Vikram Solar Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2026

ii) During the year ended 31^st March, 2021, the Company had undertaken a buy back of 53,32,500 equity shares of H 10/- each at face value in accordance with the provisions of the Companies Act 2013 (as amended) and rules made thereunder.

iii) Pursuant to a resolution passed by the Company''s equity shareholders in the Extra -ordinary General Meeting held on December 8, 2021, the Company has allotted of 23,53,00,000 bonus equity shares of H 10 each in the ratio of 10 (ten) fully paid-up bonus share of the face value of H 10 each for every existing 1 (one) fully paid-up equity share of the face value of H 10 each held by the members as on December 4, 2021, the Record Date as approved by the members at the aforesaid Extra -ordinary General Meeting, by capitalizing the sum of H 53.33 million from the Capital Redemption Reserves, H 567.88 million from the Securities Premium Account and H 1731.80 million from Retained Earnings/ Free Reserve.

iv) The Board of Directors of the Company at its meeting held on May 23, 2024 had proposed to issue up to 5,99,54,996 equity shares of H 10/- each at an offer price of H 122/- each (including securities premium of H 112/- per equity share) to certain non-promoter individual and entities on private placement basis. Same was duly approved by the shareholders of the Company in the ExtraOrdinary General Meeting held on June 18, 2024. Pursuant to above, the Company has issued and allotted 5,77,06,309 equity shares of H 10 each at a premium of H 112 per share on June 25, 2024

v) During the year, the Company has completed its Initial Public Offer (IPO) of 6,26,31,604 equity shares of face value of H 10 each at an issue price of H 332 per share (including a share premium of H 322 per share). The issue comprised of a fresh issue of 4,51,80,722 equity shares aggregating to H 15,000 million and offer for sale of 1,74,50,882 equity shares by the selling shareholders aggregating to H 5,793.69 million, totalling to H 20,793.69 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE limited (BSE) on August 26, 2025.

vi) During the year, 6,13,150 equity shares of face value of H10 each at an issue price of H 173.8 per share (including a share premium of H 163.8 per share) were issued and alloted under the Company''s Employees Stock Option schemes.

ix) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having par value of H 10 each. Each holder of equity shares is entitled to one vote per share. Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the general meeting. The above shareholding represents legal ownership of shares.

In the event of liquidation of the Company, the equity shareholders shall be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

x) Shares held under employee stock option plan (ESOP):

The Company has created an employee stock option plan for providing share based payment to its employees.

For details of shares reserved under the ESOP of the Company refer to note 43.

Nature and purpose of reserves

Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement (toss)/gain on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders.

Securities Premium: The amount received in excess of face value of the equity shares is recognised in Securities Premium as per the provision of Companies Act, 2013. This reserve is utilised in accordance with the provisions of the Act.

Share based payment reserve: The Company offers Employee share option plan (ESOP), under which options to subscribe for the Company''s share have been granted to certain employees and senior management including those of Group Companies. The share based payment reserve is used to recognise the value of equity settled share based payments provided as part of the ESOP scheme.

Other Comprehensive Income: It represents the cumulative gains/ (losses) arising on the revaluation of investments in subsidiaries which are measured at fair value through OCI.

19.1 For the year ended March 31,2026

During the year ended March 31, 2026, the Company has repaid the outstanding term loans. Accordingly, no balance remains outstanding under term loans as at the reporting date.

The payment has been carried out in accordance with the terms of the respective loan agreements. No defaults or delays in repayment of principal or interest existed as at the date of closure.

19.2 For the year ended March 31,2025 Nature of security

Term Loans aggregating to H 178.66 million are secured by first charge on property, plant and equipment (except specifically charged assets) of company''s solar PV module manufacturing unit at Falta SEZ, South 24 Parganas.

Term Loan amounting to H 163.56 million are secured by first charge on other financial assets i.e. 10 MW Solar Power Plant at village Kosuvaripalli, Chittoor District, Andhra Pradesh.

The above loans are also secured by second charge on current assets of the company and personal guarantee of some of the promoters and one of the shareholder of the Company.

Term loan of H 43.30 million is secured by hypothecation of property situated at Kolkata.

Term Loan amounting to H 540.54 million are secured by exclusive charge on property, plant and equipment of the solar module unit at Indospace Industrial Park, Oragadam, Village Panaiyur, Kanchipuram district, Tamil Nadu, second pari pasu charge on current assets of the Company and personal guarantee of some of the promoters and one of the shareholder of the Company.

Term Loan amounting to H 208.23 million is secured by exclusive charge on certain specific fixed assets at our Chennai facility. The facility is also secured by personal guarantee of one of the promoter of the Company.

Terms of repayment

Term Loan aggregating to H 100.50 million is repayable in equal quarterly instalments ending in December, 2025

Term Loan of H 78.16 million is repayable in equal quarterly instalments ending in September, 2027

Term Loan aggregating to H 540.54 million is repayable in equal quarterly instalments ending in March, 2029

Term loan aggregating to H 163.56 million is repayable in equal quarterly instalments of H 6.32 million ending in September, 2031

Term loan aggregating to H 43.30 million is repayable in equal instalments of H 0.65 million ending in April, 2033

Term Loan amounting to H 208.23 million is repayable in Equated Monthly Instalments (EMIs) of H 6.93 million ending on 6^th March, 2028.

24.1 Payment of safeguard duty amounting to H 1,485.20 million which has been considered as claim receivables in the standalone financial statements (as stated in Note 57) have been considered as allowable expenses on payment basis in the Income Tax returns. Hence, deferred tax liabilities for the above amount is recognized and included above in note 24.

