Siemens Energy India Ltd Management Discussions

OVERVIEW

In 2025, India was the fastest growing large economy, clocking a healthy GDP growth rate of more than 6.5 percent. Growth in the worlds fourth largest economy was driven by strong public capital expenditure on infrastructure, growing private investments, robust domestic consumption, structural reforms, exports - including of engineering goods - and massive urbanization. These growth drivers are fueling a major, long-lasting electrification cycle.

Per capita energy consumption in the country is growing at ~11 percent. However, this is still at one-third of the global average consumption, indicating significant headroom for growth of energy demand as India fulfils the vision of Viksit Bharat by 2047. The rise in electricity demand is unmistakable, driven by economic expansion, industrial acceleration, and growing domestic consumption. Demand for industrial electricity consumption is expected to grow around 3X from 590 TWh in 2023 to nearly 1,650 TWh by 2035.

On the supply side, power generation is estimated to rise almost 2X from 501 GW in 2025 to 997 GW in 2032, largely driven by renewable energy This capacity addition, along with growth in data centres and increase in green hydrogen generation, will drive a 2X growth in transformation capacity as well - from 1,382 GVA in 2025 to 2,412 GVA in 2032.

India is targeting 500 GW of renewables by 2030 and 669 GW by 2032 per the National Electricity Plan (NEP). Non fossil fuel capacity has already crossed 50 percent. While new coal-based plants will continue to be built for some time, the long-term direction is clear as nuclear power is targeted to reach 100 GW by 2047. This balanced approach reflects Indias commitment to energy security and sustainability. Decarbonization is now a present-day priority. Alongside, investments in oil & gas (O&G) sector are increasing and new explorations are being undertaken under Open Acreage Licensing Policy (OALP). The imports of LNG are also expected to grow manifold in the coming years.

These domestic megatrends are creating growth opportunities for Siemens Energy India Limited (SEIL / "Company") to support India in its electrification and sustainable industrialization.

One of the biggest challenges with power capacity addition is keeping pace with the growing demand, thereby underscoring the importance of upkeep of the existing fleet. Modernization, including flexibilization for effective renewable integration, and efficient management to reduce CO₂ emission of existing thermal fleet capacity - currently at over 243 GW - is vital for reliable and sustainable generation. As older plants remain operational beyond 2030, the focus is on ensuring performance through retrofit and digital service offerings.

Transmission infrastructure is undergoing a massive upgrade. The NEP outlines an investment of Rs 9.16 trillion through FY2032 to strengthen grid capacity and resilience.

Another challenge is that the rapid integration of intermittent renewable energy is straining grid stability. Global expertise and advanced technologies such as STATCOMs (static synchronous compensator), SYNCONs (synchronous condensers), and intelligent grid management are required to support this transition and help maintain stability.

Rapid industrialization and the push to decarbonize hard-to-abate sectors like cement and steel are driving demand for reliable captive power solutions, including steam turbines, cogeneration, and aftermarket services. Industries are increasingly adopting electrification, automation and energy-efficiency measures such as waste-heat recovery, process optimization, and advanced digital control systems.

Indias power sector is on a path of strong growth and is steadily moving toward a cleaner and more secure energy future. The Company is committed to supporting this transition. As a pure-play energy technology company, the Company offers a comprehensive portfolio of products, solutions, and services designed to support customers along the entire energy value chain, including low to zero emissions power generation, power transmission and storage, and decarbonization of the industry. The Company leverages synergies and co-creates the development of innovative technologies together with the Siemens Energy Group to help consistently deliver lasting value to customers in India and around the world.

The Companys pan India presence of 08 state-of-the-art factories, 06 sales offices, 04 engineering and R&D centers, 04 service centers and a committed team of nearly 4,500 employees enable us to deliver scalable and future-ready solutions, both domestically and globally. The Company is responsible for business within India, Nepal, Bhutan, Sri Lanka, and Maldives, and exports to Siemens Energy Group customers globally. The Company also initiated capacity expansion with a capex commitment of Rs 7,400 million to scale up manufacturing of transformers and switchgear at Kalwa and Chhatrapati Sambhajinagar respectively, reflecting confidence in both domestic and export demand.

