General Updates

September 03, 2026 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 NSE SYMBOL: MVELECTRO SCRIP CODE: 544851 Sub.: Submission of Annual Report for the Financial year 2025-26 Respected Sir/ Madam, Pursuant to the Provisions of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please find enclosed herewith a copy of the Annual Report of the Company for the Financial year 2025-26. The said report is also being made available on the website of the Company www.mvelectrosystems.com, websites of the stock exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. We request you to kindly take the same on record. Thanking You, FOR MV ELECTROSYSTEMS LIMITED Sourabh Bansal Company Secretary and Compliance Officer Enclosed: As Above POWERING PROGRESS CONNECTING TOMORROW ANNUAL REPORT 2025-26 04-17 18-56 POWERING PROGRESS CONNECTING TOMORROW Corporate Overview Statutory Reports 04 Who we are 18 Directors’ Report Railways are becoming more technology-intensive and 06 Our journey 32 Report on Corporate Governance the systems that power them must keep pace. At MV 07 Our Strengths 51 Management Discussion & Electrosystems, our journey has been built around this very 08 Chairman’s message Analysis need: bringing together power electronics, engineering and 09 MD message 10 Our IPO execution to develop solutions that make modern railways safer, 11 Financial Highlights more efficient and increasingly capable. 12 Product Portfolio 13 Manufacturing capabilities 57-117 14 Research and Development Since 2009, we have built expertise efficient technologies and continued subscription of 188.32 times and across three-phase propulsion investment in indigenous capabilities, an order book of 9216.40 million 15 Quality Assurance Financial Statements systems, traction converters, TCMS we are building solutions relevant to a (excluding GST) at the time of listing, 16 Our People and switchgear, supported by in-house railway network that is becoming more we enter this chapter with stronger 17 Board of Directors research and development and a electrified, connected and demanding. visibility and a clear opportunity to 57 Independent Auditors’ Report strong focus on indigenous product Our certifications and approvals, build on the capabilities we have (Standalone) development. Our engineering teams reinforce the standards that underpin developed over 17 years. Inside 66 Balance Sheet work across the product lifecycle, from our operations. The theme is therefore a reflection 67 Statement of Profit and Loss concept and prototyping to testing, The year also marked a significant of where we stand today and where validation and manufacturing, giving 72 Accouting Policy & notes to moment in our journey. Our listing we are headed, powering the railway us the ability to respond to application- the Report financial accounts specific requirements with greater on the BSE and NSE on August 6, systems of the present while 2026, following CLW approval for building the engineering capabilities control and precision. our indigenously developed three- that will connect India to the Our focus extends beyond developing phase propulsion equipment, and possibilities of tomorrow. products for today's railway systems. the listing opened a new chapter Through modular engineering, energy- for MV Electrosystems. With an IPO 118-126 Notice 118 54rd Annual General Meeting Scan QR Code click the link below to to know more visit our website: about the Company www.mvelectrosystems.com/ Forward-looking statements Some information in this report may contain forward-looking statements which include statements regarding Company’s expected financial position and results of operations, business plans and prospects and so on and are generally identified by forward-looking words such as ‘believe’, ‘plan’, ‘anticipate’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’ or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Corporate Overview Statutory Reports Financial Statements 04-17 18-56 57-117 Who we are Engineering Smarter Railways Mission Vision Enable, Empower and Engage our Create a ‘Centre of Excellence’ Innovating technologies people by continuously enhancing and build and manage to make railways a safer, Established in 2009, we are a technology-led railway solutions their competencies and imbibing ‘Intellectual Property’. more comfortable and cost- company specialising in the development and supply of advanced culture of Intrapreneurship. effective mode of travel Building an efficient organisation electrical and power electronics systems for railway applications. Invest significantly in Research, by establish processes to build and Analytics and Innovation to building continuously improving. Safer, Valuable and Cost-Effective Our product portfolio includes IGBT End-to-End Design and Development solutions for our customer. Ensure sustainability by building based three phase propulsion systems, formidable internal capability while We offer end-to-end design and development capabilities across key railway electrical traction converters, Traction Control Establish a process of building continuing to leverage expertise of and electronics systems, supported by our in-house engineering and R&D capabilities. and Management Systems (TCMS), Deep Relationships with Customers partners/collaborators. and switchgear for coaches and and make them partners while Electric Multiple Units (EMUs). We are Traction Converter and Inverter Train Control and Management designing solutions. Build compelling and an approved supplier of indigenously Systems Systems credible internal and external developed propulsion systems that meet brand proposition . internationally recognised safety and Design and development of power Development of control and performance standards. electronics systems for railway management solutions for efficient propulsion applications. train operations. Our capabilities are supported by in house research and development, with an emphasis on indigenous product Auxiliary Converter Systems Driver Displays development and modular engineering. This enables us to undertake prototyping Development of auxiliary Development of display systems Values and develop new power electronics power conversion systems for that support information and control products for railway applications. railway applications. functions for drivers. We operate with globally recognised certifications, including IRIS (ISO/TS 22163:2017), ISO 9001, ISO 14001 and ISO 45001. Our technology and product development capabilities also support initiatives related to Make in India, Agility Caring Delivering Promises energy efficiency and decarbonisation. We adapt proactively, respond rapidly We are compassionate, respectful and We follow through on our commitments and display flexibility to ‘present and empathetic, and our actions define us. and ‘trust’ is integral to our being future developments’. Ambitious Intrapreneurial Customer Centric We ‘Think Big’ and are willing to strive We empower people regardless of role, Every employee and process is focused for the attainment of our goals. to harness their own entrepreneurial on delivering cost effective, best and spirits through decision-making timely solutions to our cust [Showing first 8,000 characters — download PDF for full document]