Date: November 04, 2026

Board Meeting Outcomes

The company has submitted quarterly/year to date financial results for the period ended September 30, 2026 with BSE Limited and The National Stock Exchange of India Limited.

Financial Results (Consolidated)

Quarterly Performance (₹ millions)

  • Revenue from operations: ₹1,903.3 (Sep 2026) vs ₹1,055.3 (Sep 2025)
  • Revenue breakdown:
  • Revenue from EPC & SCA: ₹1,333.9 (Sep 2026) vs ₹837.4 (Sep 2025)
  • Revenue from Electricity generation: ₹308.4 (Sep 2026) vs ₹143.1 (Sep 2025)
  • Revenue from Trading in Electricity: ₹260.2 (Sep 2026) vs ₹74.8 (Sep 2025)
  • EBITDA: ₹531.0 (Sep 2026) vs ₹334.5 (Sep 2025)
  • Profit After Tax: ₹190.4 (Sep 2026) vs ₹244.0 (Sep 2025)

Half Yearly Performance (₹ millions)

  • Revenue from operations: ₹3,103.0 (H1 2027) vs ₹2,871.8 (H1 2026)
  • EBITDA: ₹937.4 (H1 2027) vs ₹673.3 (H1 2026)
  • Profit After Tax: ₹206.8 (H1 2027) vs ₹466.1 (H1 2026)

Balance Sheet Position (₹ millions)

  • Networth: ₹6,326.7 (Sep 2026) vs ₹4,112.8 (Mar 2026)
  • Debt: ₹7,095.5 (Sep 2026) vs ₹5,062.8 (Mar 2026)

Renewable Energy Generation Business Update

Portfolio Summary

  • Total Operating Portfolio: 81 locations, 254.0 MWp capacity
  • Under Construction & Development: 36 locations, 226.8 MWp capacity
  • Grand Total: 117 locations, 522.8 MWp capacity

Operating Portfolio Details

  • MSKVY Phase-I: 19 locations, 135.8 MWp, Oct-25 COD
  • MSKVY Phase-II: 15 locations, 58.6 MWp, Jun-26 COD
  • Karnataka-I: 14 locations, 34.2 MWp, Aug-17 COD
  • Rooftop: 21 locations, 5.1 MWp, 2018-25 COD
  • Wind Asset (51% stake): 1 location, 1.3 MWp, Mar-06 COD
  • Open Access: 8 locations, 39.8 MWp, Oct-25 to Oct-26 COD

Under Development Projects

  • Open Access: 3 locations, 13.5 MWp, Dec-26 expected COD
  • MSKVY Phase-III: 20 locations, 142.0 MWp, Sep-27* expected SCOD (9 out of 20 land acquired)
  • Karnataka-2: 13 locations, 71.3 MWp, Jan-27 expected COD (11 out of 13 land acquired)

Energy Generation Performance (kWh in Millions)

| Project | Q2 2027 | Q2 2026 | H1 2027 | H1 2026 | FY 2026 |

| MSKVY Phase-I | 38.77 | 19.08 | 93.35 | 29.38 | 125.98 |

| MSKVY Phase-II | 17.60 | - | 33.64 | - | 4.40 |

| Karnataka-I | 0.97 | 0.93 | 2.36 | 2.16 | 46.92 |

| Open Access Solar | 6.58 | - | 11.74 | - | 9.35 |

| Rooftop Sites | 1.49 | 1.29 | 3.43 | 2.97 | 6.48 |

| Wind Asset | 0.49 | 0.53 | 1.06 | 1.15 | 1.38 |

| Total | 65.90 | 21.83 | 145.58 | 35.65 | 194.50 |

Energy in Motion (EIM) - Electric Vehicle Business

Operational Performance

| Parameter | Q2 2027 | Q1 2027 | Q2 2026 | H1 2027 | H1 2026 | Since Inception |

| E-HCV Sales (Nos) | 142 | 58 | 70 | 200 | 70 | 477 |

| Charging Network Sales (MWh) | 5,689 | 3,391 | 58 | 9,080 | 110 | - |

| Working Swap Stations (Nos) | 8 | 8 | 2 | 8 | 2 | - |

| Charging Locations (No. of Chargers) | 11 (18) | 5 (10) | 1 | 11 (18) | 1 | - |

| Charging Capacity (Mwh/day) | 549.1 | 487.7 | 19.2 | 549.1 | 19.2 | - |

Financial Performance (₹ millions)

| Parameter | Q2 2027 | Q2 2026 | Q1 2027 | H1 2027 | H1 2026 | FY 2026 |

| E-HCV Sales & Battery Packs | 1,308.5 | 444.0 | 352.2 | 1,660.7 | 444.0 | 1,739.6 |

| Charging Network Sales | 106.9 | 1.1 | 65.3 | 172.3 | 2.1 | 57.9 |

| Total Revenue | 1,417.3 | 445.8 | 450.7 | 1,868.0 | 447.2 | 1,806.9 |

| PAT / (Loss) | -140.7 | 0.7 | -211.3 | -352.0 | -16.7 | -152.9 |

Network Expansion Plan

  • 15 locations by December 2026
  • 40 locations by March 2027

Heavy Duty Commercial Vehicle Assembly Complex

  • Location: Ambi, Talegaon (Pune)
  • Inauguration Date: October 14, 2026
  • Inaugurated by: Honorable CM of Maharashtra Shree Devendra Fadnavis
  • Attendees: Shree Sharad Pawar and Dy CM Smt. Sunetra Pawar
  • Capex: Less than ₹100 crore
  • Construction Time: Built in just under a year
  • Capacity: 5,000 vehicles per shift annually
  • Battery Production: 2.4 GWh Li-ion battery-pack line
  • Features: Independent battery testing lab, integrated site
  • Supply Chain: Developing most ancillaries in Pune to Dharwad automobile cluster

Manufacturing Milestone

  • First truck assembled in-house from KD parts rolled out on October 30, 2026
  • This represents the first unit of regular plant production

Merger Update

  • REL-EIM merger scheme has been submitted to stock exchanges
  • Currently under review by exchanges
  • Business Rationale: EIM runs India's most complete EV truck network (trucks, swap batteries, swap stations, charging points) while REL adds the green energy to run the ecosystem

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified