Analysts/Institutional Investor Meet/Con. Call Updates

August 13, 2026 VSL/CS/378/2026 dated 13.08.2026 BSE Ltd. 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 – Transcript of the Q1FY27 Earnings Conference Call In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith transcript of the Q1FY27 Earnings Conference Call held on August 07, 2026. 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 “Vikram Solar Limited Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MR. SAMEER NAGPAL – CHIEF EXECUTIVE OFFICER – VIKRAM SOLAR LIMITED MR. RANJAN JINDAL – CHIEF FINANCIAL OFFICER – VIKRAM SOLAR LIMITED MR. ARUN MITTAL – CHIEF EXECUTIVE OFFICER, VSL POWERHIVE PRIVATE LIMITED MS. RINAL SHAH – GENERAL MANAGER, CORPORATE FINANCE – VIKRAM SOLAR LIMITED MODERATOR: MS. SHEETAL KHANDUJA – GO INDIA ADVISORS Vikram Solar Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Vikram Solar Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Sheetal Khanduja from Go India Advisors. Over to you, ma'am. Sheetal Khanduja: Thank you, Ananya. Good afternoon, everyone, and welcome to Vikram Solar earnings call to discuss Q1 FY27 results. We have the senior management with us on the call. We are joined by Mr. Sameer Nagpal, Chief Executive Officer; Mr. Ranjan Jindal, Chief Financial Officer; Mr. Arun Mittal, CEO of VSL Powerhive Private Limited, spearheading the company's battery energy storage system business; and Ms. Rinal Shah, General Manager, Corporate Finance. We must remind you that the discussion on today's call may include certain forward-looking statements and must be, therefore, viewed in conjunction with the risks that the company faces. May I now request Mr. Sameer Nagpal to take us through the company's business outlook and financial highlights, subsequent to which we can open the floor for Q&A. Thank you, and over to you, sir. Sameer Nagpal: Thank you, Sheetal. Good afternoon, everyone. As we gather in this auspicious month of Sawan, I extend a warm welcome to all our stakeholders, seeking Lord Shiva's blessings for his wisdom, strength, and sustained prosperity in our journey ahead. Before delving into the details with respect to the performance of the company, I would like to give a context to the quarter gone by. Three things shaped this quarter. First, ALMM 2 enforcement stayed unclear for most of the quarter before the mandate was implemented and then deferred to December 2026. That uncertainty held back buying decisions and it showed up in our order flow. Second, the ongoing Gulf conflict pushed up the costs of metal, crude-linked raw materials, and freight. Third, seeing the sheer volume of new module capacity that came on stream industry-wide, which made competition intense and did not allow a full pass-through of these costs, the impact of which you see in our numbers. The most important story is what we have accomplished because underneath the module optics, this was a quarter of building and repositioning. This quarter, we clocked our highest ever quarterly volume of 1,006 megawatts, up 32% on the same quarter last year. Revenue grew by 38% year-on- year. Page 2 of 24 Vikram Solar Limited August 07, 2026 Let me now talk about our commercial engine, where the repositioning is really happening. Our order book closed at 7.9 gigawatt and its composition is shifting towards a diversified customer base, which helps us improve price realizations. The large accounts non-DCR order book that includes utilities, IPPs, large C&I customers still constitute a large share of our order book. On account of the ALMM 2 deferment on July 18, these that have been sitting in limbo now are going to move forward, and the 15 gigawatt a year C&I demand that was waiting for policy clarity has resumed conversation. To serve the DCR side, the priority has been locking up cell supply. We have now multiple procurement partners for domestic cells, and the same reflects in our revenue mix starting this quarter. We have sold 76 MW of DCR modules this quarter, which exceeds the full year number for the last fiscal. In the subsequent quarters, we expect the numbers to increase manifold. Increasingly, that volume reaches the market through distribution, a channel that used to be supplementary for us and is now becoming strategic. Our monthly run rate has doubled in distribution from roughly 40-megawatt last year, and we now have a network of 119-plus distributors and over 757 dealers across the country. That reach lets us tap into policy-driven installations under the PM Surya Ghar and PM-KUSUM Yojana. And our presence across 24 states and 500 districts gives us a real structural advantage in getting to those customers. And alongside distribution, we have been reshaping who we sell to, moving deliberately into the mid- market where we have doubled our sales team this year. Vikram Solar has historically been a large accounts company, the right shape for a market with fewer, larger customers. But the market has broadened. Mid-sized EPCs and mid-sized C&I clients are a growing share of the demand pool, and we are building the sales force to match where the customers are now. It carries margin benefit, too. We expect a roughly INR0.50 per watt peak higher price realization from this customer base. Taken together, the DCR supply, the July deferment, unlocking decisions, the distribution ramp-up, and the mid-market build-out, that is why we are confident about Q2 and H2. We have restructured how this business goes to market, and the shifts we are making now are what will carry us through in the next few quarters. This is the domestic picture. Alongside it, we are widening the aperture internationally. We are accelerating our global expansion with a dedicated international team. Global buyers are diversifying their sourcing and tightening supply chain traceability, and a credible manufacturer with verifiable India-built provenance is exactly what that shift calls for. Page 3 of 24 Vikram Solar Limited August 07, 2026 Having talked about the commercial engine, now let me move to project execution. We have stayed the course on our project expansion commitments. On June 29, the first module rolled out from our Gangaikondan facility, on the date we had promised it would happen. On the cell line, Gangaikondan is on schedule. Civil and PEB works are advanced, clean room and MEP lines are on track. The first cell remains targeted for Q4 FY27, taking us to roughly 70% into backward integration. And the cell plant is really one piece of a larger design. We are building all three plants: ingot-wafer, cell, and module inside a single fence at Gangaikondan, because the design itself is an advantage. The capacity here is modular. Ingot and wafer scale simply with the number of pullers and slicers we install. That lets us phase capital precisely to demand and to policy, and add capacity quickly once the enabling infrastructure is in place. That's the upstream story. Downstream, at the module end, the technology has moved, too. We have transitioned our module portfolio from M10R to G12R acro [Showing first 8,000 characters — download PDF for full document]