J Provisions, Contingent Liabilities, Contingent
Assets and Commitments
Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the
amount of the obligation. When the Company expects
some or all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement is
recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating
to a provision is presented in the statement of profit and
loss net of any reimbursement.
If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.
Contingent liabilities are disclosed in respect of possible
obligations that arise from past events, but their existence
is confirmed by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the
control of the Company.
A contingent asset is a possible asset that arises from
past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the entity. Contingent assets are not recognised till the
realization of the income is virtually certain.
Warranty
The Company gives a warranty between 25 to 30 years on
solar modules designed, manufactured and supplied by
the Company. Provision is made for estimated warranty
claims in respect of products sold which are still under
warranty at the end of the reporting period. These claims
are expected to be settled as and when warranty claims
will arise. Management estimates the provision based
on historical warranty claim information and any recent
trends that may suggest future claims could differ from
historical amounts.
K Share based payments
Employees of the Company receive remuneration in the
form of share-based payments, whereby employees
render services as consideration for equity instruments.
Equity settled transactions
The cost of equity-settled transactions is determined by
the fair value at the date when the grant is made using
Black Scholes valuation model.
That cost is recognised, together with a corresponding
increase in share-based payment reserves in equity,
over the period in which the performance and/or service
conditions are fulfilled in employee benefits expense.
The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired
and the Company’s best estimate of the number of equity
instruments that will ultimately vest. The statement of
profit and loss expense or credit for a period represents
the movement in cumulative expense recognised as at
the beginning and end of that period and is recognised in
employee benefits expense.
Service and non-market performance conditions are not
taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being
met is assessed as part of the Company’s best estimate
of the number of equity instruments that will ultimately
vest. Market performance conditions are reflected within
the grant date fair value.
L Cash and cash equivalents
Cash and cash equivalents in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.
M Cash flow statement
Cash flows are reported using the indirect method,
whereby net profit before tax is adjusted for the effects
of transactions of a non-cash nature and any deferrals
or accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing
activities of the Company are segregated.
Certain arrangements entered with financiers have been
classified as borrowings by the Company. The Company
presents cash outflows to settle the liability arising from
financing activities in its statement of cash flows.
N Revenue Recognition
Revenue from contracts with customers is recognised
to the extent that it is probable that the economic
benefits will flow to the Company and the revenue can
be reliably measured, regardless of when the payment
is being made. When a performance obligation is
satisfied, the revenue is measured at the transaction
price which is consideration received or receivable,
net of returns, credit price concessions, incentives,
liquidated damages or other similar deductions in a
contract except when it is highly probable it will not
be provided after taking into account contractually
defined terms of payment and excluding taxes or duties
collected on behalf of the government.
The Company derives revenues primarily from sale
of solar modules, solar cells, solar accessories and
construction/project related activity.
The following is summary of material accounting policies
relating to revenue recognition.
Revenue from sale of goods
The Company recognises revenue for supply of goods
to customers against orders received. The majority
of contracts that Company enters into relate to sales
orders containing single performance obligations for the
delivery of solar modules, solar cells, solar accessories
and silicon wafers as per Ind AS 115. Product revenue
is recognised when control of the goods is passed to
the customer. The point at which control passes is
determined based on the terms and conditions by each
customer arrangement.
Revenue from sale of solar power customers is
recognised when control of the goods (power) or services
is transferred to the customer at an amount that reflects
the consideration to which the Company expects to be
entitled in exchange for transferring promised goods or
services having regard to the terms of the agreement
with customer.
Variable Consideration forming part of the total
transaction price including compensation on account
of change in law will be allocated and recognised when
the terms of variable payment relate specifically to the
Company's efforts to satisfy the performance obligation
i.e. in the year of occurrence of event linked to variable
consideration.
Revenue from construction/ project related activity
In revenue arrangements with multiple performance
obligations, the Company accounts for individual
products and services separately if they are distinct - i.e.
if a product or service is separately identifiable from other
items in the arrangement and if a customer can benefit
from it. The consideration is allocated between separate
products and services in the arrangement based on their
estimated stand-alone selling prices determined using
suitable methods as defined in Ind AS 115.
Contract revenue is recognised at allocable transaction
price which represents the amount of consideration to
which the company expects to be entitled in exchange
for transferring good or service to a customer excluding
amounts collected on behalf of a third party and is
adjusted for variable considerations.
Contract Balances
(i) Contract liabilities
A contract liability is the obligation to transfer goods
or services to a customer for which the Company
has received consideration (or the amount is due)
from the customer. If a customer pays consideration
before the Company transfers goods or services
to the customer, a contract liability is recognised
when the payment is made, or the payment
is due (whichever is earlier). Contract liabilities
are recognised as revenue when the Company
performs under the contract.
(ii) Trade receivables
A receivable represents the Company's right to
an amount of consideration that is unconditional
(i .e., only the passage of time is required before
payment of the consideration is due). However,
trade receivables that do not contain a significant
financing component are measured at transaction
price.
(iii) Contract assets
A contract asset is the right to consideration in
exchange for goods or services transferred to
customer. If the Company performs by transferring
goods or services to a customer before the
customer pays consideration or before payment is
due, a contract asset is recognized for the earned
consideration that is conditional.
Interest income
For all debt financial instruments measured either
at amortised cost or at fair value through other
comprehensive income, interest income is recorded
using the effective interest rate (EIR). EIR is the rate that
exactly discounts the estimated future cash payments or
receipts over the expected life of the financial instrument
or a shorter period, where appropriate, to the gross
carrying amount of the financial asset or to the amortised
cost of a financial liability. Interest income is included in
other income in the statement of profit and loss.
