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The picture can't be displayed. Q2 & H1 FY27 INVESTOR PRESENTATION November 2026 "Integrating the Value Chain. Scaling the Opportunity." 1
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The picture can't be displayed. This presentation and the accompanying slides (the “Presentation”), which have been prepared by Saatvik Green Energy Limited (the “Company”), are solely for information purposes and do not constitute, and should not be construed as, any offer, recommendation, or invitation to purchase or subscribe for any securities. Nothing contained in this Presentation shall form the basis of, or be relied upon in connection with, any contract or binding commitment whatsoever. Any offering of securities of the Company, if made, will be by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared based on information and data which the Company considers reliable; however, the Company makes no representation or warranty, express or implied, regarding the accuracy, completeness, fairness, or reasonableness of the contents of this Presentation. The Company expressly disclaims any liability in respect of any loss or damage arising from the use of, or reliance on, this Presentation or its contents. This Presentation may not be all inclusive and may not contain all of the information that a prospective investor may consider material. Certain statements in this Presentation, including those relating to the Company’s business prospects, future opportunities, growth strategy, competitive strengths, and industry outlook, may be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions, many of which are beyond the Company’s control and difficult to predict. Such risks and uncertainties include, but are not limited to: general economic conditions in India and international markets, industry performance, competitive pressures, the Company’s ability to successfully implement its strategy, technological developments, regulatory changes, availability or withdrawal of governmental incentives, fluctuations in revenue, income or cash flows, and exposure to market risks. Actual results, performance, or achievements of the Company may differ materially from those expressed or implied in such forward-looking statements. The Company assumes no obligation to update or revise any information contained in this Presentation, including forward-looking statements, whether as a result of new information, future events, or otherwise. All maps, charts, data, and visuals in this Presentation are not to scale and are provided “as is” without any warranty, express or implied, as to their accuracy, completeness, or timeliness. DISCLAIMER 2
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The picture can't be displayed. KEY HIGHLIGHTS 3
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MODULE Launched the Quad-Cut TOPCon 3.0 Dual Glass Bifacial Module, unveiled at the Renewable Energy India (REI) Expo 2026 Portfolio Expansion & Product Innovation HYBRID INVERTER Entered the hybrid inverter segment, strengthening our renewable energy product portfolio. LITHIUM BATTERY Expanded into lithium battery solutions to strengthen our presence in the energy storage segment. 51.2V 100Ah HIGH CAPACITY 5.12 kWh ENERGY STORAGE 4000+ LIFE CYCLES 4 Q2 & H1 FY27 KEY MILESTONES
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The picture can't be displayed. KEY MILESTONES Q2 & H1 FY27 New Market Initiatives & Solar Kit Development Source: Company data. Amazon.in listing screenshots for illustration. E-COMMERCE SALES Commenced e-commerce operations, expanding our digital sales presence and customer reach. Live on Amazon.in Marketplace presence now open Tej Plus 625 Wp High-efficiency solar panel, 30-year performance Tej Bifacial 600 Wp N-TOPCon bifacial technology, pack of 2 SOLAR KITS Comprehensive On-Grid Solar Kit solution designed for Residential & Small Commercial Applications — Standardized, Scalable, and Built for Performance. 01 Comparison of kits and components Technical, commercial and pricing benchmarks to identify best-in-class configurations 02 Mounting structure finalized Design completed for MMS development 03 BOS standardized Balance of System defined from research insights and system design needs Real-time monitoring No battery required 5-year warranty Made in India Advanced MPPT Embedded protection 5
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The picture can't be displayed. OUR VISION : From Solar Manufacturer to Integrated Energy Platform 6