24.2 The Company has decided to opt for the concessional tax regime under Section 115BAA of the Income-tax Act, 1961 effective from the next financial year. Accordingly, the Company has remeasured its deferred tax assets and liabilities as at the balance sheet date using the tax rate prescribed under the said section, being the rate expected to apply when the temporary differences reverse.

The current tax expense for the year has been computed at the applicable rate under the existing tax structure.

The impact of remeasurement of deferred tax balances due to the change in tax rate has been recognised in the Statement of Profit and Loss and is included under deferred tax expense for the year.

26.1 Working capital Loans are secured by first pari-passu charge on current assets of the Company and first pari-passu charge on property, plant and equipments of Company''s solar PV module manufacturing units at Unit I, Falta SEZ and Unit II, Falta SEZ, South 24 Parganas, West Bengal.

The working capital loan is also secured by first pari-passu charge on plant and equipments of Company''s solar PV module manufacturing units at Oragadam Industrial Estate, Tamil Nadu and Vallam unit, Tamil Nadu.

The working capital loan is also secured by personal guarantee of one of the promoter of the Company and corporate guarantee of one of the shareholder of the Company.

Unsecured working capital loans are payable within 90 -180 days from the date of disbursement.

Applicable interest cost is in the ranges of 6.95% p.a. to 12.10% p.a.

42 Employee benefits

(I) Defined contribution plan

The Company has provident fund plans for all the employees of the Company. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary subject to statutory limits. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the year towards defined contribution plan is H 36.71 million (31 March 2025- H 29.23 million).

(II) Defined benefit plan - Unfunded

(a) Leave Obligations

The Company provides for the encashment of Leave or Leave with pay subject to certain rules. The employees are entitled to accumulate leave subject to certain limits, for future encashment. The liability is provided based on the number of days of unutilised leave at each balance sheet date on the basis of year-end actuarial valuation using projected unit credit method. The scheme is unfunded.

Based on past experience and in keeping with Company''s practice, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months and accordingly the total year end provision determined on actuarial valuation, as aforesaid is classified between current and non current.

(b) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable than the provisions of the Code on social security, 2020. The scheme is unfunded.

The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of reporting period, which is the same as that applied in calculating the defined obligation liability recognized in the balance sheet.

D Risk analysis

The Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined benefits plans and management estimation of the impact of these risks are as follows:

(1) Salary growth risks

Higher than expected increases in salary will increase the defined benefit obligation.

(2) Life expectancy / Longevity risks

The present value of the defined benefit plan liability is calculated by reference to the best estimates of the mortality of plan participants both during and after their employment. Mortality tables as per Indian Assured Lives Mortality (2006-08) Ultimate. is used for during the employment and post retirement respectively. An increase in the life expectancy of the plan participants will increase the plan''s liability.

(3) Interest rate risks

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

(4) Inflation risks

A decrease in the inflation rate will increase the plan''s liability.

F During the year ended March 31 2026, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code,2020, (''LabourCodes'') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment.

The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability aggregating to H 56.15 million.

In accordance with Ind AS 19, the past service cost has been recognised in the statement of profit and loss as an exceptional items in the current year in which the plan amendment became effective.

43 ESOP Scheme 2021

An employee stock option scheme has been approved for issue of options to eligible employees (as defined therein) pursuant to the resolution passed by our Board on December 12, 2021 and by Shareholders on February 24, 2022 (the “ESOP Scheme 2021"). The ESOP Scheme 2021 is administered by the NRC Committee in accordance with the SEBI SBEB Regulations. The objectives of the ESOP Scheme 2021 include: i) creating sense of ownership of the business to the employees; ii) driving performance of employees; (iii) attracting premium talent to join the Company; (iv) sharing of risk between employees and the Shareholders; (v) retention of key talent within the Company; (vi) commonality of interest between employees and shareholders; and (vii) wealth creation and sharing with employees.

Under the ESOP Scheme 2021, the Board and/or the NRC Committee is authorised to issue Equity Shares of the Company pursuant to exercise of options granted under the ESOP Scheme 2021 not exceeding 13,000,000 Equity Shares of face value of H 10 each to the eligible employees in one or more tranches, from time to time. During any one year, no employee shall be granted options equal to or exceeding 1% of the issued share capital excluding outstanding warrants and conversions of the Company at the time of grant of options, unless an approval of the Shareholders of the Company is taken by way of special resolution in a general meeting. The options granted to each employee pursuant to the ESOP Scheme 2021 shall be exercisable into not less than 1,000 Equity Shares of

D Transaction Price - Remaining Performance Obligation

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and an explanation as to when the Company expects to recognise these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly with the value to the customer of the entity''s performance completed to date.

Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the entity''s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer in advance. Contract assets are transferred to receivables when the rights become unconditional and contract liabilities are recognized as and when the performance obligation is satisfied.

F The Company had entered into Power Purchase Agreement with Tirumala Tirupati Devasthanams (Grantor) for installation and operation of Solar power plant under Build Own Operate and Transfer (BOOT) system, under which the Company shall be entitled to income from sale of power generated from such plant at an agreed per unit rate. The Company shall transfer the plant to the grantor at the end of the operation period. Above arrangement classifies as service concession arrangement under Ind AS 115 and hence has been accounted for as financial asset model.

Key details of the agreement are given below:

Construction period 1 year

Operation period 21 years

Capacity of Solar Power Plant 10 MW

There are no revenue and profit recognised towards above construction services during the year ended March 31, 2026 and March 31,2025

49 Financial Risk Management

The Company is exposed through its operations to the following financial risks: (i) Market risk comprising of interest rate risk, foreign exchange risk and price risk; (ii) Credit risk; and (iii) Liquidity risk.