Dividends
Revenue is recognised when the Company’s right to
receive the payment is established, which is generally
when shareholders approve the dividend.
O Government grants
Government grants are recognised where there is
reasonable assurance that the grant will be received and
all attached conditions will be complied with.
Government grants relating to income are deferred and
recognised in the statement of profit or loss over the
period necessary to match them with the costs that
they intend to compensate and are presented as "other
income".
Government grants relating to assets which is received
subsequent to purchase of asset is treated as deferred
income under non-current liabilities and credited to
statement of profit or loss on straight-line basis over the
expected remaining useful life of the related assets under
other income. Grants received in the form of rebate or
exemptions or deferment of certain duties at time of
purchase of asset is presented as a reduction to the
carrying amount of the related asset.
Export incentives under various schemes are recognized
as income when the right to receive such entitlements/
credit as per the terms of the respective schemes is
established and where there is no significant uncertainty
regarding the ultimate collection of the relevant export
proceeds.
P Leases
The Company evaluates if an arrangement qualifies to be a
lease as per the requirements of Ind AS 116. Identification
of a lease requires significant judgment. A contract is,
or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange for consideration. The determination of
whether an arrangement is (or contains) a lease is based
on the substance of the arrangement at the inception
of the lease. The arrangement is, or contains, a lease if
fulfilment of the arrangement is dependent on the use of
a specific asset or assets and the arrangement conveys
a right to use the asset or assets, even if that right is not
explicitly specified in an arrangement.
Company as a lessee
The Company assesses whether a contract contains
a lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of
time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an
identified asset, the Company assesses whether: (i) the
contract involves the use of an identified asset (ii) the
Company has substantially all of the economic benefits
from use of the asset through the period of the lease
and (iii) the Company has the right to direct the use of
the asset. The Company uses significant judgement in
assessing the lease term (including anticipated renewals)
and the applicable discount rate. The determination of
whether an arrangement is (or contains) a lease is based
on the substance of the arrangement at the inception
of the lease. The arrangement is, or contains, a lease if
fulfilment of the arrangement is dependent on the use of
a specific asset or assets and the arrangement conveys
a right to use the asset or assets, even if that right is not
explicitly specified in an arrangement.
At the date of commencement of the lease, the
Company recognizes a right-of-use asset(“ROU”) and a
corresponding lease liability for all lease arrangements
in which it is a lessee, except for leases with a term of
twelve months or less (short-term leases) and low value
leases. For these short-term and low value leases,
the Company recognizes the lease payments as an
operating expense on a straight-line basis over the
term of the lease.
The right-of-use assets are initially recognized at cost,
which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the
commencement date of the lease plus any initial direct
costs less any lease incentives. They are subsequently
measured at cost less accumulated depreciation and
impairment losses.
Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the
lease term and useful life of the underlying asset. The
lease liability is initially measured at amortized cost at
the present value of the future lease payments. The
lease payments are discounted using the interest rate
implicit in the lease or, if not readily determinable,
using the incremental borrowing rates in the country
of domicile of these leases. Lease liabilities are
remeasured with a corresponding adjustment to the
related right of use asset if the Company changes its
assessment if whether it will exercise an extension or a
termination option.
Lease liability and ROU asset have been separately
presented in the balance sheet and lease payments have
been classified as financing cash flows.
Company as a lessor
Leases in which the Company does not transfer
substantially all the risks and rewards of ownership of an
asset are classified as operating leases. Rental income
from operating lease is recognised on a straight-line
basis over the term of the relevant lease. Initial direct
costs incurred in negotiating and arranging an operating
lease are added to the carrying amount of the leased
asset and recognised over the lease term on the same
basis as rental income.
Leases are classified as finance leases when
substantially all of the risks and rewards of ownership
transfer from the Company to the lessee. Amounts
due from lessees under finance leases are recorded
as receivables at the Company’s net investment in the
leases. Finance lease income is allocated to accounting
periods so as to reflect a constant periodic rate of
return on the net investment outstanding in respect of
the lease.
Q Income tax
Current tax
Current income tax assets and liabilities are measured
at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws
used to compute the amount are those that are enacted
or substantively enacted, at the reporting date in the
countries where the Company operates and generates
taxable income. Current income tax relating to items
recognised outside profit or loss is recognised outside
profit or loss (either in other comprehensive income
(“OCI”) or in equity). Current tax items are recognised
in correlation to the underlying transaction either in
OCI or directly in equity. Management periodically
evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are
subject to interpretation and establishes provision where
appropriate.
Deferred tax
Deferred tax is provided using the liability method on
temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial
reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable
temporary differences except for:
a) When the deferred tax liability arises from the initial
recognition of goodwill
b) In respect of taxable temporary differences
associated with investments in subsidiaries,
associates and interests in joint ventures, when the
timing of the reversal of the temporary differences
can be controlled and it is probable that the
temporary differences will not reverse in the
foreseeable future.
Deferred tax assets are recognised for all deductible
temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets
are recognised to the extent that it is probable that taxable
profit will be available against which the deductible
temporary differences, and the carry forward of unused
tax credits and unused tax losses can be utilized. The
carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to
be utilised. Unrecognised deferred tax assets are re¬
assessed at each reporting date and are recognised to
the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates and
tax laws that have been enacted or substantively enacted
at the reporting date.
Deferred tax relating to items recognised outside profit
or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items
are recognised in correlation to the underlying transaction
either in OCI or directly in equity.
R Borrowing Costs
General and specific borrowing costs that are directly
attributable to the acquisition, construction or production
of a qualifying asset are capitalised during the period of
time that is required to complete and prepare the asset for
its intended use or sale. Qualifying assets are assets that
necessarily take a substantial period of time to get ready
for their intended use or sale.
