Integrated Filing — IndAS



General information about company

Scrip Code 544532
NSE Symbol SOLARWORLD
MSEI Symbol NOTLISTED
ISIN INE0TY101024
Name of company Solarworld Energy Solutions Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 26-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 21-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Engineering, Procurement and Construction (EPC) services
Start date and time of board meeting 26-05-2026   11:00:00
End date and time of board meeting 26-05-2026   13:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 14-01-2026
Indicate Company website link for updated RPT policy of the Company https://worldsolar.in/wp-content/uploads/2026/05/Policy-on-Materiality-of-and-Dealing-with-Related-Party-Transactions.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? Yes
No. of times funds raised during the quarter 2
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? Yes



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 51,150.00 1,20,200.50
Other income 2,008.90 5,071.10
Total income 53,158.90 1,25,271.60
2 Expenses
(a) Cost of materials consumed 39,220.40 91,152.60
(b) Purchases of stock-in-trade 0.00 3,053.40
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 469.90 1,440.60
(e) Finance costs 673.90 1,359.90
(f) Depreciation, depletion and amortisation expense 11.70 36.70
(f) Other Expenses
1 Engineering, procurement and construction project expenses 5,778.40 9,608.80
2 Other Expenses 302.00 819.10
Total other expenses 6,080.40 10,427.90
Total expenses 46,456.30 1,07,471.10
3 Total profit before exceptional items and tax 6,702.60 17,800.50
4 Exceptional items 0.00 0.00
5 Total profit before tax 6,702.60 17,800.50
6 Tax expense
7 Current tax 1,577.50 4,149.30
8 Deferred tax 116.30 384.00
9 Total tax expenses 1,693.80 4,533.30
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 5,008.80 13,267.20
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 5,008.80 13,267.20
17 Other comprehensive income net of taxes 45.00 14.10
18 Total Comprehensive Income for the period 5,053.80 13,281.30
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 4,333.60 4,333.60
Face value of equity share capital 5 5
27 Details of debt securities
22 Reserves excluding revaluation reserve 82,065.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 5.78 16.47
Diluted earnings (loss) per share from continuing operations 5.77 16.46
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 5.78 16.47
Diluted earnings (loss) per share from continuing and discontinued operations 5.77 16.46
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 26, 2026. 2. The Audited standalone financial results of the Company for the quarter and year ended March 31, 2026 have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended. 3. The comparative figures of the quarter ended March 31, 2025 have not been subjected to audit or review by statutory auditors. However, the management has exercised due care and diligence to ensure that the standalone unaudited financial results for the said period present a true and fair view of the Company's financial performance. 4. The figures for the quarter ended March 31, 2026 are the balancing figures between audited figures in respect of financial year ended March 31, 2026 and the published limited reviewed figures for the nine months period ended December 31, 2025. 5. The Company has completed its initial public offer (IPO) of Rs. 4,900.00 million which included 1,39,60,113 equity shares of face value of Rs. 5/- each at an issue price of Rs. 351 per equity share (including share premium of Rs. 346 per share). Out of the above, offer for sale by promoter selling 14,24,501 equity shares (at an issue price of Rs. 351 per equity ) valued at Rs. 500.00 million and fresh issue of 1,25,35,612 equity shares (at an issue price of Rs. 351 per equity ) valued at Rs. 4,400.00. The shares of the Company are listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange on September 30, 2025. 6. The total proceeds from issue of shares consisted of IPO proceeds of Rs. 4,400 million (excluding offer for sale by promoters) and pre-IPO proceeds of Rs. 1,100 million aggregating to Rs. 5,500 million. The offer expenses (estimated) amounted to Rs. 283.22 million leaving a net proceeds to Rs. 5,216.78 millions. The details of objects of issue and its utilised/unutilised portion is as follows: Objects of the issue as per prospectus Amount to be utilised as per prospectus (net proceeds) Utilised amount upto March 31, 2026 Unutilised amount upto March 31, 2026 Investment in our Subsidiary, KSPL for part-financing the establishment of the Pandhurana Project 4200.00 - 4200.00 General Corporate Purpose 1016.78 1016.58 0.20 5216.78 1016.58 4200.20 IPO proceeds which were unutilized as at March 31, 2026 were temporarily invested in fixed deposits. 7. During the previous year ended March 31, 2025, SJVN Green Energy Limited (“SJVN”) issued notices suspending to the Company’s EPC contracts relating to 100 MW and 260 MW solar projects having an aggregate contract value of Rs. 4,592.19 million, citing land-related issues. The suspension, initially imposed up to September 15, 2025, was subsequently extended up to December 31, 2025. In connection with the aforesaid projects, the Company had furnished bank guarantees aggregating to Rs. 137.77 million in favour of SJVN. Pursuant to the continued suspension of the projects, SJVN sought extension of the bank guarantees and subsequently initiated steps for invocation thereof upon non-extension by the Company. Considering that the delays and suspension were attributable to non-availability of land and other contractual obligations required to be fulfilled by SJVN, the Company filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996 before the Hon’ble High Court of Delhi, challenging the invocation of the bank guarantees and seeking recovery of retention money and other receivables. Pursuant to the directions of the Hon’ble High Court of Delhi, adjudication proceedings have been initiated before the Disputes Adjudication Board (“DAB”) in accordance with the dispute resolution mechanism prescribed under the contracts, and the Company has extended the validity of the bank guarantees up to July 31, 2026. The Company has filed its statement of claims before the DAB amounting to Rs 2,193.35 million including claims towards release of retention amounts, recovery of dues for supplied/dispatched materials, compensation for idling and prolongation costs, loss of profits and reimbursement of legal costs. SJVN has also filed its responses, and the adjudication proceedings are presently in progress. Based on the contractual terms, legal advice obtained and management’s assessment of the facts and circumstances of the matter, management believes that the Company has a strong case on merits and is confident of a favourable outcome including recovery of the amount of Rs. 515.06 million recognised in the books as receivables. The Company will recognise the claims once the amount is certain as per the Indian Accounting Standards. However, the ultimate outcome of the proceedings is subject to final adjudication by the DAB, including evaluation of the evidence, merits of the respective claims and counterclaims, and quantification of the amounts recoverable/payable. Accordingly, pending final resolution of the matter, no provision is considered necessary in the accompanying financial results at this stage 8. The Government of India vide notification w.e.f November 21, 2025 has consolidated multiple existing legislations into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes'. As per Ind AS 19 ‘Employees Benefit’, changes to employee benefit plans arising from legislative amendments constitute a planned amendment, requiring recognition of past service cost immediately in the statement of profit and Loss. The calculated financial impact due to introduction of new labour codes is not material. The Government is in process of notifying related rules to the New Labour Codes and impact of these will be evaluated and accounted for in accordance with applicable accounting standards in the period in which they are notified. 9. Since the segment information as per Ind AS 108-Operating Segments is provided in the consolidated financial results, the same is not provided seperately for the standalone financial results.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 1,606.30
Capital work-in-progress 3,876.90
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 757.10
Trade receivables, non-current 0.00
Loans, non-current 6,565.70
Other non-current financial assets
1 Others financial assets 1,057.40
2 Non-current tax assets (net) 112.40
Total of other non-current financial assets 1,169.80
Total non-current financial assets 8,492.60
Deferred tax assets (net) 72.30
Other non-current assets
1 Other non current assets 800.70
Total of other non-current assets 800.70
Total non-current assets 14,848.80
2 Current assets
Inventories 216.90
Current financial asset
Current investments 0.00
Trade receivables, current 27,739.50
Cash and cash equivalents 2,264.80
Bank balance other than cash and cash equivalents 52,776.50
Loans, current 13,588.20
Other current financial assets
Total of other current financial assets 30,813.00
Total current financial assets 1,27,182.00
Current tax assets (net)
Other current assets
1 Other current assets 5,796.90
Total of other current assets 5,796.90
Total current assets 1,33,195.80
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 1,48,044.60
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 4,333.60
Other equity 82,065.00
Total equity attributable to owners of parent 86,398.60
Non controlling interest
Total equity 86,398.60
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 40.30
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities
Total of other non-current financial liabilities
Total non-current financial liabilities 40.30
Provisions, non-current 90.50
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 130.80
Current liabilities
Current financial liabilities
Borrowings, current 11,930.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 3,690.20
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 33,874.80
Total Trade payable 37,565.00
Other current financial liabilities
1 Other financial liabilities 380.70
Total of other current financial liabilities 380.70
Total current financial liabilities 49,875.70
Other current liabilities 11,602.90
1 Other current liabilities 11,602.90
Total of other current liabilities 11,602.90
Provisions, current 36.60
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 61,515.20
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 61,646.00
Total equity and liabilites 1,48,044.60
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) Since the segment information as per Ind AS 108-Operating Segments is provided in the consolidated financial results, the same is not provided seperately for the standalone financial results.