In Siemens Energys 100+ year journey in India, FY2025 marked a decisive turning point with the successful demerger of the Energy Business of Siemens Limited into Siemens Energy India Limited (SEIL). Further, as per the Scheme of Arrangement, shareholders of Siemens Limited were allotted 01 (one) equity share of SEIL for every 01 (one) equity share held in Siemens Limited as on the record date. The equity shares of SEIL were listed on June 19, 2025 on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). This pivotal milestone strengthens the Companys commitment to Indias energy future. The Company now operates with greater agility, transparency, and a sharper strategic focus.

Viksit Bharat sets the vision of a developed nation by 2047, built on strong infrastructure and sustainable growth. Atmanirbhar Bharat is accelerating domestic capability across strategic sectors and Make in India is encouraging global manufacturers to design, source, and produce within the country. In this environment, the Company is supporting national priorities by expanding local manufacturing, strengthening domestic supply chains, enabling cleaner and reliable energy technologies, and developing a skilled and diverse workforce required to power Indias next phase of growth.

The Scheme of Arrangement between the Company and Siemens Limited and their respective shareholders and creditors, was approved by the Board of Directors of the Company and Siemens Limited on May 14, 2024, at their respective meetings, providing for the demerger of Siemens Limiteds Energy Business to the Company in compliance with Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (the Scheme).

During the year ended September 30, 2025, the Scheme has been approved by the Honble National Company Law Tribunal, Mumbai Bench ("NCLT") vide its order dated March 25, 2025. The Scheme was made effective on March 25, 2025; in terms of the Scheme, the appointed date of the Scheme is March 01,2025.

During the financial year 2025, New Orders at Rs 131,137 million, compared to Rs 53,529 million in the financial period (February 7, 2024 to September 30, 2024).

Sales (excluding Other operating revenues) was at Rs 77,825 million, compared to Rs 47,313 million in financial period (February 7, 2024 to September 30, 2024).

Profit after Tax (PAT) was at Rs 11,001 million compared to Rs 6,000 million in financial period (February 7, 2024 to September 30, 2024).

The Companys Operating Profit Margin (percent) and Net Profit Margin (percent) for financial year 2025 was 18 percent and 14 percent compared to 17 percent and 13 percent, respectively, in financial period (February 7, 2024 to September 30, 2024). The Companys Debtors Turnover stood at 4.12 times while Inventory Turnover was at 2.84 times.

The details of change in Return on Net Worth are as under:

Particulars	Financial year 2025 (percent)	Financial period 2024 (February 7, 2024 to September 30, 2024) (percent)
Return on Net Worth (after tax)	29	22

POWER GENERATION

The Companys Power Generation portfolio spans central and distributed power generation, transformation of industry and sustainable energy solutions. Nearly 55 percent of Indias large steam turbines and 25 percent of gas turbines are built using the Companys technology. With manufacturing facility in Vadodara and service centers in Bengaluru and Raipur, the Company stays close to its customers - delivering faster support and ensuring seamless service.

Central Power Generation: The Company offers large gas turbines (up to 600 MW) for power generation utilities and Independent Power Producers (IPPs). The Company also offers a wide range of services and solutions for large gas & steam turbines, and generators including operation and maintenance services, and modernization & upgradation. Additionally, it offers control and digitalization solutions (digital control systems, field instruments and equipment), flexibilization solutions and professional consulting.

The Governments balanced energy strategy supporting both renewables and thermal generation created significant opportunities. These conditions fostered demand in central power generation for renovation and modernization (R&M), control and instrumentation (C&I) upgrades for aging thermal assets, and lifecycle services for gas turbines, bolstered by decarbonization initiatives.

Customer focus remained paramount, securing significant long-term maintenance contracts for major power generation units, undertaking overhauls for a national energy producer, and implementing Distributed Control System (DCS) modernization for a countrys power utility. These projects delivered enhanced turbine reliability, predictive maintenance, and improved operational efficiency through digital solutions. Key achievements included the successful execution of major outages for multiple power utilities, the restoration of a major power utilitys thermal plant after a fire incident, and facility upgradation for a defense research and development organization. Service initiatives like the Dual Digital Twin for power plant performance optimization and comprehensive training programs for field service colleagues underscore the Companys commitment to innovation and excellence.

Internal process improvements focused on building local-to-local capabilities in turbine modernization and fostering a globally competent workforce through certifications and specialized training.