I nvestment income earned on the temporary investment
of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs
eligible for capitalisation.
All other borrowing costs are expensed in the period in
which they are incurred.
S Treasury shares
The Company has created an Employee Welfare Trust
- PEL ESOP Trust ("the Trust") for implementation of the
schemes that are notified or may be notified from time to
time by the Company under the plan, for providing share
based payments to its employees. The Trust purchases
shares of the Company out of funds borrowed from the
Company. The Company treats the Trust as its extension
and shares held by the Trust are treated as treasury
shares. Treasury shares are recognised at cost and
deducted from equity. Profit on sale of treasury shares
by the Trust is recognised in PEL ESOP Trust reserve.
T Earnings per share
(i) Basic earnings per share
Basic Earnings Per Share ('EPS') is computed by
dividing the net profit attributable to the equity
shareholders by the weighted average number
of equity shares outstanding during the year.
The weighted average number of equity shares
outstanding during the year is adjusted for treasury
shares and events such as bonus issue that have
changed the number of shares outstanding, without
a corresponding change in resources.
(ii) Diluted earnings per share
Diluted earnings per share is computed by dividing
the net profit by the weighted average number
of equity shares considered for deriving basic
earnings per share and also the weighted average
number of equity shares that could have been
issued upon conversion of all dilutive potential
equity shares. Dilutive potential equity shares
are deemed converted as of the beginning of the
year, unless issued at a later date. In computing
diluted earnings per share, only potential equity
shares that are dilutive and that either reduces
earnings per share or increases loss per share
are included.
U Adoption of new and revised standards
Recent accounting
Pronouncements Ministry of Corporate Affairs (“MCA”)
notifies new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. For the
year ended March 31, 2026, MCA has notified following
Amendment to Ind AS, applicable to the Company w.e.f.
April 01,2025.
- Ind AS 21 - The Effects of Changes in Foreign
Exchange Rates Lack of Exchangeability.
- I nd AS 12 - Income Taxes relating to International
Tax Reform - Pillar Two Model Rules - Exception to
recognition and disclosure of deferred tax.
- Ind AS 7 - Cash flow statement and Ind AS 107 -
Financial Instrument Disclosures relating to supplier
finance arrangements.
- I nd AS 1 - Presentation of Financial Statements-
Classification of Liabilities as current or non- current
and non- current liabilities with covenants.
The Group has reviewed the new pronouncements and
based on its evaluation has determined that it does not
have any significant impact in its financial statements.
New and amended standards issued but not effectivec
The MCA has issued certain amendments to Indian
Accounting Standards which are not yet effective as at
March 31, 2026. The Group has not early adopted any
standard, interpretation or amendment that has been
issued but is not yet effective.
Notes :
1 As at March 31, 2026 and March 31, 2025, the fair values of the properties are ? 85.74 and ? 108.04 respectively.
These valuations are based on valuations performed by the management of the companies (Registered Valuers
and Valuation) Rules, 2017. A valuation model in accordance with that recommended by the International Valuation
Standards Committee has been applied.
2 There has been no change to the valuation technique during the year.
3 The title deeds of all investment properties are held in the name of the Company. The Company has not revalued its
investment property.
4 The property rental income earned by the Company from its investment property, all of which is leased out under
operating leases, amounted to ? 0.11 (March 31,2025: ? 0.64)
a) As of March 31, 2026, the Company has pledged 123,918,755 unquoted equity shares (March 31, 2025: 97,076,999)
of its subsidiary, Premier Energies Photovoltaic Private Limited, to Indian Renewable Energy Development Agency
Limited (IREDA) as security for the subsidiary’s borrowings from IREDA.
b) During the previous year ended March 31, 2025, the Company converted an unsecured loan of ?90.79 given to
Premier Energies Global Environment Private Limited (“PEGEPL”) into 106,681 equity shares of PEGEPL at ?10 face
value and ?841 premium per share, in compliance with Section 62 of the Companies Act, 2013.
c) During the year ended March 31,2026, the Company invested in 5,874,846 equity shares of Premier Energies Global
Environment Private Limited (“PEGEPL”), each having a face value of ? 10 per share at a premium of ? 1,057 per share.
(Also refer note 47(viii)(b))
d) (i) During the year ended March 31, 2026, the Company invested in 1,362,862 Compulsory Convertible Preference
Shares (“CCPS”) of Premier Energies Global Environment Private Limited, each having a face value of ? 10 per
CCPS at a premium of ? 1164 per CCPS. (Also refer note 47(viii)(b))
(ii) During the year ended March 31, 2025, the Company invested in 6,632,638 (March 31, 2025: 6,632,638)
Compulsory Convertible Preference Shares (“CCPS”) of Premier Energies Global Environment Private Limited,
each having a face value of ? 10 per CCPS at a premium of ? 1,057 per CCPS. (Also refer note 47(viii)(b))
e) As of March 31, 2026, the Company has pledged 2,996,172 unquoted equity shares (being 51% of 58,74,846
equity shares) (March 31, 2025: Nil) of its subsidiary, Premier Energies Global Environment Private Limited, to Indian
Renewable Energy Development Agency Limited (IREDA) as security for the subsidiary’s borrowings from IREDA till
the tenure of the borrowing.
f) As of March 31, 2026, the Company has pledged 33,82,646 unquoted CCPS (being 51% of 66,32,638 CCPS) (March
31,2025: Nil) of its subsidiary, Premier Energies Global Environment Private Limited (“PEGEPL”), to Indian Renewable
Energy Development Agency Limited (IREDA) as security for the subsidiary’s borrowings from IREDA till the tenure of
the borrowing. Pledge creation in respect of 6,95,060 CCPS (being 51% of 13,62,862 CCPS issued during the year) is
in process as at March 31, 2026.
g) As of March 31, 2026, the Company has pledged 1,102,228 unquoted equity shares (March 31, 2025: 1,102,228) of its
subsidiary, Premier Energies International Private Limited, to Indian Renewable Energy Development Agency Limited
(IREDA) as security for the subsidiary’s borrowings from IREDA.
h) As of March 31, 2026, the Company has pledged 2,550,000 Compulsory Convertible Debentures (March 31, 2025:
2,550,000) of its subsidiary, Premier Energies International Private Limited, to Indian Renewable Energy Development
Agency Limited (IREDA) as security for the subsidiary’s borrowings from IREDA.
i) During the year ended March 31, 2026, the Company invested in 100,000 equity shares of Premier-Green Aluminium
Private Limited (“PGAPL”), each having a face value of ? 10. and further invested in 43,516 equity shares, each having
face value of ? 10 per share at a premium of ? 2380 per share.
j) During the year ended March 31, 2026, the Company invested in 10,000 equity shares of Premier Energies GWC
Private Limited of ?10 each (“PEGWCPL”), each having a face value of ? 10 per share.
k) During the year ended March 31, 2026, the Company invested in 7,700,000 equity shares of Premier Energies Storage
Solutions Private Limited (“PESSPL”), each having a face value of ? 10 per share.
l) On October 23, 2025, the Company entered into a Securities Subscription and Shareholders’ Agreement (“SSSHA”) for
acquisition of majority stake (51%) in Transcon Ind Limited (‘Transcon’), which is engaged in business of manufacturing
and selling of transformers, for a purchase consideration aggregating up to ? 5,003.00 . On December 26, 2025, the
Company acquired 34.21% (52,009 equity shares each having a face value of ? 10 per share at a premium of ? 48,059
per share) for a consideration of ? 2,500.02 accordingly, Transcon is considered as an associate for the year ended
March 31, 2026.
Subsequent to the year ended March 31, 2026 the Company paid the remaining consideration of ? 2,502.98 (52,075
equity shares each having a face value of ? 10 per share at a premium of ? 48,059 per share), resulting in the
acquisition of 51% shareholding. Consequently, Transcon has become the subsidiary of the Company with effect from
April 03, 2026. (Also refer note 47(viii)(b))
m) During the year ended March 31, 2026, the Company invested in 104,550 equity shares of HeliosAnthos Energies
Private Limited, each having a face value of ? 10 per share.
n) During the year ended March 31, 2026, the company 10,50,000 Optionally Convertible Redeemable Preference
Shares(OCRPS) of Mavyatho Ventures Private Limited, each having a face value of ? 10 per share.
(i) As of March 31, 2026, the Company has given inter-corporate unsecured loan of ? 432.50 (March 31, 2025: ? Nil)
extended to its subsidiary, Premier Photovoltaic Gajwel Private Limited, to meet its business and related opertations.
The loan is repayable in 16 quarterly instalments, repayment commence 12 months from scheduled commercial
operations i.e; 30th June 2026 and carries an interest rate of 8.5% per annum. Maximum amount outstanding during
year ? 432.50 (March 31, 2025: ? Nil)
(ii) As of March 31, 2026, the Company has given inter-corporate unsecured loan of ? 2,200 (March 31, 2025: ? Nil) to
its subsidiary, Premier Energies Global Environment Private Limited, to meet its funding requirements for Capex and
other business-related activities, the repayment will commence 12 months from the schedule commercial operations
i.e; 30th October 2026 of the IPO project. The loan shall be repayable in 32 quarterly instalments and carried an
interest rate range of 7.95% to 8.5% for per annum. (Also refer note 47(viii)(b)) maximum amount outstanding during
year ? 2,200 (March 31, 2025: ? Nil)
Notes:
(i) (i) As of March 31, 2026, the Company has given inter-corporate unsecured loan of f Nil (March 31, 2025: f 200) to
its subsidiary, Premier Photovoltaic Gajwel Private Limited, to meet its business and related opertations.The loan is
repayable on demand and carries an interest rate of 8.5% per annum. Maximum amount outstanding during the year
f 200 (March 31, 2025: f 200)
(ii) As of March 31, 2026, the Company has given inter-corporate unsecured loan of f 2.45 (March 31,2025: f 1.45) to its
subsidiary, Premier Photovoltaic Zaheerabad Private Limited, to support its working capital requirements. The loan is
repayable on demand and carries an interest rate of 8.5% per annum. Maximum amount outstanding during the year
f 2.45 (March 31, 2025: f 1.45)
(iii) As of March 31, 2026, the Company has given inter-corporate unsecured loan of f 4.50 (March 31, 2025: f Nil) to its
subsidiary Premier-Green Aluminium Private Limited, to meet its working capital requirements. The loan is repayable
on demand and carries an interest rate of 8.5% per annum. Maximum amount outstanding during the year f 4.50
(March 31, 2025: f Nil)
(iv) As of March 31, 2026, the Company has given inter-corporate unsecured loan of f 6.00 (March 31, 2025: f Nil) to its
subsidiary Premier Energies Storage Solutions Private Limited, to meet its working capital requirements. The loan is
repayable on demand and carries an interest rate of 8.5% per annum. Maximum amount outstanding during the year
f 26.00 (March 31, 2025: f Nil)
(v) As of March 31, 2026, the Company has given inter-corporate unsecured loan of Nil (March 31, 2025: f15) to its
subsidiary Premier Solar Powetech Private Limited, to support its working capital requirements. The loan is repayable
on demand and carries an interest rate of 8.5% per annum. Maximum amount outstanding during the year f 15
(March 31, 2025: f 17.80)
* Pursuant to the shareholders approval in their extra-ordinary general meeting held on April 10, 2024, the Company issued
and allotted fully paid-up bonus shares of ? 1 each in the ratio of 0.268 bonus shares for every equity share held.
