Waaree Renewables Technologies Ltd Management Discussions

Report for the Financial Year Ended March 31, 2025

ECONOMIC OVERVIEW

The global economy demonstrated commendable resilience in 2024, achieving a year-on-year (YoY) growth of 3.3%, following 3.5% growth in 2023. While this represents a marginal moderation, it reflects the ability of economies worldwide to adapt to evolving global dynamics. Strategic policy measures, coupled with increasingly robust supply chains, are expected to lay a strong foundation for long-term stability and sustainable growth. Global GDP is projected to decline to 2.8% in 2025 and 3.0% in 2026, with continued opportunities emerging from innovation, cross-border collaboration, and evolving trade partnerships.

India emerged as the worlds fourth-largest economy in 2025, driven by domestic reforms and its strategic global positioning under the Aatmanirbhar Bharat vision. The economy grew by a healthy 6.5% in FY 2024-25, building on the momentum of recent years. The GDP growth moderated from 9.2% in FY 2023–24, primarily due to the high base effect following the post-COVID-19 recovery. However, Indias fundamentals remained strong, supported by proactive policy interventions and ongoing reforms aimed at stimulating demand.

Inflationary pressures continued to ease, with the Consumer Price Index (CPI) estimated at 4.6% in FY 2024–25, down from 5.4% in the previous year and projected to further decline to 3.7% in FY 2025–26. In a move to bolster economic activity, the Reserve Bank of Indias Monetary Policy Committee (MPC) implemented three policy rate cuts between February and June 2025, reducing the repo rate from 6.50% to 5.50%. The MPC also shifted its policy stance from ‘neutral to ‘accommodative, underscoring its commitment to supporting growth and fostering confidence amid a changing global trade landscape.

The Indian governments recent income tax reductions have increased disposable incomes, particularly for the middle class, by raising the tax exemption threshold from 7 Lakhs to 12 Lakhs per year. This boost in financial resources is expected to drive higher household consumption and increased demand in key sectors like infrastructure and automobiles. Indias economic growth is expected to remain steady at 6.5% in FY 2025-26, driven by moderating inflation, improved agricultural output, stable interest rates and strategic policy measures. Additionally, rising urbanisation and a growing middle class are further strengthening consumer spending across multiple industries. The countrys focus on expanding clean energy capacity is also expected to enhance energy security, lower carbon emissions and support sustained economic growth. India has established itself as the fastest-growing major economy and is projected to reach a GDP of $7.3 trillion by 2030, positioning it as the third-largest globally from the current fourth largest economy, driven by its stable democracy, strong partnerships, strong domestic demand, structural reforms and supportive policies.

INDUSTRY OVERVIEW

Renewable Energy (RE) Market

Global renewable power capacity reached 4,448 GW in 2024, with a record addition of 585 GW during the year. Renewables accounted for 92.5% of total capacity additions, up from 85.8% in 2023, taking their share in global installed power capacity to 46.4% from 43.1% a year earlier. In India, renewable energy sources continued to make strong progress, contributing 48.5% to the countrys total installed power capacity. As the energy transition advances, further improvements in grid flexibility and system crucial role in supporting and sustaining this growth.

Global renewable energy capacity saw significant progress in 2024, with China, the United States and the European Union together accounting for an impressive 83.6% of new additions. While growth in Africa and small island states was comparatively modest, these regions hold strong potential for future development. While notable progress has been made in expanding renewable energy, there is a strong opportunity to further accelerate growth in order to meet the adaptationwillplay ambitious COP28 goal of tripling global renewable energy capacity by 2030.

As of March 31, 2025, Indias renewable energy capacity stood at 220.10 GW, with a record 29.52 GW added during FY 2024–25. By July 2025, the country had surpassed 245.70 GW of total non-fossil fuel based capacity, underscoring its growing role in global climate action despite the broader shortfall in meeting international targets. This progress highlights Indias steady advancement towards its ambitious goal of achieving 500 GW of non-fossil fuel-based capacity by 2030 under the ‘Panchamrit initiative.

