Solarium Green Energy Ltd Management Discussions

Pursuant to Schedule V to the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Management Discussion and Analysis Report covering business performance and outlook (within limits set by the Companys competitive position) is given below:

1. Economic Review

a. Global Economy Overview

In CY2024, the global economy expanded at a moderate pace of 3.3%, reflecting a period of relative stability, albeit with subdued momentum. Entering 2025, the global economic environment underwent significant transformation, driven by shifting policy priorities in response to escalating geopolitical tensions and mounting economic headwinds.

A key development has been the implementation of new tariff measures by the United States, which triggered swift retaliatory responses from major trading partners. This culminated in the imposition of near-universal tariffs in April 2025, raising effective tariff rates to levels not seen in over a century. These measures have disrupted global trade flows and weighed on growth prospects.

Amid these challenges, global headline inflation is now expected to moderate more gradually than previously anticipated. It is projected to decline to 4.3% in 2025 and further to 3.6% in 2026. This revised outlook reflects higher inflation expectations in advanced economies, partially offset by marginal downward adjustments in emerging markets and developing economies.

Growth in emerging markets and developing economies (EMDEs) is showing signs of moderation, with pronounced effects in countries such as Mexico, South Africa, and Argentina. Elevated debt burdens and depreciating currencies are intensifying inflationary pressures and constraining monetary and fiscal policy responses. At the same time, many of these economies are contending with tighter global financing conditions and diminishing investor appetite, further amplifying existing economic vulnerabilities and limiting the scope for sustained recovery. (Source: World Economic Outlook, October 2024)

b. India Economic Overview

Indias GDP growth for FY25 slowed to 6.5%, a four-year low and a notable decline from 9.2% in FY24. Despite this, the economy surprised on the upside with a robust 7.4% YoY expansion in the March quarter, easing concerns over global trade tensions and geopolitical risks. Meanwhile, renewable energy saw strong momentum, with output rising 24.4% YoY to 134.43 billion kWh in H1 2025 the fastest growth since 2022, as per federal grid data as per the International Monetary

Funds (IMF) World Economic Outlook (WEO) report released in April 2025.

India is expected to remain the worlds fastest-growing major economy through 2026, with GDP growth projected 6.3% in 2026, as per Morgan Stanleys Global Investment Committee. Despite global challenges such as trade disruptions and rising protectionism, Indias growth is underpinned by resilient domestic demand, ongoing structural reforms, and a supportive policy environment. (Source: IBEF)

In 2024, robust demand growth acted as a key catalyst for the continued expansion of renewable energy. The sector benefitted significantly from record levels of public and private investment, alongside increasing demand for clean energy solutions. According to Deloittes analysis of Federal Energy Regulatory Commission (FERC) data, utility-scale solar and wind installations dominated capacity additions, accounting for nearly 90% of all new builds and expansions in the first nine months of the year up from 57% during the same period in 2023.

2) Global Renewables Sector Overview in FY 2024-25

(Source: IRENA report)

Different elements of the worlds energy system saw varying rates of growth in 2024, reflecting both the impact of short-term factors and deeper structural trends. Global energy demand grew by 2.2% in CY 2024, a notably faster rate than the annual average of 1.3% seen between 2013 and 2023. This uptick was partly due to the effect of extreme weather, which likely added 0.3 percentage points to the 2.2% growth. Despite this, energy demand grew more slowly than the global economy, which expanded by 3.2% in 2024, close to its long-term average.

Global renewable power capacity increased by 585 GW in a single year, indicating a record rate of 15.1% annual growth. The increase marks a consistent trend of renewables breaking their own expansion records each year, reinforcing renewables strong business and investment case. As the levelized cost of electricity produced from most forms of renewable power continued to fall, renewables are not only environmentally sound but also the most cost-effective power source for countries around the world.

The global solar installed capacity is projected to grow from 2,350 GW in 2025 to 6,260 GW by 2030, at a CAGR of 21.6%. The sector has moved beyond subsidy dependence, with solar now cost-competitive globally. Falling module prices, energy storage integration, and supportive policies, like the U.S. Inflation Reduction Act are driving investor confidence. Rising demand from data centres, EV charging, and green hydrogen is expanding the market beyond traditional utilities. (Source: Mordor Intelligence)

3) India Renewables Sector Overview

India is at a pivotal stage in its transition to a sustainable and inclusive energy future. As the worlds most populous nation and a rapidly growing economy, achieving net-zero emissions by 2070 demands swift action across policy, technology, and reform.