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Each stage of the value chain is being built with a defined capital plan and a well-defined timeline INGOTS & WAFERS Planned Under construction — production Q3 FY27 ENCAPSULANT Commissioned — 2 GW live; +3 GW by FY28 MODULE Established — 6.1 GW live; +2.7 GW by Dec 2026 CAPACITY OUTLOOK Ingots & Wafers 6 GW ( Phase III ) Cell 2.4 GW ( Phase I ) Encapsulant 5 GW2 GW Live Module 8.8 GW The picture can't be displayed. CELL Expanding Capacities for Building an End-to-End Energy Platform +3 GW by FY28 3.6 GW (Phase II) – by start of FY28 6.1 GW Live +2.7 GW 6 GW 6 GW Under constructionExisting Capacity PlannedUnder Ramp-up 7
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Strengthening Our Integrated Manufacturing Platform From established capabilities to Deeper Integration HARYANA(AMBALA) Established Manufacturing Base ODISHA (GOPALPUR) Next-Generation Integrated Hub Module Encapsulant AncillariesTransformers Module Cell Encapsulant Ingots and Wafers 8 Inverter Battery
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Ground Mounted Projects Rooftop Projects Solar KitsSolar Pumps Extending Saatvik's presence across utility, C&I, agriculture and distributed energy One Portfolio. Multiple Solar Applications UTILITY SCALE C&I DISTRIBUTED AGRICULTURE RESIDENTIAL AND SMALL C&I Enabled by MODULES INVERTERS TRANSFORMERS BESS* *Planned • High-efficiency solar PV modules • On-grid & hybrid inverter solutions • Power transmission & distribution equipment • Utility-scale energy storage solutions 9
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The picture can't be displayed. ODISHA PROJECT : Accelerating Our Journey Towards Integration 10
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Phase 1 : Integrated Manufacturing Campus ODISHA PROJECT Phase 1 Trial Run Commenced & ALMM Inspection Called For 57 Acres | 2.4 GW Cell Capacity | 4 GW Module Capacity 11
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Odisha 2.4 GW Cell Line (Phase I) PROJECT STATUS Trial Run Trial Run Commenced; Production Ramp-Up Targeted for Dec’26 ALMM List-II Inspection Planned for November 2026 12
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Odisha 4 GW Module Line (Phase I commenced) PROJECT STATUS Milestones Achieved Upcoming Milestones 1.3 GW Commercial Production started • Commercial production commenced at the Gopalpur facility, Odisha, effective 2 November 2026 • Phase 1 capacity of approximately 1.3 GW is now operational • Tool and utility testing and validation. • Trial runs and performance verification. • Process optimisation and stabilisation. • Full 4 GW capacity expected by December 2026 13
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Phase 2 : Integrated Manufacturing Campus ODISHA PROJECT Phase 2 Structural works & Civil works commenced 27 Acres | 3.6 GW Cell Capacity 14
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“The second quarter of FY27 was a significant step forward for Saatvik. Revenue from operations grew 77% sequentially to ₹9,026 million, EBITDA rose to ₹696 million, and profit after tax increased to ₹202 million from ₹54 million in the previous quarter. We closed the first half with a confirmed order book of 6.68 GW, with 1.76 GW of new orders added during the half, which gives us strong visibility on execution in the coming quarters. The commencement of commercial production at our Odisha facility on 2 November 2026 marks an important milestone in our journey. With about 1.3 GW of module capacity now operational and the full 4 GW expected by December 2026. We have also initiated cell line trial runs, with production activities currently in progress. The ALMM-2 inspection is expected in November, while groundwork has commenced for a new 3.6 GW solar cell line, further strengthening our integrated and scalable manufacturing platform in line with India’s domestic manufacturing priorities. India’s solar sector continues to offer a large and sustained opportunity. We are well positioned to participate in it, and we remain focused on executing our plans with discipline and delivering long-term value to all our stakeholders.” Mr. Neelesh Garg Chairman & Managing Director Saatvik Green Energy Limited Management Comment 15
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The picture can't be displayed. Q2 & H1 FY27 Key Highlights MODULE PRODUCTION 658 MW Q2 FY27 H1 FY27: 1,066 MW MODULE SALES 640 MW Q2 FY27 H1 FY27: 973 MW REVENUE FROM OPERATIONS ₹9,026 Mn +77% QoQ H1 FY27: ₹14,136 Mn EBITDA ₹696 Mn 7.7% margin in Q2 FY27 H1 FY27: ₹1,121 Mn PROFIT AFTER TAX ₹202 Mn Q1 FY27: ₹54 Mn H1 FY27: ₹256 Mn CONFIRMED ORDER BOOK 6.68 GW ~110% of installed module capacity 1.76 GW new orders added in H1 FY27 16
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INDUSTRY OPPORTUNITY 1717