India is also strengthening renewable energy sector, with a pipeline of 236.46 GW including 169.40 GW under implementation and 65.06 GW tendered. This includes innovative solutions such as hybrid systems, round-the-clock (RTC) power and thermal + RE bundling projects, aimed at enhancing grid stability and energy security. The Ministry of New and Renewable Energy (MNRE) is actively driving initiatives to accelerate renewable energy deployment across the country. India remains on track to meet its ambitious renewable energy targets while advancing its sustainability commitments with strong government support and a strategic focus on clean energy.

Outlook

The outlook for the renewable energy market remains highly positive. According to the IEAs Renewables 2024 report, global renewable capacity is expected to grow 2.7 times by 2030. This growth would surpass countries current ambitions by nearly 25%, though it would still fall short of the COP28 goal to triple capacity. Solar PV and wind are set to drive 95% of this growth, with China leading the charge, contributing 60% of new additions. Major markets like the US, EU and India are also poised for significant expansion. Despite this momentum, challenges such as grid integration, permitting and financing – especially in emerging economies – persist. The solar PV manufacturing sector is witnessing robust capacity expansion, highlighting its strong potential despite some financial challenges.

On the other hand, the wind sector presents exciting opportunities for investment, which can help prevent any future bottlenecks and support continued growth. In India, the renewable energy market was valued at USD 23.9 billion in 2024 and is projected to reach USD 52.1 billion by 2033, growing at a CAGR of 8.1%. This growth would be driven by advancements in solar, wind and energy storage technologies, as well as growing environmental concerns and the demand for sustainable energy solutions.

SOLAR POWER MARKET

The global solar energy market has witnessed exponential growth in recent years, driven by government initiatives, declining costs and increasing demand for renewable energy. In 2024, global solar capacity saw a significant a total of 1,865 GW. This growth was driven by the addition of 452 GW during the year. In 2024, solar energy accounted for approximately 42% of the total renewable energy capacity added globally. The global solar market is expected to grow from USD 169.5 billion in 2024 to USD 217.51 billion in 2025, reflecting a robust CAGR of 28.3%. Asia more than doubled its installed solar capacity since 2022, with additions of 247.9 GW in 2023 and 327.1 GW in 2024. This growth was led by China, which added 278.0 GW and India, which added 24.5 GW. South Korea also recorded a notable increase, adding 3.1 GW. Outside Asia, the United States added 38.3 GW in 2024, marking a 54% rise compared to 2023, followed by Brazil with 15.2 GW and Germany with 15.1 GW.

Solar energy made the largest contribution to Indias renewable capacity expansion in FY 2024-25, with 23.83 GW added, marking a significant increase from the 15.03 GW added the previous year. The total installed solar capacity has reached 105.65 GW in FY 2024-25, which includes 81.01 GW from ground-mounted installations, 17.02 GW from rooftop solar, 2.87 GW from hybrid project solar components and 4.74 GW from off-grid systems. This growth highlights the ongoing adoption of solar energy in both utility-scale and distributed categories. The Indian solar energy market, which is valued at over USD 10.3 billion in 2024, is experiencing significant growth driven by rising energy demand and strong government support for renewable energy sources. With increasing electricity consumption in urban and industrial areas, solar power has emerged as a cost-effective and reliable solution. Initiatives such as the National

Solar Mission and various financial incentives have significantly boosted solar adoption across residential and commercial segments.

Outlook

The global solar market is expected to continue its growth trajectory, with projections indicating a market size of USD 501.2 billion by 2029, at a CAGR of 23.2%. The Indian solar energy market is expected to reach USD 50.4 billion by 2031, growing at a strong compound annual growth rate (CAGR) of 21.9%. This projected growth reflects the increasing adoption of solar power as a sustainable and cost-effective energy source across the country. Driven by supportive government policies, technological advancements and growing environmental awareness, the market is poised to play a vital role in Indias transition towards cleaner energy. Government support, private sector participation and advancements in solar technology will be instrumental in shaping the future of solar energy in India. With India positioning itself as a global leader in renewable energy, the focus on solar power will play a crucial role in achieving energy security, economic growth and environmental sustainability.