As of December 2024, Indias installed power capacity reached 462 GW, with renewables contributing 45%. To meet the 500 GW renewable target by 2030, 90 GW is under construction and 44 GW in development. The government plans to tender 50 GW annually through FY 2027 28. (Source: EYs How India Powers Sustainable Energy Future Growth)

Falling technology costs, supportive policies, and accessible financing are accelerating adoption across sectors. As a result, India is reducing its reliance on fossil fuels and advancing toward a cleaner energy mix.

With strong investor interest, India has become the worlds third-largest solar market and a global leader in large-scale solar and wind deployment.

Indias energy transition is central to enhancing energy security, mitigating climate risk, and sustaining economic growth cementing its role as a global clean energy leader.

India is witnessing a significant transformation in its energy and industrial landscape. Leading Indian conglomerates have announced investment plans amounting to approximately 67.42 lakh crore (US$ 800 billion) across strategic sectors such as green hydrogen, clean energy, semiconductors, and electric vehicles (EVs). These investments are expected to accelerate the countrys transition towards a sustainable and technology-driven economy.

According to research agency ICRA, Indias installed renewable energy capacity is projected to reach around 250 GW by March 2026, up from 201 GW recorded in September 2024 underscoring a robust pipeline of clean energy projects.

In parallel, the Government of India has outlined plans to invest approximately 9.12 lakh crore (US$ 107.89 billion) in power transmission infrastructure by 2032. This initiative aims to strengthen the national grid, enhance transmission capacity, and support the increasing electricity demand driven by industrial growth and electrification.

Growth within the sector, however, varied across technologies:

? Solar energy emerged as the leading contributor, with capacity additions rising by 88% YoY to 18.6 GW. This growth enabled solar to surpass both hydropower and nuclear, making it the fourth-largest source of installed capacity, behind wind.

? Wind energy additions declined by 14% to 2.6 GW, reflecting ongoing challenges related to supply chains, financing, and permitting. Nevertheless, wind generation reached a milestone by exceeding coal-fired generation for two consecutive months for the first time.

? Battery storage witnessed significant momentum, contributing the second-largest share of new generating capacity. Additions rose by 64% to 7.4 GW, with a key use case being the storage of surplus solar and wind energy following arbitrage and frequency regulation.

These developments underscore the accelerating shift toward a cleaner and more resilient energy landscape, driven by policy support, technological innovation, and investor confidence.

(Source: Deloittes 2025 Renewable Energy Outlook)

4) Solar Renewable energy sector in India

Solar energy has emerged as a transformative force in Indias energy landscape. Decentralized solutions have expanded rural access to clean energy, improving health outcomes and enabling livelihood opportunities. At a national level, solar has become a vital part of the power mix, supporting Indias goals for sustainable growth and energy security.

Alongside economic resilience, environmental sustainability remains a top priority. India promotes solar energy through key schemes like PM-KUSUM, supporting farmers with solar pumps and mini plants, and the Rooftop Solar Programme, offering subsidies for residential solar systems. The Solar Park Scheme facilitates large-scale solar installations, while the CPSU Scheme encourages domestic solar manufacturing. Atal Jyoti Yojana brings solar street lighting to rural areas, and the PLI Scheme boosts local production of solar modules. Together, these initiatives aim to expand clean energy access, reduce imports, and support the green energy transition.

Indias renewable energy sector continues to witness robust growth, driven by policy support, falling costs, and rising demand. As of March 2025, the countrys total installed renewable energy capacity (including biomass and waste-to-energy) stood at 220.10 GW, with solar power alone contributing 105.65 GW.

By October 2024, non-fossil fuel sources accounted for 44.72% of Indias total installed power capacity. Solar energy has emerged as the dominant contributor, comprising over 44% of total renewable capacity and nearly 20% of overall installed capacity. From January to September 2024, solar installations surged 167% YoY, with 16.4 GW added highlighting strong project execution and investor confidence.

India is targeting 450 GW of renewable energy capacity by 2030, of which 280 GW is expected from solar.

To support this growth, the National Electricity Plan (Transmission) aims to expand inter-regional transfer capacity to 168 GW by 2031 32, including over 191,000 circuit km of transmission lines and significant HVDC and cross-border links. Hydropower development is also gaining momentum, with 15 GW under construction, set to increase total hydro capacity to 67 GW by 2032.