**During the previous year, pursuant to the provisions of the Companies Act, 2013, the Securities and Exchange Board of
India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Articles of Association of the Company, and
the Shareholders’ Agreement dated December 19, 2022, as amended, the Company converted 17,487,360 and 112,640
Compulsorily Convertible Debentures (CCDs) held by South Asia Growth Fund II Holdings LLC and South Asia EBT Trust,
respectively, into 87,436,800 and 563,200 fully paid-up equity shares of ? 1 each, respectively, in the ratio of 5 equity shares
of every CCD held. The equity shares issued upon conversion rank pari passu with the existing equity shares.
***During the current year, the Company allotted 22,20,000 equity shares of face value to ? 1 each, to PEL ESOP Trust
under the PEL ESOP Scheme 2021 at a premium of ? 20.29 per share.
During the previous year, the Company completed its Initial Public Offer (IPO) of 62,909,200 equity shares of face value of ?
1 each at an issue price of ? 450 per share (including a share premium of ? 449 per share). A discount of ? 22 per share was
offered to eligible employees bidding in the employee’s reservation portion of 233,644 equity shares. The issue comprised
of a fresh issue of 28,709,200 equity shares aggregating to ? 12,914 million and offer for sale of 34,200,000 equity shares
by selling shareholders aggregating to ? 15,390 million. Pursuant to the IPO, the equity shares of the Company were listed
on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on September 03, 2024.
On April 06, 2025, the shareholders of the Company have approved the Premier Energies Limited - Employee Stock Option
Plan, 2025 (PEL ESOP Scheme 2025) which forms part of the Premier Energies Limited Stock Option Plan. The plan is
administered by the ‘Nomination and Remuneration Committee’ constituted by the Board of Directors of the Company.
Subsequent to the year ended March 31,2026, the Company allotted 9,57,142 equity shares of face value ? 1 each to PEL
ESOP Trust on April 20, 2026 under the PEL ESOP Scheme 2025 at a premium of ? 699 per share.
The Company has only one class of equity shares having a par value of ? 1 per share. Each shareholder is eligible for
one vote per share held. Incase, the Company declares dividend then it pays dividend in Indian rupees. Such dividend
shall be proposed by the Board of Directors subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend.
I n the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
(v) For the period of five years immediately preceding March 31,2026:
(a) The Company has not allotted any equity shares as fully paid pursuant to contract without payment being
received in cash except as disclosed below:
- During the year ended March 31, 2022, the Company has entered into share swap transaction with a
shareholder to acquire 88,200 shares of Premier Solar Powertech Private Limited (PSPT) in exchange of
7,677,120 shares of the Company.
(b) During the year ended March 31,2025, the Company has allotted 70,606,834 fully paid-up equity shares by way
of bonus shares in the ratio of 0.268 bonus shares for every equity share held.
(c) The Company has not bought back any equity shares.
(vi) There are no shares reserved for issue under options and contracts or commitments for the sale of shares or disinvestment
except for the ones disclosed under note (vii) below.
(vii) Share-based payments
Employees of the Group receive remuneration in the form of share-based payments in consideration of the services
rendered. Under the equity settled share based payment, the fair value on the grant date of the award given to employees
is recognised as ‘employee benefit expenses’ with a corresponding increase in equity over the vesting period. The fair
value of the options at the grant date is calculated by an independent valuer basis scenario based method and Black
Scholes model. At the end of each reporting period, apart from the non-market vesting conditions, the expense is
reviewed and adjusted to reflect changes to the level of options expected to vest.
The Company constituted the “Premier Energies Limited Employee Stock Option Plan (‘Plan’) “ to grant equity based
incentives to its eligible employees. The Company has established a trust called the PEL ESOP Trust (“Trust”) to
As of March 31, 2025, compulsorily convertible debentures treated as Instruments entirely equity in nature represents
compulsorily convertible debentures issued pursuant to the agreement entered into by the Company with South
Asia Growth Fund Il Holdings LLC and South Asia EBT Trust dated September 10, 2021 (“”the agreement””). The
members at their Extra Ordinary General Meeting held on December 20, 2022 have approved the amended terms of
conversion as defined in para 4 of Schedule 7 “’’Terms of the Investor CCDs”” of the Share Subscription Agreement
dated September 10, 2021. Based on amended terms, these Debentures are convertible in the ratio of 5 equity shares
for every 1 debenture held by the debenture holders. The holders of CCDs shall be entitled to nominate in office two
directors of the Company and will be entitled to be members of such committees of the Board to whom the decision
making power has been delegated by the Board. These debenture holders are not entitled to any other form of
distribution of profits by the Company until its conversion to equity shares. There is no buyback obligation upon the
Company.
Nature and purpose of other equity
(i) Securities premium
Amounts received on issue of shares in excess of the par value has been classified as securities premium. The
utilisation of securities premium is governed by the Section 52 of the Companies, Act 2013.
(ii) Retained earnings:
Retained earnings are the profits that the Company has earned till date, less dividend paid to shareholders. Retained
earnings is a free reserves available to the Company.
(iii) Other comprehensive income:
Other comprehensive income comprises actuarial gains and losses on defined benefit obligation and change in fair
value of investment.
(iv) Treasury Shares
Represents the outstanding number of shares, options which are yet to be exercised by the employees to whom those
share options have been granted.