Distributed Power Generation: The Company offers industrial gas turbines (up to 100 MW) and steam turbines (10 kW to 250 MW) for industries, oil & gas, data centers, medium-sized power generation utilities and IPPs. The Company also offers a wide range of services and solutions including operation and maintenance services, modernization and upgradation, plant flexibilization, control and digitalization solutions (digital control systems, field instruments and equipment) and professional consulting.

The rise of renewables and cogeneration created new opportunities, further bolstered by reforms and financial incentives for decarbonization. The demand for Steam Turbine & Generator business is expected to remain robust, driven by manufacturing expansion, shift towards cogeneration and combine heat & power (CHP) systems, and integration with renewable fuels like biomass and municipal solid waste, and waste heat recovery.

The Company secured significant orders for Steam Turbine & Generator from major industrial and chemical companies boosting their efficiency and reducing their carbon footprint. These included large revamp projects and repeat business, highlighting strong customer confidence. The Company recently commenced service operations in Raipur to enhance customer proximity.

Key growth drivers for the Steam Turbine & Generator business include delivering best-in-class service, expanding WHR solutions, and exploring opportunities in Compressed Air Energy Storage (CAES).

Transformation of Industry: In addition to Industrial Steam Turbines and Generators, the Company focuses on providing solutions for Electrification, Automation and Digitalization (EAD) to the process industry (oil & gas, chemicals, petrochemicals, paper & pulp, sugar & ethanol, etc.) as well as maritime (electrical traction systems for e-ferries, e-vessels, submarines, etc.).

Decarbonization goals drives industries towards cleaner technologies, creating significant opportunities for the Company. The investment climate is robust, particularly in green initiatives, with substantial Government investments planned for green tugs and national waterways development.

As a part of EAD portfolio, the Company won key orders for a new CO₂ e-compressor system from a major industrial player, electrification and automation solutions for seven hybrid passenger ferries for a regional transport authority, and similar solutions for six additional hybrid passenger ferries. Another significant order involved the electrification and automation of fleet support ships for a prominent shipyard. A notable project successfully completed was the replacement of a prime mover for a compressor at a leading gas utility. The Company also highlighted its sustainability contributions through e-drive compressor projects and the significant e-ferry orders, alongside a successful cross-selling collaboration for an electrification opportunity with a major industrial player.

New initiatives focus on positioning the electrification and automation portfolio for e-ferries and e-tugs strengthening in-house capabilities for e-drives, and actively pursuing e-compressor opportunities in the downstream oil & gas industry.

Sustainable Energy Solutions: Green hydrogen (GH2) is a versatile energy carrier that can be applied to decarbonize a wide range of sectors. It can be used directly or in the form of its derivatives like e-Methanol, e-Ammonia, or e-Fuels to replace fossil fuels like coal or gas. This is why the production of sustainable hydrogen is so important for the energy transition. The Company offers Proton Exchange Membrane (PEM) electrolyzers which generates GH2 efficiently from water and renewable energy.

Though Indias GH2 sector is showing promising signs of growth under the National Green Hydrogen Mission (NGHM), the journey remains complex and evolving. While the price discovery of green hydrogen of less than $4/kg has raised hope, the completion of the projects remain critical. Recently, the Solar Energy Corporation of India conducted its first auction for the procurement of green ammonia—a significant step toward building confidence across the value chain. While this initiative lays the groundwork for wider adoption of GH2 and related derivatives, scaling up production and addressing infrastructure, cost, and technology hurdles will be critical to realizing the sectors full potential.

For the Power Generation segment in financial year 2025, New Orders were at Rs 46,825 million, compared to Rs 23,126 million in the financial period (February 7, 2024 to September 30, 2024), Sales (excluding Other operating revenues) was at Rs 36,251 million, compared to Rs 25,002 million in the financial period (February 7, 2024 to September 30, 2024), while Profit from Operations was Rs 6,058 million compared to Rs 4,739 million in the financial period (February 7, 2024 to September 30, 2024).

The market outlook for power generation is aligned to Indias balanced energy strategy that is driving demand for renovation and modernization of thermal assets, lifecycle services for gas turbines, and digital solutions with a strong focus on cybersecurity. Opportunities include Waste Heat Recovery (WHR), Compressed Air Energy Storage (CAES), and electrification initiatives for e-ferries and e-tugs. Additionally, new opportunities will arise out of growth in oil & gas exploration & production and the nuclear sector.

POWER TRANSMISSION

The Power Transmission business offers innovative products, solutions and services for grid expansion that enhance grid reliability, resilience, flexibility and stability.

Products: The Power Transmission product portfolio includes air insulated switchgears (AIS) (up to 800 kV), gas insulated switchgears (GIS) (up to 420 kV), power transformers (up to 765 kV) and reactors (up to 765 kV). The portfolio also includes bushings, instrument transformers and coils.

Solutions: The business provides engineering, procurement, and construction (EPC) for high and extra high voltage projects pertinent to AIS /GIS, flexible alternating current transmission system (FACTS) devices and high voltage direct current voltage source converter (HVDC VSC) technology.

Services: The business offers an extensive range of services for the complete lifecycle of high voltage /extra high voltage assets and projects, including bay extension, substation modernization, asset consulting, product retrofitting and overhauling, emergency services, breakdown services, long term service agreements (LTSAs), maintenance contracts, O&M contracts and spares.

Coming to the business environment for power transmission, the high voltage (HV) switchgear market experienced robust growth, driven by accelerated infrastructure development, ambitious renewable energy targets, and increasing industrial demand. Energy transition targets and robust industrial policies are aimed at expanding installed power capacity and promoting non-fossil fuel-based electricity generation. This has created significant and sustained demand for grid infrastructure.

The demand for large power transformers in India remains attractive, with a clear and substantial pipeline of opportunities stemming from power capacity expansion, renewable energy integration, critical transmission network upgrades, and data centers.

Key achievements for the HV switchgear portfolio included securing prestigious infrastructure projects, such as the countrys first high-speed rail, successful commissioning of GIS substations in a Gulf Cooperation Council (GCC) country, and the launch of indigenously developed sustainable products.

Significant orders for large power transformers included HVDC transformers for a major power utility, power transformers for a data center operator in the USA, and reactors for a countrys power utility. The Company successfully commissioned critical projects for a major power utility and penetrated new export markets in Central Europe (UK & Denmark) and the USA, alongside successful cross-selling of solutions such as STATCOM.

Major wins for the grid solutions portfolio include the successful commissioning of the first EPC project in Bhutan, securing the largest STATCOM order for the Company, delivering high-volume domestic substation projects in metals, completing the first full turnkey data center substation in Tamil Nadu.

A key highlight in FY2025 for grid technologies services was securing the first-ever order for its Blue Portfolio in India - a 145 kV SF6 free Circuit Breaker from an Indian state power utility. This marks a strong sustainability milestone, as the Blue Portfolio uses clean air insulation, contains no SF6 or fluorinated gases, requires no special safety measures, and creates no environmental impact at end of life, while maintaining full performance and reliability.

For the Power Transmission segment in financial year 2025, New Orders were at Rs 84,312 million, compared to Rs 30,403 million in the financial period (February 7, 2024 to September 30, 2024). Sales (excluding Other operating revenues) was at Rs 41,574 million, compared to Rs 22,311 million in the financial period (February 7, 2024 to September 30, 2024), while Profit from Operations was Rs 8,046 million compared to Rs 3,485 million in the financial period (February 7, 2024 to September 30, 2024).

The market outlook for Power Transmission in India remains highly promising. To capitalize on this, the Company announced a total capex investment of Rs 7,400 million for the scaling up of capacities for transformers and switchgear at the Kalwa and Chhatrapati Sambhajinagar facilities respectively to address growing domestic and global demand. Alongside substations, the focus for grid solutions will be driven by grid stabilization necessitated by huge renewable integration in the grid, with offerings such as HVDC VSC, STATCOMs, and SYNCONs. In addition, HVDC VSC is expected to add to the opportunity basket, over and above the core transmission portfolio.

Note: The Scheme of Arrangement between the Company and Siemens Limited and their respective shareholders and creditors, was approved by the Board of Directors of the Company and Siemens Limited on May 14, 2024, at their respective meetings, providing for the demerger of Siemens Limiteds Energy Business to the Company in compliance with Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (the Scheme).

