Taylormade Renewables Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

The global economy during FY 2025-26 continued to operate against a backdrop of geopolitical developments, evolving trade policies, changing monetary conditions and continuing efforts towards inflation management and economic resilience.

At the same time, structural changes in the global economy continued to increase the importance of energy security, water security, resource efficiency, decarbonisation and circular-economy practices. Industries across geographies are increasingly evaluating technologies that can improve utilisation of water and energy, reduce waste generation and support transition towards more sustainable production systems.

The global shift towards cleaner energy, water reuse, resource recovery and efficient industrial processes provides a favourable long-term environment for technology-led companies operating in clean energy and environmental infrastructure.

For Taylormade Renewables Limited ("TRL" or "the Company"), these structural trends are directly relevant to its focus areas of industrial wastewater treatment, Zero Liquid Discharge ("ZLD"), water recovery, renewable thermal energy and related clean-technology solutions.

INDIAN ECONOMIC OVERVIEW

The Indian economy remained resilient during FY 2025-26, supported by domestic demand, investment, infrastructure development, manufacturing activity and continued public expenditure.

According to the First Advance Estimates released by the National Statistical Office, Indias real GDP growth for FY 2025-26 was estimated at 7.4%, compared with 6.5% in FY 2024-25.

Indias economic expansion continues to be accompanied by structural investment in infrastructure, manufacturing, energy, water management and environmental sustainability. These developments are creating demand for technologies that can support efficient use of natural resources while improving industrial productivity and environmental performance.

The Governments continued focus on renewable energy, water security, wastewater management, sustainable infrastructure and industrial development remains relevant to TRLs operating environment.

The Company believes that Indias long-term industrial development will require not only additional energy capacity but also more efficient utilisation of water, thermal energy and other resources. TRLs technology portfolio is positioned around these requirements through wastewater treatment, ZLD, water recovery and renewable thermal-energy applications

INDUSTRY & INFRASTRUCTURE LANDSCAPE OVERVIEW

Industrial Water & Wastewater Management

Water availability, wastewater treatment and water reuse are becoming increasingly important considerations for Indian industry.

Industries such as chemicals, pharmaceuticals, refineries, distilleries, dairies, food processing, textiles and other water-intensive sectors require treatment solutions that can address increasingly complex wastewater streams while reducing freshwater dependence.

TRL operates in this segment through its wastewater treatment, ZLD and water-recovery technologies.

The Companys focus is not limited to conventional wastewater treatment but extends to recovery-oriented solutions designed to improve utilisation of water and, where technically feasible, recover value from industrial streams.

Zero Liquid Discharge & Resource Recovery

ZLD and high-recovery wastewater systems are becoming increasingly relevant for industries facing stringent environmental requirements and water constraints.

The ability to treat difficult and high-salinity industrial streams, recover water and reduce liquid discharge provides an opportunity for technology providers with specialised engineering capabilities.

TRLs TRL RAIN?„? platform and related technologies are focused on this requirement.

The Companys infrastructure-oriented approach also provides the opportunity to develop operating models in which the technology provider can participate beyond conventional equipment or EPC supply.

Renewable Thermal Energy

Indias renewable-energy expansion has historically been driven predominantly by electricity generation. However, industrial decarbonisation also requires solutions for applications that consume thermal energy.

Solar thermal technologies can contribute to applications involving process heat, steam and other thermal requirements where solar energy is technically and economically suitable.

India continued to add substantial renewable-energy capacity during FY 2025-26. According to MNRE data, cumulative solar capacity stood at approximately 168.04 GW as at 31 August 2026, with solar capacity continuing to expand rapidly.

TRLs solar thermal technologies address the thermal-energy segment and are intended for industrial and institutional applications where renewable heat can reduce dependence on conventional energy sources.

Circular Economy & Resource Efficiency

The transition towards a circular economy is increasing the importance of recovering and reusing water, energy and process resources rather than treating waste solely as an end-of-pipe liability.

TRLs wastewater, membrane, evaporation, solvent-recovery and solar-thermal technologies are aligned with this broader resource-efficiency trend.

GOVERNMENT INITIATIVES & POLICY ALIGNMENT

Government policy continues to emphasise renewable energy, water security, environmental protection, industrial sustainability and resource efficiency.

These priorities are relevant to TRL across its principal business areas.

