Transcript of the Earnings Conference Call held on Monday, November 17, 2025 to discuss the Financial Results and Operations of the Company for the half-year ended September 30, 2025.

Solarium Green Energy reported H1 FY26 revenue growth of 43% year-on-year, with gross margins up 65%, EBITDA improving 36%, and profit after tax rising 22%. Growth was moderated by excessive monsoon and GST 2.0 rollout delays, but the company expects acceleration in coming quarters from the GST cut on solar modules and inverters (from 12.5% to 5%). Residential (32%) and government (36%) segments drove revenue, with the residential footprint expanding to 25 new cities via the Solarium Saarthi Initiative (~450 new channel partners). Order visibility is strong with an unexecuted order book of INR 229 crores, L1 orders of INR 209 crores, and a bidding pipeline exceeding INR 900 crores. The company commissioned its 1,200 MTPA structure manufacturing facility in July 2025 (~5% cost advantage) and expects its 1,000 MW automated solar module plant in Ahmedabad to go live by mid-January 2026, positioning it as a vertically integrated player. Finance costs remain elevated due to delayed receivables from defense-linked projects (BSF, MES) impacted by Operation Sindoor, expected to normalize from Q4 onwards.