During the year ended September 30, 2025, the Scheme has been approved by the Honble National Company Law Tribunal, Mumbai Bench ("NCLT") vide its order dated March 25, 2025. The Scheme was made effective on March 25, 2025; in terms of the Scheme, the appointed date of the Scheme is March 01,2025.

Corresponding financial information has been prepared after giving the effect of the Scheme, which requires the accounting treatment to be carried out as prescribed under applicable accounting standards as common control transactions in accordance with the requirements of Appendix C to Ind AS 103, Business Combinations. As the Company and Siemens Limited were under common control from the date of incorporation i.e. February 07, 2024, the corresponding financial information has been disclosed considering financial information pertaining to Siemens Limiteds Energy Business.

PEOPLE AND ORGANIZATION

The Companys people agenda achieved several key highlights this financial year. The Company enabled business growth with 768 net additional headcount increase (from 3,771 in FY2024 to 4539 in FY2025). The Company launched the ENERGIZE, onboarding program for new hires to ensure comprehensive induction, providing detailed insights and education on critical functions, policies, and regulatory compliances.

The Company strengthened its commitment to a future-ready workforce through structured learning, equitable access via the SEIL Learning and Growth portal (average of 36.4 hours of learning per employee), capability building with custom programs on leadership, customer centricity, and technical excellence, and inclusive growth opportunities through new hire assimilation, factory learning programs, and high-potential leadership development. To promote new technologies and future skills, the Company launched focused e-learning initiatives and a Leadership Program in FY2025, including the AI Base Camp e-learning for AI and GenAI awareness, and the Leadership Program - Leading in Sustainability, which enabled leaders to explore digital innovation and sustainability.

The Company strengthened diversity, equity, and inclusion through diverse talent acquisition, achieving 14.60 percent representation of women during FY2025 and of the 168 campus hiring offers, 56 percent offers were extended to women. The Company inducted a batch of 17 women in the Kalwa shopfloor and ensured women employee presence in all job families. Diversity talent development included the launch of an all-women production line in the Gas Insulated Switchgear factory in Chhatrapati Sambhajinagar and sensitization of hiring managers on unconscious bias. Diversity talent retention for the Company involved forming India and local I&D councils, central and regional POSH committees, and conducting shopfloor sensitization for diversity hiring and inclusion.

In alignment with its commitment to employee well-being, the Company conducted a wide range of health and wellness programs across various locations, focusing on preventive healthcare, emergency response, health awareness, physical fitness and special initiatives. For mental well-being, the Company prioritized personalized support through face-to-face counseling, mental health kiosks and awareness sessions, manager sensitization programs, and thematic campaigns like Mind Matters and World Mental Health Day 2024 via webinars.

COMPLIANCE

The Company shows zero tolerance toward corruption, violations of the principles of fair competition and other breaches of the law - and where these do occur, it takes swift action. Compliance forms the basis for all business decisions and activities, and it is the key to integrity when conducting business. The Companys premise is that Only clean business is the right business. This applies at all levels of the organization. In addition to combating corruption and competition and export-control violations, the Compliance Department also protects the Company against fraud and money laundering as well as safeguards personal data and human rights.

Compliance for the Company means much more than just adhering to laws and regulations described in the, which help employees apply Company values to conduct business, besides complying applicable laws of the land and prohibition of corruption and other violations of the principles and rules of fair competition. These values are reinforced among our existing and new employees through structured training programs, web-based learnings and several "tone from the top" initiatives such as townhalls, focused team discussions, management engagements, etc.

In line with requirements under Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), the Company has established a whistle blower / vigil mechanism for its employees and directors to report their genuine concerns.

The Company has a 24/7 whistleblower hotline, Tell Us through which any compliance violation can be notified. This is available to all employees, directors, as well as external stakeholders. The tool is hosted on a platform operated by a service provider that is independent of the Company. This facilitates receipt of anonymous as well as protected information to be passed on without any bias or any sort of retaliation against whistleblowers. The Companys management places strong focus on encouraging a Speak up culture and the same is resonated in Compliance conversations across the Company.

The Company continues to exhibit zero tolerance toward any non-compliant behavior, and violations have attracted disciplinary consequences in line with the Companys emphasis on Clean Business Everywhere, Every time. No disciplinary action was taken by any law enforcement agency for the chargers of bribery / corruption against any directors, key management personnel, employees or workers.

