SOLARWORLD

- FY26 revenue rose 152.6% YoY to ₹13,762 Mn; PAT rose 56.4% to ₹1,205 Mn. - Order book stood at ₹31,548 Mn as of September 30, 2026, with ₹200,180 Mn bids submitted. - Proposed 50:50 solar cell manufacturing JV with ₹4,200 Mn investment commitment.

- Solarworld Energy Solutions Limited received a Show Cause Notice on September 29, 2026, from the Office of the Deputy Commissioner, State Tax, Noida under Section 73 of the CGST Act, 2017 for FY 2022-23. - The notice alleges discrepancies including differences in GSTR-9 and GSTR-9C, credit notes, unreconciled ITC, excess ITC, GSTR-3B vs GSTR-2A/2B differences, non-supply e-way bills, trade payables, and blocked ITC. - The notice proposes a potential financial liability of ₹5,39,39,622 (Tax: ₹2,95,71,123, Interest: ₹2,13,05,792, Penalty: ₹30,62,707). - The Company stated this is at the show cause stage with no confirmed demand or penalty, intends to file a detailed reply by October 29, 2026, and attend a personal hearing on October 30, 2026. - The Company believes it has a strong case on merits and expects no material impact on its financial or operational activities.

Order Win: Solarworld Energy Solutions Limited's subsidiary, ZNShine Solarworld Private Limited, received an order for supplying 96,000 Nos. of Solar Panel G12R 625 Wp from a leading domestic renewable energy player. Order Value: ₹78.75 Crore (inclusive of 5% IGST, basic value ₹75.00 Crore). Completion Timeline: As per terms and conditions mentioned in the purchase order.

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- Trading window for dealing in securities will remain closed from October 1, 2026. - Closure remains effective until 48 hours after the declaration of Q2 FY27 Unaudited Financial Results. - Board meeting date for approving results will be intimated in due course.

- Solarworld Energy Solutions Limited approved the grant of 2,86,325 Employee Stock Options under the ESOP 2024 scheme on September 26, 2026. - Each option is convertible into one equity share of face value ₹5 at a fixed exercise price of ₹5 per share. - The vesting date for these options is March 31, 2028, with an exercise period of 5 years from the vesting date.

- Solarworld Energy Solutions Ltd.'s wholly-owned subsidiary, ZNShine Solarworld Private Limited, won its appeal against a tax order on September 23, 2026. - A penalty of ₹1,22,12,498/- imposed earlier has been annulled, and any deposited amount will be refunded. - The company states there is no adverse financial impact.

- Solarworld Energy Solutions Limited's wholly-owned subsidiary, ZNShine Solarworld Private Limited, received an Order-in-Original confirming a penalty of ₹1,22,12,498/- under Section 129 of the CGST/UKGST Act, 2017. - The subsidiary has filed an appeal against this order with the Appellate Authority and paid a pre-deposit of ₹12,21,250. - The company states that the confirmed penalty does not represent an admitted liability and is not expected to have a material impact on its financial or operational activities.

- Outcome of Dispute Adjudication Board proceedings for 100 MW and 260 MW Solar PV Projects with SJVN Green Energy Limited. - Awarded/admitted value for 100 MW project: ₹13.77 Cr (approx.), including ₹5.79 Cr liquid cash outlay and ₹7.98 Cr retention release. - Awarded/admitted value for 260 MW project: ₹26.50 Cr (approx.), including ₹2.09 Cr liquid cash outlay and ₹24.41 Cr retention release.

- Solarworld Energy Solutions' subsidiary, Znshine Solarworld Private Limited, received a Show Cause Notice from GST authorities on September 17, 2026. - The notice proposes a penalty of ₹1,22,12,498 (₹1.22 Cr) for alleged non-compliance with GST provisions related to a consignment vehicle. - The subsidiary is contesting the notice, stating it's at the show cause stage, not a confirmed liability, and expects no material financial or operational impact. A personal hearing is scheduled for September 24, 2026.

- Solarworld Energy Solutions Limited announced its 13th Annual General Meeting (AGM) for FY 2025-26 on September 30, 2026, at 3:00 P.M. (IST) via VC/OAVM. - The Annual Report and AGM Notice have been dispatched, with web-links provided for access.

