Taylormade Renewables Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

The global economy in 2024 exhibited remarkable resilience despite facing sustained macroeconomic and geopolitical headwinds. Major elections across large economies, prolonged regional conflicts (notably Russia Ukraine and Israel Hamas), and rising global protectionism created significant policy and trade uncertainties. Yet, the International Monetary Fund (IMF) reported a global GDP expansion of 3.3% for the year, driven by recovery in consumption, green investments, and gradual policy normalization. Looking ahead, the IMF projects global growth at 2.8% in 2025 and 3.0% in 2026, with tailwinds from easing inflation, stable monetary policy, and increased emphasis on climate-aligned infrastructure. Aided by a collective shift toward resource-efficient economies, the global focus on decarbonization, clean water access, and circular industrial frameworks continues to strengthen. These trends create an enabling environment for technology-led infrastructure providers like Taylormade Renewables Limited (TRL), whose operations span solar thermal energy, industrial wastewater reuse, and decentralized zero liquid discharge (ZLD) platforms.

India remained the fastest-growing major economy, recording a GDP growth of 6.5% in FY 2024 25 according to the National Statistical Office (NSO), following a robust 9.2% expansion in the previous fiscal. While the first half of the year faced election-linked policy inertia and subdued capital expenditure, the second half witnessed a revival in consumption, rural activity, and private investment, aided by monetary policy support and strong fiscal direction. In response to early macro pressures, the Reserve Bank of India (RBI) shifted its policy stance from “withdrawal of accommodation” to “neutral” in October 2024 and further to “accommodative” by April 2025. Key rate cuts including a reduction in the policy repo rate from 6.50% to 6.00% and a CRR cut to 4.00% improved liquidity, bolstered infrastructure spending, and helped revive investment momentum. The Union Budget 2025 26 reinforced this growth narrative, offering income tax relief, boosting rural demand, and prioritizing strategic sectors like water, renewable energy, and waste management. The proposed Income Tax Bill, 2025 further simplifies compliance and supports consumption. Indias projected GDP growth of 6.5% for FY 2025 26, with expected CPI inflation of 4.0%, is underpinned by stronger capacity utilization, government capex, private manufacturing expansion, and the widespread adoption of clean-tech. TRLs advanced clean technology platforms align directly with these trends, offering solutions that improve industrial water use, reduce emissions, and foster sustainable production systems.

Indias industrial structure is being reshaped by three converging factors: climate policy, resource efficiency, and digital infrastructure. Key sectors such as textiles, refining, food processing, distilleries, and chemicals are now required to adopt ZLD systems, renewable heat, and effluent recovery under evolving CPCB/GPCB norms and Net Zero commitments. This shift is reinforced by Indias target of 500 GW non-fossil fuel capacity by 2030, rooftop solar penetration, ethanol blending mandates, and decentralized infrastructure development. TRL operates at the intersection of these reforms, providing modular, high-performance systems for wastewater treatment, solar thermal heat applications, and circular resource recovery. The Companys strategic expansion through Build-Own-Operate (BOO) and BOOT models in industrial clusters further supports the nations vision for sustainable, decentralized, and revenue-generating utility models.

Indias ambitious national missions in water, sanitation, energy, and infrastructure are directly aligned with TRLs business verticals: Water Management & Circular Economy: ? AMRUT 2.0: Smart metering, water body rejuvenation, SCADA-enabled monitoring, and circular water use in cities ? Jal Jeevan Mission: High-quality, decentralized treatment technologies for rural drinking water security ? Jal Shakti Abhiyan & Atal Bhujal Yojana: Groundwater recharge, aquifer conservation, and industrial water reuse ? Namami Gange & NRCD: River pollution abatement, sludge reduction, and high-recovery sewage treatment Solar Energy & Renewable Heat: ? Indias solar capacity crossed 105.64 GW in March 2025, rising from 2.6 GW in 2013 14 ? PM Surya Ghar Muft Bijli Yojana: Targeting 40 45 GW of rooftop solar by FY 2026 27 ? TRLs solar thermal platforms, including parabolic dishes and CPC collectors, are positioned to serve non-electric applications like cooking, evaporation, drying, and industrial steam National Infrastructure Pipeline (NIP): ? Promotes greenfield and brownfield infrastructure in water and energy Together, these government programs provide a robust framework for accelerating TRLs clean-tech infrastructure agenda across both industrial and semi-urban landscapes.

