Analysts/Institutional Investor Meet/Con. Call Updates

UTL SOLAR August 21, 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 Mabharashtra, India Mabharashtra, India Scrip Symbol : UTLSOLAR Scrip Code: 544613 Subject: Intimation of transcript of Earnings Call for Q1 FY 202627 Dear Madam/ Sir, Pursuant to Regulation 30 read with Part A of Schedule III of the of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the conference call held on August 14, 2026 at 04:00 P.M. (IST) to discuss the financial performance of the Company for the quarter ended June 30, 2026 (Q1 FY 2026-27). The Transcript will also be available on the website of the Company at: https://www.utlsolarfujiyama.com/investor-relations/financials; Kindly take the information on record. Thanking you, Sincerely, For Fujiyama Power Systems Limited (Formerly Fujiyama Power Systems Private Limited) MAYURIzztyet GUPTA s Mayuri Gupta Company Secretary and Compliance Officer MNo.: A75210 FUJIYAMA POWER SYSTEMS LIMITED (Formerly Fujiyama Power Systems Private Limited) 53A/6. Near NDPL Grid Office, Near Metro Station, Industrial Area, Sat Guru Ram Singh Marg, Delhi - 110015, India CIN - L31909DL2017PLC326513, GST No - 07AADCF2634F1ZY www.utlsolarfujiyama.com Ph : +91 9968309514, 9968309517, E-mail: investor@utlsolarfujiyama.com “Fujiyama Power Systems Limited Q1 FY27 Earnings Conference Call” August 14, 2026 FUJIYAMA SoLar . e 0 . motilal @ UTL SOLAR oswal MANAGEMENT: MR. PAWAN KUMAR GARG — CHAIRMAN AND JOINT MANAGING DIRECTOR — FUJIYAMA POWER SYSTEMS LIMITED MR. YOGESH DUA — CHIEF EXECUTIVE OFFICER AND JOINT MANAGING DIRECTOR — FUJIYAMA POWER SYSTEMS LIMITED MR. PRASHANT GUPTA — CHIEF FINANCIAL OFFICER — FuJiYAMA POWER SYSTEMS LIMITED MODERATOR: MR. SUMANT KUMAR — MOTILAL OSWAL FINANCIAL SERVICES LIMITED Page 1020 FUJIYaMA SoLAr Fujivama Power Systems Limited UTL SOLAR August 14, 2026 Ladies and gentlemen, good day and welcome to Fujiyama Power Systems Limited Q1 FY27 Moderator: Eamings Conference Call. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date oft his call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. T now hand the conference over to Mr. Sumant Kumar from Motilal Oswal Financial Services Limited. Thank you and over to you, Mr. Kumar. Yeal, thank you. Good evening, everyone and very warm welcome to Fujiyama Power Systems Sumant Kumar: Limited Q1 FY27 post result carning call hosted by Motilal Oswal Financial Services Limited. On the call today, we have management team being represented by Mr. Pawan Kumar Garg, Chairman and JMD, Mr. Yogesh Dua, CEO and JMD, and Mr. Prashant Gupta, CFO. We will begin the call with the key thoughts from the management team. Thereafter, we'll open the floor for Q&A session. I would now like to request the management to share their perspective on the performance of the company. Thank you and over to you, Pawan ji. Pawan Kumar Garg: Thank you, Sumant ji. Good afternoon, everyone and thank you for joining us today. It is a pleasure to connect with you and share an update on Fujiyama operating and financial performance for the quarter ended with June '26. Let me begin with thanking our customers, channel partners, employees, and shareholders for their continued trust in Fujiyama. We have started the new financial year with meaningful progress actoss the business. During the quarter, we expanded our distribution reach, commissioned new manufacturing capacities, and took further steps towards the increasing of backward integration. Coming to our financial performance, the first quarter saw a significant increase in our scale of operations, revenue from operations growing 125% year-on-year, EBITDA increased by 140% year-on-year, EBITDA margin expanded to 18.9% from 17.7% in Q1 126. The distribution network recorded one of its largest quarterly expansions during the quarter. We added more than 80 distributors, over 1,000 dealers, and more than 30 exclusive Shoppes. This took a total channel partners network to over 10,100 as of June '26. The wider network gives Fujiyama greater access to customers across different markets and support faster product availability, installation, and after-sales service. This remains particularly important in residential rooftop solar segment where proximity to customers and dependable service are important factors in purchase decisions. On the Page 2 0f 20 FUJIYaMA SoLAr Fujivama Power Systems Limited UTL SOLAR August 14, 2026 manufacturing front, we made significant progress at our Ratlam facility. During the quarter, we commissioned 2-gigawatt solar panel manufacturing facility. With the addition, our total solar panel manufacturing capacity increased to 3.5 gigawatt. Additionally, we also commissioned 2-gigawatt power electronics manufacturing facility at Ratlam in August™26. The facility will manufacture solar inverter, UPS systems, and other related power electronics products. With this addition, Fujiyama total power electronics manufacturing capacity is increased to 4 gigawatt. Furthermore, the 2 gigawatt lithium-ion battery manufacturing capacity at Ratlam is also on track for commissioning by Q2 FY27. Once completed, Ratlam complex will bring solar panel, power electronics, and batteries under one manufacturing location, further strengthening integration across the company's product portfolio and supporting its growing scale of operations. Alongside our capacity expansion, we are also taking further steps towards backward integration. During the quarter, the company increased its stake in Zayo Energy Private Limited and Zayo Cable Private Limited from 19% to 50% in each company. Zayo Energy is engaged in manufacturing solar module components like aluminum frame, PV ribbon wire, bus bar, and solder wire, while Zayo Cables is engaged in manufacturing of solar module components like PV junction box, solar cable, and EVA sheet. These investments compliment, our existing manufacturing capabilities by extending our presence into components used across the solar and power electronics products. As these business scale, the integration of our components within our value chain can help improve sourcing control and further deepen Fujiyama's integrated manufacturing model. Looking at the broader market, the opportunity for rooftop solar in India remains significant. The PM; Surya Ghar, Muft Bijli Yojana, have a target of solarizing 1 crore households, is supporting the adoption of grid rooftop solar across the country. At the same time, demand for off-grid and hybrid solutions remain relevant in the regions where grid reliability is a concern. This allows Fujiyama to address both the on-grid and backup driven requirements through its portfolio of solar panel, inverter, and batteries. Furthermore, we are also closely following the proposed next phase oft he scheme, being referred to as PM Surya Ghar 2.0. While the framework is still under discussion and has not been formally notified, the proposed reports include support for the battery storage, incentives linked to actual power generation and wider access through community solar and other models. If implemented, these measures could further expand the addressable market and increase the relevance of targeted solar and storage solutio [Showing first 8,000 characters — download PDF for full document]