Annual Report for Financial Year 2025-2026

UTL SOLAR September 02, 2026 The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Fort Bandra (E), Mumbai 400 051 Mumbai 400 001 Maharashtra, India Maharashtra, India Scrip Symbol : UTLSOLAR Scrip Code: 544613 Subject: Submission of the Annual Report of the Company for the Financial Year 2025-26 In compliance with the provisions of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are hereby submitting the Annual Report of the Company for the Financial Year 2025-26. The Annual Report is being dispatched through permitted modes to those members whose e-mail addresses are registered with the Company/ Registrar and Transfer Agent/ Depository Participants. Further, in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, a letter containing the weblink of Annual Report is also being dispatched to the shareholders whose email IDs are not registered with the Company/ Registrar and Transfer Agent/ Depository Participants. The Annual Report is also available at the Company's website. Kindly take the same on record. Thanking you, Yours Sincerely, For Fujiyama Power Systems Limited (Formerly Fujiyama Power Systems Private Limited) MAYURIDigitallysignedby MAYURIGUPTA Date:2026.09.02 Mayuri Gupta Company Secretary and Compliance Officer M No.: A75210 Encl: As Above FUJIYAHHA PSWES SYSTEMS LIHHITED [Furlnerl3' I"ujin'anal PowerSystemp Pril'alljeLinliled] 53t*U6, Ncar_'EDPLGridGray. XeatMctryStaticn,IndustrialAres, 23:1 Guru RamSingh 3-larg, Delhi - lIUPl51 India CIN - I.3-I9DQDLIO1TPLC316§13.CSTNu-0'7AADCF2634F1ZY +91 99633119514,996530951T, F-mGil: investsrljh';-utlsulurfujivBma.cu1rn ANNUAL 25/26 REPORT India Powering with an integrated energy future FUJIYAMA POWER SYSTEMS LIMITED Document milestones Corporate overview Powering India with an Integrated Energy Future 02 The world we operate in 04 Powering the Public Leap Building scale and self-reliance through integrated expansion Broadening the horizon: Domestically & Internationally Smart innovation for an integrated energy ecosystem 12 Message from the Chairman's Desk 16 Fujiyama, at a glance 20 Value Creation Model 22 Manufacturing Excellence 23 Innovation & Technology 28 Product Ecosystem 29 Distribution & Sales 31 Customer-centric Model 32 Key Performance Indicators 34 Risk & Management 35 Environment, Social & Governance 37 Corporate Information 38 Board of Directors Material Event after the reporting period Statutory reports Management Discussion & Analysis 52 Notice 53 Board's Report 75 Corporate Governance Report Business Responsibility & Sustainability Report 136Financial Statements What does it really mean to power a country? Not just to generate energy. Not just to deliver it. But to understand where it begins, how it moves and what it depends on. Every gap is a dependency. Every dependency is a risk. Unless the gaps are removed - By managing them and by building through them. Piece by piece. Process by process. Until nothing critical sits outside the control. That is when energy stops being a product. It becomes a system. Closed. Connected. Certain. This is where Fujiyama stands. Not in parts- but in integration. Because the future won’t be powered by fragments. It will be powered by those who bring it all together. OPERATING CONTEXT The world we operate in A DECADE OF TRANSFORMATION - AND THE DECADE THAT LIES AHEAD The business landscape we operate in is shaped by evolving market trends, technological advancements and growing demand for renewable energy. It includes various external factors such as competition, government policies and customer expectations. Understanding this environment helps the Company adapt effectively, identify opportunities and navigate challenges within the dynamic and rapidly changing solar energy industry. A decade that changed everything Peak electricity demand: From scarcity to scale In 2016-17, India’s peak electricity demand stood at 159.5 GW - already a formidable number for a developing economy. By May 2026, that figure had climbed to 270 GW, as recorded by the Central Electricity Authority. That is not merely growth. That is a nation coming alive - millions of homes, factories, hospitals and aspirations drawing more power than ever before. 159.5GW 270GW Peak demand - Peak demand - 2016-17 May 2026 The renewable tipping point In 2016, renewable energy (excluding hydro) contributed a modest 6.6% to India’s total power generation. By June 2025, that share had crossed 50% for non-fossil sources - a milestone that once seemed aspirational, now a statistical fact. India’s renewable energy share crossed 50% of non-fossil power installation by June 2025. From a forecast the transition has become the present. The shift towards distributed It also empowers consumers to become solar active participants in the energy ecosystem by lowering electricity costs Distributed solar is transforming the and increasing energy independence. energy landscape by generating As India accelerates its clean energy electricity close to the point of transition, distributed solar is emerging consumption, thereby reducing as a vital complement to conventional transmission losses and dependence on power distribution, creating a more extensive grid infrastructure. efficient, resilient and sustainable energy Unlike the traditional DISCOM-led system. model, which relies on centralized generation and long-distance power transmission, distributed solar enables faster deployment, enhances energy security and improves grid resilience. 02 FUJIYAMA POWER SYSTEMS LIMITED ANNUAL REPORT 2025-26 CORPORATE OVERVIEW Statutory Report Financial Statements Government policy: From intent to architecture 2016 2026 500 GW Non-Fossil by 2030 (including 300 GW from solar power, of which Headline target 100 GW by 2022 100 GW will come from rooftop solar installations.) PM-Surya Ghar: Muft Bijli Yojana; PM KUSUM; Grid Connected Rooftop Solar Programme; National Solar Mission; PM Govt schemes Solar Park Scheme JANMAN; CPSU Scheme Phase-II; land rebates and capital subsidies; various state government subsidies Manufacturing Import-led (80%+ from China) PLI Scheme (Integrated Manufacturing) The larger meaning: Energy as equity Emissions impact PM Surya Ghar, saving 720 M tonnes of CO Social equity 19 Lakh households with "Zero Electricity Bills" via Rooftop Solar Economic growth Surging exports to the US and Europe Agri-PV & KUSUM: Solar as a "second crop," providing farmers with stable, Agriculture secondary income This is the world Fujiyama operates in A world where energy is more than a commodity, but a vehicle for equity, sustainability and national self-reliance. We do not merely respond to this world. We are built for it. Domestic Content Requirement (DCR) compliance in India mandates that solar cells and modules used in government- supported projects (e.g., PM-KUSUM, PM-SURYA GHAR) are manufactured domestically, ensuring “Make in India” compliance. Mandatory for government tenders by 2026, compliance requires validation through the NISE DCR Verification Portal. Now with ALMM II effective from 1st January, 2027; all solar projects which will be grid connected will need to have DCR compliant solar panel. POWERING INDIA WITH AN 03 INTEGRATED ENERGY FUTURE THE IPO STORY Powering the public leap A NEW CHAPTER- LISTED, TRUSTED AND BUILT FOR THE LONG ARC On 20th November 2025, Fujiyama Power Systems Limited made its public debut on the NSE & BSE - a moment that was years in the making and marks the beginning of a far larger story. The IPO was not a destination. It was a declaration: that we are ready to build at scale, in full view of the public and with the discipline that trust demands. Nov 20, 2025 T 8,280Mn T 6,000Mn Listing date Total offer size Fresh issue raised Why [Showing first 8,000 characters — download PDF for full document]