This note describes the Company''s objectives, policies and processes for managing those risks and the methods used to measure them.

There have been no substantive changes in the Company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

The Board of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken by management to minimise potential adverse effects of such risks on the company''s operational and financial performance.

Further details regarding these policies are set out below.

A) Market Risk

Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because of changes in market conditions. Market risk broadly comprises three types of risks namely currency risk, interest rate risk and price risk (for commodities). The above risks may affect the Company''s income and expenses and / or value of its investments. The Company''s exposure to and management of these risks are explained below-

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates to the Company''s debt obligations with floating interest rates.

(ii) Foreign currency risk

The Company''s activities expose it primarily to the financial risks of changes in foreign currency exchange rates as it undertakes transactions denominated in foreign currencies. Consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters through forward foreign exchange contracts. The Company enters into derivative contracts to hedge the exchange rate risk arising on the exports and imports.

Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company''s exposure to foreign currency changes for all other currencies is not material.

Commodity price risk results from changes in market prices for raw materials, mainly Solar celts which forms the significant portion of Company''s cost of sales. Significant movement in raw material costs could have significant impact on results of Company''s operations.

The Company endeavours to reduce such risks by maintaining inventory at optimum level through a highly probable sales forecast. Raw materials are purchased based on the sales order book and forecast of sales. The Company also endeavours to offset the effects of increases in raw material costs through price increases in its sales, productivity improvement and other cost reduction efforts.

B) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its operating activities mainly trade receivables.

Credit Risk Management

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. Outstanding receivables are regularly monitored and an impairment analysis is performed at each reporting date on an individual basis for each major customer. In addition, small customers are grouped into homogeneous group and assessed for impairment collectively.

Trade receivables forms a significant part of the financial assets carried at amortised cost. The debtors do not have any concentrated risk and the Company does expect to recover these outstanding in due course. Further, adequate credit loss provision has been created based on the policy of the Company. Basis our internal assessment and provisioning policy of the Company, the management assessment for the allowance for expected credit loss is considered adequate.(Refer Note 10 for amount of trade receivable and allowance for expected credit loss in respective years).

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company''s principal sources of liquidity are cash and cash equivalents, long term borrowings, working capital borrowings, the cash flow that is generated from operations and proceeds of maturing financial assets. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. Accordingly, no liquidity risk is perceived.

50 Capital Management

For the purpose of the Company''s capital management, capital includes issued equity share capital, long term and short term borrowings, share premium and all other equity reserves attributable to the equity holders less reported cash and cash equivalents. The primary objective of the Company''s capital management is to maximize the shareholder value and to ensure the Company''s ability to continue as a going concern.

The Company''s management reviews the capital structure of the Company on a need basis when planning any expansions and growth strategies.

The Quarterly statements submitted to banks were prepared and filed before the completion of alt financial statement closure activities including Ind AS related adjustments / reclassifications & regrouping as applicable, which led to these differences between the final books of accounts and the quarterly statements submitted to banks based on provisional books of accounts.

The stock statement for the quarter ended March 31, 2026 was not due for submission as on the balance sheet date and has a prescribed due date of May 15, 2026. Accordingly, the same has not been submitted as at the reporting date. The Company is in compliance with all related requirements in this regard.

*Working Capital Lenders are represented by Indian Bank, Indian Overseas Bank, IDBI Bank Ltd, Union Bank of India, Punjab National Bank, State Bank of India, Canara Bank, Bank of India, EXIM Bank, Bank of Baroda, Central bank of India, Axis Bank, HDFC Bank, ICICI Bank and Shinhan Bank.

52 Financial Instruments - Fair Value Accounting classification and fair value

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.

The carrying amounts of financial assets and liabilities by categories as provided below:

53 Segment Reporting :

Operating Segment

The Company is a manufacturer of Sofar PV modules as well as in the Engineering, Procurement and Construction (EPC) and operation & maintenance of solar power plant.

Based on the ''management approach'' as defined in Ind AS 108- Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company''s performance and allocates resources based on an analysis of the various performance indicators by the overall business segment.

As the allocation of resources and profitability of the business is evaluated by the CODM on an overall basis, with evaluation into individual categories to understand the reasons for variations, no separate segments have been identified. Accordingly no additional disclosure has been made for the segmental revenue, segmental results and the segmental assets & liabilities.

57 The Director General of Trade Remedies (DGTR) had recommended imposition of safeguard duty on “Solar Celts whether or not assembled in modules or panels" imported from China and Malaysia on July 16, 2018 based on their final findings for a period of two years which has been further extended till 30^th July, 2021. Certain Solar Companies had filed writ petition before the Hon''ble Orissa High Court against the recommendation of DGTR and Hon''ble Orissa High court has passed an interim order on July 23, 2018 whereby Government of India (GOI) was directed not to issue any notification in this regard. However, GOI issued notification dated July 30, 2018 confirming the imposition of safeguard duty ignoring the interim order passed by the Hon''ble Orissa High Court. In the meanwhile, the Company also preferred a Writ Petition before the Hon''ble High Court of Orissa challenging the recommendation of DGTR and the notification dated July 30, 2018 issued by GOI. Pursuant to the above, GOI issued instruction dated August 13, 2018 directing all the Commissionerates not to insist on payment of safeguard duty and to assess the import of solar cells / modules on a provisional basis. Subsequently, GOI has filed a SLP before the Hon''ble Supreme Court of India against the interim order of Orissa High Court.

The Hon''ble Supreme court has stayed the interim order passed by the Hon''ble Orissa High Court vide its order dated September 10, 2018. After this order, GOI issued instruction dated September 13, 2018 for withdrawal of earlier instruction dated August 13, 2018 and for finalisation of provisionally assessed bill of entries.