India generated 189.48 BU of renewable energy (excluding hydro) between April and December 2024, a rise from 172.48 BU in the same period last year. The cumulative solar power generation in the first eleven months of FY24 stood at 75.57 BU.

Northern India, with a potential renewable capacity of 363 GW, is expected to become a leading hub for clean energy development by 2026, as the country moves toward its target of 250 GW installed renewable capacity within the next two years. (Source: IBEF)

(Source:JMK Research Analytics)

5) Growth Drivers in Indias Solar Energy Market

Rapid Decline in Solar Technology Costs

A key driver of growth in the global solar energy market has been the sharp decline in the cost of solar photovoltaic (PV) technology over the past decade. Advancements in technology, scaling of manufacturing, and enhanced supply chain efficiencies have substantially reduced the cost of solar panels and related infrastructure. As a result, solar energy has become more accessible and cost-competitive with conventional energy sources such as coal, oil, and natural gas.

Strong Policy Support and Global Climate Commitments

Supportive government policies and international commitments have been instrumental in accelerating solar energy adoption. Globally, measures such as feed-in tariffs, tax incentives, capital subsidies, net metering, and renewable portfolio standards have enhanced the financial viability of solar projects by reducing upfront costs and improving returns on investment.

Rising Energy Demand and Focus on Decentralized Power

Rising electricity demand driven by population growth, urbanization, and improving living standards is accelerating the shift toward decentralized and resilient energy systems. Solar energy aligns well with this shift, offering scalable off-grid and rooftop solutions, especially in remote or underserved regions. Distributed solar enhances energy access, promotes equity, and delivers reliable, clean power where conventional grid infrastructure is limited.

Technological advancements - Ongoing innovation in solar technology is enhancing efficiency, reliability, and affordability. Improvements in panel performance, energy storage, and grid integration are accelerating the adoption of solar power.

6) Opportunities in the solar industry

Government incentives such as mandates, subsidies, and tax breaks are driving renewable energy adoption

Indias Renewable Energy Ambition: Ranked as the 3rd largest energy consumer and 4th in renewable energy capacity, India is increasingly focusing on sustainable energy growth.

2030 Vision 500 GW Target: India aims to install 500 GW of non-fossil fuel energy capacity by 2030, showcasing its dedication to a greener future.

Clean Energy Drive: The emphasis lies on ramping up solar and wind power as key components of this transition.

Dominance of Solar Power: Solar energy plays a central role, comprising nearly 47% of the installed renewable capacity in the country.

Government-Backed Momentum: Programs such as the National Green Hydrogen Mission, PM-KUSUM, and PM Surya Ghar Scheme signal robust policy support and investment in renewables.

Outlook for Growth: With strategic planning and a strong policy framework, India is well-positioned to emerge as a global leader in renewable energy and sustainability.

7) Company overview

Founded in 2018 by Mr. Ankit Garg (IIT/ISM Dhanbad) and Mr. Pankaj Gothi, a seasoned renewable energy expert, Solarium is a leading player in Indias rooftop solar sector, headquartered in Ahmedabad, Gujarat. The company offers integrated, turnkey solar solutions tailored to client needs, with a focus on performance, efficiency, and long-term value. Backed by a dynamic, multidisciplinary team, Solarium is committed to delivering affordable and sustainable solar energy across India, supporting the nations clean energy transition through innovation and a strong customer-centric approach.

Solarium Green Energy Limiteds retail strength is anchored in its focused approach to the residential rooftop solar segment, which contributed a significant 37% of total revenue in FY2025. The Company has rapidly expanded its footprint, entering 15 new cities in H2 FY2025 alone, and now operates in multiple states with a robust and growing presence. Leveraging a tech-enabled model, Solarium has streamlined customer acquisition and project execution through a unified customer portal and data-driven operations.

Financial Highlights

Particulars ( Crores)	FY 2024-25	FY 2023-24
Revenue from Operations	230.08	177.40
EBITDA	25.90	24.20
Dep & Amortization	0.91	0.78
PBT	22.55	21.42
PAT	18.59	15.74
EPS	11.65	10.49

 

Particulars ( Crores)	FY 2024-25	%	FY 2023-24	%
Residential rooftop projects	85.07	37	40.25	23
C&I and ground mounted projects	18.96	8	6.84	4
Government Projects	94.90	41	59.49	34
Distribution sales	31.15	14	70.83	39
Total Revenue from operations	230.08	100	177.40	100

Operational Highlights

? Fully Integrated & Scalable Infrastructure: Backward integration through a new 1 GW automated module manufacturing facility in Ahmedabad to reduce cost volatility and enhance execution speed.

