Ravindra: Preferential Issue Utilization Update – Renewable Energy & EV Projects Progress

Announcement Date: 29 April 2026

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1. Key Financial Metrics

• Total proceeds raised: INR 180 crore
• Total utilized to date: INR 172.5 crore
• Unutilized amount: INR 7.5 crore (4.2% of total)
• Allocation breakdown:
  • Renewable Energy Business: INR 90 crore proposed, INR 96 crore utilized (within ±10% variance)
  • Electric Vehicle Business: INR 60 crore proposed, INR 46.51 crore utilized, INR 13.49 crore idle
  • General Corporate Purpose: INR 30 crore proposed, INR 29.99 crore utilized
• Idle funds deployment: Fixed Deposits (FD) with SBI (INR 5 crore @ 4.5% p.a.) and Axis Bank (INR 3 crore @ 3.75% p.a.) – total INR 8 crore earning modest returns.

2. Strategic Decisions

• Renewable Energy: Full deployment indicates aggressive expansion into new generation projects, battery storage, solar pumps, and electricity trading. The board has granted a six‑month extension (until mid‑April 2026) to complete the rollout.
• Electric Vehicle Business: Capital spend is lagging; only ~78% of the earmarked funds have been used. The company aims to set up charging/swapping infrastructure, battery supply, and EV assembly, but execution timelines remain unclear.
• General Corporate Purposes: Near‑complete utilization suggests the company has addressed short‑term liquidity and contingency needs.

3. Regulatory & Compliance

• The utilization figures comply with NSE and BSE circulars (NSE/CML/2022/56, BSE/20221213‑47) allowing a ±10% deviation from the originally proposed amounts.
• No adverse comments from the monitoring agency or the board were recorded.

4. Risks & Opportunities

Risk	Description
Execution delay – Renewable Energy	Project timelines extended; however, board approval mitigates immediate penalty risk.
EV spend lag	Slower capital deployment could hinder market entry and competitive positioning in the fast‑growing EV sector.
Interest rate risk	Fixed‑deposit earnings are modest; a rise in market rates could make current allocations sub‑optimal.

Opportunity	Description
Renewable energy growth	Capitalized expansion aligns with India’s clean‑energy targets, potentially delivering high‑margin revenue streams.
Strategic diversification	Presence in both renewable and EV sectors diversifies revenue sources and reduces reliance on traditional businesses.
Liquidity preservation	Idle funds placed in low‑risk FDs maintain liquidity while earning a safe return.

5. Forward Guidance

• Renewable Energy: Expect completion of the majority of projects by Q2 2026 (post‑extension). Revenue contribution to rise as assets become operational.
• Electric Vehicle: Management is expected to accelerate fund deployment in H2 2026; investors should watch for announcements on charging infrastructure contracts or JV formations.
• Financial Position: With most proceeds utilized and a small, low‑risk cash buffer, the company’s balance sheet remains robust.

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Prepared by the Senior Finance Analyst – 29 April 2026