Sterling & Wilson Renewable Energy Ltd Management Discussions

—FY 2026

Economic Overview

Global Economy1

The global economy continued to demonstrate resilience amid elevated trade tensions and ongoing policy uncertainty. The growth momentum was fuelled by easing inflation, reduced interest rates and increased investment in artificial intelligence, even as trade tensions persisted and debt levels remained elevated. The global economy recorded steady growth of approximately 3.4% year-on-year (Y-O-Y) in both 2024 and 2025, while advanced economies grew from 1.8% in 2024 to 1.9% in 2025. In contrast, emerging and developing economies stand in a better position, although growth has declined from 4.5% to 4.4%.

Rising protectionist measures, including higher tariffs imposed by the United States, led to increased volatility in global trade. Geopolitical risks continued to influence the economic environment—the Russia–Ukraine conflict and heightened tensions in West Asia, including the Israel–Iran situation, weighed on investor sentiment, disrupted trade flows, and affected overall economic stability. In addition, disruptions in crude oil transit through the strategically significant Strait of Hormuz introduced further uncertainty on the supply side. However, sustained investments in technology across North America and Asia, along with supportive fiscal and monetary policies and stable private-sector activity, supported overall growth.

According to the International Monetary Funds World Economic Outlook for April 2026, global Gross Domestic Product (GDP) is projected to grow from 3.1% in 2026 to 3.2% in 2027, reflecting modest growth in major economies, tighter financial conditions and continued geopolitical and trade-related uncertainties. Global inflation is expected to decline from 4.1% in 2025 to approximately 4.4% in 2026 and then to 3.7% by 2027. The global economic outlook is expected to improve further, with easing energy pressures and moderating inflation supporting a more stable growth environment. While some uncertainties persist, ongoing policy support, improving financial conditions, and strengthening fundamentals in emerging and developing economies are expected to contribute to a gradual and broad-based recovery.

Region (% Change Y-O-Y)	2025	2026P*	2027P*
Global Economy	3.4	3.1	3.2
Advanced Economies	1.9	1.8	1.7
Emerging Markets and_Developing	4.4	3.9	4.2
Economies_(EMDEs)

Indian Economy2

India continues to rank among the fastest-growing major economies globally and is well-positioned to sustain its growth momentum. The Indian economy grew in FY 2026, supported by policy reforms and steady consumer demand, as both private and public investment gradually recovered. For FY 2026, Indias real GDP growth is estimated at 7.6% based on the new 2022–23 base year, up from 7.1% in FY 2025. India strengthened its trade outlook by concluding a Free Trade Agreement with the European Union and entering into interim bilateral arrangements with the United States and New Zealand, both of which are expected to improve market access and support cross-border trade growth. At the same time, global trade uncertainty and elevated tariffs in key markets affected export performance and manufacturing activity, limiting the pace of trade expansion. In response, the Government of India introduced structural reforms to simplify taxation and compliance processes. The government rationalised Goods and Services Tax (GST) rates and streamlined procedures across sectors, which improved business conditions nationwide.

Indian GDP Growth (%)

7.6

*Estimated

Source: Ministry of Statistics & Programme Implementation (MoSPI)

For FY 2026, the Reserve Bank of India (RBI) maintained an accommodative monetary policy stance and reduced the repo rate by 125 basis points, from 6.50% to 5.25%, beginning in February 2025, with the objective of lowering borrowing costs and supporting private investment. While borrowing costs declined during the year, the transmission of the rate cuts to lending rates across the banking system remained uneven, resulting in a more moderate reduction in actual borrowing costs than the full extent of the repo rate cut. In April 2026, the RBI adopted a neutral policy stance, keeping the policy rate unchanged at 5.25%. Looking ahead, India is expected to maintain strong economic momentum. Healthy domestic demand and steady investment activity are likely to support this growth path. Indias energy security plays a vital role in supporting the countrys broader economic growth and sustainability agenda. Amid ongoing geopolitical uncertainties—such as the Iran conflict—several non-oil-based economies, including India, are increasingly focusing on reducing their dependence on imported oil, gas and coal, thereby accelerating investments in renewable energy capacity, particularly solar power. Through initiatives such as the National Bioenergy Mission, National Green Hydrogen Mission, Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) and PM Surya Ghar Muft Bijli Yojana, the government is promoting renewable energy adoption, enhancing grid stability and reducing carbon emissions. These measures are driving the transition towards a cleaner and more self-reliant energy future. At the same time, they are strengthening the foundation for resilient, sustainable and inclusive economic development.

Major players are expected to expand their presence, strengthen customer relationships and increasingly adopt technology-led operating models to capture emerging opportunities. Continued infrastructure development and an improving business environment are likely to support further expansion into new and emerging markets. While global uncertainties and input cost pressures remain, strong domestic demand and evolving consumption trends are expected to underpin sustained long-term growth.

Industry Overview

Global Energy Industry3,4

According to the International Energy Agency (IEA), global energy demand growth moderated in 2025, rising by about 1.3% or around 8 exajoules (EJ), compared to 2% in 2024, which was broadly in line with the decadal average. Importantly, the composition of this growth continued to shift decisively in favour of low-emission sources, reinforcing the structural transition toward the ‘Age of Electricity. In 2025, solar PV emerged as the single largest driver of incremental demand, accounting for 27% of the growth. This was followed by natural gas (17%), oil

(15%), solid bioenergy and waste (13%), coal (9%), nuclear (5%), liquid biofuels (2%) and other renewables (3%). Collectively, low-emission sources accounted for nearly 60% of total demand growth, highlighting the increasing centrality of clean energy in meeting global consumption needs.

Regionally, China remained the largest contributor to global energy demand growth, though expansion moderated to 1.7% as rapid renewable deployment and efficiency gains continued to displace fossil fuel intensity. The United States recorded growth of over 2%, supported by rising electricity consumption from data centres, weather-driven demand and broader economic activity. In contrast, India saw a moderation to around 1% in 2025, reflecting the combined impact of favourable monsoon conditions and deeper renewable penetration. Other emerging markets also experienced relatively softer growth, though select regions, such as Africa and the Middle East, showed signs of recovery.

Electricity continues to be the key growth engine of the global energy system, with demand rising by approximately 3% or around 800 TWh in 2025, significantly faster than overall energy demand. Growth was broad-based across industrial and building sectors, with emerging demand pockets such as electric vehicles and data centres also gaining traction. Within this, solar PV played a pivotal role, delivering a record 600 TWh, bringing global generation to nearly 2,700 TWh. This single addition met a substantial share of incremental electricity demand, and when combined with nuclear and other renewables, low-emission sources were sufficient to fully cover the net increase in global electricity consumption, reflecting the accelerating transition toward a renewables-led energy system.