Taylormade Renewables Limited (TRL) is a pioneering Indian clean-tech company specializing in solar thermal energy, industrial wastewater treatment, and circular infrastructure solutions. With a mission to enable sustainable industrial transformation, TRL offers patented technologies and turnkey systems that support zero liquid discharge (ZLD), thermal energy transition, and integrated resource recovery. Founded with the vision of delivering indigenous, environmentally responsible, and cost-effective solutions, TRL has established itself as a trusted partner across sectors such as chemicals, distilleries, dairies, sugar manufacturing, refineries, pharmaceuticals, food processing, and institutional utilities. The Companys technology suite includes: ? TRL RAIN and TRL RAIN Plus+: Patented high-recovery effluent treatment technologies that operate without vacuum, chemicals, or chilling systems. ? Zeo Membrane Systems: Advanced ultrafiltration and separation membranes for dairy, solvent, and process industries. ? Solar Thermal Platforms: Parabolic dishes, CPC collectors, and evaporation systems designed for high-temperature industrial and institutional applications. ? TRL RAIN ULTRA : An energy-efficient solvent recovery system enabling near 100% recovery using waste heat. ? Paneer Plus and Sugar Process Technologies: Innovations that improve yield, reduce chemical dependency, and eliminate water-intensive steps in food and sugar processing. TRLs transition to infrastructure-linked revenue models through BOO and BOOT deployments marks a significant evolution in its business model. With commissioned assets at Tarapur and upcoming projects in Dahej, Sayakha, and Andhra Pradesh, the Company is evolving into a developer, owner, and operator of clean-tech utilities with long-term service contracts and credit-linked monetization potential. With a robust innovation pipeline, strategic national collaborations, and expanding commercial footprint, TRL is committed to delivering climate-resilient, scalable, and economically viable solutions that redefine how industries use water and energy.

? Deep technological expertise with multiple patented solutions in solar thermal and ZLD technologies. ? Diversified and integrated portfolio serving high-growth industrial verticals including distilleries, chemicals, dairies, food processing, and refining.

? Proven ability to execute large-scale infrastructure projects under BOO/BOOT models, ensuring recurring revenue streams. ? Strong alignment with national sustainability missions and access to water and carbon credit monetization frameworks. ? Agile, indigenous manufacturing and R&D base that enables custom engineering and rapid deployment. Challenges: ? Longer gestation periods inherent in BOO/BOOT infrastructure projects, mitigated through recurring revenue structures and credit-linked returns. ? Concentrated exposure to industrial and public infrastructure sectors may require ongoing resource balancing and portfolio diversification. ? Early-stage international brand recognition in export markets, though actively addressed through pilot programs and strategic alliances. Opportunities: ? Accelerating demand for advanced wastewater reuse, solar thermal applications, and industrial ZLD systems driven by environmental regulations and ESG mandates. ? Government-backed initiatives and fiscal incentives promoting rooftop and decentralized clean energy deployment. ? Expanding relevance in circular economy value chains, including green hydrogen, bio-CNG, solvent recovery, and membrane-based food processing. ? Growth potential in international geographies, especially water-stressed and off-grid regions requiring compact, modular solutions. ? Increased adoption of AI-based monitoring and digital O&M platforms enhancing system performance, operational efficiency, and client differentiation. Threats: ? Global volatility in raw material pricing, supply chains, and logistics could impact cost structures and delivery timelines. ? Intensifying competition from multinational players in clean-tech and water infrastructure mandates continuous innovation and agility. ? Variability in regulatory execution timelines across states and countries requires proactive stakeholder engagement and adaptive strategy. ? Climate-induced uncertainties, including extreme weather events, necessitate resilient infrastructure design and contingency planning.

The financial year 2024 25 marked a phase of robust growth and strategic transition for Taylormade Renewables Limited (TRL), as the company scaled its presence across core verticals solar thermal energy, advanced wastewater treatment, and integrated infrastructure solutions. Anchored by innovative business models like Build-Own-Operate (BOO) and driven by policy momentum in sustainability-linked infrastructure, TRL strengthened its position as a cleantech leader aligned with Indias Net Zero vision and global circular economy objectives.

