Investor Presentation

August 06, 2026 VSL/CS/373/2026 dated 06.08.2026 BSE Limited National Stock Exchange of India Ltd. Department of Corporate Services Listing Department P. J. Towers, Dalal Street, Mumbai – 400 001. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Scrip Code: Equity - 544488) (Symbol: VIKRAMSOLR, Series EQ) Dear Sir/ Madam, Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Investors Presentation (Q1FY27) Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the copy of Investor Presentation of the Company for the quarter ended June 30, 2026 (Q1FY27). 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 Q1 FY2027 |PAGE 1 Safe Harbor 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. Vikram Solar Limited 2 India’s Solar Opportunity: Solar-Led, Storage-Backed, Policy-Powered INDIA POWER DEMAND POLICY TAILWINDS 7.3% 1,460 Make In India Mandate power demand CAGR —fastest kWh per-capita — ~half global ALMM mandates across modules and cells are accelerating major economy average domestic manufacturing and strengthening India's solar value chain SOLAR DEMAND OUTLOOK Annual Solar demand expected to more than double by FY35E Strong Government Push for Solar Deployment PM Surya Ghar and PM-Surya Sarovar Yojana are opening new rooftop and floating-solar demand. Energy Storage Ecosystem Gaining Momentum PLI and the battery-manufacturing tenders are building FY27E FY30E FY35E domestic storage capability. Module Demand (AC, GW) STORAGE — THE SUPPLEMENTARY ENGINE Power Demand to Drive ₹50 Trillion Investment 321 GWh 40+ GWh Requires capacity expansion across generation, transmission, ₹18,000 cr distribution and renewables expected BESS market planned via VGF PLI I & II for Battery in India by FY35 across two tranches manufacturing Storage scales alongside solar — firming renewable supply and a natural extension of the manufacturing platform. Vikram Solar Limited 3 Vikram Solar well-positioned to capture future value PROVEN CAPABILITIES: Smart & Automated Long-Term Value Technology Leadership Single-Site Integration Operations Creation Edge at Gangaikondan N-Type TOPCon modules AI-enabled factories, with Wafer-to-module margin with R&D on-going for future Zero inter-plant logistics and focus on increasing retained in-house, insulating technology lower fixed cost per watt automation from price cycles VERTICAL INTEGRATION ROADMAP Modules → Cells → Wafer/Ingot → BESS TODAY FY27 FY29 FY30 15.5 GW 9 GW 9 GW 15 GWh Module manufacturing Cells Wafer / Ingot BESS Strong platform to support +3 GW expansion enhances value +3 GW expansion supports import High-growth energy storage segment growing India demand addition & gross margin opportunity substitution - upstream value capture with attractive return potential Scale base Margin expansion Supply control New growth engine FY30 VALUE Higher gross margins | ALMM-aligned non-China supply chain | Upstream value capture | BESS CREATION THESIS growth engine Vikram Solar Limited 4 Gangaikondan: One Integrated Manufacturing Hub One Location. Three Plants. Compounding Returns SINGLE FENCE · ONE CONTIGUOUS PARCEL WHAT THIS LAYOUT BUYS US 01 Module 02 SOLAR CELL 03 Wafer - Ingot Zero inter-plant logistics No freight, packing, e-way bills or inter- 6 GW 9 GW 9 GW state movement No transit breakage FMO in Jun’26 FCO in FY27 FWO in FY29 Micro-crack, contamination and pilferage risk eliminated OPERATIONAL IN BUILD PLANNED Shared infrastructure Integrated by design: ingot → wafer → cell → module inside one fence at Gangaikondan — end- One set of utilities — fixed cost per watt to-end capacity at full build-out, no external cell or wafer dependency falls Full margin capture SITE ENABLERS Margin at every stage of the chain stays in-house LAND & APPROVALS WATER POWER PEOPLE Contiguous parcel Raw-water allocation; Dedicated grid Deep skilled- with statutory ZLD plant on site connectivity; On-site manpower pool; On- ALMM / DCR-aligned clearances substation site training centre non-China supply chain Vikram Solar Limited 5 Gangaikondan Module Plant – Commissioned First module already out in June’26 COMPLETED ACTIVITIES Vikram Solar Limited 6 Diversified Demand Engines Driving Sustainable Growth ~ 7.9 GW Order book (30 Jun 2026) Large Accounts * – 7.1 GW Mid-Market – 0.8 GW Distribution (16.5% revenue share) ~30-40 GW/yr ~ 7-8 GW/yr ~ 8-10 GW/yr MONTHLY RUN RATE - Fastest growing; ALMM-II - Large ticket, long cycles, H2 - Margin accretive policy- relief will convert faster heavy execution driven installations closure and deliveries 119 DISTRIBUTORS YoY ▲ 25% Revenue Revenue Revenue YoY ▲ 21.3% YoY ▲ 212.5% YoY ▲ 45.8% 757 DEALERS YoY ▲ 100% ~70 GW ~1.4 - 1.6x ~35 GW ~ 26 GW NDCR backlog 500+ PM Surya Ghar Tariff advantages vs DCR tenders live (as on Jun’26) Grid Data centres (CY35) DISTRICTS across 24 42.1 L installed, 35.6 L in states pipeline (DCR / NDCR) (DCR / NDCR) (DCR / NDCR) PM KUSUM Component B - 90% solarized FY27 DCR Estimate FY27 NDCR Estimate Healthy pipeline in A&C *includes export orders Vikram Sol [Showing first 8,000 characters — download PDF for full document]