Source: IEA

Looking ahead to 2026, the primary driver of the energy transition is expected to be industrial competitiveness, as industries adopt cleaner, more efficient energy technologies to reduce costs, improve productivity and maintain an edge in both domestic and global markets. This global industrial race is currently led by China, which invests nearly as much in clean energy as the United States and the European Union combined. Chinas dominance across key manufacturing segments—including solar modules, batteries and other advanced energy technologies—continues to reinforce its position as the worlds leading clean energy powerhouse.

3 Source: International Energy Agency (IEA), Global Energy Review 2026

4 Source: International Renewable Energy Agency (IRENA), Renewable Capacity Highlights March 31, 2026

Global Renewable Energy Industry5, 6, 7

The global renewable energy industry is expanding rapidly and has reached a significant milestone, accounting for about 49% of total global installed power capacity in 2025. During the year, a record 692 gigawatt (GW) of new capacity was added, bringing total capacity to 5,149.28 GW, reflecting strong momentum and a 15.5% Y-O-Y growth. In parallel, global clean energy investment reached a record USD 2.3 trillion in 2025, forming a major share of total energy spending.

China, the United States and Europe together accounted for nearly 80% of global renewable additions, while regions such as Africa and small island nations continue to lag due to limited investment and infrastructure. A large share of this capacity addition came from solar energy, which added 511 GW (+27.2%), making it the largest contributor to overall capacity additions. Wind energy also recorded significant growth, adding 159 GW (+14%). Other renewable sources experienced more moderate growth. Hydropower capacity increased by 18.4 GW (+1.4%), while bioenergy rose by 3.4 GW (+2.3%). Geothermal energy saw a modest addition of 0.3 GW (+1.7%), contributing to the overall expansion of renewable energy.

In 2025, renewable power capacity continued to grow strongly, exceeding both 2024 levels and long-term trends. Renewable energy accounted for 85.6% of total capacity added during the year, slightly lower than the 92% share recorded in 2024. However, despite this decline in share of new additions, the overall contribution of renewables to total installed capacity increased from 46.3% in 2024 to 49.4% in 2025. Despite this progress, non-renewable capacity additions nearly doubled—mainly driven by coal-based expansion in China—highlighting the need to accelerate faster to meet the global target of tripling renewable capacity to over 11 TW by 2030.

While 2025 marked the highest-ever increase in renewable capacity, growth remained uneven across regions. Asia accounted for 74.2% of global renewable energy capacity additions; the region added 513.3 GW of capacity, bringing its total renewable capacity to 2,891 GW in 2025, representing 56.1% of the global total. North America recorded an increase of 42.1 GW (+7.4%), mainly driven by new installations in the United States. Africa experienced its highest-ever growth, adding 11.3 GW (+15.9%), led by Ethiopia, South Africa and Egypt. Meanwhile, the Middle East recorded the highest global growth rate at 28.9%, adding 12.7 GW, with Saudi Arabia accounting for most of this increase.

Looking ahead, the renewable energy sector is expected to continue to expand, albeit at a more moderate pace as markets mature and policies evolve. Emerging solutions such as green hydrogen and hybrid renewable systems are likely to complement solar and wind, particularly in hard-to-abate sectors. Overall, the industry is expected to strengthen infrastructure, mobilise sustained investments and ensure more inclusive growth across regions, positioning renewables as a cornerstone of a resilient, low-carbon global energy system.

Indias Renewable Energy Industry8, 9, 10, 11, 12

The Indian renewable energy industry has emerged as one of the fastest-growing and most dynamic markets globally, driven by strong policy support, large-scale capacity additions and a clear focus on energy transition. India ranks third globally in renewable energy installed capacity. As of March 2026, India has achieved a total non-fossil fuel installed capacity of 283.46 GW, including 274.68 GW from renewable sources, positioning the country as the third-largest renewable energy market in the world, ahead of Brazil. This milestone reflects significant progress, with renewable capacity expanding by nearly 3.6 times since 2014, led primarily by solar and wind.

Indias Renewable Energy Capacity (GW)

India has made strong progress in power generation and sustainability. In FY 2026, total electricity generation reached 1,845.9 billion units, with non-fossil sources contributing 29.2% and renewable energy (including large hydro) accounting for 26.2%. A key milestone was achieved in 2025 when India achieved 50% of its installed power capacity from non-fossil fuels, reaching the target five years ahead of its 2030 commitment under the Paris Agreement.

Indias renewable energy sector maintained strong growth in FY 2026, led by a sharp increase in solar capacity from 105.65 GW to 150.26 GW. Wind energy also expanded from 50.04 GW to 56.09 GW, while bio-power grew modestly from 11.58 GW to 11.75 GW. Small hydro rose slightly from 5.10 GW to 5.17 GW, and large hydro increased from 47.73 GW to 51.41 GW, supported by ongoing upgrades and capacity additions. Overall, the expansion was primarily driven by solar energy, with other segments contributing steady but comparatively limited growth.

Source: MNRE

^For FY 2026, large hydro includes 7,175.6 MW pumped storage

Policy support, such as reduced GST on renewable equipment, incentives for battery storage manufacturing and market reforms, including virtual power purchase agreements (PPAs) and transmission charge waivers, is improving project economics and attracting investment. In addition, infrastructure initiatives like the Green Energy Corridor are enhancing grid capacity and enabling smoother integration of large-scale renewable energy.

Emerging segments are also gaining momentum. The National Green Hydrogen Mission targets production of 5 million metric tonnes per annum by 2030, supported by investments and policy incentives. At the same time, bioenergy, small hydro and energy storage systems are being actively promoted to diversify the energy mix and enhance grid reliability.

Despite these advances, challenges persist in areas such as grid readiness, storage scaling and balanced regional deployment. However, with a clear ambition to achieve 500 GW of non-fossil capacity by 2030 through sustained policy support and growing private-sector participation, India remains well positioned to lead the global renewable energy transition. Overall, the sector continues to play a pivotal role in strengthening energy security, supporting economic growth and advancing a low-carbon development pathway.

Global Solar Energy Industry13, 14

The global solar energy industry has emerged as the fastest-growing segment of the renewable energy sector and continues to account for a significant share of overall global capacity additions. The solar industry has been characterised by the swift growth of both utility-scale and distributed installations. According to the Global Energy Monitor report, ‘Global wind and solar 2025: The G7 gap, the utility-scale solar power order pipeline grew by 17% Y-O-Y in 2025, surpassing 2.2 Terawatt (TW). Distributed solar accounted for approximately 42% of total global solar capacity in 2025, reflecting strong adoption across residential, commercial and industrial segments. It supports decentralised energy generation, improves energy access and enhances resilience in regions with limited grid infrastructure.

