Wardwizard Innovations & Mobility Ltd Management Discussions

Economic overview

Global economy

The global economy is expected to expand by 3.0% in 2025, rising modestly to 3.1% in 2026. These projections are marginally stronger than earlier forecasts, supported by quicker adjustments in trade dynamics, a softer US dollar easing financial conditions, reduced effective US tariffs, and fiscal expansion in several large markets.

Global headline inflation is projected to moderate to 4.2% in 2025 and further to 3.6% in 2026, though regional disparities remain evident. Inflationary pressures are likely to persist in the United States, while other advanced and emerging economies are expected to experience a more measured price environment.

Nevertheless, downside risks endure. Escalating tariff disputes, ongoing geopolitical frictions, and commodity price volatility could continue to disrupt global supply chains. Fiscal imbalances and heightened risk aversion may also drive up long

term interest rates, tightening financial conditions. Furthermore, concerns over economic fragmentation and slow progress on structural reforms may add to market volatility.

On a more positive note, meaningful progress in trade negotiations, leading to greater predictability and transparency in policy, could inject additional momentum into global growth. Policy priorities remain clear: restoring investor confidence, maintaining financial and price stability, rebuilding fiscal buffers, and accelerating structural reforms.

Volatility remains a defining characteristic of the global economy. While a temporary suspension of certain US-China tariffs and a delay in broader tariff hikes have improved sentiment in the near term, unresolved disputes and uncertainty around the United States fiscal path continue to weigh on longer-term stability..

Source

IMF - World economic outlook - July 2025

Indian economy

Indias economic outlook for FY26 reflects a fine bIndias economic outlook for FY26 reflects a fine balance between persistent global uncertainties and strong domestic fundamentals. While GDP growth for FY25 is estimated to have moderated to 6.2%, broader indicators continue to highlight the economys underlying resilience.

On the surface, the pace of growth may appear slower compared to the previous two fiscal years. However, recent upward revisions to GDP data provide important perspective. Growth for FY24 has been revised to 9.2%, the fastest in more than a decade outside the post-pandemic rebound. This underscores the enduring strength of domestic consumption, which continues to form the backbone of Indias growth story.

During FY25, momentum was temporarily affected by election-related uncertainties, erratic monsoon conditions in the early quarters, and disruptions in global trade flows. These headwinds, however, are largely transitory and are expected to ease as domestic and global policy conditions stabilise.

Looking ahead, several macroeconomic enablers are positioned to strengthen momentum in FY26.

Tax incentives announced in the Union Budget are likely to stimulate consumption and investment, potentially lifting growth by 0.6% to 0.7%. In

addition, moderating inflation, stable crude oil prices, improved liquidity conditions, and favourable borrowing costs are expected to support broad- based recovery across sectors.

That said, external risks remain. Shifts in global trade dynamics, particularly with the United States, could influence export competitiveness. Escalating tariff measures may exert a marginal drag on growth, estimated between 0.1% and 0.3% from the projected trajectory.

Balancing these forces, Indias GDP growth for FY26 is projected in the range of 6.5% to 6.7%. High-frequency indicators, including rising GST collections, robust automotive sales, and steady FMCG demand, continue to reflect healthy underlying momentum.

In summary, India remains firmly positioned to sustain its growth trajectory amid an evolving global environment. With proactive policy support, resilient consumption, and strong macroeconomic fundamentals, the country is well on course to deliver long-term economic transformation.

Source

https://www.deloitte.com/us/en/insights/topics/economy/asia-

pacific/india-economic-outlook.html

Industry overview

Global electric vehicle industry

We continue to witness a remarkable transformation in the global transportation landscape, driven by accelerating adoption of electric mobility. According to the IEAs Global EV Outlook 2025, electric car sales exceeded 17 million units in 2024, accounting for over 20 per cent of all new passenger car sales worldwide. Early 2025 has already seen sustained momentum, with sales expected to surpass 20 million units, equating to more than one in four cars sold globally.

The global electric passenger car fleet has reached nearly 58 million vehicles by end-2024, tripling from just three years earlier and displacing in excess of one million barrels of oil per day. In China, electric models are rapidly becoming the norm: nearly half of all new car sales are now electric, with a remarkable two thirds of the worlds new EVs sold there.

Global Electric Car Fleet

Electric vehicle manufacturing and trade are scaling significantly. Global EV exports rose by nearly 20 per cent in 2024, with China accounting for 40 per cent of these exports, while major EV production increment was seen across Asia Pacific. The European Union remained a net exporter, while the United States continued to import the majority of its EVs.

Several emerging economies are now showing meaningful gains in EV adoption. Countries in Southeast Asia and Latin America recorded over 60 per cent year-on-year growth in EV sales during 2024, though Indias penetration remains modest in comparison.

On the commercial front, the EV landscape is expanding beyond passenger cars. Battery-electric truck models increased from fewer than 70 in 2020 to over 400 in 2024, offering broad coverage for freight applications. In select markets, notably in China, battery-electric heavy-duty trucks already exhibit a lower total cost of ownership compared to diesel equivalents.

Electric two- and three-wheelers accounted for 15% of total sales in 2024, making them the most electrified vehicle segment globally. Historically, China dominated the electric two-and three-wheeler market, but sales have been on the

decline in the region since 2023. Despite that, China, together with India and Southeast Asia, remained the largest markets for electric two- and three-wheelers, accounting for 80% of global sales.

Despite the strong trajectory, challenges remain. Tariff escalations, supply-chain uncertainties, and fluctuating oil prices could moderate near-term demand. Nonetheless, the core narrative of electrification, propelled by environmental incentives, technology improvements, and cost savings, remains compelling.

For us at Wardwizard, these trends augur well for the electric vehicle industry and reaffirm the potential of electric mobility.

Source: International Energy agency (IEA), World Economic Forum (WEF)

https://iea.blob.core.windows.net/assets/0aa4762f-c1cb-4495-987a-

25945d6de5e8/GlobalEVOutlook2025.pdf

https://www.weforum.org/stories/2025/05/evs-reach-quarter-global-car-sales-

2025-nature-climate-news/

https://www.virta.global/global-electric-vehicle-market

Global electric 2-wheeler and 3-wheeler industry

It operates within a dynamic and fast-evolving segment of the global electric mobility landscape. Electric two- and three-wheelers (2/3Ws) remain the most widely electrified category of road vehicles, with global electric 2/3W sales accounting for around 15% of the segment, and over 9% of the global fleet now composed of these vehicles in 2024. Although Chinas domestic electric two-wheeler (2W) market softened in 2024, it remains the dominant global market, while demand steadily grows across other regions.

The global electric two-wheeler market shows enduring strength. In the first half of 2025 alone, global electric 2W sales totalled approximately 4.4 million units, a 72% increase year-on-year. China continues to account for a majority share with emerging markets like India gaining prominence. Indias EV 2W registrations rose by over 9% in early 2025, solidifying its role as the worlds second-largest market.

Electric two-wheeler sales by region, 2016-2024

Looking ahead, market projections underscore robust long-term growth. The electric two-wheeler industry is projected to grow from US$ 44.5 billion in 2024 to nearly US$75 billion by 2030, at a CAGR of around 11%.

The electric three-wheeler (3W) segment is also experiencing healthy momentum. The global electric 3W market is estimated at US$783 million in 2024, and is expected to nearly double to US$1.565 billion by 2033, growing at a CAGR of about 8%. India leads this space domestically with a commanding 57% share of global electric 3W sales in 2024, underlining the countrys strategic importance in this segment.