(v) Share based payment reserve
The above reserve relates to share options granted by the Parent Company to certain employees under its employee
share option plan. Further information about share-based payments to employees is set out in note 40.
(vi) PEL ESOP Trust reserve
Represents the profit earned by the PEL ESOP trust on exercise of the share options and on disposal of forfeited
shares options.
(i) As of March 31, 2026, the Company had an unsecured loan of ?2,900 (March 31, 2025: Nil) carrying interest rate of
8.5% p.a. from its subsidiary, Premier Energies Photovoltaic Private Limited for investing the proceeds in its subsidiary
Premier Energies Global Environment Private Limited as equity contribution by subscribing to compulsory convertible
preference shares and equity instruments. The loan is repayable in 32 quarterly instalments, commencing after 12
months from the commercial operation date of the subsidiary’s project. Maximum amount outstanding during the year
? 2,900.00 (March 31,2025: ? Nil)
(ii) As of March 31, 2026, the Company had an unsecured loan of ?2,500 (March 31, 2025: Nil) carrying interest rate
of 8.5% p.a. from its subsidiary, Premier Energies Photovoltaic Private Limited for investing in 52,009 equity shares
of Transcon Ind Limited, each having a face value of ? 10 per share at a premium of ? 48,059 per share. Maximum
amount outstanding during the year ? 2500.00 (March 31,2025: ? Nil)
(iii) As of March 31,2026, the PEL ESOP Trust had an unsecured loan of ?324 (March 31, 2025: Nil) carrying interest-free
loans from its subsidiary Premier Energies Photovoltaic Private Limited for the purpose of acquiring shares under ESOP
Scheme of the company in complains with relevant provision of companies Act 2013,. The loan is repayable within
five years from the date of disbursement or upon the exercise of employee stock options by employees, whichever is
earlier. Maximum amount outstanding during the year ? 324.00 (March 31,2025: ? Nil)
(iv) As of March 31, 2026, the PEL ESOP Trust had an unsecured loan of ?28.70 (March 31, 2025: Nil) carrying interest-
free loans from its subsidiary Premier Energies Global Environment Private Limited for the purpose of acquiring
shares under ESOP Scheme of the company in complains with relevant provision of companies Act 2013,. The
loan is repayable within five years from the date of disbursement or upon the exercise of employee stock options by
employees, whichever is earlier. Maximum amount outstanding during the year ? 28.70 (March 31, 2025: ? Nil)
(v) As of March 31, 2026, the PEL ESOP Trust had an unsecured loan of ?138.90 (March 31, 2025: Nil) carrying interest-
free loans from its subsidiary Premier Energies International Private Limited for the purpose of acquiring shares under
ESOP Scheme of the company in complains with relevant provision of companies Act 2013, The loan is repayable
within five years from the date of disbursement or upon the exercise of employee stock options by employees,
whichever is earlier. Maximum amount outstanding during the year ? 138.90 (March 31, 2025: ? Nil)
During the current year, the Company has spent ? 20.12 (March 31, 2025 ? 6.23) as against mandatory requirement of ?
11.14 (March 31, 2025 ? 3.61) The excess spent of ? 11.60 (March 31 2025 ? 2.62) is treated as an asset and intended to
be setoff against the requirements to spend under section 135(5) in future years subject to requirements of the Act.
32 Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to shareholders by the weighted average
number of shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable to
shareholders by the weighted average number of shares outstanding during the year plus the weighted average number of
shares that would be issued on conversion of all the dilutive potential shares into share capital.
(i) Pursuant to the approval of shareholders at the Extraordinary General Meeting held on April 10, 2024, the Company
issued and allotted fully paid-up bonus shares of ?1 each in the ratio of 0.268 bonus shares for every equity share
held, and accordingly, the earnings per share (EPS) for the year ended March 31, 2025 has been retrospectively
adjusted to reflect the bonus issue as if it had occurred at the beginning of the earliest period presented, in compliance
with Ind AS 33.
33 Retirement benefit plans
a) Disclosures related to direct contribution plan
The employees of the Company are members of a state-managed retirement benefit plan operated by the government
of India. The Company is required to contribute a specified percentage of payroll costs to the retirement benefit plan
to fund the benefits. The only obligation of the Company with respect to the retirement benefit plan is to make the
specified contributions
b) Disclosures related to defined benefit plan
In respect of Gratuity, a defined benefit plan, the plan is funded with Life Insurance Corporation in the form of a
qualifying insurance policy governed by the payment of Gratuity Act, 1972. Under the Gratuity Act, every employee
who has completed five years or more of service is entitled to gratuity on departure at 15 days last drawn salary for
each completed year of service or part thereof in excess of six months. The level of benefit provided depends on the
member’s length of service and salary at the time of retirement/termination age. Provision for gratuity is based on
actuarial valuation done by an independent actuary. Each year, the Company reviews the level of funding in gratuity
fund and decides its contribution. The Company aims to keep annual contributions relatively stable at a level such that
the fund assets meets the requirements of gratuity payments in short to medium term.
This defined benefit plan exposes the Company to actuarial risk, such as investment risk, interest rate risk, longevity
risk and salary risk.
i) Investment risk - The present value of the defined benefit plan liability denominated in Indian Rupee is calculated
using a discount rate determined by reference to market yields at the end of the reporting period on government
bonds.
ii) Interest risk - A decrease in the bond interest rate will increase the plan liability; however, this will be partially
offset by an increase in the return on the plan assets.
iii) Longevity risk - The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan’s liability.
iv) Salary risk - The present value of the defined benefit plan liability is calculated by reference to the future salaries
of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
The plan is funded with Life Insurance Corporation in the form of a qualifying insurance policy. The following
tables summarise net benefit expenses recognised in the Statement of Profit and Loss, the status of funding and
the amount recognised in the Balance sheet for the gratuity plan:
d) The Government of India has consolidated multiple existing labour legislations into a unified framework comprising four
Labour Codes collectively referred to as the New Labour Codes. The Codes have been made effective from November
21,2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the
financial impact due to changes in regulations.