In this context, solar photovoltaic (PV) power accounted for almost all of the growth in solar energy, with 510.3 GW of new capacity added in 2025. Asia has rapidly expanded its solar capacity, more than doubling it since 2022. The region added 317.1 GW in 2024 and 371.2 GW in 2025. Most of this growth came from China, which alone added 315.1 GW, followed by India with 37 GW and South Korea with 3.7 GW. Outside Asia, the United States added 34 GW of solar capacity in 2025, a 19.2% increase from 2024. Germany and Brazil also saw notable growth, adding 15.1 GW and 11.6 GW, respectively.

Geographically, China remained the dominant player in the global solar market, leading in both manufacturing capabilities and installed capacity. Its large-scale deployment of utility and distributed solar systems has positioned it well ahead of other countries. Other key markets, including the United States, India and several European nations, continued to contribute to global growth, although the pace and scale of energy installation vary significantly across regions. Looking ahead, solar energy will remain central to achieving global climate objectives, including the commitment under COP28 to triple renewable energy capacity by 2030. As per COP28, countries have committed to working together to triple the worlds installed renewable energy generation capacity to at least 11,000 GW by 2030. However, meeting these targets will require not only accelerated solar energy installations but also substantial investments in grid infrastructure, storage solutions and system flexibility to ensure the reliable and efficient integration of solar power into energy systems.

Indias Solar Energy Industry15, 16, 17, 18, 19, 20

Indias solar energy sector has witnessed strong, sustained growth, supported by ambitious national targets, policy support and rising demand across both utility-scale and distributed segments. As of March 31, 2026, cumulative installed solar capacity reached 150.26 GW, up sharply from 105.65 GW in FY 2025. This expansion has been driven by a combination of large-scale projects and increasing adoption of rooftop and distributed solar solutions, including schemes such as PM-KUSUM. The increasing focus on renewable energy is also reflected in Indias evolving power generation mix. During FY 2026, Indias total electricity generation stood at 1,845.921 billion units (BU), up by 0.93% from the previous year. Power generation from fossil fuel sources declined by 4.12% year-on-year to 1,306.951 BU, accounting for around 71% of total generation. In contrast, non-fossil fuel-based generation increased to 538.97 BU, accounting for 29.2% of the total power generation mix, driven by strong growth in renewable energy.

Indias per capita electricity consumption stood at 1.4 MWh in 2025, significantly lower than the global average of 3.9 MWh and far below that of major economies such as China (7.5 MWh), Japan (8.4 MWh), and the United States (13.1 MWh). This substantial gap highlights the strong long-term growth potential of Indias power sector, particularly renewable energy, as rising urbanisation, industrialisation, and increased electrification are expected to drive sustained growth in electricity demand.

Distributed solar refers to small-scale solar power systems that are installed close to where electricity is used, rather than at large, centralised power plants. Distributed solar has emerged as a key growth driver, with 16.31 GW added during the year, while cumulative rooftop installations have benefitted over 42 lakh households, supported by initiatives like the PM Surya Ghar scheme. Measures such as the City Accelerator Programme, simplified digital approvals, net metering integration, improved access to financing and inter-ministerial coordination have further accelerated adoption across segments.

Installed Solar and Wind Capacity (GW)

In FY 2026, within the overall installed base, ground-mounted solar plants dominated with 114.87 GW, largely driven by utility-scale solar parks and competitive bidding-led project development. Grid-connected rooftop solar accounted for 25.73 GW, reflecting increasing penetration across residential, commercial and industrial users. Hybrid projects, which integrate solar with other renewable sources and storage, contributed 3.86 GW, indicating a growing focus on flexibility and grid stability. Off-grid solar installations stood at 5.80 GW, continuing to play a vital role in decentralised energy access, particularly in remote and underserved regions.

Solar Power Installed Capacity—By Type (GW)

Source: MNRE

Solar photovoltaic technology continues to dominate the market, accounting for over 99% of capacity, with on-grid systems holding a 96.85% share. Utility-scale projects account for 78.62%, supported by strong tender pipelines, while rooftop and distributed segments are gaining momentum due to subsidies, rising tariffs and increasing consumer awareness. Declining solar tariffs, reaching as low as INR 2–2.4 per kWh, have further enhanced competitiveness.

Emerging trends such as solar-plus-storage, hybrid renewable systems and green hydrogen-linked demand are expanding the role of solar energy beyond conventional power generation. These developments are enabling round-the-clock renewable solutions and supporting industrial decarbonisation across sectors such as refining, fertilisers and steel, positioning solar energy as the backbone of Indias clean energy transition.

Global Solar Engineering, Procurement and Construction (EPC) Industry21

The global solar EPC market has been experiencing significant growth and is projected to expand from USD 440.6 billion in 2025 to USD 960.1 billion by 2035, reflecting a Compound Annual Growth Rate (CAGR) of 8.1%. This expansion highlights the increasing role of EPC contractors in delivering turnkey solar energy projects, including feasibility studies, system design, procurement, construction and commissioning. Between 2025 and 2030, the global EPC market is expected to grow steadily, driven by investments in large-scale utility projects, commercial solar parks and distributed solar generation. The global solar EPC market is expected to maintain a strong growth trajectory, driven by rising installation capacities, increasing government-led tenders and growing demand for specialised services. The growth of the solar EPC market was driven by multiple factors. Favourable policies, government incentives, net-metering schemes and auction-based tenders create an enabling environment for EPC contractors. Falling panel costs and better technology have made projects more affordable, while easier access to financing has supported the growth of both large-scale and rooftop solar installations, especially in emerging markets. As global decarbonisation and net-zero goals gain urgency, EPC contractors are increasingly pivotal in executing high-efficiency, time-bound projects.

The solar EPC market is mainly dominated by solar PV systems, which accounted for around 74.8% of the market in 2025. PV technology is favoured for its modularity, lower costs per watt, ease of installation and adaptability across rooftop, ground-mounted and floating platforms. Technological advancements, such as bifacial modules and increased PV efficiency, are further improving energy yield and project cost-effectiveness. Regarding project classification, ground-mounted systems are estimated to hold 63.5% of the EPC market share in 2025. These systems are particularly suited for large-scale solar parks due to their scalability, compatibility with tracking mechanisms and simpler maintenance compared to rooftop installations. By end use, utility-scale projects remained the largest segment, accounting for 61.9% of the solar EPC market in 2025.

Regionally, Asia-Pacific, North America and Europe accounted for the majority of market growth. India is expected to witness a CAGR of 10.1% between 2025 and 2035. China is projected to grow at a CAGR of 10.9% over the same period. China and India have been expanding rapidly through government-backed utility-scale programmes and private-sector investments. In contrast, mature markets such as the United States, the United Kingdom and France are focusing on large-scale solar parks, integration with energy storage and grid modernisation.