SOLAR PHOTOVOLTAICS (PV) MANUFACTURING

Solar PV technology converts sunlight into electricity using solar cells and is widely adopted for its scalability, cost-effectiveness and environmental benefits. The global solar PV market is projected to increase from USD 250.13 billion in 2024 to USD 280.73 billion in 2025, reflecting a YoY growth of 12.2%. In 2024, nearly all growth in solar power came from solar PV, with 451.9 GW of new capacity added during the year. This growth was driven by strong economic performance in emerging markets, population growth, government incentives, environmental concerns related to traditional power sources, corporate support for solar energy and increased investment in research and development. Driven by supportive policies and falling costs, global solar PV capacity tripled from 2018 to 2023 and is expected to contribute 80% of global renewable capacity growth by 2030, becoming the largest renewable energy source by the end of the decade.

India has made significant progress in solar manufacturing as part of a strong move towards Atmanirbharta (self-reliance). The Solar PV market in India is projected to more than double, rising from USD 9.5 billion in 2025 to an estimated USD 20.9 billion by 2032, reflecting the countrys accelerating shift toward renewable energy solutions. This progress is aligned with the countrys broader target of achieving 500 GW of non-fossil fuel capacity by 2030. During the same period, solar photovoltaic (PV) cell manufacturing capacity more than tripled, increasing from 9 GW to 25 GW. In a major milestone,

India also started operations at its first ingot-wafer manufacturing facility with a capacity of 2 GW in FY25. Under the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar PV Modules, investments worth 48,120 Crores have been made as of June 30, 2025.

Outlook

Looking ahead, the global solar PV market is expected to continue its strong growth, reaching USD 439.62 billion by 2029 at a CAGR of 11.9%. By 2030, China is projected to retain over 80% of the global manufacturing capacity across all segments of solar PV production, while the United States and India are expected to nearly triple their capacities for solar cell and module manufacturing. Key factors expected to support this growth include rising global population and urbanisation, higher investments in renewable energy, efforts to reduce reliance on imported oil, the search for cleaner energy alternatives and increasing fuel costs. Key trends anticipated during this period include expanding production capacity, adopting artificial intelligence and robotics in manufacturing, developing transnational solar power networks and improving solar panelefficiency.

SEGMENT-WISE MARKET

• Open Access

In 2024, India added 6.9 GW of solar open access capacity, representing a significant compared to capacity installations in 2023. This brought the countrys cumulative solar open access capacity to 20.2 GW at the end of the year 2024. The strong growth was mainly due to the use of low-cost Chinese solar modules that were imported before the Approved List of Models and Manufacturers (ALMM) order was reimposed, along with projects that were exempted from this policy. Among the states, Maharashtra led the installations, contributing 18% of the total, followed by Rajasthan with 15% and Karnataka with 14%. Indias Open Access Solar PV market is emerging as a key solution for Commercial and Industrial (C&I) consumers aiming to lower energy costs and meet sustainability goals. With a 20 GW opportunity, especially in sectors like steel, cement and aluminium, the market is gaining momentum in states such as Odisha and Chhattisgarh due to supportive policies.

Indias Open Access Solar PV market continued to grow steadily, even in the face of regulatory challenges. This momentum was largely fuelled by increasing electricity costs, growing corporate commitments to climate action and significant advancements in energy storage technologies along with flexible demand management solutions.