In summary, electric 2/3Ws continue to serve as the most accessible and affordable gateway to electric mobility. Their rapid adoption is underpinned by lower cost of ownership, flexible charging options (including swappable batteries), and strong traction in emerging markets, where they serve as primary means of urban transportation.

Electric three-wheeler sales by region, 2016-2024

For Wardwizard, which operates in the electric two- and three-wheeler segments, these global trends are deeply encouraging. We see immense opportunity in continued electrification of urban mobility, expansion of fleet models, and growth in emerging markets. Our strategy, anchored in localisation, R&D excellence, and after-sales infrastructure like battery swapping and charging, positions us to capitalise on these international dynamics and deliver shareholder value in this era of transformative change.

Sources

https://www.iea.org/reports/global-ev-outlook-2025/trends-in-other-

light-duty-electric-vehicles

https://www.motorcyclesdata.com/2025/08/05/electric-motorcycles-

market/

https://virtuemarketresearch.com/report

https://www.imarcgroup.com/electric-three-wheeler-market

https://acceleratingtozero.org/indias-electric-vehicle-transition-offers-

lessons-for-the-global-landscape/

https://allindiaev.com/india-largest-market-for-electric-3-wheelers-iea-

report-highlights-growth/

Indian electric vehicle industry

We are witnessing a defining moment in Indias electric vehicle (EV) ecosystem, characterised by robust growth, expanding manufacturer participation, and evolving policy momentum. In FY25, the Indian EV market surpassed 20 lakh units in total sales, marking a year-on-year increase of approximately 19 per cent. Electric two-wheelers maintained dominance, accounting for nearly 60 per cent of total volumes, while passenger and cargo three-wheelers combined represented about 36 per cent.

Electric two-wheelers continue to lead adoption, benefiting from their affordability, convenience, and strong demand from urban commuters and last-mile delivery services. Registered sales increased nearly 19 per cent compared to FY24, with major players capturing over 70 per cent of the market share. The e-three-wheeler segment also maintained solid momentum, growing approximately 11 per cent year- on-year.

Our broader view reinforces that India continues to be one of the largest markets globally for two- and three-wheelers.

In 2024, over 220 OEMs competed in the electric twowheeler space, up from 180 in 2023, though four leading manufacturers accounted for around 80 per cent of sales, highlighting both market depth and consolidation trends.

Such dynamism is reinforced by supportive policy architecture and rising investor and consumer confidence. The countrys EV market has witnessed a significant trajectory, with total vehicle market share growing to 8 per cent by the end of CY24, up from 6.8 per cent a year earlier. Further future growth is anticipated: projections estimate the Indian EV market value to more than double, from US$3.2 billion in 2022 to over US$113 billion by 2029, representing a CAGR above 60 per cent.

Despite this encouraging momentum, challenges persist. Reduced subsidies in recent fiscal periods have pressured pricing dynamics, particularly for low-speed two-wheelers. IPO performance in the sector, such as less-than-anticipated investor enthusiasm for certain EV start-ups, mirrors investor sensitivity toward compressed margins and intense competition.

Nevertheless, we remain optimistic as structural tailwinds continue to favour vehicle electrification. The shift to EVs is being fuelled by favourable urbanisation trends, increasing total cost of ownership advantages, and government policy support. For Wardwizard, this translates into significant opportunities to scale operations across two- and threewheeler categories, leveraging our R&D capabilities, manufacturing strengths, and partnerships to capture a meaningful share of this fast-growing market.

Sources

https://jmkresearch.com/electric-vehides-published-reports/india-electric-

vehicle-annual-ev-report-fy2025/

https://evreporter.com/wp-content/uploads/2025/05/EVreporter-India-EV-

Report-FY24-25.pdf

https://www.ibef.org/industry/electric-vehicle

Accelerating growth in e-2W and e-3W segments in India

We are witnessing a distinct shift within the Indian EV landscape, where electric two-wheelers command the lions share of adoption. Electric 2Ws account for approximately 85 to 90 per cent of all EV units sold in the country today, while electric three-wheelers contribute 5 to 7 per cent, according to industry analysis. Last mile delivery is playing a key role in accelerating this growth.

Electrifying last-mile delivery in India

The shift toward electrified fleet operations in Indias fastgrowing last-mile delivery sector is gaining significant momentum. By 2025, organised delivery fleets comprising 2/3/4-wheel electric vehicles are expected to represent 20-30 per cent of the last-mile segment, driven by cost advantages and lower total cost of ownership. Major e-commerce and quick-commerce players, such as Flipkart, Amazon, BigBasket, Swiggy, and Zomato, are actively transitioning to electric vehicles to reduce operational costs and decarbonise logistics.

Recent studies indicate that last-mile delivery alone emits approximately 0.5 million tonnes of CO 2 annually in urban India, highlighting the environmental imperative of electrification. Leading logistics innovators are pioneering zeroBemission delivery models.

As organised logistics services account for roughly 25 per cent of the overall delivery market, electrifying this segment presents enormous opportunity for sustainable growth. The transition brings dual benefits of reduced carbon footprint and improved long-term cost efficiency for fleet operators.

Sources

https://www.bain.com/insights/india-electric-vehide-report-2023/

https://web-assets.bcg.com/fd/1c/92b99e7c48199d5d268db89122af/electric-

vehicles-future-of-last-mile-deliveries-in-india.pdf

https://economictimes.indiatimes.com/industry/renewables/driving-change-

ecomm-firms-amp-up-for-sustainable-future/articleshow/122135069.cms

https://www.deccanherald.com/india/karnataka/bengaluru/981-bengaluru-

respondents-push-for-ev-transition-of-fleets-for-last-mile-delivery-study-3182977

Growth potential

1

Indias EV market is projected to grow at a rapid pace, with the potential to reach ~80 million EVs on the road by 2030

2

EV sales in FY25 reached ~2 million units, showing a growth rate of 15% compared to previous years. This uptick encompasses all vehicle categories, including 2W, 3W, cars, and SUVs

3

Electric 2W segment, which achieved 1,149,307 units sold and contributed 55% to the total EV market in FY2025, saw March 2025 sales reach 130,274 units, making it the second highest month after October 2024

4

Electric 3W has also seen robust growth, with sales nearing the 700,000 mark at 699,062 units, an increase of 10% from 632,798 units in FY24. This segment accounts for 35% of total EV sales, although this is a slight decline from 37% in the previous year

5

Electric passenger vehicle category (including cars, SUVs, and MPVs) achieved record sales of 107,462 units, reflecting an 18% YoY increase from 91,321 units in FY24

B

Total sales in commercial category reached 8,726 units, with a 7% increase YoY. However, there was a notable decline of 15% in demand for heavy goods vehicles.

Source

JMK Research, Autocar Professional Analysis

Growth potential - fleet operations in India

(2W & 3W)

The electrification of last-mile delivery in India represents one of the most compelling growth opportunities in electric mobility today. The Indian electric last-mile delivery vehicle market generated approximately US$3.14 billion in revenue in 2024, with forecasts expecting a staggering rise to US$22.33 billion by 2033, reflecting a robust CAGR of 24.8%. Within this segment, electric two-wheelers constitute the largest revenue share, while electric three-wheelers are projected to exhibit the fastest growth.

These trends are underpinned by rapid adoption of electric fleet models among e-commerce, quick-commerce, and food delivery platforms. Study shows a projected 20-30% adoption of EVs in organised last-mile delivery by 2025, reinforced by sustainability goals and cost efficiency.