The Company has paid H 1,485.20 million till July 29, 2021 towards above safeguard duty on clearances for stock transfers/ EPC contracts, which has been considered as refundable and disclosed as receivable in these Financial Statements since the matter is pending before the Hon''ble Orissa High Court as well as the Hon''ble Supreme Court and based on legal opinion obtained by

the Company, the Company has an arguable case on merits. However, in case the matter is decided against the solar companies, the Company is entitled to receive H 461.03 million from EPC customers based on representation made by the Company to these customers whose acceptance is pending as on date.

Further, no safeguard duty was paid by the Company on clearances from SEZ from July 30, 2018 to September 13, 2018 as stated above and the clearances were made on undertaking furnished by the Company. Based on legal opinion obtained by the Company, no safe guard duty is payable on clearances from SEZ during the said period since goods were cleared out of imported materials lying in stock as on the date of which the safeguard duty was imposed i.e. July 30, 2018.

58 As on March 31,2026, H 528.09 million (March 31,2025 H 843.88 million) (included in Trade Receivables in the Financial Statements) has been withheld/recovered by certain customers related to EPC and other contracts on account of Liquidated damages, generation loss etc. which the Company has not acknowledged and the matter has been referred to Dispute resolution /Arbitration / Court as per the terms of the respective contracts. The management is hopeful of resolution of the matter in favour of the Company and necessary adjustments in the financials will be made based upon the outcome of the matter.

59 The Company has provided interest bearing (which is not lower than prevailing yield of related Government security close to the tenure of the respective loans) unsecured loans repayable on demand during the year aggregating to H 341.87 million (31 March 2025 : H 504.64 million) to its subsidiary companies for temporary financial assistance. Year-end balance of loan to subsidiary is H 9.02 million (31 March 2025 : H 9.02 million).

60 The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

61 The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (intermediaries), with the understanding that the intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries); or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party), with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries); or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

62 The Company does not hold any Benami Property and hence no proceeding have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

63 The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any government authority.

64 a) There has been no charges yet to be registered with ROC beyond the statutory period.

b) During the last quarter there was increase in working capital limits due to which the satisfaction of earlier charge is

pending for regularisation and will be satisfied once the NOC is received from the lenders.

65 The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or

disclosed as income during the year (previous year) in the tax assessments under the Income Tax Act, 1961 such as, search or

survey or any other relevant provisions of the Income Tax Act, 1961.

66 The Company is in compliance with requirement with respect to the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

67 The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which such borrowings were taken.

68 The Company has not entered into any scheme of arrangement which has an accounting impact in the current or previous financial year.

69 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year ended 31 March, 2026.

70 During the year, the Company had completed its Initial Public Offer (IPO) of 62,631,604 equity shares of face value of H10 each at an issue price of H332 per share (including a share premium of H322 per share). The issue comprised of a fresh issue of 45,180,722 equity shares aggregating to H 15,000 million and offer for sale of 17,450,882 equity shares by the selling shareholders aggregating to H 5,793.69 million, totalling to H 20,793.69 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE limited (BSE) on August 26, 2025.

71 Previous year figures have been regrouped / reclassified wherever necessary to confirm current year classification.

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Mar 31, 2025

2.11 Provisions and contingent liabilities

Provisions are recognized when there is a present
obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and there is a reliable estimate of the amount of the
obligation. Provisions are measured at the best estimate of
the expenditure required to settle the present obligation at
the Balance sheet date.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due
to the passage of time is recognized as a finance cost.

Present obligations arising under onerous contracts are
recognised and measured as provisions.

Provisions for the expected cost of warranty obligations
on sale of goods are recognised at the date of sale of
relevant products, at the Management best estimate of the
expenditure required to settle the Company''s obligation.
These estimates are established using historical
information on the nature, frequency and average cost of
warranty claims and management estimates regarding
possible future incidence based on corrective actions on
product failures. The timing of outflows will vary as and
when warranty claim will arise.

Disclosure of contingent liability is made when there is a
possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non
occurrence of one or more uncertain future events not
wholly within the control of the Company or a present
obligation that arises from past events where it is either not
probable that an outflow of resources will be required to
settle or a reliable estimate of the amount cannot be made.

2.12 Cash and cash equivalents

For the purposes of the cash flow statement and Balance
Sheet, Cash and cash equivalent comprise cash at banks,
cash on hand and short-term deposits with an original
maturity of three months or less, which are subject to an
insignificant risk of changes in value.

2.13 Financial instruments

A financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
instrument of another entity.

(a) Financial assets
Classification

The Company classifies its financial assets in the following
measurement categories:

a) those to be measured subsequently at fair value
(either through other comprehensive income (FVOCI),
or through profit or loss (FVTPL)), and

b) those measured at amortised cost.

The classification depends on the Company''s business
model for managing the financial assets and the contractual
terms of cash flows.

For assets measured at fair value, gains and losses is
either recorded in the statement of profit and loss or
other comprehensive income. For investments in debt
instruments, this depends on the business model in
which the investment is held. For investments in equity
instruments, this depends on whether the Company
has made an irrevocable election at the time of initial
recognition to account for the equity investment at fair
value through other comprehensive income. The Company
reclassifies the debt investments when and only when the
business model for managing those assets changes.

Measurement

At initial recognition, the Company measures a financial
asset at its fair value plus, in the case of financial asset not
at fair value through profit or loss, transaction costs that
are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at fair
value through profit or loss are expensed in the statement
of profit and loss.

Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.

