Summary of Key Information:

Reporting Period: Quarter and Half Year ended September 30, 2026

Nature of Filing / Announcement: Un-audited Financial Results Submission

Audit Opinion:

Clean opinion with emphasis of matter regarding SIVN Green Energy contract dispute

Key Financial Highlights [Amount in ₹ million]:

Standalone Results:

Quarter ended September 30, 2026:

  • Revenue from Operations: ₹2,681.0 (compared to ₹1,370.3 in Q2 FY26 - 95.6% increase YoY)
  • Total Income: ₹3,039.5 (compared to ₹1,421.5 in Q2 FY26 - 113.8% increase YoY)
  • Net Profit: ₹102.65 (compared to ₹152.37 in Q2 FY26 - 32.6% decrease YoY)
  • EPS: ₹2.37 (Basic) and ₹2.37 (Diluted)

Half Year ended September 30, 2026:

  • Revenue from Operations: ₹5,294.17
  • Total Income: ₹6,353.10
  • Net Profit: ₹264.84
  • EPS: ₹6.11 (Basic) and ₹6.10 (Diluted)

Standalone Assets and Liabilities as at September 30, 2026:

  • Cash and Cash Equivalents: ₹43.10
  • Other Equity: ₹8,476.03
  • Total Assets: ₹15,200.07
  • Total Liabilities: ₹6,290.68

Consolidated Results:

Quarter ended September 30, 2026:

  • Revenue from Operations: ₹2,439.71 (compared to ₹1,378.76 in Q2 FY26 - 77.0% increase YoY)
  • Total Income: ₹2,549.03
  • Net Profit: ₹59.58
  • EPS: ₹1.38 (Basic) and ₹1.27 (Diluted)

Half Year ended September 30, 2026:

  • Revenue from Operations: ₹4,123.93
  • Total Income: ₹4,329.30
  • Net Profit: ₹188.12
  • EPS: ₹4.34 (Basic) and ₹4.18 (Diluted)

Consolidated Assets and Liabilities as at September 30, 2026:

  • Cash and Cash Equivalents: ₹29.12
  • Other Equity: ₹8,477.97
  • Total Assets: ₹18,257.01
  • Total Liabilities: ₹9,637.47

Segment-wise Performance:

Consolidated Segment Revenue for Q2 FY27:

  • Engineering, Procurement and Construction (EPC) contracts: ₹1,688.87
  • Manufacturing: ₹1,912.23
  • Total Segment Revenue: ₹3,601.10
  • Less: Inter-segment eliminations: ₹(1,161.39)
  • Revenue from Operations: ₹2,439.71

Consolidated Segment Results for Q2 FY27:

  • EPC contracts profit: ₹48.42
  • Manufacturing loss: ₹(15.04)
  • Total Segment Results: ₹33.38

Corporate Actions:

No dividend declarations, share splits, bonus issues, or buybacks announced in this board meeting.

Other Significant Information:

IPO Proceeds Utilization:

  • Received aggregate proceeds of ₹5,500.00 million from IPO (₹4,400.00 million) and pre-IPO placement (₹1,100.00 million)
  • Net proceeds after offer expenses: ₹5,216.78 million
  • Board approved variation in utilization of unutilized amount of ₹4,200.00 million originally earmarked for investment in Kartik Solarworld Private Limited
  • Revised object: Investment in Rays Green Energy Manufacturing Private Limited by equity (up to ₹1,000.00 million) and sub-ordinated debt (up to ₹3,200.00 million) for 2.4 GW n-type TOPCon solar cell manufacturing facility
  • Shareholders approved variation via special resolution at AGM on September 30, 2026
  • Utilized ₹268.22 million towards subscription of 12,600 equity shares of Rays Green at premium of ₹21,277 per share
  • Company now holds 50% of paid-up equity share capital of Rays Green, making it a joint venture

SIVN Green Energy Contract Dispute:

  • SIVN suspended EPC contracts for 100 MW and 260 MW solar projects (aggregate value ₹4,592.19 million) citing land-related issues
  • Suspension extended up to December 31, 2025
  • Company received favorable DAB decision awarding ₹402.67 million, including ₹323.92 million towards release of retention money
  • Matter under discussion for release of awarded amount, project recommencement, and contractual review
  • Receivables of ₹503.01 million recognized in books exceed DAB award amounts
  • Management confident of recovery and does not anticipate any loss or impairment

Entities Included in Consolidation:

Subsidiaries:

  • Znshine Solarworld Private Limited (wholly owned)
  • Kartik Solarworld Private Limited (wholly owned)
  • Solarworld BESS One Private Limited (wholly owned)

Associate:

  • Pioneer Global Enterprise Private Limited

Joint Ventures:

  • Ortusun Renewable Power Private Limited
  • Kehan Solarworld Private Limited
  • Danton Power Private Limited
  • Futurelife Foods Private Limited
  • Zentrix PV Labs Private Limited
  • Rays Green Energy Manufacturing Private Limited (50% stake)

Subsidiaries of Joint Ventures:

  • Ortusun Green Energy Private Limited
  • Ortusun Power Private Limited
  • Ortusun Solar Energy Private Limited