Focusing specifically on electric three-wheelers, the market reached US$1.65 billion in 2025 and is expected to grow to US$3.36 billion by 2031, representing a CAGR of 12.6%. Registrations reached nearly 700,000 units in FY25, capturing 57% of total three-wheeler sales, indicating rapid electrification.

For electric two-wheelers, research highlights their dominant share, accounting for almost 85-90% of all EV units sold domestically as of FY25, with e-2W registrations surging by 21.2% to 1.15 million units.

Collectively, these insights reinforce that Indias use cases for electric fleet operations, especially in delivery and logistics, are not just emerging; they are maturing swiftly. For Wardwizard, this translates into powerful tailwinds as we expand our footprint across fleet-based deployment, product innovations, and service models tailored to high-utilization, cost-sensitive commercial vehicles.

Sources

https://www.grandviewresearch.com/horizon/outlook/electric-last-mile-

delivery-vehicle-market/india

https://www.constructionweekonline.in/business/electric-vehicles-adoption-

projected-to-grow-at-20-30-by-2025-in-last-mile-delivery-fleets-bcg-report

https://www.ibef.org/industry/electric-vehicle

https://www.techsciresearch.com/news/8818-india-electric-three-wheeler-

market.html

https://www.imarcgroup.com/india-electric-three-wheeler-market

Electric Vehicle (EV) - Key drivers

increased EV adoption

EV adoption is growing rapidly worldwide, due to environmental regulations and sustainability goals

Rapid market growth

The global EV market is projected to reach $1,084 billion by 2029 with a CAGR of 6.63%

Indias EV push

The Indian government is pushing for 30% EV penetration by 2030, backed by FAME II and state- level policies

Rising two-wheeler (2W) demand

EV 2Ws are gaining mass adoption in India due to rising fuel costs, urban congestion, and the need for affordable, eco-friendly transport.

Affordability & accessibility

EV 2Ws provide a cost-effective alternative to petrol, offering up to 70% operational savings for Indias price-sensitive market

Three-wheeler (3W) market expansion

EV 3Ws are transforming urban logistics and last-mile delivery with lower emissions and cost savings

Increasing investment

Indias EV market is attracting significant investments, boosting innovation and infrastructure development

Growth drivers

Urbanization, environmental awareness, supportive policies, and rapid improvements in battery technology and charging infrastructure

Source

Statista; NITI Aayog; Economic Times

Benefits of EV adoption over ICE vehicles

• EVs offer significant savings on fuel and maintenance, benefiting consumers and reducing long-term operating costs

• Lower greenhouse gas emissions align with global sustainability goals and improve urban air quality

• EVs convert more energy from their power source directly to vehicle movement compared to internal combustion engines (ICEs), offering a more efficient alternative

• EVs deliver instant torque and smoother acceleration, elevating the driving experience

• EVs deliver significantly lower operating cost per kilometre.

A recent study by the Council on Energy, Environment and Water (CEEW) reveals that electric two-wheelers cost just Rs1.48 per kilometre to run, compared to Rs2.46 for petrol equivalents

• For electric three-wheelers, the advantage widens, at ^1.28/ km versus Rs3.21/km for petrol models

• In logistics and fleet operations, EVs already offer a 15-20 per cent lower total cost of ownership (TCO) over ICE vehicles. This benefit is driven by reduced energy, maintenance and uptime efficiencies

• Purchase price is moving closer to that of comparable ICE vehicles, a development that will serve as a decisive tipping point, especially in fleet segments

• As manufacturing scale increases and battery prices continue to decline, upfront EV costs will reach parity with ICE models

• At that point, the consistently lower running and maintenance expenses will make EVs the financially and operationally superior choice, especially in high-utilisation applications like last-mile delivery and rental fleets

Sources

https://economictimes.indiatimes.com/industry/renewables/still-

riding-petrol-electric-two-wheelers-cost-you-just-rs-1-48/km-study-says/

articleshow/121925759.cms

https://www.livemint.com/auto-news/ev-vs-petrol-electric-vehicles-prove- cheaper-to-run-in-india-says-ceew-11750341704904.html https://economictimes.indiatimes.com/small-biz/sustainability/evs-offer-1520- cost-advantage-over-diesel-in-logistics-report/articleshow/121774395.cms

Government initiatives

We recognise that government policy forms the backbone of Indias journey toward sustainable mobility. A range of strategic interventions has been introduced to catalyse adoption, boost manufacturing, and enhance infrastructure.

FAME-II: Accelerating adoption and infrastructure

The Faster Adoption and Manufacturing of Electric Vehicles Phase II (FAME-II) programme plays a pivotal role in driving demand. Launched in April 2019 with a budgeted outlay of Rs11,500 crore, the scheme has supported the uptake of more than 14 lakh two-wheelers, over 1.65 lakh three-wheelers, more than 22,000 four-wheelers, and over 5, 000 electric buses across India. A key aspect has been the deployment of public charging infrastructure, backed by approximately Rs800 crore in subsidies allocated to oil marketing companies for setting up over 7,400 charging stations by March 2024.

PM E-DRIVE: Comprehensive support for electrified mobility

In March 2024, the Government introduced the Prime Ministers Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme with a budget allocation of Rs10,900 crore. This comprehensive incentive regime extends support across a broad range of EV categories, including two-wheelers, three- wheelers, ambulances, trucks, and buses, and encompasses the expansion of charging infrastructure and enhancement of testing capabilities. As of May 2025, the scheme had achieved nearly 50 per cent of its overall target in two- and threewheeler segments, demonstrating early traction and policy effectiveness.

Details:

Scheme launch

Initiated by the Ministry of Heavy Industries, the PM EDRIVE scheme has a Rs10,900 crore budget to drive EV adoption

Implementation

Operational from October 2024 to March 2026, building charging infrastructure and boosting EV production nationwide

Focused support

Offers subsidies and incentives for EVs, including e-buses, e-2Ws, e-3Ws, and new EV categories, with targeted grants for charging networks

Charging network expansion

Rs2,000 crore allocated for 72,300 public fast chargers, to be installed in key EV-use regions and along highways

E-voucher innovation

Aadhaar-based e-vouchers streamline the benefits process, enhancing dealer reimbursement and buyer convenience

Wardwizards growth opportunity

Enhanced demand for EV 2Ws and 3Ws, increased infrastructure for EV adoption, and improved incentives create strong growth potential for Wardwizards Joy e-bike

PLI Scheme: Promoting domestic manufacturing

The Performance Linked Incentive (PLI) framework is another foundational pillar, designed to strengthen Indias manufacturing base. It includes a dedicated Rs26,000 crore scheme for electric and hydrogen vehicle production and another Rs18,000 crore scheme focused on advanced chemistry cells for EV battery systems. These instruments are aimed at catalysing investment, enabling localisation, and stimulating export-led growth in EV components and systems.

Together, these initiatives validate our conviction that Indias EV ecosystem is backed by a strong and multi-layered policy architecture. From incentive-led demand stimulation to infrastructure enhancement and manufacturing self-reliance, the Governments strategy complements Wardwizards vision to champion electric two- and three-wheeler, with innovation, scale, and commitment to national imperatives.

Source: Press Information Bureau, IBEF https://www.pib.gov.in/PressNoteDetails. aspxRsModuleId=3&NoteId=155094&utm https://www.ibef.org/industry/electric-vehicle

Electric vehicle purchase incentives in India

In India, incentives for purchasing Electric Vehicles (EVs) are primarily provided through the central governments PM E-Drive scheme and various state-level policies. While national programmes focus on two- and three-wheelers, many states offer additional subsidies and tax exemptions for electric cars.

Disclaimer: Incentive policies are subject to change. Buyers should confirm the latest rules with their local RTO and dealerships before purchase.

Central government incentives

The central governments primary incentive scheme is the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive), which replaced the FAME-II scheme in October 2024. Unlike its predecessor, the PM E-Drive scheme does not provide subsidies for private electric cars but focuses on two- and three-wheelers.

Low GST

EVs are subject to a low GST rate of 5%, significantly less than that for internal combustion engine vehicles

Tax benefits for loans Individuals can claim a tax deduction under Section 80EEB on the interest paid on an EV loan

State-specific incentives

Many state governments offer additional financial incentives on top of central schemes, including upfront subsidies and tax exemptions.

State EV incentives in India vary, with some states providing subsidies based on battery capacity for two- and four-wheelers, and others offering exemptions for road tax and registration fees. For example, Maharashtra and Gujarat offer per-kWh subsidies, along with tax and fee exemptions. Delhi has discontinued subsidies for electric four-wheelers but provides other benefits. States like Andhra Pradesh, Karnataka, and Telangana focus on full exemptions for road tax and registration fees rather than direct subsidies. West Bengal and Meghalaya also offer per-kWh subsidies and tax exemptions.

Incentives are typically processed through authorised dealers and manufacturers, involving eligibility checks, purchase from a registered dealer, and receiving an upfront discount. An e-voucher and identity verification confirm the subsidy, with the manufacturer reimbursed later.

Source

https://www.revoltmotors.com/blog/pm-e-drive-scheme

https://www.cardekho.com/india-car-news/top-evfriendly-states-m-india-that-

offer-the-best-incentives-to-electric-car-buyers-27251.htm

https://zevoindia.in/blog/government-incentives-for-electric-vehicles-in-

india/#:~:text=4.,providing%20flexible%20leasing%20options%20mstead.

Subsidy on electric scooter and bikes: State-wise data

	States	Subsidy (Per kWh)	Maximum Subsidy	Discount On Road Tax (in Percentage)
	Maharashtra	Rs5,000	Rs25,000	100%
	Assam	Rs10,000	Rs20,000	100%
	Gujarat	Rs10,000	Rs20,000	50%
	West Bengal	Rs10,000	Rs20,000	100%
	Meghalaya	Rs10,000	Rs20,000	100%
\u20ac >	Bihar	Rs10,000	Rs20,000	100%
0	Rajasthan	Rs2,500	Rs10,000	NA
	Odisha	NA	Rs5,000	100%
	Madhya Pradesh	Nil	Nil	99%
	Punjab	Nil	Nil	100%
	Telangana	Nil	Nil	100%
CiD	Kerala	Nil	Nil	50%
	Uttar Pradesh	Nil	Nil	100%
(j4)	Karnataka	Nil	Nil	100%
CH)	Andhra Pradesh	Nil	Nil	100%
	Tamil Nadu	Nil	Nil	100%

State-wise public charging stations (Till Mar 2025)

	States	Public Charging Stations
	Himachal Pradesh	114 .
	Uttarakhand	202
	Sikkim	11
	Uttar Pradesh	2,113
	Bihar	393
	Assam	311
o	Arunachal Pradesh	44
o	Meghalaya	43
	Nagaland	36
	Manipur	50
	Tripura	54
0	Mizoram	13
0	West Bengal	791
0	Jharkahand	277
0	Chhattisgarh	290
0	Odisha	550
0	Telangana	976
0	Andhra Pradesh	42
0	Puducherry	42
	Tamil Nadu	1,495
0	Kerala	1,288
@	Karnataka	5,879
0	Goa	155
0	Maharashtra	3,842
0	D&NH and D & D	6
0	Madhya Pradesh	1,285
0	Rajasthan	1,285
0	Gujarat	1,008
0	Delhi	1,951
0	Haryana	808
0	Chandigarh	14
0	Punjab	607
0	Jammu & Kashmir	157
Total		26,367*

Efforts on charging inFrastructure in India

Government actions

Policy thinking in India has moved from only demand incentives to a more holistic ecosystem approach. Recent guidance calls for clear zero-emission timelines, city-level saturation programmes, and the removal of inter-agency frictions that slow network rollout. Specific proposals include dedicated EV power lines, time-of-day tariffs, reduced fixed charges for public stations, streamlined approvals, and support for interoperable infrastructure. There is also a focus on blended finance for commercial vehicles and on enabling leasing constructs that shift upfront capital to operating expense, which directly benefits swapping and depot-based models.

Private sector participation and partnerships

Private charge point operators, energy companies, battery specialists and OEMs are increasingly collaborating to codevelop charge and swap networks, integrate roaming and payment solutions, and pilot innovative pricing that improves utilisation. Industry submissions highlight the need for standardised connectors and communication protocols, fair and predictable tariffs, and ready access to renewable power to contain operating cost and emissions. As networks scale, unified consumer apps and cross-network access are emerging as priorities to reduce range anxiety and improve station reliability. These directions align with global best practice that stresses interoperability, smart charging and open data to deliver a seamless user journey.

Standards, safety and data

Policy recommendations advocate a robust standards regime covering packs, battery management systems, connectors and communication so that swapping can be delivered safely and at scale. A battery passport approach is proposed to track health, provenance and state of charge cycles, which supports second-life applications and responsible recycling. From a grid perspective, coordinated planning with distribution companies and adoption of managed charging help mitigate local constraints as volumes rise. These measures are consistent with international guidance that underscores the role of smart charging and data transparency in maintaining reliable, user- centred infrastructure.

Strategic implications For us

For Wardwizard, the maturing policy framework and global operating lessons point to three priorities. First, design vehicles and packs that are swap-ready and compliant with evolving standards for connectors, communication and safety, while retaining plug-in optionality. Second, cultivate partnerships with charge and swap operators, energy providers and digital platforms to secure station access in high-throughput corridors that serve delivery and passenger fleets. Third, build analytics around duty cycles, battery health and station performance so that we can optimise TCO for fleet customers and support circularity through second-life and recycling pathways. Together, these steps align with Indias direction of travel on leasing, interoperability and city-level saturation, and with global evidence that a mixed ecosystem of swapping and charging will hasten adoption and improve network economics.

Sources

https://niti.gov.in/sites/default/files/2025-08/Electric-Vehicles-WEB-LOW-

Report.pdf

https://iea.blob.core.windows.net/assets/0aa4762f-c1cb-4495-987a-

25945d6de5e8/GlobalEVOutlook2025.pdf

Swappable batteries and the charging ecosystem

Battery swapping separates the vehicle from the battery asset, allowing riders and fleet operators to exchange a discharged pack for a charged one within minutes. For two and three wheelers this model reduces downtime, lowers upfront capex through battery leasing, and can extend battery life via controlled charging at stations. Global analysis recognises swapping as one of the innovative charging solutions that complements plug-in charging by improving availability and convenience for commercial use cases such as last-mile delivery

Growth runway and opportunity

We see the steepest near-term potential in electric two and three wheelers used for logistics, passenger movement and hyperlocal services. For these formats, range requirements are predictable and depot-based operations make station utilisation more efficient. International evidence indicates that business models which decouple battery ownership from the vehicle can accelerate adoption by lowering total cost of ownership and by professionalising battery maintenance and end-of-life handling. As markets scale, interoperability and open protocols become critical to unlock network effects across brands and operators.

