VIKRAMSOLRNSE16 October 2025

Vikram Solar Limited has informed the Exchange about Investor Presentation

Vikram Solar Limited

October 16, 2025

VSL/CS/218/2025 dated 16.10.2025

BSE Ltd. Department of Corporate Services P. J. Towers, Dalal Street, Mumbai – 400 001.

(Scrip Code: Equity - 544488)

Dear Sir/ Madam,

National Stock Exchange of India Ltd. Listing Department Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Symbol: VIKRAMSOLR, Series EQ)

Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Investors Presentation on Q2FY26

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the copy of Q2FY26 Investor Presentation of the Company for the quarter and half year ended September 30, 2025.

We request you to kindly take the aforesaid information on record.

Thanking You,

For and on behalf of VIKRAM SOLAR LIMITED

SUDIPTA BHOWAL Company Secretary & Compliance Officer

Encl. As Above

Investor Presentation Q2 FY2026

| PAGE 1

Safe Harbour

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Vikram Solar Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

V i k r a m S o l a r L i m i t e d

r e t r a u Q e h t r o f s t h g

i l

h g H

Revenue

EBITDA

PAT

INR 1,110 Cr Growth of 94% Y-o-Y

INR 235 Cr (21.2%) Growth of 226% Y-o-Y

INR 128 Cr (11.6%) Growth of 1,636% Y-o-Y

Debt / Equity

Net Debt

0.03x

INR 12 Cr*

Modules Sold

Order Book

Effective CUF

784 MW

11.15 GW

As on 30th September 2025

84%

V i k r a m S o l a r L i m i t e d

*While calculating net debt, the IPO proceeds and restricted cash have not been considered.

Vikram Solar: 20 years of reliable solar solutions; made in India for the World’s clean energy future

Reliable BRAND in Solar Solutions for the World’s Clean Energy Future

4.5 GW Module manufacturing

Entirely N-Type Technology with robotic process automation

Planned 17.5 GW Solar Module

Planned 12 GW Solar Cell

Planned 5 GWh BESS

8.66 GW

Modules Sold since Inception*

11.15 GW Order Book*

>2X of Existing Rated Capacity

6th consecutive quarter Tier- 1 Manufacturer in bankability test (Bloomberg NEF rankings)

Rated A+ for long-term and A1+ for short-term debt showing our financial resilience & consistent performance

8th time featured in KIWA PVEL Reliability Scorecard Top Performer list

NABL and ILAC MRA Accredited lab consistently producing accurate testing, sampling and calibration results

Designed and installed the world’s first fully solarized airport in Kochi, Kerela of 100kW capacity

Recipient of EcoVadis ‘Platinum’ Badge in the sector at the group level

Listed as one of the first few players to introduce half-cut cell module technology in India as per ALMM notified by MNRE in March 2021

*As on 30th September 2025

V i k r a m S o l a r L i m i t e d

Our Journey so far …

VISION

To become one of the most valuable solar company delivering benchmark sustainable energy solutions worldwide

MISSION

Deliver reliable solar solutions through world class technology and innovation

500 MW Module

1 GW Module

2.5 GW Module

3.5 GW Module

4.5 GW Module

2017

2023

2015

2021

2024

BSE & NSE Listed on Stock Exchanges

2025

V i k r a m S o l a r L i m i t e d

Robust Presence

West Bengal

Tamil Nadu

Certified with

•

ISO 14001:2015,

ISO 45001:2018,

ISO 9001:2015,

ISO/IEC 27001:2013

SA 8000:2014

Manufacturing Plant

Authorized Distributors

Union Territories

States

With

Location

Falta SEZ, Kolkata

Chennai

Capacity

3.2 GW

1.3 GW

Area

>4,50,000 sq. feet

>1,00,000 sq. feet

100+

375+

75+

Authorized Distributors

Dealers Pan India

Systems Integrators

All facilities are N-Type and MONO-PERC capable

Real time data capturing and machine, manufacturing process monitoring

Map not to scale

V i k r a m S o l a r L i m i t e d

Q2FY26 Financial & Operational Highlights

Key Highlights – Q2 & H1FY26

Sales Volume (MW)

Revenue (INR Cr)

159%

1,548

86%

2,243

189%

784

598

271

94%

573

1,110

1,204

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

EBITDA (INR Cr)

PAT (INR Cr)