The incremental impact of these changes, assessed by the Company, on the basis of the information available,
consistent with the guidance provided by the Institute of Chartered Accountants of India, is not material and has
been recognised in the standalone financial statements of the Company for the year ended March 31, 2026. The
Government is in the 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.
(b) Measurement of fair values
The section explains the judgement and estimates made in determining the fair values of the financial instruments that are:
a) recognized and measured at fair value
b) measured at amortized cost and for which fair values are disclosed in the financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified
its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level is
mentioned below:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including
bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual
funds are valued using the closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the
counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely
as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level
3.
Transfers between Level 1, Level 2 and Level 3
There were no transfers between Level 1, Level 2 or Level 3 during the year ended March 31, 2026 and March 31, 2025.
Determination of fair values
Fair values of financial assets and liabilities have been determined for measurement and/or disclosure purposes based
on the following methods. When applicable, further information about the assumptions made in determining fair values is
disclosed in the notes specific to that asset or liability.
i) The fair value of mutual funds are based on price quotations at reporting date.
ii) The fair values of other current financial assets and financial liabilities are considered to be equivalent to their carrying
values.
iii) The fair values of borrowings at fixed rates are considered to be equivalent to present value of the future contracted
cashflows discounted at the current market rate.
iv) The fair value of equity instruments measured through FVTOCI is determined using ‘Net asset value method’. The net
asset value is computed based on the latest audited Balance Sheet of the Company. The loan funds are deducted.
Contingent liabilities, to the extent that in the opinion of the management can be fairly expected to impair the net asset
value of the business, are also deducted.
v) The fair value of derivative foreign currency forward contracts is determined using quoted forward exchange rates at
the reporting date.
36 Financial risk management
The Company has exposure to the following risks arising from financial instruments: credit risk ; liquidity risk ; market risk
Financial risk management framework
The Company is exposed primarily to Credit risk, liquidity risk and market risk (fluctuations in foreign currency exchange
rates and interest rate), which may adversely impact the fair value of its financial instruments. The Company assesses the
unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of
the Company.
(a) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of
creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness
of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for
credit. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables,
investments, derivative financial instruments, cash and cash equivalents, bank deposits and other financial assets.
Trade receivables:
The customer credit risk is managed by the Company’s established policy, procedures and control relating to customer
credit risk management. Credit quality of a customer is assessed based on the individual credit limits as defined in
accordance with this assessment and outstanding customer receivables are regularly monitored. Ind AS requires an entity
to recognise in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at
the reporting date to the amount that is required to be recognised in accordance with Ind AS 109. The Company assesses
at each date of statements of financial position whether a financial asset or a company of financial assets is impaired. The
Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a
provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking
information.
Other financial assets:
The Company maintains exposure in cash and cash equivalents, other receivables from bank and derivative instruments
with financial institutions.
The Company’s maximum exposure to credit risk as at March 31, 2026 and March 31, 2025 is the carrying value of each
class of financial assets
(b) Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The
Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities,
by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets
and liabilities.
Exposure to liquidity risk
The table below details the Company’s remaining contractual maturity for its non-derivative financial liabilities. The
contractual cash flows reflect the undiscounted cash flows of financial liabilities based on the earliest date on which
the Company can be required to pay.
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and other market
changes , which will affect the Company’s income or the value of its holdings of financial instruments. The objective
of market risk management is to manage and control market risk exposures within acceptable parameters.
(ii) Foreign currency exchange rate risk
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and
other comprehensive income and equity, where any transaction references more than one currency or where assets/
liabilities are denominated in a currency other than the functional currency of the respective entities. Considering the
countries and economic environment in which the Company operates, its operations are subject to risks arising from
fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US Dollar against the
functional currency of the Company. The Company, as per its risk management policy, uses derivative instruments
primarily to hedge foreign exchange. The information on derivative instruments is as follows:
a) Forward contract (Derivatives):
Forward contract outstanding as at Balance Sheet date:
March 31, 2026 Buy US $ 50,61,396.56
March 31, 2025 Buy US $ 4,211,645.35
b) Details of Unhedged Foreign Currency Exposure:
The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are
as under:
46 On May 04, 2026 Premier Energies Global Environment Private Limited (“Wholly Owned Subsidiary) entered into a Share
Subscription and Shareholders’ Agreement (‘SSSHA’) for acquisition of a minimum 26% equity stake aggregating to ? 687.00
million in Hexa Energy BH Five Private Limited, a company engaged in the generation and transmission of renewable energy.
The purchase consideration is subject to fulfilment of closing conditions agreed under the SSSHA.
47 Other statutory information:
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period except as disclosed in note 5(f).
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
(vi) The Company does not have any such transaction which is not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961.
(vii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on Number of Layers) Rules, 2017.
(viii) a. The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
- directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the group (Ultimate Beneficiaries) or
- provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
b. Other than as disclosed below, the Company has not received any fund from any party (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities
identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
39 Segment Reporting
Identification of Reportable Segments:
Segments are identified in line with Indian Accounting Standard (Ind AS) 108 “Operating Segments”, taking into consideration
the internal organisation and management structure as well as the differential risk and returns of each of the segments.