Water and Wastewater

Increasing emphasis on wastewater treatment, water reuse, environmental compliance and industrial resource efficiency supports the long-term requirement for specialised wastewater and ZLD technologies.

Renewable Energy

Indias continued expansion of renewable energy provides a broader ecosystem for clean-energy technologies. While solar PV has driven much of the installed renewable capacity, the industrial energy-transition agenda also creates opportunities for renewable thermal applications.

Sustainable Industrial Infrastructure

The development of industrial clusters and infrastructure, together with evolving environmental requirements, is creating demand for integrated solutions covering wastewater treatment, water recovery and energy efficiency.

TRL continues to evaluate opportunities arising from these developments in line with its technology capabilities and commercial considerations.

COMPANY OVERVIEW

Taylormade Renewables Limited is an Indian clean-technology company focused on renewable energy, industrial wastewater treatment and sustainable infrastructure solutions.

The Companys technology portfolio 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.

The Companys technology and engineering capabilities are directed towards industrial applications where water treatment, water recovery, renewable thermal energy and resource efficiency are important operating requirements.

Over the past few years, TRL has also been developing infrastructure-oriented business models, including Build-Own-Operate ("BOO") and related long-term operating arrangements.

This represents an evolution from a purely project-oriented technology and engineering model towards a combination of technology, project execution and infrastructure-linked revenue opportunities.

BUSINESS MODEL AND STRATEGIC EVOLUTION

TRLs business model is evolving across four broad stages:

Technology Development ?†’ Engineering & Project Execution ?†’ Infrastructure Ownership/Operation ?†’ Long-Term Operating Revenue

The Companys technology portfolio provides the foundation for this model, while its project execution and operating capabilities provide the means to commercialise these technologies in industrial applications.

The BOO approach is particularly relevant where customers seek wastewater treatment or other utility services without making the entire capital investment themselves.

The Company will continue to evaluate such opportunities based on technical feasibility, commercial viability, funding requirements, project risk and expected returns.

SWOT ANALYSIS

Strengths:

Established technology and engineering capabilities in industrial wastewater treatment, Zero Liquid Discharge (ZLD), solar thermal applications and related resource-recovery solutions.

Proprietary and patented technology platforms including TRL RAIN?„?, TRL RAIN ULTRA?„? and TRL Zeo-Membrane?„?.

Experience in addressing challenging industrial wastewater and process requirements across multiple industrial sectors.

Combination of technology development, engineering and project-execution capabilities.

Experience in developing infrastructure-oriented business models, including Build-Own-Operate (BOO) arrangements.

Challenges:

Project-based businesses can involve longer execution cycles and variations in revenue recognition between periods.

Infrastructure-oriented projects require capital, working-capital management and disciplined project execution.

Technology commercialisation requires continued investment in engineering, validation and customer-specific adaptation.

Expansion across multiple business verticals requires appropriate allocation of technical, financial and managerial resources.

Opportunities:

Increasing industrial requirement for wastewater treatment, water recovery and ZLD solutions.

Growing focus on reduction of freshwater consumption and reuse of treated industrial wastewater.

Increasing interest in renewable thermal energy for industrial process applications.

Growing opportunities in resource recovery, solvent recovery and other circular-economy applications.

Potential for infrastructure-linked and BOO-based operating models in industrial clusters.

Expansion of existing technologies into additional industrial applications and geographical markets.

Threats:

Changes in environmental regulations and approval requirements may affect project design, cost and timelines.

Competition from established domestic and international technology and infrastructure companies.

Volatility in raw-material, equipment and logistics costs may affect project economics.

Delays in customer approvals, site readiness or project execution may affect revenue timing.

Rapid technological developments require continued investment in R&D and engineering capabilities.

Financial Performance Analysis - FY 2025-26

The financial year 2025-26 was a year of continued development of Taylormade Renewables Limiteds technology and infrastructure-oriented business activities.

During the year, the Company continued its focus on industrial wastewater treatment, Zero Liquid Discharge, renewable thermal energy and related clean-technology solutions. The Company also continued to pursue infrastructure-linked opportunities and strengthen the commercial application of its technology portfolio.

The financial performance for FY 2025-26 reflects lower revenue compared with the previous financial year, primarily reflecting the timing and nature of project execution and revenue recognition during the year.