Taylormade Renewables Limited (TRL) operates at the intersection of clean energy, industrial water reuse, and sustainable infrastructure. While the Company is uniquely positioned to capitalize on the growing demand for renewable thermal systems, Zero Liquid Discharge (ZLD) solutions, and circular technologies, it continues to operate within a complex ecosystem of internal dynamics and external uncertainties. To navigate this complexity, TRL has institutionalized a robust risk management framework that facilitates early identification, comprehensive assessment, and proactive mitigation of material risks. The senior leadership regularly reviews emerging risk clusters and evolving exposures to ensure business continuity and stakeholder confidence. Regulatory and Policy Risks TRLs operations are directly influenced by policies relating to water discharge, environmental clearance, solar technology compliance, and waste management. Given the pace of regulatory evolution in India and globally, particularly in emission and water consumption norms, there exists the possibility of compliance shifts impacting solution design or cost structures. TRL mitigates this through sustained engagement with regulatory authorities such as CPCB, MNRE, GPCB, and global climate bodies, while continuously investing in R&D to ensure its technologies remain ahead of compliance mandates. Execution and Infrastructure Risks The transition to infrastructure-linked models like BOO and BOOT introduces potential risks related to land acquisition, site readiness, permitting, and coordination across multiple stakeholders. Delays in project execution may affect cash flows and contractual timelines. To address this, TRL has strengthened its internal project management office (PMO), deployed advanced planning tools, and adopted milestone-based control systems to ensure timely and efficient rollouts. Technology Obsolescence Risk In a rapidly evolving technology space, especially in advanced membranes, solvent recovery, and solar concentrators, the risk of obsolescence is significant. TRL stays ahead of this curve through continuous innovation, co-development with national research institutions like BARC, regular patent filings, and modular upgradation pathways that enable clients to transition to next-gen systems with minimal disruption. Working Capital and Receivables Risk Given the nature of industrial and public-sector projects, the Company may experience elongated payment cycles, impacting working capital. TRL has implemented rigorous credit assessment protocols, staggered billing mechanisms, and maintains a diversified client base to reduce exposure concentration. The shift towards BOO models also supports annuity-based inflows, offering greater revenue predictability.

Some raw materials and components, especially for membrane systems or specialized instrumentation, are procured internationally. Currency fluctuations and commodity price volatility particularly in steel, copper, and solar glass can influence profitability. TRL manages this through strategic vendor tie-ups, localized backward integration, and selective hedging strategies when required. Environmental and Climate Risks As a company rooted in sustainability, TRL remains cognizant of environmental risks including extreme weather events such as floods, cyclones, and prolonged droughts that can disrupt plant operations, delay installation timelines, or compromise solar performance. The Companys approach to mitigate these risks includes robust structural engineering for all installations, diversified geographic project allocation, and insurance mechanisms for asset protection. Reputational Risks TRLs identity as a responsible clean-tech company is central to its stakeholder relationships. Any operational delay, environmental deviation, or vendor-related incident has the potential to attract scrutiny from clients, regulators, or the public especially in water-stressed regions or BOO projects where TRL is the infrastructure owner. The Company mitigates reputational risks through strong governance, public disclosures, third-party audits, and community engagement. TRL recognizes that risks are inherent to growth, especially in a sector undergoing deep transformation. However, through its integrated risk framework, diversified business model, and technological depth, the Company remains well-equipped to absorb volatility, seize emerging opportunities, and deliver consistent, sustainable value to all stakeholders.

India is entering an era where water and energy security are not just policy goals but constitutional necessities driven by the belief that every citizen has a right to water and every industry has a duty to preserve it. Against this backdrop, Taylormade Renewables Limited (TRL) stands at the forefront of enabling true Zero Liquid Discharge (ZLD), where not even a single drop of industrial wastewater is allowed to exit untreated or unrecovered. The successful performance of TRLs BOO-based effluent treatment facility has redefined the narrative around hazardous wastewater. In an industry traditionally limited by complexity, TRL has demonstrated that even the most challenging chemical-laden waters can be recovered, repurposed, and reused paving the way for a truly water-resilient industrial India. It showcases a future where India can stand as a “chemical water-free” country where water is not just used, but regenerated, protected, and respected. TRL envisions a new industrial standard: where every process ends with recovery, where every drop is accounted for, and where discharge is no longer acceptable. This is not aspirational it is already operational. With its advanced treatment systems, TRL is converting some of the most contaminated effluents into clean, reusable water, enabling industries to meet their environmental responsibilities without compromising on productivity.