The Company expects its employees and business partners to adhere to the same values, principles and business ethics upheld by the Company in all their dealings. This is reiterated through the Companys Supplier Code of Conduct. The Companys code sets clear expectations on conducting thorough due diligence, ensuring high standards and demonstrating best-in-class practices through continued engagement with suppliers and business partners.

RISK & INTERNAL CONTROL

The Management of the Company is responsible for establishing and maintaining adequate Internal Control over Financial Reporting (ICFR). This ICFR is meticulously designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with applicable accounting principles. It encompasses policies and procedures that pertain to the maintenance of records which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Companys assets.

These policies and procedures provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are made in accordance with authorizations of management and directors of the Company. They also provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

The Companys Management assessed the effectiveness of the Companys ICFR as of September 30, 2025. As a result of this evaluation, the Management has concluded that the Companys ICFR was effective in identifying deficiencies and there was no material weakness in the design or operations of such internal controls over financial reporting as of September 30, 2025.

The Risk and Internal Control (RIC) function of the Company plays a vital role in safeguarding business objectives by identifying and managing risks, ensuring compliance, and strengthening internal controls to drive sustainable success.

Enterprise Risk Management (ERM) operates as a comprehensive, company-wide framework of methods and processes. Its purpose is to identify, assess, monitor, and mitigate risks, while also seizing opportunities related to achieving the Companys business objectives and ensuring business continuity.

The ERM approach is firmly based on the globally accepted The Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, specifically its ERM - Integrated Framework. This COSO framework provides a generic concept which has been thoughtfully customized to reflect the Companys specific requirements.

Major risks identified by the Business Divisions and Corporate Departments are systematically addressed through mitigating actions on a continuing basis. In accordance with the requirements of LODR, the Company has established a Risk Management Committee to, among other things, monitor these risks and their mitigating actions.

Additionally, the Board of Directors of the Company reviews the Risk Assessment and Mitigation Report, as and when required. The Risk and Internal Control team is also actively involved in training and developing employees of the Company - a key initiative to foster a conducive internal control environment and a robust risk culture. The Companys Enterprise Risk Register serves as a crucial tool, capturing key points related to risks that could impact the businesses and ensuring that adequate mitigation measures are put in place and continuously monitored.

ENVIRONMENTAL PROTECTION, HEALTH MANAGMENT AND SAFETY (EHS)

During the year, the Company continued to strengthen its commitment to environmental protection, occupational health, and workplace safety through focused programs, structured management systems, and leadership engagement across all business locations and project sites.

EHS continued to stand as a core organizational value and a strategic business enabler under the guiding principle, Safety is our license to operate. This commitment was visibly reinforced through leadership-driven initiatives such as intensive Safety Walk and Talk (SWAT) programs across factories and project sites, ensuring active engagement and accountability at every level. Further strengthening governance, the bimonthly EHS Committee, chaired by the MD & CEO, served as a robust platform for addressing critical EHS priorities and driving decisive actions to elevate safety performance across the organization.

The Company implemented plastic-alternative packaging solutions across its multiple manufacturing units to reduce plastic consumption and promote sustainable material use. In addition to internal biodiversity assessments and water conservation studies conducted at all factory locations, an external expert agency conducted biodiversity assessments and water conservation studies at Kalwa location to develop a future-focused roadmap for natural resource management and biodiversity enrichment. Electric material handling equipment and vehicles were deployed in factories for internal material movement, and electric buses were introduced at Chhatrapati Sambhajinagar and Kalwa locations for employee transportation.

World Environment Day was celebrated across factories, offices, and project locations. Awareness sessions were organized on various environmental conservation topics. Voluntary e-waste and battery waste collection drives were conducted at Kalwa, Vadodara, and Chhatrapati Sambhajinagar locations. Additionally, over 271 saplings were planted, and more than 1,400 saplings were distributed to employees and contractor workers.

Employee health and wellness remained a key focus area during the year. A total of 3,143 preventive health check-ups were completed out of 3,692 eligible employees as of September 30, 2025. In addition, 56 sessions on mental health were conducted with 6,149 participants (2,769 SEIL employees and 3,380 contractor personnel). Physical wellness initiatives included 190 sessions covering 13,783 participants (8,083 SEIL employees and 5,700 third-party personnel). Health camps were organized across sites, extending preventive care and wellness support to both employees and contract workers. A total of seven health camps across project sites were conducted, engaging 391 participants (49 employees and 342 third-party personnel). Initiatives such as the Stepathon event held across Vadodara and Chhatrapati Sambhajinagar locations during August to October 2024 encouraged employee participation in health and fitness activities.