Impairment of financial assets

The Company assesses on a forward looking basis, the
expected credit losses associated with its assets carrying
at amortized cost and FVOCI debt instruments. The
impairment methodology applied depends on whether
there has been a significant increase in credit risk. For
trade receivables only, the Company applies the simplified
approach permitted by Ind AS 109 Financial Instruments,
which requires expected lifetime losses to be recognised
from initial recognition of the receivables.

Derecognition of financial assets

A financial asset is derecognised only when

• The Company has transferred the rights to receive
cash flows from the financial asset or

• retains the contractual rights to receive the
cash flows of the financial asset, but assumes a
contractual obligation to pay the cash flows to one or
more recipients.

Fair value of Financial Instruments

In determining the fair value of financial instruments,
the Company uses a variety of method and assumptions
that are based on market conditions and risk existing at
each reporting date. The methods used to determine fair
value includes discounted cash flow analysis and available

quoted market prices. ALL method of assessing fair value
result in general approximation of fair value and such value
may never actually be realised.

Investments in subsidiaries are stated at fair value.
The Company''s management has elected to present
fair vaLue gains and Losses on aforesaid investments in
other comprehensive income, there is no subsequent
recLassification of fair vaLue gains and Losses to the
statement of profit and loss. Investments in units of mutual
funds are accounted for at fair vaLue and the changes in fair
vaLue are recognised in the Statement of Profit and Loss.

(b) Financial liabilities

ALL financiaL LiabiLities are recognized initiaLLy at fair vaLue
and, in the case of Loans and borrowings, net of directLy
attributabLe transaction costs.

(i) Borrowings

Borrowings are initiaLLy recognized at fair vaLue,
net of transaction costs incurred. Borrowings are
subsequentLy measured at amortised cost using the
effective interest method. Any difference between
the proceeds (net of transaction costs) and the
redemption amount is recognised in the statement
of profit and Loss over the period of the borrowings
using the effective interest method. Fees paid on Loan
faciLities are recognised as transaction costs of the
borrowings to the extent that it is probabLe that some
or aLL of the faciLity wiLL be drawn down. Borrowings
are derecognised from the baLance sheet when the
obLigation specified in the contract is discharged,
cancelled or expired.

(ii) Embedded derivatives

An embedded derivative is a component of a hybrid
(combined) instrument that aLso incLudes a non¬
derivative host contract - with the effect that some
of the cash flows of the combined instrument vary in
a way similar to a standalone derivative. Derivatives
embedded in aLL other host contract are separated
if the economic characteristics and risks of the
embedded derivative are not closely related to the
economic characteristics and risks of the host and
are measured at fair value through profit or Loss.
Embedded derivatives closely related to the host
contracts are not separated.

Reassessment only occurs if there is either a change
in the terms of the contract that significantly modifies
the cash flows that would otherwise be required or
a reclassification of a financial asset out of the fair
vaLue through profit or Loss.

2.14 Employee Benefits
A Short term employee benefits

Liabilities for short term employee benefits that are
expected to be settled wholly within 12 months after the
end of the period in which the empLoyees render the reLated
service are recognized in respect of employees'' service up
to the end of the reporting period and are measured at
the amounts expected to be paid when the LiabiLities are
settLed. The LiabiLities are presented as current empLoyee
benefits payabLe in the baLance sheet.

B Post-employment benefits

(i) Defined contribution plan

Contributions under Defined Contribution Plans
payabLe in keeping with the reLated schemes are
recognised as expenses for the period in which the
employee has rendered the service.

(ii) Defined benefit plans

Gratuity: The Company provides for gratuity, a
defined benefit pLan covering eLigibLe empLoyees in
accordance with the Payment of Gratuity Act, 1972.
The Gratuity PLan provides a Lump sum payment to
vested empLoyees at retirement, death, incapacitation
or termination of empLoyment, of an amount based
on the respective employee''s salary. The Company''s
Liability is actuariaLLy determined (using the Projected
Unit Credit method) at the end of each year.

Re-measurements, comprising of actuariaL gains
and Losses, the effect of the asset ceiLing, excLuding
amounts incLuded in net interest on the net defined
benefit LiabiLity and the return on pLan assets
(excLuding amounts incLuded in net interest on the net
defined benefit LiabiLity), are recognised immediateLy
in the BaLance Sheet with a corresponding debit or
credit to retained earnings through OCI in the period
in which they occur. Re-measurements are not
recLassified to profit or Loss in subsequent periods.

Net interest is caLcuLated by appLying the discount
rate to the net defined benefit LiabiLity or asset. The
Company recognises the foLLowing changes in the
net defined benefit obLigation as an expense in the
Statement of Profit and Loss:

(i) Service costs comprising current service
costs, past-service costs, gains and Losses on
curtaiLments and non-routine settLements; and

(ii) Net interest expense or income

Compensated absence: The Company provides for the
sick leave and encashment of earned Leave or Leave with
pay subject to certain ruLes. The empLoyees are entitLed
to accumuLate earned Leave and sick Leave subject to

certain limits, for future utilization or encashment. The
liabilities for earned leave and sick leave are not expected
to be settled wholly within 12 months after the end of the
period in which the employees render the related service.
They are therefore measured annually by actuaries as the
present value of expected future payments to be made
in respect of services provided by employees up to the
end of the reporting period using the projected unit credit
method. The benefits are discounted using the market
yields at the end of the reporting period that have terms
approximating to the terms of the related obligation.
Remeasurements as a result of experience adjustments
and changes in actuarial assumptions are recognized in
the statement of profit and loss.