Particulars	FY 2025-26	FY 2024-25	Change
Revenue from Operations - Consolidated	4,841.82	7,114.47	(31.91%)
Total Income (Consolidated)	4,855.51	7,119.29	(31.80%)
PAT (Consolidated)	182.19	1,230.74	(85.19%)
Revenue from Operations - Standalone	3,344.13	7,107.28	(52.94%)
Total Income - Standalone	3,357.82	7,112.10	(52.79%)
Profit After Tax - Standalone	168.55	1,222.99	(86.22%)

The Company continues to focus on strengthening project execution, improving operating efficiency, developing its technology platforms and pursuing business models capable of providing sustainable and recurring revenue opportunities.

Key Financial Ratios as per SEBI Regulations - FY 2025-26

The following key ratios are disclosed in accordance with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The ratios provide insight into the financial efficiency, liquidity, leverage, profitability, and return metrics of Taylormade Renewables Limited for the financial year ended 31st March 2026 compared to the previous fiscal.

S. No.	Particulars	FY 2025-26	FY 2024-25	Variance (%)
i	Trade Receivables Turnover Ratio	1.60	4.53	(64.60)
ii	Inventory Turnover Ratio	0.80	9.81	(91.87)
iii	Debt Service Coverage Ratio	6.53	2.27	187.48
iv	Current Ratio	4.06	3.59	13.10
v	Debt Equity Ratio	0.19	0.09	110.63
vi	Net Profit Margin (%)	5.04	17.21	(70.71)
vii	Return on Equity (RoE)	1.77	15.59	(88.67)

KEY RISKS AND THEIR MITIGATION

Taylormade Renewables Limited operates across technology-intensive and project-oriented businesses involving industrial wastewater treatment, ZLD, renewable thermal energy and related infrastructure solutions. The Companys business is therefore exposed to regulatory, project execution, technology, working-capital, market and operational risks.

The Company continues to monitor these risks as part of its business planning and management processes.

Regulatory and Environmental Risk

The Companys operations are subject to environmental, wastewater, renewable-energy and other applicable regulatory requirements. Changes in regulatory standards, approval processes or environmental requirements may affect project design, execution timelines or costs.

Mitigation: The Company monitors applicable regulatory developments and incorporates relevant requirements into technology development, engineering and project execution.

Project Execution Risk

Project-based activities may involve risks relating to site readiness, procurement, approvals, construction, commissioning, customer coordination and project timelines.

Mitigation: The Company monitors project milestones and coordinates engineering, procurement and execution activities to manage project schedules and associated risks.

Technology Risk

TRL operates in technology-intensive areas where changes in technology, customer requirements and competing solutions may affect the commercial life cycle of products and systems.

Mitigation: The Company continues to undertake technology development, engineering and application-specific R&D to improve and adapt its technology portfolio.

Working Capital and Receivables Risk

Project-based businesses may involve extended customer payment cycles and working-capital requirements, which can affect liquidity and project execution.

Mitigation: The Company monitors receivables, billing milestones and working-capital requirements and continues to strengthen financial and commercial controls.

Input Cost Risk

Changes in the cost of raw materials, equipment, components and logistics may affect project costs and margins.

Mitigation: The Company manages procurement through vendor evaluation, project planning and commercial negotiations.

Customer and Project Concentration Risk

Large industrial projects can result in variations in revenue between financial periods depending upon project size, execution and completion schedules.

Mitigation: The Company continues to explore opportunities across different industries, applications and business models to broaden its business base.

Climate and Operational Risk

Extreme weather conditions and other environmental factors may affect project execution, equipment performance or operations.

Mitigation: Relevant site conditions are considered during engineering and project planning, with appropriate operational measures adopted based on project requirements.

Reputation and Quality Risk

The Companys reputation depends on the reliability of its technologies, quality of execution and customer service.

Mitigation: The Company continues to focus on engineering quality, customer engagement, project monitoring and appropriate governance practices.

BUSINESS OUTLOOK

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.

HUMAN RESOURCES

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.

RESEARCH & DEVELOPMENT AND ENGINEERING CAPABILITIES

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.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

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.

CAUTIONARY STATEMENT

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.

Place: Ahmedabad	For & on behalf of Board of Directors of
Date: September 08, 2026	For Taylormade Renewables Limited
	Dharmendra Sharad Gor
	Chairman & Managing Director
	DIN: 00466349