• Rooftop

The rooftop solar model plays a significant role in supporting power distribution by helping to reduce peak-hour electricity demand and minimising transmission and distribution losses. Its flexible installation capability allows it to be deployed across a range of structures, including residential and commercial rooftops and parking areas. Rooftop solar systems are widely adopted for both on-grid and off-grid applications, largely driven by supportive incentives such as tax credits, feed-in tariffs and other financial benefits. The global rooftop solar photovoltaic market is expected to grow substantially, from USD 124.42 billion in 2024 to increaseUSD 534.86 billion by 2034, registering a compound annual growth rate (CAGR) of 15.70%. The Asia-Pacific region is anticipated to maintain the largest market share, with countries such as China, India and Japan leading this growth due to rising energy demand, favourable government policies and accelerating urbanisation and industrialisation.

Indias rooftop solar sector witnessed robust growth in CY2024, with the addition of 4.59 GW of new capacity, reflectinga 53% rise compared to 2023. This growth was significantly supported by the launch of the PM Surya Ghar: Muft Bijli Yojana, which enabled the installation of 11 Lakhs rooftop solar systems as on March 31, 2025. The off-grid solar segment also saw strong growth, adding 1.48 GW in new capacity, which is a 182% increase compared to the previous year. These developments have substantially advanced Indias efforts to enhance energy access, particularly in rural areas.

• Floating Solar Power

Floating solar power refers to solar panels mounted on structures that float on bodies of water, such as reservoirs or lakes, offering a land-efficient solution for harnessing solar energy. The global floating solar power market is projected to grow from USD 8.67 billion in 2025 to USD 75.76 billion by 2034, at a CAGR of 27.47%. The Asia Pacific market, valued at USD 4.25 billion in 2025, is expected to reach USD 37.11 billion by 2034, growing at a similar CAGR of 27.49%.

The growth of the floating solar by its ability to conserve land, as it utilises water bodies instead of agricultural or other land for solar farms. Additionally, the reflective properties of water enhance solar panel efficiency, effect helps reduce water evaporation, particularly in arid regions. Furthermore, floating solar plants have lower financial requirements compared to land-based systems, as they bypass the costs associated with land acquisition and site planning.

India is now exploring its vast network of water bodies to advance the next phase of clean energy through "floating solar farms". The Indian floating solar farms market size reached USD 5.47 million in 2024. According to IMARC Group, the market is expected to grow to USD 36.83 million by 2033, with a CAGR of 23.60% from 2025 to 2033. This growth is driven by increasing government initiatives, land limitations and rising demand for renewable energy, with major projects in states like Kerala and Madhya Pradesh positioning India as a global leader in water-based solar power generation. A notable example of this innovation is the floating solar initiative near the Omkareshwar Dam on the Narmada River in Madhya Pradesh, India. This vast reservoir, covering over 90 square kilometres with a capacity of 987 million cubic metres, became home to two significant floating solar projects one of 126 MW and another of 90 MW – both commissioned in 2024. In addition to Omkareshwar, floating solar projects have also been implemented in Ramagundam (100 MW) and Kayamkulam (92 MW), indicating that this is part of a broader national movement towards adopting innovative and sustainable energy solutions.

SOLAR PV ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) MARKET

The global solar EPC market has witnessed robust growth in recent years and is projected to expand from USD 232.58 billion in 2024 to USD 246.41 billion in

2025, reflecting an annual growth rate of 5.9%. This momentum is expected to continue, with the market anticipated to reach USD 302.47 billion by 2029 at a CAGR of 5.3%. Growth in this segment is being fuelled by the worldwide shift toward clean and decentralised energy systems, strong government support for renewable energy initiatives and rising environmental consciousness. Key trends accelerating this growth include the adoption of bifacial solar panels, integration of energy storage solutions, advances in digitalisation and IoT, development of floating solar projects, increased emphasis on greenfinancing and innovations in solar tracking technologies.

