Analysts/Institutional Investor Meet/Con. Call Updates

mSOLGX ENERGY August 21, 2026 National Stock Exchange of India Limited Bombay Stock Exchange Limited Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400051 Mumbai – 400001 SYMBOL: SOLEX Scrip Code: 544862 Sub.: Submission under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 – Transcript of Post Earnings Conference Call. Dear Sir / Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 please find enclosed herewith the transcript of the Post Earnings Conference Call held with the Investors/Analysts on August 17, 2026. Kindly take the same on the record. Thanking you, Yours faithfully, For, Solex Energy Limited Azmin Chiniwala Company Secretary & Compliance Officer Mem. No. A68339 Encl.: Transcript of Post Earnings Conference Call 18005728787 Elinfo@solex.in ® solex.in REGISTERED&CORPORATEOFFICE: SOLEX ENERGYLIMITED SYMBOL|SOLEX 8thFloor,801-812,RioEmpire,Opp.RTO,Pal,Surat,Gujarat,India,395009 CIN:L40106GJ2014PLC081036 »SOL€X GNGRGY “Solex Energy Limited Q1 FY27 Post Results Earnings Conference Call” August 17, 2026 SOLGX ADFACTORS PR GNGRGY Reputation&CriticalIssuesAdvisory MANAGEMENT: DR. CHETAN SHAH – CHAIRMAN AND MANAGING DIRECTOR MR. VIPUL SHAH – NON-EXECUTIVE DIRECTOR MR. HEMAL KACHIWALA – CHIEF FINANCIAL OFFICER MODERATOR: MR. RUSHABH SHAH – ADFACTORS PR Page 1 of 18 SOL€X TH ENERGY Wsxss- Solex Energy Limited August 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to Solex Energy Limited Q1 FY27 Post Results Earnings Conference Call hosted by Adfactors PR. 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, you may signal the operator by pressing star and zero on your touchtone phone. Please note that this conference is being recorded. Now I hand the conference over to Mr. Rushabh Shah from Adfactors PR. Thank you and over to you, Mr. Shah. Rushabh Shah: Thank you. A very good morning to everyone and warm welcome to Q1 FY27 earnings call of Solex Energy Limited. From the senior management, we have with us Dr. Chetan Shah, Chairman and Managing Director; Mr. Vipul Shah, Non-Executive Director; and Mr. Hemal Kachiwala, Chief Financial Officer. Before we begin the earnings call, I would like to mention that some of the statements made during the call may be forward-looking in nature and hence it may involve risks and uncertainties, including those related to future financials and operating performance of the company. Please bear with us if there is any call drop during the course of the conference call. We would ensure that it is reconnected at the earliest. I now hand over the call to Dr. Chetan Shah, Chairman and Managing Director, for his opening remarks. Thank you and over to you, sir. Chetan Shah: Thank you very much and a very good day to all of you. On behalf of Solex Energy Limited, I welcome all our investors, analysts, and stakeholders on this call to discuss our Q1 FY27 results. Let me begin with two developments that I am happy to share with you. First, we have completed our listing on BSE Limited. Solex Energy is now listed on both the NSE and the BSE. Kindly note, this was a listing of existing shares on the BSE main board. No fresh capital was raised. This is a milestone we are proud of. It reflects the confidence that investors and stakeholders have placed in our vision, our governance, and our long-term growth strategy. As of today, Solex Energy is supported by a growing community of over 11,000+ shareholders. With our presence on both the exchanges, we look forward to further broadening our investor base, improving liquidity, and strengthening our shareholder profile. Second, the company continues to strengthen its order inflow. Following a INR628+ crore order received in July 26, in August 26 secured INR42.47 crore new work order from a domestic private limited company in the power sector for the supply of N-type TOPCon 620-watt peak glass-to-glass solar PV modules, with execution scheduled to commence in October 2026. In addition, the company has received LOI for further INR175 crore order with an MSA currently at the signing stage. Together, these orders represent an executable order pipeline of INR845.84 crore targeted for the execution by the December 31st, 2026. Before I take you through the quarterly performance, let me place Q1 in the right context because I believe context is important for how one reads these numbers. As we consistently shared in our previous interaction, our business is closely linked to utility-scale solar project execution in India, and it is inherently H2 weighted. The first half of the fiscal year is seasonally softer, and the second half is when the bulk of module dispatches, EPC completion, and the revenue conversion happens. Q2 FY27 has unfolded along that same seasonal shape. Page 2 of 18 SOL€X TH ENERGY Wsxss- Solex Energy Limited August 17, 2026 There are four factors worth highlighting. First, ALCM, which is known as ALMM-2, production slow, higher operating expenses, shifting of delivery schedule, consequently customer off-take of modules slows down in Q1 and Q2, and the pipeline flows into H2. This is a structural feature of our industry, not a one-off. If you look at Solex's own trajectory over the last several years, the pattern of the softer H1 and much stronger H2 has been consistent. Second, ALMM. As you are aware, up to the middle of May, there was a broad expectation across the industry that the ALMM list 2, that is ALCM, timeline on cells would be extended. On 25th May, it was clarified that there would be no extension. In the weeks that followed, a number of upcoming projects were placed on hold and the market as a whole moved into a wait- and-watch mode while developers assessed the implication of their project timelines and their finances. This slowed down the fresh decision-making and led to some customer-driven rescheduling of module deliveries during the quarter. I want to be very clear on two points here. These are the timing shifts and not cancellations. We do not currently see any orders at risk and whether ALMM is extended at any stage or not, there is no impact on our order book because we are prepared for both scenarios. For ALCM compliant orders, we have supply arrangement in place with domestic cell manufacturers. And for our other orders, we are fully secured on the imported cell supply chain. Third, the cost base. With softer volumes in seasonally weak quarter, our fixed costs and the full quarter impact of depreciation and interest on our 4 GW capacity are absorbed over a smaller revenue base. Let me now turn to operations and order visibility, where I would like to focus most of your attention. Our 4 GW module manufacturing capacity at Tadkeshwar, Gujarat continues to operate as planned. The ramp-up of line 3 and line 4, which were commissioned in November 25 and reached full utilization by March 26, is now well behind us. For FY27, we are working with an average utilization assumption of around 55% across the year. On order book visibility, currently stands at approximately INR3,400 crore. This is spread across the three stages, confirmed purchase orders where deliveries are underway, signed MSAs where formal POs are awaited, and MSAs at the advanced stage of discussion. As I mentioned earlier, this visibility is not contingent on a ALMM outcome or that is ALMM-2 outcome. Alongside this, we continue to see healthy inquiry pipeline from both existing IPP relationships and the new customers. We keep adding new orders even as we execute the existing work. Our customer profile, which includes several of the largest IPP [Showing first 8,000 characters — download PDF for full document]