? Turnkey Capabilities: End-to-end in-house EPC execution from site assessment and design to commissioning and O&M across residential, commercial, and institutional segments.

? Proven Execution Track Record: Over 13,900 projects executed between April 2021 and March 2025, with 905+ residential projects currently underway, ensuring strong growth visibility.

? Strong Order Book: 120 crore in unexecuted orders and 243 crore in L1 positions (as of March 2025), providing solid revenue visibility. The company has tender under bidding worth Rs.1000+ crore.

? Top Customers and Major Order Wins: The major orders received by Solarium are: o Received an order of Rs. 35.32 crore from Kirloskar Solar Technologies for the development of 11775 KW Grid Connected Rooftop Solar Projects at various locations of Central Armed Forces and Department of Ministry of Home Affairs. o In July 2025, we received a work order of 12.99 crore from NTPC Vidyut Vyapar Nigam Limited

(NVVN) for the development of 3,319 KW Rooftop Solar Projects at various sites in Northeastern States under the Ministry of Home Affairs o We have also received another work order in July of 13.63 crore from NTPC Vidyut Vyapar Nigam

Limited (NVVN) for the development of 3,443 KW Rooftop Solar Projects at various sites in Northeastern States under the Ministry of Home Affairs.

? Widespread Geographic Reach: Projects executed across 15 states and union territories in FY2025, showcasing pan-India presence and adaptability in diverse environments. Further we are operational across 105+ cities in residential rooftop segment with 25+ being operationalized in Q1 itself.

? Robust Revenue Performance: 56 crores in revenue achieved in March 2025 alone, backed by large-scale institutional projects for clients such as BARC and the Indian Air Force. The company EPC/Turnkey operations has been growing at 117% 3-year revenue CAGR.

? Retail Market Leadership: Strong presence in the residential rooftop segment, enabled by a 250 + member team, tech-led processes, and the Solar Saarthi partner program.

? Resilient & Asset-Light Model: Asset-light EPC approach reduces capital risk while supporting scalability and operational agility.

? Strategic Market Positioning: Aligned with government clean energy initiatives, supported by consistent profitability, strong governance, ESOP allocations, and proactive investor engagement.

New Strategic Initiatives to Augment Growth and Profitability

Solarium is in the process of setting-up a dedicated solar module manufacturing facility with latest automated technology, as part of its strategic objective of backward integration. The facility is being set up at an estimated investment of Rs. 70 crore, with an installed production capacity of approximately 1,000 MW per annum. The plant is expected to be operational by Q4 FY26.

By bringing module production in-house, Solarium aims to:

? Mitigate cost volatility associated with sourcing modules externally

? Ensure timely and reliable supply of modules for its solar projects

? Expedite project execution by delivering the projects in timely manner

? Enhance overall project margins, contributing to improved financial performance

The facility will focus on the production of Crystalline Silicon Solar PV Modules, utilizing advanced technologies such as TOPCon cells, half-cut cells, and bifacial cells using imported tabber-stringers, laminators, and sun simulators to ensure high-quality output and efficiency.

In EPC projects, there are 3 key components: Solar Module, mounting Structure & Inverter. Solar modules typically account for approximately 50 60% of the total project cost and mounting structures accounts for ~10% of the project cost.

The backward integration initiative is a significant step towards strengthening Solariums position in the renewable energy sector.

New Partnerships and Collaborations to accelerate the Solar Energy Growth in the Country

Recently, Solarium teamed up with WattPower Systems Private Limited to significantly expand the distribution network of high-quality solar inverters across Madhya Pradesh and Maharashtra. This strategic collaboration aims to accelerate solar energy adoption under various Ground-Mounted Schemes, providing urban and rural communities with reliable, clean, and sustainable energy solutions.

As a value-added partner, Solarium will leverage its deep regional expertise, strong on-the-ground presence, and dedicated support to ensure last-mile delivery and successful implementation of a high-efficiency solar technology product.

Together, we are committed to offering access to solar energy throughout India and powering a greener future.