Share based payment: The grant date fair value of
equity settled share-based payment awards granted to
employees is recognised as an employee expense, with
a corresponding increase in equity, over the period that
the employees unconditionally become entitled to the
awards. The amount recognised as expense is based
on the estimate of the number of awards for which the
related service and non-market vesting conditions are
expected to be met, such that the amount ultimately
recognised as an expense is based on the number of
awards that do meet the related service and nonmarket
vesting conditions at the vesting date.

2.15 Government Grants

Government grants are not recognised until there is
reasonable assurance that the Company will comply with
the conditions attached to them and there is a reasonable
certainty that grants will be received.

Government grants are recognised in profit or loss on a
systematic basis over the periods in which the Company
recognises as expenses the related costs for which the
grants are intended to compensate.

Specifically, government grants whose primary condition is
that the Company should purchase, construct or otherwise
acquire non- current assets are recognised as deferred
revenue in the balance sheet and transferred to profit or
loss on a systematic and rational basis over the useful life
of the related assets.

Government grants that are receivable as compensation
for expenses or losses already incurred or for the purpose
of giving immediate financial support to the Company with
no future related costs are recognised in profit or loss in
the period in which they become receivable.

2.16 Derivative financial instruments

The Company enters into foreign exchange forward
contracts to manage its exposure to foreign currency
risk. Derivatives are initially recognised at fair value on
the date a derivative contract is entered into and are
subsequently remeasured to their fair value at the end

of each reporting period with changes included in other
income / other expense in the Statement of Profit and Loss
unless the derivate is designated and effective as a hedging
instrument, in which event the timing of the recognition
in profit or loss depends on the nature of the hedging
relationship and the nature of the hedged item.

2.17 Segment Reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker.

The chief operating decision maker is responsible for
allocating resources and assessing performance of the
operating segments and has been identified as the Chief
Executive Officer (CEO) of the Company. Refer note 53."

2.18 Earnings Per Share

Basic earnings per share is calculated by dividing the net
profit or loss before other comprehensive income for the year
attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares
outstanding during the year is adjusted for the effects of all
dilutive potential equity shares.

2.19 Offsetting financial instruments

Financial assets and liabilities are offset and the net
amount is reported in the balance sheet where there is a
legally enforceable right to offset the recognised amounts
and there is an intention to settle on a net basis or realise
the asset and settle the liability simultaneously. The legally
enforceable right must not be contingent on future events
and must be enforceable in the normal course of business
and in the event of default, insolvency or bankruptcy of the
Company or the counterparty.

2.20 Share issue expenses

Equity shares of the Company are classified as equity share
capital and are accounted for at par value. Any value realised
over and above par value upon issuance of equity shares are
accounted for as ''Securities Premium'' under ''Other Equity''.
Incremental costs directly attributable to the issuance of new
equity shares, share options and buyback are recognized as
a deduction from equity, net of any tax effects

3 Recent accounting pronouncement

The Ministry of Corporate Affairs (MCA) notifies new
standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued
from time to time. As on 31 March 2025, there are no
amendment issued by MCA under the Companies (Indian
Accounting Standards) Amendment Rules, 2023.

vii) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having par value of H 10 each (31 March 2024: H 10 each). Each holder of equity
shares is entitled to one vote per share. Company declares and pays dividend in Indian rupees. The final dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the general meeting. The above shareholding represents
legal ownership of shares.

In the event of liquidation of the Company, the equity shareholders shall be entitled to receive remaining assets of the Company
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by
the shareholders.

Nature and purpose of reserves

Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders. Retained earnings includes re-measurement (loss)/gain on defined benefit
plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the
Company and eligible for distribution to shareholders.

Securities Premium: The amount received in excess of face value of the equity shares is recognised in Securities Premium as per the
provision of Companies Act, 2013. This reserve is utilised in accordance with the provisions of the Act.

Nature of security

Term Loans aggregating to H 178.66 million are secured by first charge on property, plant and equipment (except specifically
charged assets) of company''s solar PV module manufacturing unit at Falta SEZ, South 24 Parganas.

Term Loan amounting to H 163.56 million are secured by first charge on other financial assets i.e. 10 MW Solar Power Plant at
village Kosuvaripalli, Chittoor District, Andhra Pradesh.

The above loans are also secured by second charge on current assets of the company and personal guarantee of some of the
promoters and one of the shareholder of the Company.

Term loan of H 43.30 million is secured by hypothecation of property situated at Kolkata.

Term Loan amounting to H 540.54 million are secured by exclusive charge on property, plant and equipment of the solar module
unit at Indospace Industrial Park, Oragadam, Village Panaiyur, Kanchipuram district, Tamil Nadu, second pari pasu charge on
current assets of the Company and personal guarantee of some of the promoters and one of the shareholder of the Company.

Term Loan amounting to H 208.23 million is secured by exclusive charge on certain specific fixed assets at our Chennai facility.
The facility is also secured by personal guarantee of one of the promoter of the Company.

Terms of repayment

Term Loan aggregating to H 100.50 million is repayable in equal quarterly instalments ending in December, 2025

Term Loan of H 78.16 million is repayable in equal quarterly instalments ending in September, 2027

Term Loan aggregating to H 540.54 million is repayable in equal quarterly instalments ending in March, 2029

Term loan aggregating to H 163.56 million is repayable in equal quarterly instalments of H 6.32 million ending in September, 2031.

Term loan aggregating to H 43.30 million is repayable in equal instalments of H 0.65 million ending in April, 2033

Term Loan amounting to H 208.23 million is repayable in Equated Monthly Instalments (EMIs) of H 6.93 million ending on
6th March, 2028.