Indias policy direction further supports this opportunity. Central guidance emphasises enabling battery leasing and swapping frameworks, clarifying standards, and addressing power supply and regulatory bottlenecks so that charge and swap operators can expand viably. Recommendations include nurturing a battery leasing industry, advancing a battery passport for health and traceability, and creating single-window processes and unified apps for location, booking and payments. Such measures are designed to increase uptime for commercial fleets and improve the economics of public charging and swapping networks.

What it means for utilisation and economics

Swapping networks can raise asset utilisation by concentrating demand at well-sited stations and smoothing load through managed charging of pooled batteries. For operators, this can reduce peak power requirements and improve charger load factors. For fleets, rapid turnaround shortens unproductive time and supports high-frequency, short-haul duty cycles typical of e-commerce, quick-commerce and passenger three wheelers. Global benchmarks suggest that where swapping coexists with plug-in charging, overall system resilience improves and user experience is enhanced through choice and redundancy.

Sources

https://iea.blob.core.windows.net/assets/0aa4762f-c1cb-4495-987a-

25945d6de5e8/GlobalEVOutlook2025.pdf

https://niti.gov.in/sites/default/files/2025-08/Electric-Vehicles-WEB-LOW-

Report.pdf

Innovation in battery technology

We recognise that continuous innovation in battery technology is critical for the EV industry as a whole. Advances in this domain are transforming the performance, safety, lifespan and economics of electric mobility. We outline key breakthroughs shaping the future of EV batteries below, all of which align with our strategic priorities to enhance cost-efficiency, vehicle range and reliability.

Lithium Iron Phosphate (LFP): Affordable safety and efficiency

LFP battery chemistry has gained remarkable momentum in 2024, accounting for nearly 50% of the global EV battery market. Its combination of safety, thermal resilience and cost-efficiency is driving adoption across markets, including India. In fact, LFP already forms more than 50% of EV batteries domestically produced or imported into India this year.

Ultra-fast charging and breakthrough cell chemistry

Globally, companies such as CATL have introduced new- generation batteries capable of adding over 520 kilometres (323 miles) in driving range in just five minutes, even in sub-zero conditions. On the chemistry frontier, Electrolyte innovations like Eternalyte claim ultra-high ionic conductivity that supports four times faster charging, even under extreme cold, without requiring changes to vehicle design or infrastructure.

The rise of alternative chemistries and solid-state tech

Beyond lithium-ion, the industry is exploring sodium-ion, lithium- sulphur, and solid-state batteries as next-generation solutions. These promising alternatives may reduce dependence on critical minerals while improving safety and sustainability. While commercial-scale deployment is still emerging, pilot initiatives hint at future readiness by the late 2020s.

Strategic pathways at Wardwizard

For Wardwizard, these technological advances present resilient pathways to enhance our product portfolio:

• LFP battery integration improves affordability and safety in mass-market scooters and e-rikshaws

• Ultra-fast charging readiness could enable rapid turnaround for fleet customers, reinforcing our fleet-as-a- service value proposition

• Alternative chemistries and solid-state readiness align with our R&D roadmap to optimise for cost, range and safety over the medium term

As lithium-ion remains dominant today, these emerging technologies signal the future. We continue to explore them through testing partnerships and scaling battery packs that balance performance with affordability.

Source

https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries

https://www.techradar.com/vehicle-tech/hybrid-electric-vehicles/this-

breakthrough-battery-tech-could-help-evs-break-the-1-000-mile-range-barrier-

and-give-them-a-190-mile-boost-in-under-four-minutes

https://www.businessinsider.com/catl-takes-on-byd-tesla-with-fast-charging-ev-

battery-2025-4Rsutm

https://www.reuters.com/business/media-telecom/factbox-competing-battery-

technologies-shape-ev-industry-2025-08-25/Rsutm

Outlook for the Future

We see a powerful surge building in Indias electric vehicle (EV) landscape as we approach 2030. According to the India Energy Storage Alliance, the cumulative number of EVs on Indian roads is expected to surpass 28 million by 2030. Two-wheelers will account for approximately 83 per cent of annual EV sales, followed by small shares of four-wheelers and three-wheelers. This trajectory signals substantial energy demand from the electrical grid and a significant shift in mobility patterns.

Complementing this projection, industry forecasts estimate that Indias EV market value will expand from around US$ 5.22 billion in 2024 to US$ 23.52 billion by 2030, growing at a robust CAGR of 28.5 per cent.

These indicators provide us with a lucid growth narrative. India is rapidly shifting from infancy to mass adoption in electric mobility, especially in two- and three-wheelers. The scale of the opportunity is considerable, driven by affordability, operational cost savings, policy tailwinds, and expanding charging infrastructure.

For Wardwizard, these trends reinforce strategic priorities. We intend to deepen engagement in urban and semi-urban fleet segments where electrification is fastest. We will accelerate technology innovation, such as advanced battery systems, swappable solutions, and cost-effective smart mobility platforms. In parallel, we aim to strengthen our manufacturing readiness and expand our dealer and after-sales network to match the scale of future demand.

Challenges remain, including grid strain, infrastructure gaps, and capital access for last-mile operators. However, we believe structural tailwinds, particularly policy consistency, rising consumer awareness, continued localisation of supply chains, and growing ecosystem investments, will drive both volume and value creation.

In summary, Indias EV sector is poised to undergo exponential transformation. With a clear roadmap to tens of millions of EVs on roads and a fast-growing market value, our strategic focus places us in prime position to benefit from the next decade of sustainable mobility.

Source

https://auto.economictimes.indiatimes.com/news/industry/number-of-evs-on-

indian-roads-likely-to-cross-28-million-in-2030-report/118423204

https://www.marknteladvisors.com/research-library/india-electric-vehicle-

market.html

Accelerating fleet transformation

The fleet segment, particularly last-mile delivery, is set for exponential growth. In 2024, the electric last-mile delivery vehicle market generated US$3.14 billion in revenue and is projected to reach US$22.33 billion by 2033, growing at a CAGR of 24.8%. Organised delivery fleets are expected to represent 20-30 percent of the delivery market by 2025.

With booming e-commerce and quick-commerce demand, these deployments will deepen as operators seek lower total cost of ownership (TCO) and environmental efficiency. By 2030, Indias EV fleet could help avoid up to five million tonnes of CO 2 emissions annually, underscoring its net-zero potential.

India is transitioning from nascent EV adoption to scalable, mission- critical fleet electrification across 2/3-wheelers. With emerging economies of scale, ecosystem support, and fleet anchors driving the shift, the future is electric, and fleet-first. For Wardwizard, this presents both a strategic inflection point and immense opportunity in shaping the future of sustainable mobility in India.

Strategic implications For Wardwizard

This shift presents a compelling growth canvas for Wardwizard Innovations & Mobility Ltd.

Fleet-first product focus - We must design vehicles - 2W and 3W, optimised for high-utilisation commercial operations, emphasising durability, swappability, and telematics integration.

Partnerships and deployment - Collaboration with EV fleet operators, logistics integrators, and e-commerce platforms can enable scale deployments and deepen market penetration. Supportive policy tailwinds - Aligned with Indias PLI schemes and PM E-DRIVE initiative, these efforts drive affordability, infrastructure growth, and channel partnerships focused on fleet mobility.

Environmental and economic benefit - Fleet electrification accelerates decarbonisation and delivers tangible savings in energy and operations, key levers for investors and operators alike.