Project PRATIBANDH, a campaign focused on eliminating hand and finger injuries, was rolled out across factories and project locations, reinforcing accountability and preventive awareness at the grassroots level. This campaign not only helped in bringing down the number of hands and fingers injuries considerably but also in promoting a reporting culture. Corrective and Preventive Action (CAPA) cycles were institutionalized across all businesses, emphasizing engineering controls in high-risk areas such as electrical safety, work at height, material handling, and hand and finger safety.

Contractor management was further strengthened through the implementation of six-step contractor management system and guidelines. Dedicated workshops were conducted for contractors of all business units to reinforce compliance and competency expectations. The Company continued to enhance EHS oversight for service activities by implementing digital applications. The "Service Pulse App" enables safety compliance by proactive risk management and real-time monitoring of service engineers and technicians at various customer sites.

EHS capability development remained a key priority, with the deployment of structured programs designed to enhance competency among employees, contractors, partners. The Company continued to prioritize EHS training, covering specialized topics such as mental health, work at height, material handling, electrical safety, prevention of hand and finger injuries, and environmental protection measures. Technical safety training was delivered to employees, contractors, partners and select customers in collaboration with the Siemens Global Skill Centre for Occupational Safety (SITRUST), Kalwa, to strengthen safety competencies and foster a culture of safety among stakeholders. These programs included core safety modules as well as customized and onsite sessions, training over 1,000 participants. Of the total trainings, 40 percent were conducted onsite, 10 percent online, and 50 percent at the SITRUST centre. Customized customer engagement sessions were also conducted to share best EHS practices and build collective capability across the value chain.

The Companys various manufacturing and project sites were honored with over 20 customer recognitions and received prestigious awards from the Confederation of Indian Industry (CII) and the Indian Chamber of Commerce (ICC), reaffirming its leadership in EHS excellence and sustainability practices.

The Companys Transformer manufacturing site at Kalwa was recognized with the Sustainability Champions Award and the Platinum Award at the ICC Environment Excellence Award 2024.

These accolades reflect our unwavering commitment to creating safer workplaces and driving sustainable growth across all operations.

The Company remains focused on continuous improvement in EHS performance, leveraging technology, collaboration, and leadership engagement to deliver excellence and set benchmarks in sustainability and safety.

OUTLOOK

As a committed partner in Indias energy transition journey, the Company is helping accelerate the modernization and efficiency revamp of the existing power generation, expanding and stabilizing the transmission network, enabling grid integration of renewables, supporting our customers in their decarbonization journey, and investing in enhancing local capacity.

Indias energy sector is undergoing a major shift. Rapid adoption of renewables, rising per capita electricity consumption, enhanced demand from electric vehicles and data centers, and greater electrification of industries are reshaping energy needs. At the same time, integrating renewables and new load centers is making the grid more complex. To ensure reliability, the grid needs to be stabilized, modernized and digitalized for real-time monitoring and control.

Amidst these developments, as an energy technology company operating across the entire energy chain, the Company is focused on strengthening the core businesses to capture the momentum in the sector, by scaling capacities, expanding its reach, and driving sustainable growth.

The Company will continue to be a key partner in Indias energy transition journey. Whether it is modernizing power generation assets, delivering advanced transmission systems, enabling industrial electrification, or pioneering Green Hydrogen solutions, the Company is here to support Indias energy transition with technology, expertise, and commitment.

Note: This report contains forward-looking statements based on beliefs of the Companys management. The words "anticipate," "believe," "estimate," "forecast," "expect," "intend," "plan," "should," and "project" are used to identify forward-looking statements. Such statements reflect the Companys current views with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different, including, among other things, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services, and changes in business strategy. Actual results may vary materially from those projected here. The Company does not intend to assume any obligation to update these forward-looking statements.

On behalf of the Board of Directors

For Siemens Energy India Limited

Sunil Mathur

Chairman

DIN:02261944

Navi Mumbai

Monday, November 24, 2025