Investor Presentation

SUTL SOLAR November 09, 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: Analysts/ Investors Presentation Dear Madam/ Sir, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we hereby enclose a copy of the presentation proposed to be made at the Analysts’/ Investors’ meet scheduled to be held on November 10, 2026, for the information of the Stock Exchanges. The above information shall also be made available on the website of the Company at: https://www.utlsolarfujryama.com/. Kindly take the information on record. Thanking you, Yours Sincerely, For Fujiyama Power Systems Limited (Formerly Fujiyama Power Systems Private Limited) MAY URI »Dyi gimtaalvluy risi gned GUPTA GUPT Date: 2026.11.09 11:19:23 +05'30" Mayuri Gupta Company Secretary and Compliance Officer M. No.: A75210 Encl: As above FULUTYAMA POWER SYSTEMS LIMITER (Formerly Fujiyama Power Systems Private Limited) 53.4/6, Near NDPL Grid Office, Near Metro Station, Industrial Area, Sat Guru Ram Singh Marg, Delhi - 110015, India CIN - L31909DL2017PLC326513, GST No - OFAADCFIG3I4FIZY www.utlsolarfujiyama.com : +91 9968309514, 9968309517, E-mail: investor(@utlsolarfujiyama.com FU. YAMA SOLA 0A AE A (OOO 00 0 A no LO A A a COA A A Gah ea ea a Q2 FY2027 (NSE: UTLSOLAR; BSE: 544613) aaa ma aeciiele © UTL SOLAR Powering India with an Integrated Energy Future FUAIYAMG Customers Benefit From Uninterrupted Electricity Supply and Return On Investment SOL fii? Residential Rooftop Solutions (B2C) Solar Panel Tastee as Bye} AKsl a (Sts DIKldb aele s | States and UTs | Inverters/ PCU Lithium-ion / Tubular © Mono PERC / TOPCon wi f Boos Be E-Rickshaw A er PWM Solar Chargers Charge Controller Off Grid Te i | ny Solar Management Shoppes End Customers Unit b a= 1.4 Million+ ” Power Supply Solutions In last 5 FY Hybrid Charge B2C Revenue Controller Unit Power Backup Solutions On Grid Alfa Online UPS 3 Phase online UPS Service Engineer Feedback from Service Feedback from Service 80+ 5 Engineers to R&D Team Engineers to R&D Team 1,000+ R&D Engineers Intellectual Propert y < Real Time Feedback Rights (+4 Applied) Gives In-Person Sal es Support Industry First to Dealers/ Shoppes rMPPT Technology, Combo UPS, Online Solar PCU * Also includes Marine/Engine Start Chargers Backward Integration to Address Domestic Content Requirement “DCR” Driven Demand ©UTL SOLAR FUAV\Y AMG SOL fii? Expanding into DCR-Compliant Solar Cell Manufacturing to Capture Growing On-grid Rooftop Solar Demand Under PM Surya Ghar Muft Bijli Yojana (“PMSGMBY”) PM Surya Ghar Muft Bijli Yojana continues to scale residential solar adoption, With over 3.5 million* households still to cover, this represents close to 10 GW+ of incremental opportunity Execution Progress says fe issi 1 GW Mono PERC solar cell facturing facili Rs. 36,000 Cr+ 6 Million + 19 GW + Commissioned G ono C sO ar ce manu acturing acility at Dadri to capture domestic, subsidy driven on grid rooftop solar Subsidy Released Direct Household Capacity market to End Customers Covered installed i; os Announced 1.2 GW TOPCon solar cell manufacturing capacity at pee ne ee eee een ; Ratlam, improving product competitiveness Two main conditions for subsidy under PMSGY ! | * Transitioning from import dependence to in-house manufacturing & DCR-compliant solar panel 3 ! to ensure supply reliability and cost control eo On-grid or hybrid solar inverter : © Strengthens end-to-end integration across the solar value chain, improving cost control, margins and execution capabilities ¢ Positions the company to accelerate growth in the expanding on- grid residential segment Swe eee eee ee ee eee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee ee eet Source: PIB , https://omsuryaghar.gov.in/#/state-ut-wise-progress/; *As on 31% October 2026 3 <SUTL SOLAR Management Commentary FUSVYEMA Commenting on the performance Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, said: SOL flit “The second quarter of FY27 marked further progress in Fujiyama’s manufacturing expansion and backward integration initiatives. The Company made progress in building an integrated manufacturing platform across solar panels, power electronics and batteries. The demand environment for residential rooftop solar and power backup solutions remains favourable, supported by government initiatives, increasing consumer awareness and wider adoption across Tier 2 and Tier 3 markets. The Company delivered strong growth in Q2 FY27, with Revenue up 130.1% and EBITDA up 116.4% YoY, both more than doubling over Q2 FY26. This was driven by significantly higher sales volumes, supported by our PAN India network of on roll service engineers and a conscious strategy of passing on cost benefits to customers through competitive pricing to expand market share. The Q2 FY27 results also absorbed overheads at the Ratlam facility, incurred ahead of the production ramp up of our recently commissioned panel and inverter division, which contributed to the moderation in EBITDA Margin to 17.1% (from 18.1%). Our distribution network remains an important part of our business model, enabling us to reach customers across a wide range of markets. During the quarter, we added more than 30 distributors and 100 dealers, taking our total channel partner base to over 10,200 as of September 30, 2026. On the manufacturing front, we commissioned our 2 GW power electronics manufacturing facility at Ratlam during the quarter. The facility Q2 FY27 Revenue from | Manufactures solar inverters, UPS systems and other related power electronics products. With this addition, our total power electronics Operations I manufacturing capacity has increased to 4.1 GW. L _Rs. 13,068 Mn 130.1% YoY _| We are also progressing with the development of our lithium-ion battery manufacturing facility at Ratlam, with 3 GWh of manufacturing capacity 8 expected to come online in the coming quarter. The addition will strengthen our in house manufacturing capabilities and support the growing 7 requirement for energy storage solutions. It will also improve integration across our solar and power backup product portfolio. Q2 FY27 EBITDA In addition to lithium-ion batteries, we are rebuilding our in house tubular battery manufacturing capabilities through a proposed 1 GWh facility at I Rs. 2,229 Mn 116.4% YoY ; Hathras, Uttar Pradesh. The facility is being established as a replacement for the earlier 1.3 GWh capacity at Bawal, Haryana, which was damaged in Li~~~~~—~~~~~—~~~—-+—--- ' a fire incident in May 2026. The facility is expected to be commissioned by Q3 FY2027. It will provide a dedicated manufacturing base for tubular pee ee eee eee ee eee , _ batteries, strengthen our manufacturing presence in North India and support supplies to our established distribution network. 10,200+ Alongside these initiatives, the 1.2 GW TOPCon solar cell manufacturing facility at Ratlam remains on track for commissioning by Q1 FY2028. The , facility will complement our existing 1 GW solar cell manufacturing capacity and support our participation in the Domestic Content Requirement ; Channel Partners y P 6 6 capaci PP Pare 4 I | (DCR) segment. Loe eee eee eee ee ee I Looking ahead, we see opportunities across residential rooftop solar and energy storage. The PM Surya Ghar initiative and its proposed expansion = = = : : 1 under PM Surya Ghar 2.0 could support wider adoption of rooftop solar and integrated storage solutions. As we move forward, our focus will remain I Upcoming Capacity I ; a: ; as ; ; ; I j On ramping up manufacturing capacities, expanding our distribution reach and strengthening [Showing first 8,000 characters — download PDF for full document]