Global Solar EPC Market—Country CAGR from 2025–2035 (in %)

Source: Future Market Insights

Looking forward, the solar EPC market is poised for continued growth through 2035, driven by expanding utility-scale, commercial and distributed solar projects. EPC firms that enhance service depth, adopt cost-optimisation strategies, leverage technological efficiencies and maintain resilient supply chains are expected to capture the largest opportunities. The ongoing global energy transition positions solar EPC as a cornerstone of renewable infrastructure development, offering stable growth potential for stakeholders across regions.

Indias Solar EPC Industry22

Indias solar EPC industry is expected to grow at a CAGR of 10.1% between 2025 and 2035, making it one of the fastest-growing EPC industries globally. This growth is driven by large-scale renewable capacity additions, competitive bidding frameworks and increasing private-sector participation in utility-scale solar development.

The Indian EPC ecosystem is increasingly shifting toward execution efficiency and project standardisation, as developers prioritise cost optimisation, faster commissioning timelines and integrated EPC models. Major EPC contractors are also expanding capabilities in hybrid project execution, including solar-plus-storage configurations, to align with evolving grid requirements and round-the-clock renewable energy demand.

Additionally, the industry is witnessing a gradual transition from pure-play construction contracts to lifecycle-oriented EPC engagement models, where contractors are increasingly responsible for performance assurance, operational optimisation and long-term asset reliability. This is further supported by the rising complexity of projects involving high-capacity solar parks, transmission-linked installations and hybrid renewable clusters.

Solar Operations and Maintenance (O&M) Industry23

The global solar O&M market was valued at USD 14.51 billion in 2024 and is projected to reach around USD 32.63 billion by 2034, expanding at a CAGR of 8.44% between 2025 and 2034. The solar O&M market is being fuelled by several key factors, including the growing adoption of smart solar solutions with remote diagnostics, automated maintenance and monitoring systems, particularly in buildings and smart homes. These advancements are driving demand for long-term maintenance services to maximise energy output and reduce operational costs. Investments in renewable energy, growing environmental awareness and favourable policies are further supporting market growth. However, the lack of standardisation in solar panel technology across different regions, coupled with diverse regulatory frameworks, remains a challenge, as it can complicate service quality and operational efficiency. On the other hand, increasing emphasis on efficiency and cost reduction, coupled with innovative analytics and management systems, offers lucrative opportunities for players to enhance profitability while optimising solar panel performance.

Artificial Intelligence (AI) and automation are playing increasingly significant roles in the solar O&M market. AI algorithms analyse data such as solar irradiance, weather patterns and historical performance to optimise energy capture, forecast production, consumption and enhance energy management. In addition, the use of drones and automated cleaning systems is revolutionising inspection and maintenance workflows by detecting microcracks, hotspots and dirt accumulation with high accuracy while reducing labour costs. Predictive maintenance using Internet of Things (IoT)-enabled sensors and real-time analytics is also gaining momentum, particularly for utility-scale solar farms, enabling proactive interventions and minimal downtime.

In 2024, preventive maintenance led the solar O&M market by ensuring smooth operations through regular inspections, cleaning and testing, while corrective maintenance is projected to grow fastest as operators focus on minimising downtime and restoring system performance. Among installation types, ground-mounted systems dominated due to their high efficiency and capacity for large arrays, whereas roof-mounted systems are expected to grow most rapidly in residential and commercial sectors, offering space-efficient, cost-effective and climate-adaptive solutions. Building-integrated photovoltaics (BIPV) is also gaining popularity in urban sustainability projects. By end use, the residential segment held the largest market share in 2024, driven by the growing adoption of solar systems for energy savings, sustainability and lower electricity costs. The commercial segment is projected to grow at the fastest rate during the forecast period, as businesses increasingly invest in cleaning, performance optimisation and monitoring solutions to maintain efficiency, reduce operational costs and enhance energy savings. Industrial applications are also emerging, particularly in high-demand energy sectors such as data centres and manufacturing facilities.

The Asia-Pacific dominated the solar O&M market in 2024, driven by strong government support, increasing investments in renewable energy and the large-scale adoption of solar systems in countries such as China and India. The regions focus on sustainable energy solutions and renewable energy targets continues to drive demand for O&M services. North America is expected to witness the fastest growth over the forecast period, due to expanding solar installations and the need to replace or repair ageing systems. Europe, Latin America, the Middle East and Africa are also witnessing steady adoption, fuelled by government incentives, private investment and technological advancements in solar infrastructure.

Indias solar O&M industry is evolving into a structurally important, recurring-revenue segment of the renewable energy value chain. As assets scale, the need for performance optimisation, predictive maintenance and lifecycle asset management is driving sustained demand across utility-scale, commercial and rooftop solar installations. O&M is increasingly viewed as an annuity-linked service stream rather than a post-installation support function.

The industry is becoming more organised, particularly in the utility-scale segment, where a small number of large service providers control a significant share of contracted capacity, while the rooftop and commercial segment remains relatively fragmented and underpenetrated. The addressable opportunity is expanding steadily, with O&M revenues broadly tied to installed capacity, creating a growing base of recurring cash flows for service providers.

At the operational level, O&M services typically include module cleaning, inverter diagnostics, string testing, monitoring and preventive maintenance, increasingly supported by digital platforms, remote monitoring and predictive analytics. The sector is also witnessing a gradual shift toward integrated EPC-O&M models and portfolio-based servicing, improving efficiency and enabling lifecycle performance guarantees. Going forward, technology adoption and rising system complexity are expected to further formalise and scale the O&M market in India.

Wind EPC Industry24, 25, 26

The global wind power EPC market is witnessing steady growth and is expected to reach USD 8.93 billion by 2025, expanding at a CAGR of 8.42% through 2033. The Asia-Pacific leads the market with a 42.4% share, driven largely by Chinas strong government support, large-scale installations and integrated manufacturing ecosystem. Other countries, such as India, Japan, South Korea and ASEAN nations, are also increasing their EPC activities. Europe holds a 25.1% share, supported mainly by offshore wind investments, while North America accounts for 18.5%, driven by onshore wind development and corporate renewable energy commitments. The Middle East and Africa (7.8%) and South America (6.2%) are emerging regions, gradually expanding their wind energy capabilities.

China continues to dominate the sector, especially in onshore wind, due to its scale, policy backing and investment in research and development. Onshore wind remains the preferred choice globally because of its lower costs and easier implementation, while offshore wind is gaining traction with larger, more advanced projects that offer higher capacity.