Sources

https://www.grandviewresearch.com/horizon/outlook/electric-last-mile-delivery-

vehicle-market/india

https://www.motownindia.com/Bureau/Commercial-Vehicles/1719/EV-adoption-

projected-to-grow-at-20-30-by-2025-for-last-mile-delivery-Motown-India-Bureau

https://manufacturing.economictimes.indiatimes.com/news/automotive/the-road-

to-net-zero-how-ev-fleet-expansion-is-transforming-last-mile-delivery/113275084

SWOT analysis

In the evolving landscape of electric mobility in India, a

structured review of strengths, wea knesses, opportunities,

and threats enables us to make informed strategic decisions.

Below is our updated SWOT analysis, combining our internal

perspective with external industry trends.

Sector strengths (Positive Factors)

• Supportive policy framework: Government incentives such as tax exemptions, import duty reductions, FAME-II, and PLI schemes underpin industry growth and encourage localisation

• Growing manufacturing ecosystem: Major investments such as Suzukis e-Vitara production facility targeting global exports and the Kanpur EV manufacturing hub reinforce Indias clean tech aspirations

• Strategic partnerships and supply chain strengthening:

Initiatives like LG Energy Solutions discussions with JSW for US$1.5 billion battery manufacturing enhance supply security and production capability

• Expanded infrastructure and funding: Enhanced charging infrastructure, regulatory standardisation, and state EV promotion accelerate adoption

• Local raw material potential: Discoveries such as lithium reserves in Salal provide long-term strategic advantage in energy storage supply

Sector weaknesses (Challenges)

• High upfront cost and limited affordability: EV prices remain elevated relative to ICE alternatives, constraining affordability

• Insufficient charging infrastructure: Despite recent progress, public charging stations remain inadequate, especially in rural and semi-urban areas

• Dependence on imports: Key components such as batteries and power electronics remain largely imported, leaving production vulnerable to supply disruptions

• Modest donor financing options: Consumer access to tailored financing remains limited, though platforms like Revfin are emerging to fill the gap

Opportunities

• Exploding market potential: Indias EV industry is projected to grow to approximately 6.3 million units annually by 2027, with the market value potentially surpassing $150 billion by 2030

• New revenue models and ecosystem ventures: Growth in battery swapping, fleet leasing, EV servicing, solar- integrated charging, and battery recycling present valuable business avenues

• Policy shift toward regulatory frameworks: NITI Aayogs blueprint focuses on mandates and regulatory mechanisms rather than solely on incentives, signalling a maturing policy environment

• Emerging local manufacturing hubs: The establishment of EV manufacturing clusters and R&D centres, e.g., Uttar Pradesh, Tamil Nadu, and our very own, offer supply chain integration opportunities

Threats

• Export tax competition and policy headwinds: Potential GST repricing favouring small ICE vehicles could dilute EV affordability and consumer interest

• Global raw material concentration: Continued global dependence on limited regions for critical minerals such as lithium and rare-earth elements poses supply chain risk

• Industry fragmentation and rising competition: New

entrants and aggressive investments by legacy brands may escalate market intensity and margin pressure

• Sustainability of policy incentives: Underutilisation of PLI funds highlights the risk of policy fatigue if implementation lags persist

In summary, the Indian EV industry is poised for robust growth driven by favourable policy, infrastructure expansion, and increasing consumer awareness.

For Wardwizard, our strategic initiatives in localisation, battery technology, scalable fleet models, and ecosystem partnerships align closely to capitalise on these strengths and opportunities. However, navigating supply-side constraints, financing dynamics, and competitive pressures requires proactive action and collaboration across stakeholders.

Company overview

We at Wardwizard Innovations & Mobility Ltd stand as one of Indias leading home-grown electric vehicle (EV) manufacturers, driven by our commitment to accelerating the countrys transition towards clean and sustainable mobility.

With innovation at the core of our operations, we have built an ecosystem that not only creates electric two-wheelers but also shapes the future of electric mobility in India.

Our flagship brands, Joy e-bike and Joy e-rik, have carved a niche in the EV market by offering a diverse range of electric two-wheelers and three-wheelers that cater to evolving consumer needs, from affordable commuter vehicles to high-performance models. We take pride in designing products that are cost-efficient, technologically advanced and environmentally responsible. By aligning our portfolio with both urban and semi-urban mobility demands, we continue to address one of the most pressing needs of our time - reducing carbon emissions while enhancing accessibility and affordability of clean transportation.

Our integrated business model gives us a distinct competitive edge. With our state-of-the-art manufacturing facility in Vadodara, Gujarat, we maintain the flexibility to scale production while ensuring quality, efficiency and safety at every stage. Over the years, we have invested significantly in research and development, enabling us to introduce new- age technologies and smart solutions that enhance customer experience and performance. Our focus on localisation and supply chain efficiency further strengthens our positioning, while reducing dependency on imports and supporting the Government of Indias vision of Aatmanirbhar Bharat.

We have also taken decisive steps to expand our product pipeline and distribution footprint. Through strategic dealer networks, innovative financing models and service support, we are making electric mobility accessible to a wider customer base across India. At the same time, our focus on exports is beginning to gain traction as we actively explore opportunities in international markets. The growing demand from global consumers validates our efforts and underlines the potential of our brand in becoming a strong EV player beyond domestic borders.

Beyond manufacturing, we are building a comprehensive EV ecosystem that encompasses charging infrastructure, battery management systems and sustainable practices. Our commitment to renewable energy integration and eco-friendly operations is central to our long-term growth strategy. By embedding sustainability into every aspect of our business, we not only reduce our environmental footprint but also create long-term value for our stakeholders.

As the EV industry evolves rapidly, we remain agile in adapting to new market dynamics, consumer preferences and regulatory developments. We see ourselves not just as manufacturers of electric two-wheelers but as enablers of a larger transformation in mobility. Ourvision is to empower millions with cleaner, smarter and more efficient transport solutions, while ensuring profitable and sustainable growth for our shareholders.

Our recent efforts in fleet operations

Fleet operations have emerged as a key growth engine for Wardwizard as we strategically pivot from retail-focused sales to fleet-driven models. Leveraging our early-mover advantage, we are tapping into the rapidly growing demand for EVs in e-commerce, quick-commerce, and food delivery ecosystems.

During the year, we launched the Optimotion initiative,

Indias first holistic EV fleet solution, deploying Joy e-bikes in Hyderabad and expanding with over 400 units across Kolkata, Pune, and Ahmedabad. This 360 ° model integrates vehicle supply, maintenance, charging, financing, and insurance, enabled by partnerships with SpeedForce, AmpVolts, Mufin Green Finance, and Bluebells. Plans are also underway to introduce 200 L5 passenger electric three-wheelers in Maharashtra in collaboration with Cabeys, marking our entry into the ride-hailing segment.

Our partnerships have been pivotal. Collaborations with Mufin Green Finance are making EVs more affordable through customised financing for fleet buyers, while SpeedForceEV and AmpVolts provide service and battery-swapping support, ensuring scalability and reduced downtime. These alliances create a robust ecosystem for sustainable fleet adoption.

We are also expanding into mid-mile logistics, with a successful EV-based pilot in Delhi demonstrating strong potential. This model is set to be scaled to Bengaluru, Mumbai, and other Tier-1 cities, further strengthening our footprint in commercial mobility.

Innovation continues to drive our fleet strategy. We are in the final stages of approval for swappable battery technology, which will significantly enhance convenience and efficiency for operators. Alongside, our focus on fire-safe LFP chemistry, ecoconscious powertrains, and circular economy practices ensures that growth remains environmentally responsible.