Collaboration with NISE with a mission to lead Indias clean energy revolution

As per the most recent development, Solarium has entered into a Memorandum of Understanding (MoU) with the National Institute of Solar Energy (NISE), an autonomous R&D institution under the Ministry of New and Renewable Energy, Government of India.

Solariums on-ground expertise with NISEs technical excellence, the objective is to develop advanced solar-based heating technologies especially suited for cold weather and Himalayan regions such as Ladakh, Himachal Pradesh, Uttarakhand, and Arunachal Pradesh.

Through collaborative R&D efforts, this partnership is geared towards

- driving innovation,

- fast-tracking clean energy adoption, and

- empowering Indias shift toward a sustainable, energy-secure future

The collaboration includes the below:

- Research and development of solar-based heating systems,

- Designing and prototyping solar space heating models,

- Field testing and demonstration of these technologies to evaluate feasibility, durability, and scalability.

Risks, Concerns and Mitigation

Our robust risk management framework is designed to systematically monitor both internal and external risks that may impact our business operations. It incorporates a range of strategies to effectively mitigate current risks while proactively identifying and addressing emerging threats. The key business risks, along with their corresponding mitigation measures, are outlined below.

Ratio	Figures As At 31.03.2025	Figures As At 31.03.2024	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Debtors Turnover	3.76	9.15	(58.92) %	The trade receivables turnover ratio reduced mainly due to higher sales towards the end of the financial year, resulting in a substantial increase in closing trade receivables and average receivables.
Inventory Turnover Ratio	4.96	7.34	(32.34) %	The inventory turnover ratio reduced mainly due to a significant increase in average inventory during the year, which was proportionally higher than the growth in cost of goods sold.
Interest Service Coverage Ratio	9.17	11.59	(20.89) %	Not Applicable
Current Ratio	2.42	1.34	80.60%	The current ratio increased mainly due to a sharp rise in trade receivables and cash balances, outpacing the growth in current liabilities.
Debt-Equity Ratio	0.48	1.55	(68.97) %	The debt-equity ratio reduced mainly because equity increased significantly due to the IPO proceeds, while debt rose at a much lower rate
Operating Profit Margin (%)	9.91%	12.08%	(17.93) %	Not Applicable
Net Profit Margin (%)	8.08%	8.87%	(8.95) %	Not Applicable
Debt Service Coverage Ratio	7.96	7.19	10.61%	Not Applicable
Return on Equity Ratio	22.95%	124.38%	(81.55)	The return on equity ratio reduced mainly because the average equity shareholders fund increased substantially due to IPO proceeds, while net profit grew at a much slower rate.
Trade Payables Turnover Ratio	11.10	12.80	(13.25) %	Not Applicable
Net Capital Turnover Ratio	3.13	14.87	(78.97) %	The net capital turnover ratio decreased mainly due to a substantial rise in average working capital during the year, which was proportionally higher than the increase in revenue from operations.
Return on Capital Employed	17.82%	79.15%	(77.49) %	The decline in ROCE is due to a substantial increase in capital employed (over 378%) following the ?105.04 crore IPO, while EBIT grew by only about 8%.
Return on Investment	13.09%	53.07%	(75.33) %	The drop in Return on Investment stems from a sharp surge in capital employed—up due to the IPO—outpacing the modest growth in PAT.

Internal Control System and their Adequacy

We have established a robust internal control system to ensure the integrity of financial reporting, safeguard assets, and enhance operational efficiency. The system is designed to identify, evaluate, and mitigate risks across various functions, ensuring compliance with statutory requirements and internal policies. The Audit Committee regularly reviews the findings of internal audits, particularly in matters involving suspected fraud, irregularities, or material control failures, and reports significant issues to the Board. The adequacy of the internal audit function, including its structure, staffing, and reporting framework, is periodically assessed. Additionally, the functioning of the Whistle Blower mechanism is monitored to uphold transparency and accountability within the organization.

Quality Culture

We are committed to delivering high-quality, compliant, and reliable energy solutions. Our in-house engineering team ensures adherence to industry standards and regulatory norms, in line with the Gujarat Industrial Policy, 2020. We follow a robust quality management system from project planning through execution. Post-commissioning, a dedicated O&M team of 10 professionals manages the upkeep and performance of completed projects, ensuring sustained operational excellence and customer satisfaction.