In India, the wind energy sector is growing steadily, with installed capacity exceeding 56 GW, including a record 6.05 GW of capacity added in FY 2026. The sector is expected to expand from 55.3 GW in 2025 to 135.8 GW by 2034, growing at a CAGR of 10.17%. This growth is supported by government initiatives such as the Wind-Solar Hybrid Policy and competitive auction schemes, which are helping to attract investments and streamline project development. Technological advancements, including larger turbines, improved materials and smarter systems, are also enhancing efficiency and reliability.

Indias position as the fourth-largest wind energy market globally is further strengthened by rising domestic manufacturing capacity, which has reached 24 GW. Policy measures have played a key role in accelerating growth, including the identification of 66 GW of wind potential zones, faster project clearances and better coordination among government agencies. The commercial and industrial segment has been a major contributor, accounting for nearly 75% of new installations.

At the regional level, states such as Tamil Nadu, Karnataka and Gujarat continue to lead due to strong wind resources and supportive policies, while Rajasthan is emerging as a fast-growing market. Offshore wind is also gaining momentum, particularly in Gujarat and Tamil Nadu, supported by innovations such as floating turbines. Additional measures, including waiving Inter-

State Transmission System (ISTS) charges for projects approved by June 2025, are expected to further boost both onshore and offshore development and support Indias target of achieving 140 GW of wind energy capacity by 2030.

Battery Energy Storage Systems Market27,

28, 29

The global Battery Energy Storage Systems (BESS) market is growing steadily as countries shift toward renewable energy and seek more reliable, flexible power systems. It is expected to grow from USD 81.6 billion in 2026 to USD 195 billion by 2036, at a CAGR of 9.1%. This growth is mainly driven by the increasing use of solar and wind energy, which requires storage to manage supply fluctuations and keep the grid stable. Adoption is increasing across the utility, commercial, industrial and residential sectors for uses such as peak load management, backup power and energy optimisation, with utility-scale systems leading the market. Lower battery costs, technology improvements and the growth of decentralised energy systems are also supporting expansion. Regions such as Asia-Pacific, North America and Europe are driving large-scale deployment through supportive policies and clean energy investments, while digital tools are improving system performance. Overall, BESS is becoming an essential part of global energy infrastructure and the clean energy transition.

Indian BESS Market Size (in USD mn)

Source: IMARC Group

Similarly, Indias BESS market is expanding rapidly due to higher renewable energy capacity, growing electric vehicle adoption and the need for a stronger, more reliable power grid. India is promoting BESS to support its 500 GW non-fossil fuel target by 2030 and manage the variability of renewable energy. BESS helps store excess power, ensure a reliable supply and provide grid services. The Indian BESS market is valued at about USD 327.7 million in 2025 and is projected to reach nearly USD 2,683 million by 2034, growing at a CAGR of around 25% during 2026–2034. This growth would be supported by improved storage technologies, government support for domestic manufacturing and the adoption of clean energy. New technologies such as AI-based battery management and sodium-ion batteries are further improving efficiency and scalability. Overall, BESS is becoming a key part of Indias shift toward a cleaner, more stable and flexible energy system. The government has introduced multiple policy, regulatory and financial measures—including infrastructure status, market participation and funding schemes—to boost deployment and manufacturing. As of March 2026, India has 798 MW of installed BESS capacity, with 35.8 GW under construction and is projected to need 208 GW by 2030.

Government Initiatives30, 31, 32, 33

The government has introduced key initiatives to support the renewable energy sector by lowering costs and improving efficiency. It has also streamlined compliance through the Renewable Consumption Obligation (RCO) framework under the Energy Conservation Act, 2001, along with regulatory support from the Central Electricity Regulatory Commission (CERC) for transmission and connectivity. Additionally, mechanisms such as Virtual Power Purchase Agreements (VPPAs), Contract for Difference (CfD), the Renewable Energy Equipment Import Monitoring System (REEIMS), geothermal policy, skill development programmes and updated Quality Control Orders (QCOs) further strengthen sector growth. Major government initiatives have been outlined below:

Tax Rationalisation for Renewable Equipment

The government has reduced the GST on renewable energy equipment from 12% to 5% to lower costs for developers, DISCOMs and consumers, making clean energy more affordable. It has also extended the Basic Customs Duty (BCD) exemption on capital goods for lithium-ion cell manufacturing until March 2028, aiming to reduce import dependence and promote domestic manufacturing under the Atmanirbhar Bharat initiative.

PM-KUSUM Scheme: Rural Energy Transformation

The PM-KUSUM scheme continued to play a crucial role in the adoption of decentralised solar. During FY 2026, 7.67 GW of capacity was added, taking cumulative installations to 13.11 GW. A record 13.94 lakh solar pumps were installed or solarised in a single year, marking a significant push towards clean irrigation solutions.

National Bioenergy Programme

The National Bioenergy Programme introduced key reforms to streamline processes and accelerate project execution. Financial support was made performance-linked, while biomass guidelines were eased with flexible contracts and digital monitoring. These measures improved efficiency and enabled faster fund disbursement, with over 50% of the budget released in FY 2026.

ALMM and ALCM Framework

The government has expanded the Approved List of Models and Manufacturers (ALMM) framework to include solar ingots and wafers (ALMM List-III), effective from June 1, 2028, extending domestic sourcing requirements across the solar value chain. This initiative aims to boost domestic manufacturing, reduce import dependence, strengthen supply chain resilience and enhance quality standards, while promoting upstream integration in Indias solar industry. Measures such as the Approved List of Cell Manufacturers (ALCM) are also being introduced to further localise the solar value chain, particularly in upstream components like solar cells.

Strengthening Grid Infrastructure

The Government of India has introduced a comprehensive set of measures to strengthen renewable energy integration by expanding transmission infrastructure, deploying smart grid technologies and developing energy storage systems. As per the National Electricity Plan (Volume-II Transmission), the transmission network is planned to expand from about 5.04 lakh circuit km (as of February 2026) to 6.48 lakh circuit km by 2032, while transformation capacity is expected to increase from about 1,429 GVA to 2,345 GVA. Inter-regional transmission capacity is also targeted to grow from 120 GW to 143 GW by 2027 and further to 168 GW by 2032. In parallel, projects such as the Green Energy Corridor and HVDC transmission links are being implemented to enable efficient evacuation of large-scale renewable power. The government is strengthening grid stability through regulatory reforms, forecasting systems and smart grid technologies such as Static Synchronous Compensators (STATCOMs), Flexible AC Transmission Systems (FACTS), Automatic Generation Control (AGC) and Supervisory Control and Data Acquisition (SCADA).

Green Energy Corridor

The Green Energy Corridor programme strengthened renewable energy evacuation, with 7 states completing Phase I and INR 787 crore released in FY 2026 for transmission infrastructure. Additionally, around 345 GW of renewable energy potential zones have been identified to support long-term planning, with the next phase of expansion underway.