Through these efforts, we are positioning Wardwizard at the forefront of Indias EV fleet revolution, creating recurring revenue streams, enhancing customer stickiness, and driving large-scale adoption across last-mile and mid-mile delivery solutions.

Product portfolio

We have built a strong and well-diversified product portfolio that reflects our commitment to making electric mobility accessible and aspirational for every segment of society. By establishing our presence across different categories of pricing, speed and riding modes, we have created offerings that cater to a wide base of customers with varying lifestyle needs and commuting patterns.

Our flagship brands, Joy e-bike and Joy e-rik, house a range of sub-brands and models designed to address specific customer segments, from daily commuters to cost-conscious households and performance-driven riders. Vehicles are equipped with intelligent and user-friendly features such as anti-theft protection,

regenerative braking, reverse mode and enhanced riding comfort, ensuring that our products are not only technologically advanced but also well suited to Indian road conditions.

Currently, our product line includes a diverse mix of low- speed and high-speed electric scooters, motorcycles, e-rickshaws and e-carts. These vehicles are carefully engineered to deliver superior performance, lower operating costs and minimal environmental impact.

With each new launch and upgrade, we aim to expand our consumer base, strengthen our brand visibility and reinforce our position as one of Indias pioneering EV manufacturers.

Electric 2-wheelers

Model / Variant	Type	Top Speed (Km/h)	Range per Charge (Km)	Charging Time (Hours)
Monster	Low-Speed Motorcycle	25	75	4.5
Wolf+	High-Speed Scooter	55	88	4-5
Gen Next Nanu+	High-Speed Scooter	55	88	4-5
Glob*	Low-Speed Scooter	25	55-60	4-5
Gen Next Nanu*	Low-Speed Scooter	25	55-60	4-5
Wolf*	Low-Speed Scooter	25	55-60	4-5
Wolf Eco	High-Speed Scooter	46	90	4-5
Gen Next Eco	High-Speed Scooter	46	90	4-5
Mihos	High-Speed Scooter	65	130	5

*Licence or registration not required

Electric 3-wheelers

Model / Variant	Type	Top Speed (Km/h)	Range per Charge (Km)	Charging Time (Hours)
Passenger e-Rik (L-3)	Passenger 3W	25	120-130	8-9
E-Loader	Cargo 3W	25	120-130	8-9
E-Garbage Vehicle	Utility 3W	25	120-130	8-9
E-Cart Grill	Commercial 3W	25	120-130	8-9
Passenger e-Rik (L-5)	Passenger 3W	45	70-75	3.5-4

*Licence or registration not required

Showroom distributor model

Joy e-bike, our flagship brand, continues to demonstrate strong profitability, sustainability and growth with a diverse portfolio of more than ten products. To strengthen customer reach and market penetration, we operate under a unique showroom- distributor model that sets a new benchmark in the EV industry.

Each showroom spans approximately 1,500 sq. ft. and is developed with fully finished interiors to deliver a comprehensive brand and customer experience. This model integrates existing dealers, who are required to source vehicles exclusively through these showroom distributors, thereby streamlining the supply chain and ensuring consistency in quality and service. To support smooth operations, an Assistant Sales Manager manages secondary sales from dealers, while a Regional Showroom Manager provides strategic oversight and performance monitoring. New dealer appointments are facilitated solely through the Regional Channel Sales Manager, ensuring alignment with our structured growth strategy.

In line with our expansion roadmap, we have successfully launched more than 150 exclusive distributor showrooms across multiple Indian cities. These outlets are designed not just as sales points but as customer engagement hubs, offering hands-on product experiences, personalised solutions and dedicated after-sales support. This customer-first approach has significantly enhanced satisfaction, loyalty and brand recall.

Looking ahead, we plan to establish an additional 150 distributor showrooms at the district level. Under this strategy, top-performing taluka dealers will be elevated to District Distributors, further strengthening our network and deepening our presence in high-potential markets. With more than 750 touch points already established across India, this expansion will enable us to bring innovative electric mobility solutions closer to customers nationwide, while reinforcing our leadership in the fast-growing EV market.

Steps taken to improve battery safety by Wardwizard

At Wardwizard, battery safety remains a cornerstone of our commitment to innovation, quality and customer trust. Our proprietary Gaja Cells have received Bureau of Indian Standards (BIS) certification and are assembled into battery packs for our electric two- and three-wheeler models. This approach not only lowers production costs but also ensures consistent delivery of high-performance and safe products to our customers.

To further enhance safety and reliability, we have implemented the following measures:

¦

Stringent quality control

A dedicated company representative is deployed at the manufacturing site to enforce robust quality protocols. This allows for real-time inspection, early detection and resolution of potential defects across the production cycle.

Data collection and monitoring

Advanced AI-enabled monitoring continuously tracks critical parameters such as voltage, current, temperature, state of charge, state of health, current limits, protection status and error codes. Any irregularities trigger immediate SMS or email alerts for timely intervention.

High-grade materials

We use certified cells (IS 16893-Part 2 and Part 3) with superior thermal stability and puncture resistance. Cells are secured with 99.5% pure nickel and fire-resistant, mechanically durable holders to enhance strength and safety.

Thermal management systems

Our batteries incorporate efficient thermal management solutions, including thermal pads and potting material, to regulate temperature and dissipate excess heat, thereby preventing overheating.

Comprehensive testing

Every battery undergoes rigorous multi-stage testing to assess safety, reliability and performance. These protocols are designed to detect issues before deployment, ensuring that only the highest quality packs reach customers.

Mechanical integrity

The battery pack enclosure, frame and mounting structures are engineered for exceptional durability. This ensures secure assembly, precise alignment and resilience against environmental and mechanical stresses.

Smart Battery Management System (BMS)

Our CAN-based Smart BMS integrates essential safety features such as:

• Over-voltage, over-charge and over-discharge protection

• Over-temperature and overcurrent safeguards

• Short-circuit protection with rapid response mechanism

Together, these features optimise performance, enhance longevity and reduce the likelihood of failures or accidents. Additionally, we are collaborating with an Indian manufacturer to develop a customised BMS tailored to our future requirements.

Enhanced protection and safety features

Battery packs are fitted with fuses, pressure vents and silicone- insulated cables to protect against overcurrent, short circuits and hazardous conditions. Enclosures are designed with precision sealing, using gaskets and adhesives to prevent the ingress of dust, moisture and other contaminants.

Continuous R&D focus

Our research initiatives focus on improving cycle life, reducing degradation and extending battery performance. We are advancing machine learning and data analytics applications for remote monitoring, predictive maintenance and optimised charging.

Improved battery life

Customised charging profiles allow users to select preferred charging speeds. By optimising Depth of Discharge (DOD) and regulating current flow (peak discharging limited to 1C and continuous to 0.7C), we effectively manage heat generation, reduce the risk of thermal runaway and significantly improve battery safety and lifespan.

Through these initiatives, we are not only enhancing the safety and reliability of our products but also setting new standards for the EV industry. By integrating advanced technology, materials innovation and rigorous testing, Wardwizard is committed to delivering batteries that empower safe, sustainable and long- lasting mobility solutions.

EV Ancillary Cluster - Building Indias first integrated ecosystem

We have taken a decisive step towards strengthening the EV supply chain in India by establishing the countrys first dedicated EV Ancillary Cluster near our global headquarters in Vadodara. Developed over 4 million sq. ft. in collaboration with our Promoter Group and supported by an MoU with the Government of Gujarat, this cluster is designed to localise critical raw materials and component manufacturing, reducing import dependency and building long-term cost competitiveness.