19.2 For the year ended 31 March 2024
Nature of security

Term Loans aggregating to H 380.80 million are secured by first charge on property, plant and equipment (except specifically
charged assets) of company''s solar PV module manufacturing unit at Falta SEZ, South 24 Parganas.

Term Loan amounting to H 189.44 million are secured by first charge on other financial assets i.e. 10 MW Solar Power Plant at
village Kosuvaripalli, Chittoor District, Andhra Pradesh.

The above loans are also secured by second charge on current assets of the company and personal guarantee of some of the
promoters and one of the shareholder of the Company.

Term loan of H 46.71 million is secured by hypothecation of property situated at Kolkata.

Term Loan amounting to H 675.26 million are secured by exclusive charge on property, plant and equipment of the solar module
unit at Indospace Industrial Park, Oragadam, Village Panaiyur, Kanchipuram district, Tamil Nadu, second pari pasu charge on
current assets of the Company and personal guarantee of some of the promoters and one of the shareholder of the Company.

Term Loan amounting to H 262.43 million is secured by exclusive charge on certain specific fixed assets at our Chennai facility.
The facility is also secured by personal guarantee of one of the promoter of the Company.

Terms of repayment

Term Loan aggregating to H 269.23 million is repayable in equal quarterly instalments ending in December, 2025

Term Loan of H 111.57 million is repayable in equal quarterly instalments ending in September, 2027

Term Loan aggregating to H 675.26 million is repayable in equal quarterly instalments ending in March, 2029

Term loan aggregating to H 189.44 million is repayable in equal quarterly instalments of H 6.32 million ending in September, 2031.

Term loan aggregating to H 46.71 million is repayable in equal instalments of H 0.65 million ending in April, 2033

Term Loan amounting to H 262.43 million is repayable in Equated Monthly Instalments (EMIs) of H 6.93 million ending on
6th March, 2028.

Term Loan (Unsecured) aggregating to H 853.42 million is repayable after 4 years i.e. on 30th April, 2025 from the date of
First disbursement.

42 Employee benefits

(I) Defined contribution plan

The Company has provident fund plans for all the employees of the company. Contributions are made to provident fund in India
for employees at the rate of 12% of basic salary subject to statutory limits. The obligation of the Company is limited to the amount
contributed and it has no further contractual nor any constructive obligation. The expense recognised during the year towards
defined contribution plan is H 29.23 million (31 March 2024- H 26.33 million).

(II) Defined benefit plan - Unfunded

(a) Leave Obligations

The Company provides for the encashment of leave or leave with pay subject to certain rules. The employees are entitled
to accumulate leave subject to certain limits, for future encashment. The liability is provided based on the number days of
unutilised leave at each balance sheet date on the basis of year-end actuarial valuation using projected unit credit method.
The scheme is unfunded.

Based on past experience and in keeping with Company''s practice, the Company does not expect all employees to take the
full amount of accrued leave or require payment within the next 12 months and accordingly the total year end provision
determined on actuarial valuation, as aforesaid is classified between current and non current.

(b) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled
to Gratuity on terms not less favourable than the provisions of The Payment of Gratuity Act, 1972. The scheme is unfunded.

A Principal actuarial assumptions

Principal actuarial assumptions used to determine the present value of the defined benefit obligation as at and for the year
ended are as follows:

The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change in
assumptions would occur in isolation of one another as some of the assumptions may be correlated.

In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected
unit credit method at the end of reporting period, which is the same as that applied in calculating the defined obligation liability
recognized in the balance sheet.

D Risk analysis

The Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined benefits
plans and management estimation of the impact of these risks are as follows:

(1) Salary growth risks

Higher than expected increases in salary will increase the defined benefit obligation.

F ESOP Scheme 2021

An employee stock option scheme has been approved for issue of options to eligible employees (as defined therein) pursuant to
the resolution passed by our Board on December 12, 2021 and by our Shareholders on February 24, 2022 (the "ESOP Scheme
2021"). The ESOP Scheme 2021 will be administered by the NRC Committee in accordance with the SEBI SBEB Regulations.
The objectives of the ESOP Scheme 2021 include: i) creating sense of ownership of the business to the employees; ii) driving
performance of employees; (iii) attracting premium talent to join the Company; (iv) sharing of risk between employees and the
Shareholders; (v) retention of key talent within the Company; (vi) commonality of interest between employees and shareholders;
and (vii) wealth creation and sharing with employees.

Under the ESOP Scheme 2021, the Board and/or the NRC Committee is authorised to issue Equity Shares of the Company pursuant
to exercise of options granted under the ESOP Scheme 2021 not exceeding 13,000,000 Equity Shares of face value of H 10 cach to the
eligible employees in one or more tranches, from time to time. During any one year, no employee shall be granted options equal to
or exceeding 1% of the issued share capital excluding outstanding warrants and conversions of the Company at the time of grant
of options, unless an approval of the Shareholders of the Company is taken by way of special resolution in a general meeting. The
options granted to each employee pursuant to the ESOP Scheme 2021 shall be exercisable into not less than 1,000 Equity Shares
of face value of H 10 each, (number of shares can be lower than 1,000 shares in the application of exercise if the eligible shares
available for exercise are less than 1,000), with each such option issued being eligible for allotment into one Equity Share of face
value of H 10 each in accordance with the terms and conditions as may be decided under ESOP Scheme 2021.

(D) Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding
balances at the year end are unsecured and settlement occurs in cash and cash equivalent.

48 Financial Risk Management

The Company''s financial liabilities comprise of long term borrowings, short term borrowings, capital creditors and trade & other
payables. The main purpose of this financial liabilities is for financing the Company''s operation. The Company''s financial assets
includes trade and other receivables, cash and cash equivalents, other bank balances, investment in subsidiaries and deposits.