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement of defined benefit plans 60.10 18.80
2 Income tax relating to these items (15.10) (4.70)
Total Amount of items that will not be reclassified to profit and loss 45.00 14.10
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income 45.00 14.10



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 17,800.50
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1,359.90
Adjustments for decrease (increase) in inventories (12.60)
Adjustments for decrease (increase) in trade receivables, current (11,873.90)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (1,872.90)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (22,109.20)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 31,319.70
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 2,101.90
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 36.70
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 32.10
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 107.80
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (39.50)
Adjustments for dividend income 0.00
Adjustments for interest income 3,273.50
Adjustments for share-based payments 79.30
Adjustments for fair value losses (gains) (9.90)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (1.20)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (1,730.60)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (5,885.90)
Net cash flows from (used in) operations 11,914.60
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 4,442.20
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 7,472.40
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 5.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 9.80
Purchase of property, plant and equipment 2,650.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 41,271.40
Cash advances and loans made to other parties 22,436.30
Cash receipts from repayment of advances and loans made to other parties 10,770.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 1,583.70
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (53,999.20)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 43,999.90
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 6,921.10
Repayments of borrowings 11.60
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 856.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (2,268.80)
Net cash flows from (used in) financing activities 47,784.60
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 1,257.80
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 1,257.80
Cash and cash equivalents cash flow statement at beginning of period 1,007.00
Cash and cash equivalents cash flow statement at end of period 2,264.80





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 SS KOTHARI MEHTA & Co. LLP Yes 31-08-2028
2 DARPN & Co. Yes 31-08-2028


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1)

Amount in (Lakhs)

Mode of Fund Raising Preferential Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 21-11-2024
Amount Raised 11,000.00
Report filed for Quarter ended 31-03-2026
Monitoring Agency Applicable
Monitoring Agency Name, if applicable CRISIL Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation NA
Comments of the Audit Committee after review No Comments
Comments of the auditors, if any No Comments
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any
1 Investment in the Subsidiary, Kartik Solarworld Private Limited for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh, India (the Pandhurana Project) NA 832.20 0.00 0.00 0.00 No utilization during the reported quarter
2 General Corporate Purposes NA 10,167.80 0.00 10,165.80 0.00 Proceeds utilized towards payment to vendors


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (2)

Amount in (Lakhs)

Mode of Fund Raising Public Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 26-09-2025
Amount Raised 44,000.00
Report filed for Quarter ended 31-03-2026
Monitoring Agency Applicable
Monitoring Agency Name, if applicable CRISIL Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation NA
Comments of the Audit Committee after review No Comments
Comments of the auditors, if any No Comments
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any
1 Investment in the Subsidiary, Kartik Solarworld Private Limited for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh, India (the Pandhurana Project) NA 41,167.80 0.00 0.00 0.00 No utilization during the reported quarter


Signatory Details

Name of signatory Kartik Teltia
Designation of person Managing Director
Place Noida
Date 26-05-2026




Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Solarworld Energy Solutions Limited Frozen Food Processing Private Limited Enterprises controlled or significantly influenced by key management personnel or their relatives Sale of goods or services Approved 203.40 7.70 229.20
2 Solarworld Energy Solutions Limited Ortusun Renewable Power Private Limited Joint venturers Sale of goods or services Approved 779.80 1,258.70 2,109.60
3 Solarworld Energy Solutions Limited Pioneer Rail Equipments Private Limited Enterprises controlled or significantly influenced by key management personnel or their relatives Sale of goods or services Approved 95.60 0.00 104.10
4 Solarworld Energy Solutions Limited Kehan Solarworld Private Limited Joint venturers Purchase of goods or services Approved 0.00 0.50 0.50
5 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Sale of goods or services Approved 3,832.70 1,498.40 908.20
6 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Purchase of goods or services Approved 28.50 0.00 0.00
7 Solarworld Energy Solutions Limited Pioneer Facor IT Infradevelopers private limited Joint venturers Any other transaction Electricity Expenses Approved 9.10 0.00 1.60
8 Solarworld Energy Solutions Limited Pioneer Facor IT Infradevelopers private limited Joint venturers Any other transaction Rent Expenses Approved 41.00 0.00 0.00
9 Solarworld Energy Solutions Limited Pioneer Fincap Private Limited Enterprises controlled or significantly influenced by key management personnel or their relatives Any other transaction Rent Expenses Approved 0.50 0.10 0.00
10 Solarworld Energy Solutions Limited Pioneer Facor IT Infradevelopers private limited Joint venturers Any other transaction Other Expenses Approved 9.70 0.00 0.00
11 Solarworld Energy Solutions Limited Kartik Teltia Director Remuneration Approved 32.20 3.70 3.40
12 Solarworld Energy Solutions Limited Rishabh Jain Director Remuneration Approved 15.60 3.20 0.00
13 Solarworld Energy Solutions Limited Mukut Goyal KMP Remuneration NA 18.70 1.60 2.40
14 Solarworld Energy Solutions Limited Varsha Bharti KMP Remuneration NA 13.00 1.00 1.00
15 Solarworld Energy Solutions Limited Ortusun Renewable Power Private Limited Joint Venture Interest received Approved 42.80 0.00 0.00
16 Solarworld Energy Solutions Limited Kartik Solarworld Private Limited wholly owned subsidiary Interest received NA 1.80 0.00 0.00
17 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Interest received NA 551.80 0.00 0.00
18 Solarworld Energy Solutions Limited Solarworld BESS One Private Limited wholly owned subsidiary Interest received NA 13.60 0.00 0.00
19 Solarworld Energy Solutions Limited Zentrix PV Labs Private Limited Joint Venture Interest received Approved 4.00 0.00 0.00
20 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Any other transaction Fee on Corporate Guarantee Approved 59.60 0.00 59.60
21 Solarworld Energy Solutions Limited Aastha Gupta Relative of KMP Interest paid NA 0.00 0.00 0.00
22 Solarworld Energy Solutions Limited Gaurav Teltia Relative of KMP Interest paid NA 0.00 0.00 0.00
23 Solarworld Energy Solutions Limited Kartik Teltia Director Interest paid Approved 14.20 0.00 0.00
24 Solarworld Energy Solutions Limited Mangal Chand Teltia Director Interest paid Approved 11.30 0.00 0.00
25 Solarworld Energy Solutions Limited Anandi Teltia Relative of KMP Interest paid NA 0.00 0.00 0.00
26 Solarworld Energy Solutions Limited Pioneer Facor IT Infradevelopers private limited Joint venturers Interest paid Approved 137.50 0.00 0.00
27 Solarworld Energy Solutions Limited Kartik Solarworld Private Limited wholly owned subsidiary Loan NA 5.50 47.80 54.80 Loan 9.500 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(1)
28 Solarworld Energy Solutions Limited Ortusun Renewable Power Private Limited Joint Venture Loan Approved 23.50 1,273.00 1,335.00 Loan 9.500 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(2)
29 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Loan NA 13,836.00 11,139.60 17,402.30 Loan 9.1500 11 months Unsecured To meet the Working Capital requirement, project funding and other General Corporate Purpose Textual Information(3)
30 Solarworld Energy Solutions Limited Solarworld BESS One Private Limited wholly owned subsidiary Loan NA 1,015.00 30.90 1,058.10 Loan 9.500 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(4)
31 Solarworld Energy Solutions Limited Zentrix PV Labs Private Limited Joint Venture Loan Approved 300.00 0.00 303.60 Loan 9.500 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(5)
32 Solarworld Energy Solutions Limited Ortusun Renewable Power Private Limited Joint Venture Loan NA 0.00 0.00 0.00 Textual Information(6)
33 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Loan NA 7,920.00 0.00 0.00 Textual Information(7)
34 Solarworld Energy Solutions Limited Aastha Gupta Relative of KMP Loan NA 0.00 0.00 0.00 Textual Information(8)
35 Solarworld Energy Solutions Limited Kartik Teltia Director Loan NA 335.00 0.00 0.00 Textual Information(9)
36 Solarworld Energy Solutions Limited Pioneer Facor IT Infradevelopers private limited Joint venturers Loan NA 550.00 0.00 0.00 Textual Information(10)
37 Solarworld Energy Solutions Limited Kartik Teltia Director Loan Approved 0.00 414.40 92.20 Loan 9.00 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(11)
38 Solarworld Energy Solutions Limited Mangal Chand Teltia Director Loan Approved 0.00 294.50 306.70 Loan 9.00 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(12)
39 Solarworld Energy Solutions Limited Pioneer Fil-med Private Limited Enterprises controlled or significantly influenced by key management personnel or their relatives Loan Approved 0.00 0.00 0.00 Loan 11.500 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(13)
40 Solarworld Energy Solutions Limited Pioneer Facor IT Infradevelopers private limited Joint venturers Loan Approved 3,500.00 0.00 3,073.80 Loan 9.00 11 months Unsecured To meet the Working Capital requirement and other General Corporate Purpose Textual Information(14)
41 Solarworld Energy Solutions Limited Kartik Teltia Director Any other transaction Reimbursement paid by related party on behalf of company Approved 3.50 0.00 0.00
42 Solarworld Energy Solutions Limited Mukut Goyal KMP Any other transaction Reimbursement paid by related party on behalf of company NA 0.20 0.00 0.00
43 Solarworld Energy Solutions Limited Varsha Bharti KMP Any other transaction Reimbursement paid by related party on behalf of company NA 0.10 0.00 0.00
44 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Any other transaction Reimbursement paid by related party on behalf of company NA 1.50 0.00 0.10
45 Solarworld Energy Solutions Limited Solarworld BESS One Private Limited wholly owned subsidiary Any other transaction Reimbursement paid by Company on behalf of entity NA 35.00 0.00 35.00
46 Solarworld Energy Solutions Limited Znshine Solarworld Private Limited wholly owned subsidiary Any other transaction Reimbursement paid by Company on behalf of entity NA 1.50 0.00 0.00
47 Solarworld Energy Solutions Limited Zentrix PV Labs Private Limited Joint Venture Investment NA 5.00 0.00 0.00 Textual Information(15)
48 Solarworld Energy Solutions Limited Ramakant Pattnaik Independent Director Remuneration NA 4.00 0.00 3.60 Textual Information(16)
49 Solarworld Energy Solutions Limited Rini Chordia Independent Director Remuneration NA 4.40 0.00 4.00 Textual Information(17)
50 Solarworld Energy Solutions Limited Mangal Chand Teltia Director Remuneration Approved 1.40 0.00 1.30 Textual Information(18)
51 Solarworld Energy Solutions Limited Sushil Kumar Jain Director Remuneration Approved 0.90 0.00 0.80 Textual Information(19)
52 Solarworld Energy Solutions Limited Rishabh Jain Director Remuneration Approved 0.50 0.00 0.50 Textual Information(20)
Total value of transaction during the reporting period 33,459.40