Indias solar EPC market is on a strong growth trajectory, expected to expand at a CAGR of ~23% between 2023 and 2028. From 708 billion in 2024, the market is projected to more than double, reaching nearly 1,705 billion by 2028. This surge reflects the rapid adoption of solar energy in the country, supported by favorable government initiatives, rising investments in renewable energy, and a strong push towards achieving clean energy targets.

As India accelerates its clean energy transition, the EPC segment will remain a cornerstone in scaling up solar capacity additions, optimising project execution, and driving cost efficiencies.

SOLAR PV OPERATIONS AND MAINTENANCE (O&M) MARKET

The global solar PV O&M market is projected to reach USD 10.9 billion by 2030, growing at a CAGR of 14.8% during 2024–2030. Solar PV O&M plays a key role in ensuring solar power systems operate efficiently generate maximum output. Regular maintenance helps prevent issues such as soiling, micro-cracks, internal corrosion and other technical problems, thereby improving system reliability. The solar O&M market has experienced strong growth due to an increase in installations, cost reductions and advancements in technology. Growing global focus on reducing carbon emissions, along with rising concerns about climate change and the health impacts of air pollution has further driven the demand for solar PV worldwide.

Indias solar PV operations and maintenance (O&M) market is rapidly evolving, driven by the countrys increasing focus on renewable energy and the expansion of solar capacity. As solar energy becomes central to Indias clean energy transition, the emphasis is shifting from installation to the efficient upkeep of solar plants. The diverse climatic conditions across the country require region-specificO&M strategies to address challenges such as dust, vegetation growth and equipment degradation. Technological advancements like robotic cleaning systems and digital tools such as predictive analytics and digital twin models are improving efficiency and reducing downtime.

ThegrowthofthesolarO&Msectoriscreatingdemandfor skilled professionals, with training initiatives supporting workforce development. These efforts not only improve maintenance outcomes but also contribute to socioeconomic growth in rural areas. The market thrives through collaboration between the government, private sector and local communities, ensuring long-term viability. Despite challenges in standardising practices and keeping up with innovations, Indias commitment to renewable energy targets suggests sustained growth for the solar O&M market, supported by innovation, skilled labour and strong stakeholder collaboration.

GROWTH DRIVERS

1. Rising Electricity Demand: The increasing energy needs of urban and rural areas, coupled with the growing adoption of electric vehicles and industrialisation, are driving demand for solar-basedand solutions as a sustainable energy source. This trend is expected to continue as urbanisation accelerates and power consumption rises.

and industrial solar projects, while providing stability and predictability in energy procurement costs.

8. Energy Storage Integration: The growing adoption of energy storage solutions alongside solar installations has created additional opportunities for EPC providers to offer integrated solutions, allowing for more reliable and efficient energy management while addressing intermittent solar generation.

GOVERNMENT INITIATIVES

India is moving towards a cleaner energy future through key initiatives such as the National Green Hydrogen Mission, Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme and PM Surya Ghar: Muft Bijli Yojana. These efforts aim to increase renewable energy generation, improve energy access and support farmers, while reducing reliance on fossil fuels. Various government initiatives have been discussed as follows:

Rooftop Solar

• Households get free or greatly reduced electricity bills, surplus power can be sold to Distribution Company (DISCOMs) for extra income and each installation equivalent to planting 100 trees

would offset CO2

• PM Surya Ghar: Muft Bijli Yojana is expected to generate annual savings of about 75,000 Crores in electricity expenditure for the Government by enabling large-scale adoption of solar power

• Chandigarh and Daman & Diu have achieved 100% targets for government buildings, Rajasthan, Maharashtra, Gujarat and Tamil Nadu are top contributors in household installations

• Target to add 30 GW of residential rooftop capacity by 2027

• Expected output: 1,000 billion clean energy units over

25 years, reducing 720 million tonnes of CO2

Strengthening Domestic Solar Manufacturing

• Use of India-made solar modules and cells is mandatory

• Encouragement for domestic production of inverters and Balance of Plant components

2. Technological Advancements: Advancements in crystalline silicon technology have led to improvements in solar panel efficiency while simultaneously reducing production costs. As a result, solar energy has become more affordable, increasing the demand for EPC services. Additionally, innovations in monitoring and diagnostic technologies, along with improvements in O&M services, have further enhanced the performance and appeal of solar energy systems. Furthermore, advancements in smart grid integration are contributing to the overall reliability and accessibility of solar energy, making it available to a broader range of users.