Human Resources

We consider our human capital as one of our most critical assets. As of March 31, 2025 we employ 305 individuals across various functions and hierarchies, including Directors, Key Managerial Personnel, and Senior Management. Our workforce is spread across key departments such as Turnkey Solutions, Project Management, Technical Operations, Design, Marketing, Finance, and Administration. We place strong emphasis on employee development, engagement, and performance, recognizing that a skilled and motivated team is essential to achieving our organizational goals. While we rely on third-party vendors for certain construction activities under our turnkey projects, all such work is closely supervised by our experienced in-house professionals. Our Human Resources policies are designed to foster a collaborative, inclusive, and growth-oriented work environment that aligns with the companys long-term vision.

Key Financial Ratios:

Ratio	Figures As At 31.03.2025	Figures As At 31.03.2024	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Debtors Turnover	3.76	9.15	(58.92) %	The trade receivables turnover ratio reduced mainly due to higher sales towards the end of the financial year, resulting in a substantial increase in closing trade receivables and average receivables.
Inventory Turnover Ratio	4.96	7.34	(32.34) %	The inventory turnover ratio reduced mainly due to a significant increase in average inventory during the year, which was proportionally higher than the growth in cost of goods sold.
Interest Service Coverage Ratio	9.17	11.59	(20.89) %	Not Applicable
Current Ratio	2.42	1.34	80.60%	The current ratio increased mainly due to a sharp rise in trade receivables and cash balances, outpacing the growth in current liabilities.
Debt-Equity Ratio	0.48	1.55	(68.97) %	The debt-equity ratio reduced mainly because equity increased significantly due to the IPO proceeds, while debt rose at a much lower rate
Operating Profit Margin (%)	9.91%	12.08%	(17.93) %	Not Applicable
Net Profit Margin (%)	8.08%	8.87%	(8.95) %	Not Applicable
Debt Service Coverage Ratio	7.96	7.19	10.61%	Not Applicable
Return on Equity Ratio	22.95%	124.38%	(81.55)	The return on equity ratio reduced mainly because the average equity shareholders fund increased substantially due to IPO proceeds, while net profit grew at a much slower rate.
Trade Payables Turnover Ratio	11.10	12.80	(13.25) %	Not Applicable
Net Capital Turnover Ratio	3.13	14.87	(78.97) %	The net capital turnover ratio decreased mainly due to a substantial rise in average working capital during the year, which was proportionally higher than the increase in revenue from operations.
Return on Capital Employed	17.82%	79.15%	(77.49) %	The decline in ROCE is due to a substantial increase in capital employed (over 378%) following the 105.04 crore IPO, while EBIT grew by only about 8%.
Return on Investment	13.09%	53.07%	(75.33) %	The drop in Return on Investment stems from a sharp surge in capital employed up due to the IPO outpacing the modest growth in PAT.

Details of any Change in Return on Net Worth as Compared to the immediately previous financial year along with a detailed explanation thereof:

The Return on Net Worth has decreased in 2024 25 compared to 2023 24. This decline is primarily due to a significant increase in net worth following the companys IPO during the year.

Solarium Green Energy Limiteds IPO, a book-built issue of 105.04 crores, was entirely a fresh issue of 0.55 crore shares. The proceeds from this IPO substantially increased the equity base, leading to a higher average net worth during the year.

While the Net Profit increased to 1,858.86 lakhs in 2024 25 from 1,574.06 lakhs in 2023 24, the growth in profit was proportionally lower than the increase in average net worth. This resulted in a reduced Return on Net Worth despite improved profitability.

Disclosure of Accounting Treatment

The financial statements of the Company have been prepared in accordance with Accounting Standard ("AS") notified under the Companies (Accounting Standards) Rules, 2021 read with section 133 of the Companies Act, 2013.

Cautionary Statement

This document contains statements about expected future events, financial, and operating results of Solarium Green Energy Limited, which may be forward-looking. By their nature, forward-looking statements require your Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the actual results may differ from what is expressed or implied in the forward-looking statements in the Annual Report. Readers are cautioned not to place undue reliance on forward-looking statements.

Registered office:	For and on behalf of Board of Directors
B-1208 World Trade Tower,	Solarium Green Energy Limited
B/h Skoda Showroom,	CIN: L31909GJ2022PLC129634
Makarba, Ahmedabad,
Gujarat, India 380051
	Sd/-
	Ankit Garg
Place: Ahmedabad	Chairman & Managing Director
Date: 13.08.2025	(DIN: 08027760)