13%

21%

15%

21%

12%

+160%

477

+767%

262

+226%

235

184

+1636%

128

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

V i k r a m S o l a r L i m i t e d

Order Book as on 30th Sep 2025

11.15 GW

As on 30th Sep 2025

36% Increase

8.21 GW

As on 30th Sep 2024

Split by Geography

Split by Customer

Exports, 15%

Distribution, 13%

H1 2025

H1 2024

Domestic, 85%

Domestic, 80%

EPC, 7%

Govt, 8%

C&I, 20%

H1 2025

IPP, 52%

Exports, 20%

EPC, 4%

Distribution, 6%

Govt, 13%

C&I, 4%

H1 2024

IPP, 72%

V i k r a m S o l a r L i m i t e d

Industry Outlook

Indian Solar Growth Story at Inflection Point

Domestic Solar Additions and outlook

➢ Massive increase in pace of installations in past 2 years

➢ Strong sector tailwinds to ensure target achievement by 2030

➢ Pipeline of 115GW of solar projects under execution

➢ Additional demand drivers on account of Green Hydrogen

Green Hydrogen

330 GW

45-50 GW Additional Solar Installation

+12

1 9

+15

1 11

+13

1 10

41 GW

1 4

+22

1 5 16

+24 2

127 GW

203 GW Demand Projection

1.5x DC Overloading

300 GW

280

100

Tenders Already awarded and under execution

115GW Pipeline (TAM)

173 GW

With 1.5x DC overloading

FY21

FY22

FY23

FY24

FY25

H1 FY26

As on 30-Sep 25

2030

Source: Crisil, MNRE and company estimates

Ground Mount

Rooftop

Off-grid

V i k r a m S o l a r L i m i t e d

Key Sector Highlights

GST Council cuts tax rate on renewable energy equipment to 5%

Solar modules, rooftop systems, farmers’ solar pumps, etc., cheaper. Improves affordability, should help accelerate adoption.

India Crosses 50% Non-Fossil Power Capacity, Overtakes Japan in Solar Generation

As per IRENA, India generated 108.5 TWh of solar power, surpassing Japan’s 96.5 TWh. The country’s solar capacity has soared nearly 4,000% over the past decade.

ALMM-3 announced

MNRE’s new ALMM-3 mandates domestic wafer/ingot listing from June 2028, boosting upstream manufacturing and sector self- reliance.

DGTR recommends anti-dumping duty on solar cells from China for 3 years

India's trade body has recommended anti-dumping duties on solar cell imports from China with an aim to support domestic solar manufacturers

Anti-dumping probe on solar encapsulants

DGTR has initiated anti-dumping investigations on solar encapsulants imported from China, South Korea, Vietnam, Thailand.

V i k r a m S o l a r L i m i t e d

Capacity Expansion

Scaling with purpose to tap Future Growth

EXPANSION PLANS TO REACH 17.5 GW MODULE & 12 GW CELL BY FY 27

CAPACITY GROWTH SUMMARY

1. ENSURING 75% BACKWARD INTEGRATION

2. LARGEST CELL GIGA FACTORY IN SINGLE LOCATION

6GW

5GW

2.5

3.5

4.5

9GW

2GW

3GW

15.5

12.0

17.5

FY23

FY24

FY25

Q3FY26

Q4FY26

FY26

Q3FY27

Q4FY27

FY27

Cell

Module

V i k r a m S o l a r L i m i t e d

Financials

Consolidated Profit & Loss Statement – Q2 & H1FY26

Profit and Loss (INR Cr)

Revenue from Operations

Cost of Goods Sold

Gross Profit

Gross Profit Margin

Employee Cost

Other Expenses

EBITDA

EBITDA Margin

Depreciation

Other Income

EBIT

EBIT Margin

Finance Cost

Profit before Tax

Profit before Tax Margin

Tax

Profit After Tax

Profit After Tax Margin

EPS (Diluted)

Cash PAT*

*Cash PAT = PAT + Depreciation

Q2FY26

Q2FY25

1,110

745

365

33%

235

21%

216

19%

184

16%

128

11%

3.82

163

573

428

145

25%

13%

0.25

YoY

93.7%

151.3%

225.9%

376.8%

1518.4%

1636.5%

H1FY26

2,243

1,523

721

32%

168

477

21%

429

19%

365

16%

103

262

12%

8.02

330

H1FY25

1,204

876

328

27%

184

15%

126

10%

0.95

105

YoY

86.4%

120.1%

160.0%

241.2%

678.5%

767.2%

V i k r a m S o l a r L i m i t e d

Consolidated Balance Sheet & Cash Flow

Particulars (INR Cr)