National Green Hydrogen Mission

The National Green Hydrogen Mission, with an outlay of INR 19,744 crore, targets annual production of 5 MMT by 2030, along with 125 GW of renewable capacity addition and an investment of INR 8 lakh crore.

Research, Development and Innovation in Clean_Energy

India made strong progress in clean energy innovation, including geothermal pilot projects and major solar PV advancements with 30% efficiency in silicon tandem cells and 26% in perovskite cells. Development of sodium-ion batteries and a national solar calibration facility further strengthened energy storage capabilities and high-precision testing infrastructure.

Solar Parks

The Development of Solar Parks and Ultra-Mega Solar Power Projects Scheme, launched in December 2014 with a target of 20 GW and later expanded to 40 GW in March 2017, has approved 55 parks with a total capacity of 39,973 MW across 13 states as of October 31, 2025. Out of this, 14,922 MW has been installed, with the remaining under implementation. The scheme has been extended till March 31, 2029 and supports large-scale solar deployment by providing shared infrastructure such as land, transmission, roads and water facilities.

Challenges34, 35

Despite strong momentum in Indias renewable energy sector, certain structural and external challenges have emerged that may affect project execution and investment dynamics. Ongoing geopolitical tensions and conflict-related disruptions have created volatility in global supply chains, impacting the availability and pricing of key inputs such as solar glass, power electronics, inverter components and other critical equipment, leading to intermittent delays and cost pressures despite growing domestic manufacturing capacity. At the same time, the increasing reliance on fixed-price EPC contracts has introduced additional constraints, as developers and EPC contractors face limited ability to pass on sudden cost escalations arising from global commodity fluctuations or supply disruptions. This has resulted in margin pressure for project developers and has made them more cautious in their bidding strategies. In some cases, it has also slowed the pace of new project awards, as stakeholders are reassessing their pricing assumptions to better reflect increased input costs and uncertainties in project execution.

Opportunities and Threats36, 37, 38, 39, 40

Opportunities

• Emerging market niches such as agrivoltaics, solar mobility, space-based solar energy and PV integration in construction and industry.

• Hybrid energy solutions, particularly wind-solar-storage integration, are emerging as a key opportunity to improve grid reliability and expand project scope.

• Offshore wind expansion is creating significant growth opportunities, driven by higher capacity factors and increased investment in large-scale projects.

• Emerging markets present substantial untapped potential_ due_ to rising energy demand and increasing policy support.

• Sustainability and circular-economy integration are enabling EPC players to adopt low-carbon practices and lifecycle optimisation, thereby creating additional value.

• Declining technology costs and improved turbine efficiency are enhancing the competitiveness and viability of solar and wind energy projects.

• Continued policy and regulatory support, including incentives and renewable energy targets, is attracting higher levels of investment.

Threats

• Supply chain disruptions and material cost volatility, particularly for steel and rare-earth elements, can affect project timelines and profitability.

• Weak grid connections and limited transmission capacity make it difficult to deliver power efficiently.

• Regulatory and permitting complexities can delay project approvals and execution.

• The capital-intensive nature of large-scale projects creates financing risks, especially in uncertain market conditions.

• Renewable capacity is unevenly distributed, with low adoption in some areas, reflecting untapped potential.

Company Overview

Sterling and Wilson Renewable Energy Ltd. (hereafter referred to as ‘SWREL or ‘Our Company) is a globally recognised renewable energy solutions provider with deep expertise in Engineering, Procurement and Construction (EPC), along with Operations and Maintenance (O&M). Our Company delivers comprehensive, end-to-end solutions across the entire project lifecycle, including design, detailed engineering, procurement, construction, installation, commissioning and long-term asset management. We offer a wide range of solutions across utility-scale and floating solar projects, as well as hybrid and energy storage systems. We have further strengthened our capabilities by expanding into wind EPC and battery energy storage system (BESS), mirroring our position as a diversified clean energy player. Our Company has a strong track record and extensive operational experience, along with access to cutting-edge technology. This helps us build lasting relationships with customers and stakeholders, leading to high repeat business and sustained trust.

Our Company has a strong global presence across 28 countries in Southeast Asia, the Middle East, Africa, Europe, Australia and the Americas, with ongoing projects in 20 of those countries. Leveraging India as a strategic, cost-efficient base, we deliver competitive, scalable and technology-driven solutions tailored to diverse project requirements. With extensive operational experience and a growing portfolio of completed and ongoing projects—including a large O&M base covering both our own and third-party assets—we are well-positioned to meet the rising global demand for renewable energy and contribute to shaping the future energy landscape.

Product Portfolio

Our Company operates through two primary business segments: EPC and O&M.

EPC Business

As a pure-play, end-to-end solar EPC solutions provider, we deliver projects from concept to commissioning with a strong focus on design and engineering excellence. SWREL manages an EPC portfolio of 27.3 GW, including commissioned projects and those under construction. Our asset-light business model allows efficient delivery across utility-scale solar, floating solar, hybrid and energy storage solutions.

Utility-Scale Solar

We offer turnkey EPC services covering the full project lifecycle—including design, procurement, construction, installation, testing, commissioning, grid integration and long-term O&M. Our integrated approach includes Balance of Systems (BoS) solutions, strategic management of modules and key components and advanced solar-plus-storage integration. With expertise in crystalline systems and single-axis tracker-based string-inverter configurations, we deliver optimised, scalable projects that combine technical excellence with reliable performance.

Floating Solar

We, at SWREL, hold a first-mover advantage in the floating solar sector, with a deep understanding and strong execution capabilities for larger, more complex projects. Our expertise in floating solar includes project management and planning, development of maintenance manuals, anchoring and mooring, issuance of design documents, module and equipment installation on floating structures and conducting bathymetric and geotechnical assessment studies.

Hybrid and Energy Storage

We have also built a proficient, experienced team for Battery Energy Storage Systems (BESS) to support the growing demand for solar installations. Our Company works closely with leading battery manufacturers and energy storage solution providers to design and deliver optimal storage solutions. This positions us to capitalise on emerging opportunities in the renewable and hybrid sector.

Wind EPC

We forayed into the wind EPC segment in FY 2025, further strengthening our presence across the renewable energy spectrum.

O&M Business

We have built an impressive track record of delivering superior services to both our EPC projects and third-party clients, establishing ourselves as a global leader in O&M and asset management solutions. Our Company manages an O&M portfolio of 13.5 GW of solar power projects, including third-party-developed projects. We consistently deliver projects that generate strong returns for our customers. This segment generates steady income and maintains healthy margins for our business. We leverage our robust EPC portfolio and strong client relationships to optimise insurance and warranty provisions within the O&M segment.