3. Cost Competitiveness: Continuous reductions in the cost of solar modules, along with advancements in balance-of-system components such as inverters and mounting structures, have made solar power more affordable for both residential and commercial applications. These cost efficiencies have also attracted increased investment in the solar sector.

4. Sustainability and Climate Commitments: Indias commitments to achieving 500 GW of non-fossil fuel capacity by 2030, as part of its broader climate goals, are significantly boosting solar installations. The governments policies and incentives further support the rapid scaling of solar energy projects across the country, contributing to a greener energy mix.

5. Increased Demand for Renewable Energy: A global shift towards sustainable energy sources, driven by environmental concerns and the need to reduce carbon emissions, has spurred demand for solar PV systems. The increasing number of solar installations worldwide has expanded the market for O&M services to ensure optimal performance and longevity of solar systems.

6. Supply Chain Developments: The expansion of solar PV manufacturing capacity, especially in regions like Asia, has led to economies of scale, reducing costs and increasing the availability of solar panels, thereby making solar energy more accessible and affordable across the globe.

7. Corporate Power Purchase Agreements (PPAs): An increasing number of businesses are entering into PPAs to secure long-term, cost-effective energy, boosting the need for EPC services in commercial

PM Surya Ghar Muft Bijli Yojana

Benefited over 11.01 Lakh households, with 5,437.20 Crores disbursed as Central Financial Assistance to 6.98

Lakhs beneficiaries.

Green Hydrogen

• The National Green Hydrogen Mission has a total outlay of 19,744 Crores and 600 Crores allocated for FY 2024-25 with target to attract investments of over 8 Lakh Crores by 2030

• Tenders awarded for 4.12 Lakhs TPA green hydrogen production and 1,500 MW electrolyser manufacturing capacity allocated

• 200 Crores support allocated till 2025-26 for developing testing infrastructure and quality assurance systems

PM-KUSUM Scheme:

In FY 2024-25, a total of 4.4 Lakhs pumps were installed, while 2.6 Lakhs existing pumps were solarised.

IREDA (Indian Renewable Energy Development Agency) Financing:

• 47,453 Crores sanctioned in loans, a 27% increase as of March 31, 2025

• 30,168 Crores disbursed, reflecting a 20% rise as of

March 31, 2025

Solar Parks and Battery Storage Initiatives

Lakshadweep has inaugurated its first on-grid solar power plant in Kavaratti, featuring a 1.7 MW capacity and a 1.4 MWh battery energy storage system (BESS)

• Indias largest Solar-BESS project has been commissioned in Rajnandgaon, with a 40 MW/120 MWh BESS combined with a 152.33 MWh solar plant

Solar Village

The "Model Solar Village" scheme aims to promote solar energy by selecting one high-performing village per district, based on renewable energy capacity, for a

1 Crore grant, with a total outlay of 800 Crores.

OPPORTUNITIES & THREATS

Opportunities	Threats
Government targets for 500 GW non-fossil fuel energy by 2030	Dependency on Chinese imports for PV modules and components
Supportive schemes like National Solar Mission, PM-KUSUM and Suryaghar	Geopolitical tensions impacting supply chain
Advancements in PV technology and smart inverters	Inconsistent regulatory frameworks across states
Adoption of energy storage solutions	Project delays due to permitting and land acquisition issues
Growth in rooftop solar demand	Aggressive pricing and unorganised competition
Increasing digitalisation	Environmental concerns over solar panel disposal
Expansion of green financing and ESG-linked investments	Grid integration challenges for large-scale solar
Rising industrial and commercial solar demand	Currency fluctuations impacting import costs
Declining solar PV costs improving project viability
Export potential for India-made PV modules