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India’s Solar Demand Outlook Remains strong Key Demand Drivers India targets 500 GW non-fossil capacity by 2030 • Current installed renewable capacity: ~220 GW+ (FY26) • Solar contributes ~108 GW+ installed capacity PM Surya Ghar Yojana targets 1 crore households • ₹75,000 crore scheme announced • Strong push for residential rooftop adoption PM-KUSUM driving rural solar adoption • Target: 30.8 GW solar capacity • Supports solar pumps for farmers C&I consumers account for ~20–25 GW open access solar opportunity • Large corporates increasingly adopting RE to meet ESG goals Source: Industry Reports Projected Peak Electricity Demand (GW) 18
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ALMM Accelerating India's Transition Towards Integrated Solar Manufacturing The industry is transitioning from module-led to cell-led competitiveness, with integrated manufacturing emerging as the key differentiator under India's evolving localization policies MODULE-LED COMPETITION • Competing mainly on module capacity and price • Heavy reliance on imported cells • Backward integration optional, not structural • Margins exposed to commodity & currency swings INTEGRATED, CELL-LED MANUFACTURING • Domestic cell capacity becomes an entry barrier • Integrated players (cell + module ) secure supply • Vertical integration becomes a structural cost & margin moat • Consolidation favours early movers with committed capex India's localization roadmap ALMM LIST-I Modules — Enforced from April 2021 Established ALMM LIST-II Cells - effective June 2026* In force ALMM LIST-III Wafers & ingots - June 1, 2028 (exp.) Anticipated The picture can't be displayed. ALMM LIST-II ADVANTAGE TO SAATVIK Backward integration already in motion 2.4 GW Odisha Phase I cell capacity under ramp-up; production expected in Q3 FY27. ALMM-II inspection planned for November 2026. Net positive for integrated players Structurally favors backward-integrated manufacturers as the market consolidates — Saatvik's cell, encapsulant (2 GW→5 GW) and module capacity build-out is directly aligned with this shift. Solar Manufacturing Shift India’s *ALMM List-II implementation extended until 31 December 2026 for eligible net-metering and open-access RE projects commissioning by that date; no blanket extension. 19
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The Opportunity Why now, why India, why Saatvik INDIA'S SOLAR HEADROOM Only 15.4% of India's 750 GW solar potential harnessed — massive runway remains India RE market: USD 24 Bn (2024) → USD 37 Bn (2030) at ~9% CAGR (MarkntelAdvisors) Solar demand >50% annual growth over last 2 years; India now world's 3rd-largest solar market 500 GW non-fossil target by 2030 — 283 GW installed as of Mar 2026 → 217 GW gap to fill Annual solar demand: 50 GW (FY27E) → 85 GW (FY30E) Saatvik’s Strategic Positioning CAPACITY 6.1 GW module capacity → 8.8 GW by FY27 (Odisha 4 GW by Dec 2026) ORDER BOOK 6.68 GW confirmed; ~110% of installed capacity — strong revenue visibility REVENUE ₹14,136 Mn in H1 FY27 BACKWARD INTEG. 2 GW encapsulant live; 2.4 GW cell capacity under construction (6 GW by FY28). DIVERSIFICATION EPC + Solar Pumps + Inverters + Transformers + Upcoming plans of Diversification. ESG EcoVadis Bronze Medal (79th percentile globally); ESG embedded in operations Source: Industry Reports and Company Analysis 01 02 03 04 05 Supported by 20
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The picture can't be displayed. FINANCIAL PERFORMANCE 21
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OPERATIONAL 4.8 + 1.3 GW Module capacity VISIBILITY Strong Forward revenue ORDER BOOK ~110% Of installed capacity ORDERS EXECUTED NEW ORDERS ADDED 0.97 GW 1.76 GW Snapshot The picture can't be displayed. Order Book Evolution STRONG ORDER BOOK Currently 6.68 GW CONFIRMED ORDER BOOK RECENT ORDER WINS DATE ORDER VALUE PRODUCT / SEGMENT 13 August 2026 ₹476 Cr Solar PV modules – Vikran Engineering Limited 03 Sept 2026 ₹297.50 Cr Domestic solar PV modules 15 Sept 2026 ₹1041.63 Cr 10 Oct 2026 ₹100 Cr Solar photovoltaic modules – Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) Solar PV modules – Solar Energy Corporation of India Limited (SECI) - as on H1 FY27 22 20 August 2026 ₹190.00 Cr Domestic solar PV modules
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FINANCIAL PERFORMANCE Summary of Financial Performance – Q1 FY 27 vs Q2 FY 27 EBITDA (INR Mn) Revenue from Operations (INR Mn)Sales (In MW) 334 640 Q1 FY27 Q2 FY27 5,110 9,026 Q1 FY27 Q2 FY27 EBITDA (INR Mn) 425 696 Q1 FY27 Q2 FY27 8.33% 7.7% Profit After Tax (INR Mn) 54 202 Q1 FY27 Q2 FY27 1.05% 2.2% FY 24–25 FY 25–26 Debt/Equity Ratio 0.99 1.37 Q1 FY27 Q2 FY27 Production (In MW) 408 658 Q1 FY27 Q2 FY27 23