The facility will serve as an integrated hub for the production of essential EV components including motors, lithium-ion cells, chassis, chargers, controllers, and advanced electronics. By bringing key partners together in a single ecosystem, the cluster will create efficiencies in sourcing, logistics, and technology transfer. Beyond strengthening our own operations, it will also supply opportunities to other OEMs, advancing Indias collective transition to electric mobility. In parallel, the cluster is expected to generate large-scale employment and foster industrial growth, while reinforcing the Make in India and Atmanirbhar Bharat missions.

Singapore Centre of Excellence - Accelerating global R&D

To complement our domestic manufacturing push, we have built a strong global innovation base through Wardwizard Global Pte. Ltd., Singapore, our International Centre of Excellence. This facility is dedicated to next-generation battery cell technologies and energy systems, ensuring that cutting-edge R&D and best practices are transferred seamlessly across our operations.

The Singapore hub focuses on innovations in lithium-ion cell chemistry, advanced cell-to-pack integration, and AI-driven Battery Management Systems to improve efficiency, safety, and lifecycle economics. Strategic collaborations with A&S Power and Nanyang Technological University are helping us co-develop proprietary Gaja Cells and advance Lithium Iron Phosphate (LFP) technology, further enhancing our portfolio of high-performance, safe, and sustainable energy solutions.

With applied research in thermal simulations, safety testing, and scalable pack design underway, the Singapore centre directly supports the EV Ancillary Cluster in India by aligning global R&D with local production. This dual strategy strengthens our competitive edge, accelerates innovation, and positions us as a technology leader shaping the future of electric mobility.

Financial overview

The analysis in this section pertains to the financial results for the year ended 31 March 2025. The Companys financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, read together with the Companies (Indian Accounting Standards) Rules, as amended from time to time. The significant accounting policies applied in the preparation of these statements are detailed in the notes to the consolidated financial statements.

Detailed numbers

Particulars	FY23	FY24	FY25
Revenues	238.93	317.31	302.41
Other Income	0.36	0.26	0.45
Total Income	239.29	317.57	302.86
Cost of Material Consumed	192.01	225.68	193.02
Employee Costs	8.44	12.34	12.48
Other Expenses	19.27	47.04	60.00
EBITDA	19.57	32.52	37.36
EBITDA Margin (%)	8.18%	10.24%	12.34%
Finance Costs	0.77	5.21	20.40
Depreciation	4.95	6.67	6.67
PBT	13.85	20.63	10.30
Tax (Rs Cr)	4.40	6.48	3.51
PAT (Rs Cr)	9.45	14.15	6.79
Net Profit Margin (%)	3.95%	4.46%	2.24%

In FY25, Wardwizard Innovations & Mobility Limited reported a 4.70% year-over-year decline in revenue to Rs302.41 crore; however, EBITDA saw a modest increase to Rs37.36 crore, with the margin improving to 12.34%. This improvement was driven by lower COGS, resulting from enhanced operational efficiencies and more favourable raw material sourcing through supplier negotiations, reflecting the companys strong focus on cost control and value creation.

Summary of Financial Performance

Revenue

(Rs in lakhs)

Particulars	FY25	FY23	% Change
Operating Revenue	30241.10	31731.43	-4.70%
Other Income	44.79	25.76	73.87%

Revenue has marginally decreased in FY 24-25 due to slower market demand growth in the EV sector. Macroeconomic factors such as higher interest rates and cautious consumer spending also impacted sales. Despite this, the company sustained stable demand in its core segments.

Product-wise Revenue

Particulars	FY25	FY23	% Change
Total Revenue from Sale of Electric Vehicles ,its components & related services	30,241.10	31,731.43	-4.70%
Total Revenue from products	30,241.10	31,731.43	-4.70%
Revenue from other income	44.79	25.76	73.87%
Total operating income	30,285.89	31,757.19	69.17%

Cost of Materials

Particulars	FY25	FY23	% Change
Cost of raw materials	19,302.39	22,56764	-14.47%
Operating revenue	30,285.89	31,757.19	-4.63%
Cost of materials / Operating revenue	63.73%	71.06%

The cost of raw materials declined by 14.47% in FY25 compared to FY24, driven by lower input prices, improved production efficiency, stronger supply chain management, and a proportionate decline in sales.

Employee Benefits

(Rs in lakhs)

Particulars	FY25	FY23	% Change
Employee benefits	124758	1233.85	1.11%
% of Revenue	4.13%	3.89%

The employee benefits cost increased by 1.11% in FY25, primarily due to annual salary increments and new recruitments during the year.

Depreciation and Amortisation

(Rs in lakhs)

Particulars	FY25	FY23	% Change
Depreciation and Amortisation	667.23	66723	0%
% of Revenue	2.21%	2.10%

Other Expenses

Particulars	FY25	FY23	% Change
Other expenses	5999.49	4703.60	27.55%
% of Revenue	19.84%	14.81%

Other expenses increased by 2755% in FY25, largely driven by higher spending on sales promotion, legal and professional fees, security services, travel, insurance, and administrative costs - investments that are expected to support the companys ongoing expansion and benefit future growth.

Income Tax

(Rs in lakhs)

Particulars	FY25	FY23	% Change
Income tax	350.51	648.29	-45.93%
Profit before tax	1029.58	2063.45	-50.10%
Tax as % of Profit before tax	34.04%	31.42%

Balance Sheet Items

• Addition to PPE: The company added assets worth Rs561.06 lakhs in FY25, including new corporate offices, factory sheds, plant and machinery, assembly lines, furniture, and office equipment.

• Addition to Intangible Assets: Software worth Rs119.11 lakhs was capitalised during FY24.

• Other Equity: Other equity increased from Rs 7,652.53 lakhs to Rs 8,038.69 lakhs, representing profits earned during the year.

Human Resources

Our people remain the cornerstone of Wardwizards growth and success. We are committed to nurturing a collaborative, inclusive and future-ready workplace where every individual feels respected, valued and secure. Our human resource policies are carefully designed to attract, develop and retain high-calibre talent, while fostering a culture built on trust, transparency and teamwork. In a rapidly evolving business environment, we continue to invest in employee engagement, learning and development, and capability-building programmes to ensure that our teams remain agile, motivated and aligned with the Companys long-term vision.

As of 31 March 2025, Wardwizard Innovations & Mobility Ltd employed a workforce of 307 dedicated professionals whose collective passion and expertise contribute meaningfully to driving our mission of enabling sustainable mobility.

Internal control systems and adequacy

We have implemented a comprehensive internal control framework that is proportionate to the scale and complexity of our operations. This framework safeguards the Companys assets from unauthorised use or loss, ensures the integrity and accuracy of transaction recording and reporting, and enables strict compliance with applicable laws and regulations.

Our internal audit function plays a vital role in assessing the adequacy and effectiveness of these controls. The Audit Committee of the Board is regularly updated on audit findings and recommendations, and provides strategic oversight to further strengthen governance practices. In addition, our robust Management Information System (MIS) supports timely decision-making and acts as an integral element of our internal control environment. Through continuous review and enhancement, we ensure that our systems remain responsive to dynamic business conditions and regulatory requirements.

Cautionary statement

This report may contain statements about the Companys objectives, projections, estimates and expectations that could be construed as forward-looking statements under applicable laws and regulations. These reflect the intent and efforts of the Management to achieve strategic and operational goals. However, actual performance may differ materially from such statements owing to a variety of risks, uncertainties and external factors beyond the Companys control. Investors are therefore advised to exercise due caution and make independent evaluations before making investment decisions.