Alongside water, TRLs work in solar thermal energy positions it as a critical ally in the clean energy transition. Its technologies replace fossil-fuel-dependent thermal processes with high-efficiency, low-maintenance systems that are designed for long-term performance, with no breakdowns and minimal need for intervention. These solar platforms integrate seamlessly into industrial operations delivering thermal energy on-demand with ease, reliability, and full lifecycle support. Looking ahead, TRL is not just responding to demand it is defining it. Its integrated technologies, proven infrastructure models, and unwavering commitment to water recovery are aligned with Indias ambition to be a global model of industrial sustainability. With every project, TRL strengthens the foundation for a future where clean water, clean energy, and clean growth are the new baseline not the exception.

At Taylormade Renewables Limited (TRL), people are at the heart of everything we do. Our employees are more than just contributors they are enablers of innovation, sustainability, and transformation. Their commitment and technical excellence continue to power TRLs growth across solar thermal, advanced wastewater treatment, and clean infrastructure solutions. We take pride in cultivating a workplace that values purpose-driven action, continuous learning, and mutual respect. Our human resources approach is anchored in creating an environment where individuals can thrive professionally while maintaining a healthy work-life balance. We encourage open communication, merit-based growth, and cross-functional collaboration ensuring that every employee has the opportunity to make a meaningful impact. Training and development are embedded into our culture. We consistently invest in enhancing both technical competencies and soft skills through regular knowledge-sharing, team workshops, and expert-led sessions. These initiatives ensure our people remain agile, adaptable, and aligned with the evolving needs of our clients and the communities we serve. At TRL, we believe that nurturing talent goes hand-in-hand with driving long-term business value. As we continue to expand into new markets and innovate across verticals, our people remain our most valuable asset committed to building a cleaner, more sustainable future together.

Innovation is the backbone of Taylormade Renewables Limited (TRL), and our unwavering commitment to Research & Development has been instrumental in establishing our position as one of Indias most versatile and forward-looking clean technology companies. Since inception, TRL has focused on in-house manufacturing and engineering excellence, beginning with solar thermal technologies and system integration. With a strong foundation in renewable energy, we have consistently designed and delivered solutions for industrial solar cooking, process heat applications, and decentralized thermal energy generation. These solutions were indigenously conceptualized, developed, and refined at our manufacturing and engineering hubs across India.

The post-COVID era marked a strategic expansion of our R&D agenda diversifying into industrial wastewater treatment, Zero Liquid Discharge (ZLD) systems, solvent recovery, and circular food and sugar processes. This evolution was driven not only by emerging market needs but also by our belief in solving Indias most critical industrial sustainability challenges through advanced, scalable technologies. Today, TRLs R&D spans multiple clean-tech verticals and is backed by heavy, long-term investments in product development, prototyping, and pilot testing. Our proprietary systems developed and optimized by cross-disciplinary teams are engineered to function in the most challenging wastewater streams and energy-deficient geographies. These include patented offerings like TRL RAIN , TRL RAIN ULTRA , and TRL Zeo Membrane among others, each pushing the boundaries of performance, energy efficiency, and environmental compliance. What distinguishes TRL is our integration of R&D with real-world execution. Every innovation is engineered not just for the lab but for long-term deployment, scalability, and cost efficiency. This synergy between research, manufacturing, and field engineering empowers us to adapt swiftly to sectoral needs, whether in chemicals, distilleries, dairies, refineries, or food processing. Looking ahead, TRL remains firmly committed to investing in R&D that aligns with national missions and global sustainability goals. Our innovation pipeline continues to expand across applications such as green hydrogen, bio-CNG, thermal desalination, and high-yield dairy solutions. With each breakthrough, we reaffirm our role not just as technology providers but as engineering partners for a cleaner, smarter, and more resilient industrial future.

Taylormade Renewables Limited (TRL) maintains a robust internal control framework tailored to its growing operational and technological footprint. This framework ensures compliance, risk mitigation, and process efficiency across key functions including manufacturing, projects, finance, and procurement. An annual internal audit plan, approved by the Audit Committee, provides systematic oversight through periodic reviews of controls across business units and infrastructure sites. The findings are regularly presented to the Committee to ensure accountability, policy adherence, and timely corrective actions. TRL remains committed to strengthening its internal systems in alignment with business expansion, regulatory developments, and evolving governance standards.

The Management Discussion and Analysis may contain certain statements that could be considered forward-looking. These are subject to risks and uncertainties. Actual results may differ materially from those expressed, as various factors can influence the Companys operations, including government policies, local political and economic developments, industrial relations, and risks inherent to the Companys growth. Market data and product analysis have been sourced from internal reports and industry publications, but their accuracy and completeness are not guaranteed, and their reliability cannot be assured.