- Solarworld Energy Solutions Limited approved a Joint Venture with Rays Power Infra Limited and Rays Green Energy Manufacturing Private Limited to establish a 2.4 GW solar PV cell manufacturing facility in Narmadapuram, Madhya Pradesh. - The Company will invest up to ₹100 Cr for a 50% equity stake in Rays Green and provide a loan of up to ₹320 Cr for project funding. - This decision varies the terms of objects stated in its previous prospectus, diverting investment from a 1.2 GW facility via a subsidiary to this 2.4 GW JV. - The trading window for designated persons is closed from September 7, 2026.

- Board approved a Joint Venture with Rays Power Infra to establish a 2.4 GW solar PV cell manufacturing facility in Narmadapuram, Madhya Pradesh. - Solarworld will invest up to ₹100 Cr for a 50% equity stake in Rays Green and provide a loan up to ₹320 Cr for project funding. - This revises the utilization of Fresh Issue proceeds. Trading window for insiders closed.

- Board approved a joint venture with Rays Green and Rays Power for a 2.4 GW solar PV cell manufacturing facility. - Company to invest up to ₹10,000 Cr equity and extend a ₹32,000 Cr loan for 50% equity, revising original 1.2 GW plan. - Trading window closed from Sept 7, 2026.

- Board approved a Joint Venture with Rays Green and Rays Power for the establishment, development, commissioning, and operation of a 2.4 GW solar PV cell manufacturing facility in Narmadapuram, Madhya Pradesh. - The Company will invest up to ₹1000 Cr for a 50% equity stake in Rays Green and agreed to extend a loan of up to ₹3200 Cr for project funding. - This represents a variation in the objects of the offer, redirecting investment from a previously planned 1.2 GW facility for strategic backward integration. - The trading window for dealing in company securities is closed until 48 hours after the voting results of the 13th AGM are declared.

- Board approved a Joint Venture with Rays Power Infra Limited and Rays Green Energy Manufacturing Private Limited to establish a 2.4 GW solar PV cell manufacturing facility in Madhya Pradesh. The Company will hold 50% equity in Rays Green. - Solarworld will invest up to ₹100 Cr in equity (initial subscription ₹26.82 Cr for 12,600 shares) and extend a loan of up to ₹320 Cr for the project. - Approved a variation in the utilization of Fresh Issue proceeds to fund this new 2.4 GW facility, replacing the previously planned 1.2 GW facility, subject to shareholder approval. - The trading window for dealing in securities remains closed from September 7, 2026, until 48 hours after the 13th AGM voting results.

- Q1 FY27 Consolidated Total Income ₹1,780.3 Mn vs ₹805.6 Mn (▲121% YoY) - EBITDA ₹206.6 Mn vs ₹210.8 Mn (▼2% YoY) - PAT ₹95.0 Mn vs ₹128.4 Mn (▼26% YoY) - EBITDA Margin 11.6% vs 26.2% (▼1460bps) - Business updates include the commissioning of a 1.552 GW module manufacturing facility, readiness of a 3.4 GW BESS facility, and commencement of a 5 GW junction box line.

- Q1 FY27 Consolidated Revenue ₹1,684.21 Mn vs ₹682.37 Mn (▲146.81% YoY) - EBITDA ₹111.78 Mn vs ₹86.29 Mn (▲29.54% YoY) - PAT ₹94.96 Mn vs ₹129.12 Mn (▼26.46% YoY) - EBITDA Margin 6.64% vs 12.65% (▼601 bps) - The Board also re-appointed M/s MM & Associates as Cost Auditor for FY 2026-27. - Auditors highlighted an ongoing pending adjudication related to a suspended EPC project with SJVN Green Energy Limited, involving bank guarantees and significant receivables. Management is confident of a favorable outcome.

- Q1 FY27 Total Income ₹1,780.3 Mn vs Q1 FY26 ₹805.5 Mn (▲121% YoY) - EBITDA ₹206.6 Mn vs ₹211.4 Mn (▼2% YoY) - PAT ₹95.0 Mn vs ₹129.1 Mn (▼26% YoY) - EBITDA Margin 11.6% vs 26.2% (▼1460bps)

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- Q1 FY27 Consolidated Revenue ₹1,684.21Mn vs ₹682.37Mn (▲146.81% YoY) - EBITDA ₹207.83Mn vs ₹209.38Mn (▼0.74% YoY) - PAT ₹94.96Mn vs ₹129.12Mn (▼26.46% YoY) - EBITDA Margin 12.34% vs 30.68% (▼1834bps) - M/s MM & Associates re-appointed as Cost Auditor for the financial year 2026-27. - An ongoing dispute with SJVN Green Energy Limited regarding suspended EPC contracts with an aggregate value of ₹4,592.19 million is pending adjudication.