Shareholder's fund

Non current liabilities

Current liabilities

Total liabilities

Fixed Assets

Other Non-current Assets

Current assets

Total Assets

Particulars (INR Cr)

Net Cash Inflow/(Outflow) from Operating activities

Cash flow from Investing activities

Cash flow from Financing activities

Net Increase/(Decrease) in Cash & Cash equivalent

Cash & Cash equivalent in the beginning

Closing Cash & Cash equivalent

V i k r a m S o l a r L i m i t e d

H1 FY 26

2,950

258

1,602

4,810

799

133

3,878

4,810

FY 25

1,242

193

1,397

2,832

617

2,161

2,832

H1 FY 26

H1 FY 25

515

-643

1,206

1,078

1,117

-224

-107

408

Annexures

Experienced Board of Directors & Advisory Board

Board of Directors

Gyanesh Chaudhary Chairman & Managing Director

>24 years of experience in the solar and tea industry

Krishna Kumar Maskara Interim CEO and Whole-Time Director >20 years of experience in finance and the solar industry

Neha Agrawal Whole-time director & Head Corporate Strategy >14 years of experience in consultancy and the solar industry

Subramanya Krishnappa Independent Director >42 years of experience in the solar and renewable energy industry

Hari Krishna Chaudhary Chairperson - Emeritus

Ratnabali Kakkar Independent Director

Extensive experience in wealth management industry

Sumit Binani Additional Independent Director

Management degree from IIM Kolkata, CA, CS and ICWA with rich experience in capital markets industry

Advisory Board

J.P. Dua Independent Director*

>35 years career in the banking industry

Suresh G Menon Non-Executive Director*

>36 years of experience with an Indian multinational technology company, and a former CEO and Director on one of such company’s subsidiaries

Dr. Alok Srivastava Chairman

Santi Pada Gon Chaudhuri Advisor

Pankaj Agrawal Advisor

Jyotirmoy Roy Advisor

Jasbir Singh Bajaj Advisor

Vikram Limaye Advisor

V i k r a m S o l a r L i m i t e d

* W.e.f. 1st Dec 2025

Sustainability Goals

Human Capital

Natural Capital

Social & Relationship Capital

Occupational Health Centre at all the manufacturing units

Provision of employee health checkup

33% Women on the company board

16% Reduction in specific water consumption in FY 24–25

Adoption of Ekal Vidyalaya in association with Friends for Tribal Society to support basic education and community development in underprivileged areas

794 KL Water recycled and reused -

24/7 STP Operational Sewage Treatment Plants in all units

30% Usage of renewable energy in FY 24–25 through implementation of Roof top Solar module and PPA with Solar & Wind Powers

Energy optimization in chillers, UPS, HVAC systems

937 MT/year Reduction in total waste generation and hazardous waste

Project Swachh Urja Ujjwal Bhavishya, with CRY, focused on child development through clean energy and education support

40 Kw Green Energy Providing a grant to Lions Cancer Detection Centre Trust, Surat, for the installation of a 40KW (AC) grid-connected rooftop solar panel system to ensure a sustainable power supply to a healthcare facility

Global endorsement by SBTi & UNGC

V i k r a m S o l a r L i m i t e d

Certifications, Awards & Accreditations

EcoVadis Platinum Medal

IGBC Founder Member

CII EHS Excellence Awards – Silver for two Factories

Globel PV CYCLE Global Membership for one year for module recycling

Deloitte Enterprise Growth Award

Gold Rank in QC Forum in India – Kolkata Chapter

Gold Medal at 10th edition of the National Awards for Manufacturing Competitiveness

V i k r a m S o l a r L i m i t e d

Best Project of the Year At State Leadership Event, Rajasthan

GLOBALLY We are much Closer to You

India

Kolkata

Gurugram

Chennai

International

Massachusetts

Berlin

Shanghai

THANK YOU!

For further information, please contact:

Vikram Solar Limited

CIN: L18100WB2005PLC106448

Investor Relations: Strategic Growth Advisors (SGA)

CIN: U74140MH2010PTC204285

Ms. Rinal Shah – Investor Relations

investor.relations@vikramsolar.com

Mr. Sagar Shroff / Mr. Ayush Haria sagar.shroff@sgapl.net / ayush.haria@sgapl.net

Map not to scale

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