Text Block

Textual Information(1) Loan Given
Textual Information(2) Loan Given
Textual Information(3) The closing balance includes balance of ₹ 656.57 million which is classifed as non current in financial statements
Textual Information(4) Loan Given
Textual Information(5) Loan Given
Textual Information(6) Loan Received Back
Textual Information(7) Loan Received Back
Textual Information(8) Loan Repaid
Textual Information(9) Loan Repaid
Textual Information(10) Loan Repaid
Textual Information(11) Loan taken
Textual Information(12) Loan taken
Textual Information(13) Loan taken
Textual Information(14) Loan taken
Textual Information(15) Investment Made
Textual Information(16) Director Sitting Fee
Textual Information(17) Director Sitting Fee
Textual Information(18) Director Sitting Fee
Textual Information(19) Director Sitting Fee
Textual Information(20) Director Sitting Fee


Format for Disclosing Outstanding Default on Loans and Debt Securities

Amount in (Lakhs)

<
Sr. No. Particulars Amount Remarks
1. Loans / revolving facilities like cash credit from banks / financial institutions
A Total amount outstanding as on date 0.00
B Of the total amount outstanding, amount of default as on date 0.00
2. Unlisted debt securities i.e. NCDs and NCRPS
A Total amount outstanding as on date 0.00
B Of the total amount outstanding, amount of default as on date 0.00
3. Total financial indebtedness of the listed entity including short-term and long-term debt 0.00