The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk.

A) Market Risk

Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because of changes in
market conditions. Market risk broadly comprises three types of risks namely currency risk, interest rate risk and price risk (for
commodities). The above risks may affect the Company''s income and expenses and / or value of its investments. The Company''s
exposure to and management of these risks are explained below-

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates to the
Company''s debt obligations with floating interest rates.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other
variables held constant.

(ii) Foreign currency risk

The Company''s activities expose it primarily to the financial risks of changes in foreign currency exchange rates as it
undertakes transactions denominated in foreign currencies. Consequently, exposures to exchange rate fluctuations arise.
Exchange rate exposures are managed within approved policy parameters through forward foreign exchange contracts. The
Company enters into derivative contracts to hedge the exchange rate risk arising on the exports and imports.

Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables
held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and
liabilities. The Company''s exposure to foreign currency changes for all other currencies is not material.

(iii) Price Risk :

Commodity price risk results from changes in market prices for raw materials, mainly Solar cells which forms the significant
portion of Company''s cost of sales. Significant movement in raw material costs could have significant impact on results of
Company''s operations.

The Company endeavours to reduce such risks by maintaining inventory at optimum level through a highly probable sales
forecast. Raw materials are purchased based on the sales order book and forecast of sales. The Company also endeavours
to offset the effects of increases in raw material costs through price increases in its sales, productivity improvement and
other cost reduction efforts.

B) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations. The Company is exposed to credit risk from its operating activities mainly trade receivables.

Credit Risk Management

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the customer, including the default risk of the industry and country in which the customer operates, also has an influence
on credit risk assessment. The Company assesses the credit quality of the counterparties, taking into account their financial
position, past experience and other factors. Outstanding receivables are regularly monitored and an impairment analysis is
performed at each reporting date on an individual basis for each major customer. In addition, small customers are grouped into
homogeneous group and assessed for impairment collectively.

Trade receivables forms a significant part of the financial assets carried at amortised cost. The debtors do not have any
concentrated risk and the Company does expect to recover these outstanding in due course. Further, adequate credit loss
provision has been created based on the policy of the Company. Basis our internal assessment and provisioning policy of the
Company, the management assessment for the allowance for expected credit loss is considered adequate.(Refer Note 10 for
amount of trade receivable and allowance for expected credit loss in respective years).

C) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company''s
principal sources of liquidity are cash and cash equivalents, long term borrowings, working capital borrowings, the cash flow that
is generated from operations and proceeds of maturing financial assets. The Company manages its liquidity risk by ensuring, as
far as possible, that it will always have sufficient liquidity to meet its liabilities when due. Accordingly, no liquidity risk is perceived.

49 Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, long term and short term borrowings,
share premium and all other equity reserves attributable to the equity holders. The primary objective of the Company''s capital
management is to maximize the shareholder value and to ensure the Company''s ability to continue as a going concern.

The Company''s management reviews the capital structure of the Company on a need basis when planning any expansions and
growth strategies.

53 Segment Reporting :

Operating Segment

The Company is a manufacturer of Sofar PV modules as well as in the Engineering, Procurement and Construction (EPC) and operation
& maintenance of solar power plant.

Based on the ''management approach'' as defined in Ind AS 108- Operating Segments, the Chief Operating Decision Maker (CODM)
evaluates the Company''s performance and allocates resources based on an analysis of the various performance indicators by the
overall business segment.

As the allocation of resources and profitability of the business is evaluated by the CODM on an overall basis, with evaluation into
individual categories to understand the reasons for variations, no separate segments have been identified. Accordingly no additional
disclosure has been made for the segmental revenue, segmental results and the segmental assets & liabilities.

60 The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956.

61 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries") with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on
behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with
the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by
or on behalf of the Company (“Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

62 No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

63 The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any
government authority.

64 There has been no charges or satisfaction yet to be registered with ROC beyond the statutory period.

65 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year ended 31 March, 2025.

66 During the financial year ended 31st March 2025, the Company has filed a Draft Red Herring Prospectus (DRHP) dated 30th
September, 2024 with the Securities and Exchange Board of India (SEBI) for a proposed Initial Public Offering (IPO) of its equity shares.
The objective of the IPO includes Partial funding of capital expenditure for the Phase-I project, funding of capital expenditure for
the Phase-II Project, and general corporate purposes. The proposed IPO is subject to regulatory approvals, prevailing market
conditions, and other relevant factors.

The management does not expect any material adverse impact on the financial statements as a result of this development. The
outcome and timing of the proposed IPO remain uncertain as of the date of approval of these financial statements.

67 The Company filed Draft Red Hearing Prospectus (DRHP) with SEBI on 23rd March, 2022 which was subsequently approved by SEBI.

H 116.44 million was spent against proposed Initial Public Offer (IPO). Since, RHP was not filled with SEBI within the prescribed
timelines, hence expenses incurred towards the proposed IPO is charged to Statement of Profit & Loss in previous financial year.

68 Previous year figures have been regrouped / reclassified wherever necessary to confirm current period''s classification.

In terms of our report attached of the even date

For G A R V & Associates Vikram Solar Limited

Chartered Accountants For and on behalf of the Board of Directors

ICAI Firm registration number: 301094E

Ashish Rustagi Gyanesh Chaudhary Ranjan Kr Jindal

Partner Chairman & Managing Director Chief Financial Officer

Membership No. 062982 DIN: 00060387

Krishna Kumar Maskara Sudipta Bhowal

Place: Kolkata Wholetime Director Company Secretary

Date: April 24, 2025 DIN: 01677008 Membership No: F5303