Operational Performance

Operational Highlights—FY 2026

We secured INR 10,062 crore in new orders, supporting our leadership in utility-scale renewable energy projects.

• We signed a 5-year framework agreement with Adani Green and secured our first BoS order—to deliver a gigawatt-scale BoS package for three solar projects at the Khavda Renewable Energy Park in Gujarat—highlighting a major milestone and demonstrating our proven EPC capabilities. We are confident in our ability to deliver domestic gigawatt-scale projects in the near term, positioning us to meet the ambitious timelines of the emerging 100+ GW solar pipeline in the Kutch region.

• We have secured 10 new domestic projects in FY 2026 including the Adani Green order. These consist of 2 turnkey orders with a PSU developer in Gujarat, and 4 BoS orders with leading Indian private developers such as Adani Green.

• We also secured a 790 MWh BESS project from a major Indian renewable energy Company, strengthening our BESS credentials following last years JSW award.

• Domestically, the solar EPC market continued to grow strongly, particularly in the PSU segment. Despite delays in some reverse auctions, we secured multiple key wins, including emerging as L1 bidder for two BoS projects from a leading PSU in Rajasthan and Uttar Pradesh, totalling 943 MWp.

• Additionally, we have been declared the L1 bidder for a 1,182 MW DC turnkey project from Coal India marking our entry with another new Indian RE developer with a large renewable energy portfolio development pipeline.

• We have established wholly-owned subsidiaries in Romania and Portugal, strengthening our presence and scouting for new opportunities in the European renewable energy market.

• Internationally, we continue to expand our footprint in South Africa, securing our second order during FY 2026 for a 240 MW turnkey project, marking our fourth project in the country. Execution of our previous projects has been progressing as planned.

Financial Performance

Particulars (INR crore)	FY 2026	FY 2025
Revenue from Operations	7,548.05	6,301.90
Other Income	203.67	39.60
Total Income	7,751.72	6,341.50
EBITDA (Before Exceptional Item)	480.77	276.20
EBITDA Margin (%)	6.40%	4.40%
EBIT (Before Exceptional Item)	469.41	262.00
EBIT Margin (%)	6.22%	4.20%
Net Profit	(295.79)	85.60
Net Profit Margin (%)	(3.92)%	1.40%
Cash Generated from Operating Activities	(257.35)	37.90
Earnings Per Share (INR)	(13.25)	3.50

FY 2026 marked a milestone year for as we delivered our strongest performance to date, executed 4.5 GW of projects and significantly strengthened organisational capabilities to support future growth. During FY 2026, our Total Revenue from Operations amounted to INR 7,548.05 crore, up from INR 6,301.90 crore in FY 2025, an increase of 19.77%. Our Company has taken significant steps to reduce and streamline overhead costs while improving operational efficiency. Our EBITDA grew to INR 480.77 crore, up from INR 276.20 crore in FY 2025, with the EBITDA margin improving to 6.40% from 4.40% in the previous year. The EBIT margin stood at 6.22% in FY 2026, up from 4.20% in FY 2025. We have recognised an incremental expense of INR 1.21 crore as a one-time past service cost in FY 2026 pursuant to the implementation of the New Labour Codes from November 21, 2025, following a reassessment of our employee benefit obligations, and this has elevated our employee benefit expenses for the current year. We reported a loss from operations of INR 295.79 crore, as compared to profit of INR 85.55 crore in FY 2025. As of March 31, 2026, our unexecuted order book stood at INR 11,813 crore. Total order inflows were INR 10,062 crore, compared with INR 7,051 crore in FY 2025. Customer concentration, measured as a percentage of total revenue, decreased to 35.94% in FY 2026 from 54.81% in FY 2025.

EPC Business

SWRELs EPC business revenue increased to INR 7,277.44 crore in FY 2026, compared to INR 6,064.03 crore in FY 2025, maintaining a dominant share of the overall revenue at 96.42% versus 96.23% in the previous year.

O&M Business

The O&M business contributed 3.58% of total revenue, amounting to INR 268.37 crore in FY 2026, as against INR 236.10 crore in FY 2025, representing a marginal change in its revenue share.

Key Changes in Significant Financial Ratios

Particulars	FY 2026	FY 2025
Debtors Turnover Ratio (x)	4.94	6.04
Interest Coverage Ratio (x)	(0.68)	2.62
Current Ratio (x)	1.16	1.28
Debt-Equity Ratio (x)	1.79	0.9
EBITDA Margin (%) (Before Exceptional Item)	6.40%	4.38%
Net Profit Margin (%)	(3.92)%	1.36%
Return on Net Worth (%)	(30.42)%	6.67%

Business Outlook

SWREL is well-positioned for sustained growth, supported by a robust order book of INR 11,813 crore, providing strong revenue visibility and operational stability. Our diversification into wind and BESS is gaining momentum and is expected to contribute meaningfully to future growth. With global demand for clean energy accelerating, our Company is focused on capturing opportunities across the renewable energy value chain by leveraging our execution expertise, technological capabilities and proven project delivery track record. A strong EPC pipeline, including an unexecuted order value of INR 9,251 crore as of March 31, 2026, along with a healthy bid pipeline for FY 2027, provides clear visibility for continued expansion. The active EPC bid pipeline stands at 31 GW, with India contributing 88% or 27.3 GW and international markets accounting for 12% or 3.7 GW. The pipeline remains strongly domestic in nature, with selective participation in global opportunities. We are also strengthening our position in integrated renewable solutions by combining solar and storage technologies, while scaling our annuity-based O&M portfolio to drive stable and predictable revenues. In parallel, we are expanding our international footprint, particularly across

Africa, Europe and other emerging markets, where demand for turnkey solar and BESS and hybrid solutions continues to grow. In India, the rapid pace of solar capacity addition is expected to continue, creating a strong and expanding opportunity landscape for established EPC players like us. We will continue to closely track global supply chain dynamics, including solar module pricing and input cost trends, while maintaining strong safeguards across our order book. We are simultaneously preparing to scale efficiently as large, multi-year opportunities emerge, ensuring that we remain agile, competitive and ready to capture the next wave of growth in the renewable energy sector.

Active EPC Bid Pipeline: 31 GW

Risk Management

The energy industry is witnessing significant growth but continues to face challenges, including land acquisition issues, regulatory complexities, financial constraints and dependence on economic conditions. In this context, it is important to remain aware of potential risks and have effective plans in place to address them. Our Company has established a comprehensive risk management framework aligned with the nature of our business and industry requirements, through which we continuously monitor both internal and external risk factors using well-defined processes. We have implemented structured mitigation measures to reduce the impact of these risks and our Risk Management team conducts detailed assessments, considering factors such as geographical presence, market size, future opportunities and geopolitical conditions. Based on this evaluation, we take appropriate and timely actions to ensure smooth operations and maintain consistent performance.

Risk	Description	Mitigation Measures
Industry Risks	As a key participant in the global solar sector and a leading EPC player, our Companys performance is influenced by fluctuations in the demand for PV installations.	Our Company operates in a sector where solar energy is increasingly becoming the preferred choice for incremental capacity worldwide. India continues to lead the clean energy transition, with a target of achieving 500 GW of renewable energy capacity by 2030.
		Our Company is well positioned to benefit from future growth opportunities in the sector, as we are supported by favourable government policies, declining capital costs, ongoing technological advancements and competitive tariffs.
Supplier Concentration Risks	Certain components in the solar market are dominated by a few suppliers, which can create risks for operations and timely project execution in case of delays or shortages in the supply of key raw materials.	Our Company closely monitors these supply-related challenges and works to manage their impact on project timelines and overall operations. Our Company follows a structured vendor selection process supported by regular supplier audits to ensure quality and reliability, while also maintaining strong relationships with global suppliers and closely monitoring the supply chain to ensure a consistent and uninterrupted availability of raw materials. At the same time, with growing government support and significant investments from leading Indian corporations, India is well positioned to develop a complete solar value chain, creating a favourable environment for sustained growth.

Risk Description Mitigation Measures

Competitive Our Company operates in an environment Backed by extensive experience, a broad presence and long-Risks where there is a growing global focus on standing relationships, we have established ourselves as sustainability, leading to increased interest a preferred EPC player globally. We maintain a competitive in solar energy. The strong growth potential advantage through our strong brand reputation, focus on of the industry has also resulted in higher innovation, access to advanced technology, ability to deliver end-competitive intensity, as more players to-end solutions and competitive pricing. enter the market to capitalise on emerging opportunities.

Business Delays in project execution, failure to meet Our Company maintains strict oversight across every stage of Continuity contractual commitments, inaccuracies in the project lifecycle, from design and procurement to supplier Risks cost estimation, or compromised quality inspection, construction, field quality monitoring and final can lead to operational inefficiencies. Our commissioning. We implement multiple checks at each stage, Company recognises that such challenges supported by strong internal control systems, well-defined HR may adversely impact brand reputation and policies and a comprehensive risk assessment framework, to business continuity; therefore, we focus on ensure smooth and reliable operations. maintaining strong project management practices and high-quality standards to ensure consistent and reliable performance.

Currency Fluctuations in exchange rates can impact Our Company enters into appropriate hedging arrangements Risks_ earnings, as our Company generates during the contract stage of major projects, using both derivative revenue in multiple currencies through our and non-derivative instruments, which helps minimise the impact international operations, which exposes of foreign exchange fluctuations and ensures that we maintain us to currency translation and transaction stability in our earnings despite currency volatility. risks and any significant volatility in foreign exchange rates can directly affect our financial performance.

Human Resources

At SWREL, people are at the heart of everything we do. We believe that our employees are not only our greatest asset but also valued partners in driving the organisations growth and long-term success.

Our human capital philosophy is built on promoting a workplace culture that promotes well-being, inclusivity, collaboration and continuous growth. We remain committed to creating an environment where employees feel respected, empowered and inspired to perform at their best.

Our employee-centric approach focuses on:

• Building a diverse, capable and future-ready workforce

• Promoting a safe, supportive and empowering work environment

• Fostering a culture of dignity, equality, respect and inclusion

• Encouraging continuous learning, upskilling and professional development

• Enabling employee growth through coaching, mentoring and knowledge sharing

• Driving a performance-oriented and merit-based work culture

• Adopting progressive and agile people practices supporting organisational growth

We recognise that a positive employee experience begins from the very first interaction with the organisation. Our structured onboarding process is designed to help new employees feel welcomed, understand our values and culture and integrate seamlessly into their roles and teams.

Learning and development remain central to our people strategy, helping employees build capabilities, expand their skills and grow professionally. Our performance management system is transparent and growth-focused, with regular feedback, clear goal setting and ongoing development discussions that support continuous improvement and career progression. As we grow, our Company remains committed to strengthening a people-first culture that values well-being, recognises contributions and enables employees to grow alongside the organisation.

Information Technology

Our Company significantly accelerated our digital transformation journey to strengthen operational excellence across our EPC solar business. This is a focused shift towards cloud technologies and artificial intelligence to improve efficiency, transparency and agility across the organisation. We implemented the SAP S/4 HANA ecosystem as a key milestone, integrating our core business processes end-to-end and enabling real-time visibility into project performance, cost control, procurement cycles and inventory management, thereby supporting faster, data-driven decision-making across all project locations.

We also advanced our people-centric digital initiatives by rolling out a cloud-based HRMS platform that covers key modules, including employee lifecycle management, attendance and leave management, travel and expenses and performance management. We strengthened governance and standardisation through our integrated expense and performance management systems, while a mobile-first interface that enabled employees, especially those at project sites and field locations, to access HR processes anytime, anywhere. These initiatives have improved workforce productivity, simplified compliance and laid the foundation for a more connected, digitally empowered organisation capable of scaling efficiently as our EPC solar business expands.

Internal Control System

Our Company has established a well-structured and effective internal control system that is aligned with the size, nature and complexity of our operations. Our internal controls are designed to ensure compliance with applicable rules and regulations, safeguard assets and support the timely preparation of reliable financial statements. We maintain accurate and complete accounting records and implement measures to prevent and detect fraud and errors. We are committed to regularly reviewing and improving the effectiveness of our policies and control mechanisms. Our Corporate Audit Services team conducts independent internal audits across key business operations, corporate functions and support areas. The findings of these audits, along with updates on managements actions and corrective measures, are presented to the Boards Audit Committee. We also ensure that the Audit Committee reviews the internal audit plan annually. During the year, our internal control systems were evaluated by the Statutory Auditors and the Corporate Audit Services team. The assessment, which included document reviews, enquiries and testing procedures, did not identify any significant deficiencies in the design or operation of our internal controls.

Cautionary Statement

In our Management Discussion and Analysis, we present certain forward-looking statements outlining our objectives, projections, estimates and expectations. These statements are made in accordance with applicable laws and regulations and are based on our informed judgments and assumptions. However, they are subject to various risks and uncertainties and actual results may differ materially from those expressed or implied. These risks and uncertainties include, among others, fluctuations in earnings, our ability to manage growth effectively, changes in the competitive landscape in domestic and international markets, our capacity to attract and retain skilled professionals, potential time and cost overruns on contracts and changes in government policies, regulations and prevailing economic conditions, including interest and fiscal costs. Our Company does not undertake any obligation to publicly update or revise these forward-looking statements or to announce any changes if they become materially inaccurate in the future.