COMPANY OVERVIEW

Waaree Renewable Technologies Limited (hereafter referred to as ‘WRTL or ‘the Company) is a leading player in the solar Engineering, Procurement and Construction (EPC) sector in the country. The Company is headquartered in Mumbai and focusses on providing end-to-end solutions, including construction, ownership and operation of solar projects. The Company is subsidiary of Waaree Energies Limited, which is one of the largest vertically integrated energy companies having Indias largest solar panel manufacturing capacity of 16.7 GWp. The Company continues to strengthen its position in the renewable energy sector by leveraging its expertise and infrastructure to drive the adoption of clean energy solutions. We are committed to promoting sustainable energy solutions that contribute to reducing carbon emissions.

The Company was established in 1999 and is engaged in power generation through renewable energy sources while also offering EPC services in this domain. The Company delivers clean energy solutions through rooftop and ground-mounted solar installations, as well as open-access solar farms, catering to commercial and industrial customers. The Company has established a strong reputation for delivering high-quality EPC services at competitive prices, enabling it to maintain a significant presence in Indian markets.

The Company has commissioned 2.32 GWp of renewable energy projects and manages an Operations & Maintenance (O&M) portfolio exceeding ~695 MWp of solar assets as of March 31, 2025. The company has commissioned 58.55 MWp of rooftop solar project and

2.29 MWp of floating solar projects as of March 31, 2025.

With a strong in-house R&D team, the Company focuses on advancing solar technology and driving innovation in the renewable energy sector. As of March 31, 2025, the Company had an unexecuted order book of 3,263

MWp, scheduled for execution within 12-15 months, with a strong bidding pipeline of 30 GW.

FINANCIAL OVERVIEW

Consolidated Financial Performance

			In Crores
Particulars	FY 2024-25	FY 2023-24 (Restated)	Growth (%)
Revenue from Operations	1,597.75	876.50	82.3
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)*	310.90	207.18	50.1
Profit Before Tax	304.49	198.45	53.4
Profit After Tax (PAT)	228.92	145.22	57.6
* excluding other income

The Company delivered a strong financial performance inFY2024-25,withconsolidatedrevenuefromoperations rising by 82.3% to 1,597.75 Crores, compared to 876.50 Crores in FY 2023-24. This growth reflects robust demand and operational efficiency. by 50.1% to 310.90 Crores, driven by improved cost control and scale benefits. PBT grew by 53.4% to 304.49 Crores, while PAT rose by 57.6% to 228.92 Crores.

The Companys strong top-line and bottom-line growth underscores its strategic focus and sound execution.

The Return on Capital Employed (ROCE) is 61.94% in FY 2024-25 as compared to 66.72% in FY 2023-24.

This reflects the Companys efficient use of capital to drive profitability and create shareholder value. The Companys EBITDAincreased net worth grew significantly by 84.5%, rising from 246.53 Crores as of March 31, 2024, to 454.95 Crores as of March 31, 2025.

Particulars	For the Year Ended March 31, 2025	For the Year Ended March 31, 2024 (Restated)	% Change	Explanation
Current Ratio (in times)	1.32	1.31	0.85%	Current ratio remains same
Debt Equity Ratio (in times)	0.06	0.16	-63.39%	The ratio has improved on account of repayment of borrowings in CY.
Debt Service Coverage Ratio (in times)	35.77	23.53	48.31%	Debt service coverage ratio increased due to increase in earnings.
Return on Equity Ratio (in %)	65.29%	83.36%	-21.68%	The ratio has declined due to increased net worth.
Inventory Turnover Ratio (In times)	89.72	26.69	236.17%	The variation in the ratio is on account of inventory optimisation.
Trade Receivable Turnover Ratio (in times)	3.67	4.04	-9.12%	Due to increase in sales volume
Trade Payable Turnover Ratio (in times)	4.57	3.43	34.41%	The variation in the ratio is on account of Improvement in fund management.
Net Profit Margin (in %)	14.33%	16.57%	-13.52%	As the overall revenue of the Company grown by 82.29%, there is slight reduction in Net Profit Margin