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FINANCIAL PERFORMANCE Summary of Financial Performance – Q2 FY 26 vs Q2 FY 27 EBITDA (INR Mn) 361 759 Q3FY25 Q3FY26 Revenue from Operations (INR Mn)Sales (In MW)Production (In MW) 792 658 Q2 FY26 Q2 FY27 538 640 Q2 FY26 Q2 FY27 7,680 9,026 Q2 FY26 Q2 FY27 EBITDA (INR Mn) 1,263 696 Q2 FY26 Q2 FY27 16.45% 7.7% Profit After Tax (INR Mn) 847 202 Q2 FY26 Q2 FY27 11.03% 2.2% FY 24–25 FY 25–26 Debt/Equity Ratio 0.44 1.37 Q2 FY26 Q2 FY27 24
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The picture can't be displayed. Figures in INR Mn Statement of Q2 & H1 Profit & Loss Particulars Quarter Ended Six Month Ended Year Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 Revenue from operations 9,026 5,110 7,680 14,136 16,838 45,484 Other Income 253 87 152 340 192 396 Total Income 9,279 5,197 7,832 14,476 17,029 45,880 Cost of materials and services consumed 7,640 5,267 8,400 12,907 15,672 34,966 Purchase of Stock-in-Trade 271 22 159 293 275 2,003 Changes in inventories of finished goods, work-in-progress and Stock- in-Trade (267) (1,288) (3,179) (1,555) (4,089) (1,514) Employee benefits expense 278 259 296 537 573 1,160 Other expenses 661 512 892 1,173 1,559 3,455 EBIDTA 696 425 1,263 1,121 3,040 5,811 Finance costs 240 217 136 458 327 713 Depreciation and amortisation expense 149 134 137 283 261 642 Exceptional Items 26 0 0 26 0 39 Profit Before Tax 280 74 990 354 2,452 4,417 Tax 78 20 143 98 439 845 Profit After Tax 202 54 847 256 2,013 3,571 25 25
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The picture can't be displayed. APPENDIX 26
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Awards & Accolades Strengthening Our Credentials Golden Peacock Occupational Health & Safety Award 2026 'Brand of the Year' award at the India Power & Renewable Leadership Awards 2026 Prithvi Award 2026 Recognised by the ESG Research Foundation for outstanding sustainability performance. IGBC Green Factory Building — Silver Rating (Ambala Facility) 27
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The picture can't be displayed. COMPREHENSIVE EMPLOYEE HEALTH PROGRAMS including regular check-ups, medical camps, and occupational safety training. EQUAL OPPORTUNITY EMPLOYMENT PRACTICES with special safety support initiatives for girls in educational institutions. Board diversity achievement: 2 out of 6 board positions held by women, demonstrating commitment to gender representation in leadership. ADVANCED WATER MANAGEMENT 350 KL rainwater harvesting capacity and 40 KLD water treatment facility targeting Zero Liquid Discharge (ZLD). Installing RO units for safe drinking water in rural Gram Panchayats. Leading by example with ROOFTOP SOLAR INSTALLATIONS across internal operations and manufacturing plants, demonstrating renewable energy adoption. COMPREHENSIVE SKILL-BUILDING PROGRAMS ensuring safe working conditions and structured employee growth pathways. Focus on professional development and career advancement opportunities. EDUCATIONAL CSR Developing smart classrooms in government schools, providing scholarships, installing safety infrastructure and technical solar technology training for local youth. SDG Aligned Sustainability Initiatives 28
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The picture can't be displayed. TECHNOLOGY EXCELLENCE through energy-efficient equipment deployment including IE3+ motors, advanced compressors, and comprehensive LED lighting systems. Dedicated R&D team focusing on circular economy solutions SIGNIFICANT RENEWABLE ENERGY ADOPTION with 1,600 KW solar installations, directly reducing GHG emissions and carbon footprint. ENVIRONMENTAL STEWARDSHIP through extensive tree plantation initiatives across factory peripheries, enhancing biodiversity and green cover GOVERNANCE EXCELLENCE Comprehensive Code of Conduct, anti-bribery policies, whistleblower mechanisms, and robust data privacy protections. Strong oversight and governance frameworks. STRATEGIC COLLABORATIONS with NGOs, training institutions, CSR partners, and industry associations for maximum impact and knowledge sharing. COMPREHENSIVE WASTE MANAGEMENT Systematic waste segregation, hazardous waste handling, and e-waste recycling through CPCB authorized vendors. Full RoHS compliance ensuring harmful substance restrictions. SDG Aligned Sustainability Initiatives 29
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The picture can't be displayed. Education – School Transformation Public School Infrastructure Building COMMUNITY EMPOWERMENT ACTIVITIES Healthcare Accommodation for Underprivileged Pediatric Cancer Patients at Homi Bhabha cancer research institute 30
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The picture can't be displayed. SAATVIK GREEN ENERGY LIMITED THANK YOU Adfactors IR Saloni Nagvekar/ Tejaswee Gaonkar/ Soleha Khan saloni.nagvekar@adfactorspr.com tejaswee.gaonkar@adfactorspr.com soleha.khan@adfactorspr.com Website : https://saatvikgroup.com 31