and downtime - e-HCVs generally have fewer moving parts (no clutch, gearbox complexity depending on architecture, fewer fluids), often translating into (i) lower routine maintenance spend (filters, oil, fewer wear components) and (ii) potentially higher uptime (subject to battery/thermal system reliability and service capability)

- Regenerative braking - In stop-start and gradient-heavy operations (urban haulage, port, quarry approach roads), regen can reduce brake wear and improve energy efficiency.

- Total Cost of Ownership benefits - Because upfront cost is higher, e-HCV economics improve sharply with higher annual kilometres and predictable depot charging/ battery swapping.

Emergence of battery swapping as a high-speed refuelling alternative to traditional charging

The emergence of Megawatt Charging Systems (MCS) in late 2024 began to address the range anxiety that previously capped the growth of the electric heavy-duty segment. Swapping also allows for the use of smaller, ligh ter batteries that can be upgraded. All these features have enabled fleet operators to shed their inhibitions around transitioning from ICE vehicles to electric heavy vehicles. ii) Challenges and Threats - We request you to refer point No. E) Risk & Concerns

C) SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

The details of project implementation and business development is given in the Directors Report under the head Projects. The segment-wise performance is as under -

Standalone ( in million)

Particulars of Revenue	2025-26	2024-25
Contract Revenue - Solar Projects	4,315.13	1,787.68
Sale of Electricity	8.66	9.00
O & M Services	54.23	19.28
Share of Profit from LLPs	65.74	65.29
Total	4,443.76	1,881.25

Restated Consolidated ( in million)

Particulars of Revenue	2025-26	2024-25
Contract Revenue under Service	4,321.96	2,108.86
Concession Arrangement
Sale of Electricity	1,115.64	719.21
Contract Revenue from	195.31	13.76
Solar Projects
Income From Infrastructure	0.24	-
Shared Service
Revenue from O & M Services	0.43	1.25
Share of Profit From LLPs	3.77	-
Total	5,637.36	2,843.08

We have recently entered into another power purchase agreement with Hubli Electricity Supply Company Limited (HESCOM Govt. of Karnataka distribution utility) to establish, develop and operate an aggregate capacity of 62 MW(AC) Solar Power Generators (SPGs) project on the basis of Build Own & Operate (BOO) Solar Power Projects under HESCOM jurisdiction in Karnataka state. These projects are spread across 13 (Thirteen) sub-stations of HESCOM in Karnataka state. The project needs to be commissioned by February 2027. In addition, we are currently developing renewable energy parks to cater to growing demand of open access customers. We believe that the long-term outlook for your Company is positive.

E) RISKS AND CONCERNS

Renewable Energy Business

- Our operational and under construction projects are located in the states of Maharashtra and Karnataka. Any adverse developments including changes in the regulatory framework affecting such states may have a heightened impact on our business, cash flows, financial condition and results of operations.

- Our business is highly dependent on the continued issuance and timely execution of feeder level solarisation tenders by state DISCOMs under their respective programme, and any slowdown, deferment, or cancellation of such tenders may materially and adversely affect our growth, project pipeline, revenues and cash flows

- Our projects under the PM KUSUM scheme and state level solarisation programmes are dependent on the timely release of Central Financial Assistance (CFA) by MNRE and state subsidies/incentives, and any delay, reduction, or non disbursement may adversely impact project viability, working capital requirements, cost structures and commissioning timelines

- Land title in India can be uncertain and we may not be able to identify or correct defects or irregularities in title to the land which we lease or may from time to time acquire in connection with our current or future operations

- A decline in environmental or physical conditions surrounding our project sites could adversely affect our business, cash flows, financial condition and results of operations

- Our business depends on the regulatory and policy environment affecting the renewable energy sector in India. A change in policy including those resulting in the termination of policy benefits or curtailment of renewable energy generation may adversely affect our business

Electric Vehicle Business

- Our future growth is dependent upon market acceptance of e-HCVs as against the established market for diesel vehicles.

- A material fall in diesel prices or a significant rise in electricity tariffs could reduce the cost competitiveness of our e HCVs compared to ICE vehicles

- Faster than anticipated degradation or lower useful life of batteries may adversely affect our business, Battery As A Service (BaaS) model and customer adoption of e HCVs

- Our battery swapping stations require a stable high load electricity supply, which is not assured, particularly from non urban substations. Any shortfall may materially affect our operations

- Establishing and maintaining our battery swapping and charging infrastructure involves significant operational and execution risks. We may face delays in site acquisition, execution of lease agreements, receipt of regulatory approvals, or energisation of utility connections which may materially and adversely affect our business, financial condition, results of operations and prospects

- Technological evolution in battery chemistries, vehicle architecture and charging technologies may reduce the demand for battery-swapping solutions and materially and adversely affect our business model, results of operations and financial condition

F) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The compliance certification from Whole-Time Director and the Chief Financial Officer provided in Annual Report confirms the adequacy of our internal control system and procedure. The Audit Committee in every meeting evaluates internal financial controls and risk management systems.

G) DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) and comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

Standalone Results

The standalone revenue from operations for the year ended March 31, 2026 was Rs. 4,443.76 million and other income was Rs. 240.07 million, aggregating to Rs. 4,683.83 million, as against revenue from operations of Rs. 1,881.25 million and other income was Rs. 101.60 million, aggregating to Rs. 1982.85 million for the previous year ended March 31, 2025.

The Companys Profit After Tax was Rs. 913.98 million for the year ended March 31, 2026 as compared to Rs. 246.15 million or f the previous year ended March 31, 2025. Revenue from operations includes, Contract Revenue from Solar Projects, installation and commissioning, other operational revenue Share of Profit From LLPs, Revenue from O & M Services, sale of electricity, etc. Restated Consolidated Results

The consolidated revenue from operations for the year ended March 31, 2026 was Rs. 5,637.36 million and other income was Rs. 123.06 million, aggregating to Rs. 5,760.42 million, as against revenue from operations of Rs. 2,843.08 million and other income was Rs. 117.88 million, aggregating to Rs. 2,960.96 million for the previous year ended March 31, 2025.

The Company earned a consolidated profit of Rs. 714.10 million for the year ended March 31, 2026 as compared to Rs. 215.22 million for the previous year ended March 31, 2025.

H) MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Companys objective is to build a sustainable organization, while creating growth opportunities for our employees and generating profitable returns to our stakeholders.

The total work force of the Company as on March 31, 2026 was 208. Number will increase in line with the growth of the business of the Company. The Company is aware that satisfied, highly motivated and loyal employees contribute to the growth of the Company. The employee relations remained cordial throughout the year.

I) DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREOF, ARE AS UNDER:

Ratios	Numerator	Denominator	Current Year Ratio	Previous Year Ratio	% of Variance	Reason for Variance above
(a) Current Ratio	Current Assets	Current Liabilites	3.03	5.78	-47.56%	During the year, there is decrease in Trade Receivables and increase in current liabilities.
(b) Debt-Equity Ratio	Total Debt	Shareholders Equity	0.01	0.01	-37.24%	Due to increase in Share capital.
(c) Debt Service Coverage Ratio	Earnings available for debt service	Debt Service	26.11	15.17	72.09%	During the year, due to decrease in debt and interest cost. Further there is also increase in revenue comparatively. .
(d) Return on Equity Ratio	Net Profits after taxes - Preference Dividend (if any)	Average Shareholders Equity	0.23	0.10	131.81%	Due to increase in profit as compared to previous year.
(e) Inventory turnover ratio	Cost of goods sold OR sales	Average Inventory	43.99	49.01	-10.25%	During the year, due to proportionate increase in turnover and Inventory as compared to previous year.
(f) Trade Receivables turnover ratio	Net Credit Sales	Average Accounts Receivables	14.57	6.68	118.13%	Due to increase in turnover and reduction in average credit period, the ratio has increased.
(g) Trade payables turnover ratio	Net Credit Purchases	Average Trade Payables	36.51	23.04	58.43%	Due to the increase in purchases and reduction in average credit period, the ratio has increased.
(h) Net capital turnover ratio	Net Sales	Working Capital	2.90	1.29	124.12%	Due to the proportionate increase in Current assets as compared to previous year.
(i) Net profit ratio	Net Profit	Net Sales	0.21	0.13	57.19%	Due to Increase in Profit the ratio has increased as compared to previous year.
(j) Return on Capital employed	Earning before interest and taxes	Capital Employed*	0.22	0.09	141.35%	Due to increase in margins and profitability the ratio has increased as compared to previous year.
(k) Return on investment	Return on Investments recognised	Total Investments	0.04	0.03	0.68%	During the current year, company has received higher share of Profits from the Subsidiary LLPs as compared to Previous year.

* Capital Employed = Tangible Net worth + Debt + Deferred Tax

J) DISCLOSURE OF ACCOUNTING TREATMENT

In preparation of the financial statements for the year ended March 31, 2026, no treatment different from that prescribed in an Accounting Standard has been followed by the Company.