BUSINESS OUTLOOK

The Company is playing a leading role in Indias clean energy transformation by leveraging its technical expertise and integrated capabilities to support the nations transition to a low-carbon future. The Company is fully aligned with Indias vision of self-reliance and is actively advancing solar installations while pursuing innovative renewable energy projects across both domestic and international markets. The Company maintains a strong presence in the EPC segment and continues to participate in government and private sector bidding processes. This is supported robust planning and strong supply chain, and access to financial resources, including non-fund-based limits for large project execution. The Company is capitalising on the rapid expansion of the solar market by offering high-quality and cost-effective solutions that are well recognised in markets. It aims to further enhance customer value by providing differentiated services such as drone thermography, advanced analytics, predictive maintenance, and underground cable fault detection. The Company is also exploring opportunities in third-party operations and maintenance (O&M) services through both organic expansion and strategic acquisitions, as the installed solar capacity continues to grow. The Company benefits from the Waaree Groups deep expertise in solar energy, which provides access to international markets and strengthens its sourcing and EPC capabilities through Waaree Energies strong pan-India presence. The Company remains committed to sustainability, innovation, and operational excellence, as it continues to lead the clean energy transition and deliver long-term value to all its stakeholders.

RISK MANAGEMENT

The Company operates in the rapidly evolving solar industry, where navigating various risks is essential for sustained growth and success. The Company has established a comprehensive risk management framework to identify, assess and mitigate potential challenges that could impact its operations, financial performance and strategic objectives. Key risks include market and regulatory changes, technological advancements, supply chain disruptions, project execution challenges and competitive pressures. To address these, the Company diversifies its project portfolio, engages with policymakers, invests in research and development and maintains strong supplier relationships. Additionally, the Company enforces stringent quality control measures, conducts thorough project feasibility assessments and implements robust workforce development initiatives to mitigate risks effectively.

Financial and operational risks also play a crucial role in shaping the Companys long-term sustainability. The Company actively manages financing risks by diversifying funding sources and maintaining strong financial partnerships. Skilled labour shortages are addressed through training programmes and collaborations with educational institutions. The

Company also integrates climate-resilient designs to protect solar installations from extreme weather events. The Company effectively mitigates competitive risks while ensuring long-term value creation for stakeholders by focussing on strategic differentiation, superior customer service and innovative solutions.

HUMAN RESOURCES

The Company values its employees as key drivers of its success, recognising their dedication and expertise. The Company is committed to nurturing, empowering and retaining talent through comprehensive learning and development initiatives that promotes skill enhancement and career growth. Employees play a crucial role in driving growth and long-term sustainability. The Company continuously invests in building a positive and inclusive work environment. Additionally, various employee engagement programs and welfare initiatives are implemented to strengthen workforce satisfaction and productivity. The Company has a workforce of 286 employees as on March 31, 2025.

INTERNAL CONTROLS

The Company has established strong internal control systems covering operations, financial reporting and compliance with laws and regulations. The Management Information System helps monitor and manage key operational aspects, enabling timely decision-making. Regular internal audits ensure the efficient execution of responsibilities and help identify areas for improvement. The Audit Committee periodically reviews the adequacy of these controls, ensuring they remain effective and aligned with business needs. Continuous enhancements are made to strengthen governance and mitigate potential risks.

CAUTIONARY STATEMENT

Statements made in the Management Discussion and Analysis Report describing the Companys outlook, projections, estimates, expectations and predictions may be considered ‘forward-looking statements within the meaning of applicable securities laws and regulations. The Companys performance may differ materially from those expressed or implied.