Operating segments are components of the Company whose operating results are regularly reviewed by the Company’s
Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess
its performance and for which discrete information is available. Based on the Company’s business model of vertical
integration, Solar energy market have been considered as a single business segment for the purpose of making decisions
on allocation of resources and assessing its performance. Hence, no separate financial disclosures provided in respect of
its single business segment.
Operations of the Company are managed from different locations each of these locations are aggregated based on
exchange control regulations; and the underlying currency risk. Accordingly, the following have been identified as operating
and reportable segments: (a) “Within India”, and (b) “Outside India”. In presenting geographic information, segment revenue
has been based on the location of the customer and segment assets are based on geographical location of assets.
iii) Major customers
There are no external customers which exceeds 10 per cent or more of the Company’s revenues from external
customers
40 Share-based payments
Premier Energies Limited Employees Stock Option Plan 2021 Scheme
The establishment of the Premier Energies Limited ESOP Scheme 2021 (‘Plan’/ ‘ESOP 2021’) was approved by the Board
of Directors in the meeting held on September 04, 2021 and by the members in the Extra Ordinary General Meeting held
on September 09, 2021 . The plan is designed to provide incentives to the eligible employees. The ESOP scheme shall be
administered by Nomination and Remuneration committee through the PEL ESOP Trust (‘Trust’) set up by the Company.
Participation in the plan is at the Board’s discretion and no individual has a contractual right to participate in the plan or to
receive any guaranteed benefits. The maximum number of options available for grant under the plan shall be 11,000,000.
The Company further increased the number of options by 2,948,000 under the ESOP Scheme 2021 by issue of bonus
shares in the ratio of 0.268 for every one equity share held at the extraordinary general meeting of shareholders held
on April 10, 2024. Accordingly, the number of shares that can be issued under the ESOP 2021 scheme increased from
11,000,000 to 13,948,000.
Options are granted under the plan for no consideration and carry no dividend or voting rights. The options granted shall
vest in a graded manner between completion of 1 year up to 3 years of service from the grant date, unless specific details
are laid out by the administrator. Once vested, the options remain exercisable for a period of 7 years. The exercise price of
the share underlying an option shall be ? 21.29 per share after considering the impact of bonus shares. When exercised,
each option is convertible into one equity share.
The Company has issued 3,862,050 equity shares at ? 20/- per equity share of ? 1/- face value on September 17, 2021
and 1,627,521 equity shares at ? 20.05/- per equity share of ? 1/- face value on September 28, 2021 to the Trust for the
purpose of further issuance to the employees in lieu of the stock options that shall be granted to identified employees. The
said shares including the impact of bonus shares are treated as treasury shares (Refer Note 12(iv)).
Employees of the Company receive remuneration in the form of share-based payments in consideration of the services
rendered. Under the equity settled share based payment, the fair value on the grant date of the awards given to employees
is recognised as ‘employee benefit expenses’ with a corresponding increase in equity over the vesting period. The fair value
of the options at the grant date is calculated by an independent valuer basis scenario based method and Black Scholes
model. At the end of each reporting period, apart from the non-market vesting conditions, the expense is reviewed and
adjusted to reflect changes to the level of options expected to vest.
(1) Long-Term borrowings Short-Term borrowings Lease liabilities interest accrued
(2) Net profit after tax Non-operating cash exp like depreciation, amortisation and provisions Interest
(3) Interest and lease payments Principal repayments
(4) Represents cost of material consumed purchases of stock-in-trade changes in inventories of finished goods and
work-in-progress
(5) Adjusted expenses includes purchase of stock in trade, purchases of raw material, contract execution expenses,
employee benefit expenses (excluding contribution to provident and other funds, gratuity and compensated absences
expense, share based payment expense) and other expenses (excluding provision for warranty, provision for doubtful
debts, foreign exchange loss, bad debts/ assets written off, loss on sale of property, plant and equipment and provision
for impairment of investment). Explanation is required where varication in 25%
(6) Average capital employed is the average of opening and closing values of total equity, total debt (including lease
liabilities and accrued interest), deferred tax liabilities (net of deferred tax asset) less intangible assets.
44 Utilisation of funds raised through initial public offer (IPO)
The Company had completed its Initial Public Offer (IPO) of 62,909,200 equity shares of face value of ? 1 each at an issue
price of ? 450 per share (including a share premium of ? 449 per share). A discount of ? 22 per share was offered to
eligible employees bidding in the employee’s reservation portion of 233,644 equity shares. The issue comprised of a fresh
issue of 28,709,200 equity shares aggregating to ? 12,914 million and offer for sale of 34,200,000 equity shares by selling
shareholders aggregating to ? 15,390 million. Pursuant to the IPO, the equity shares of the Company were listed on National
Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on September 03, 2024,
*Aggregate of amount utilised by the Company, Premier Energies Global Environment Private Limited, wholly-owned
subsidiary and Premier-Green Aluminium Private Limited, subsidiary.
45 On October 23, 2025, the Company entered into a Share Purchase Agreement (“SPA”) for acquisition of 51% of the share capital of
KSolar Energy Private Limited (‘KSolare’). Subsequent to the year end, after mutual discussions and evaluation of evolving strategic
considerations, the Company decided not to proceed further with the proposed acquisition of KSolare. The parties have agreed to
terminate the discussions with Solare amicably, and there are no financial implications arising from the same.
46 On May 04, 2026 Premier Energies Global Environment Private Limited (“Wholly Owned Subsidiary) entered into a Share
Subscription and Shareholders’ Agreement (‘SSSHA’) for acquisition of a minimum 26% equity stake aggregating to ? 687.00
million in Hexa Energy BH Five Private Limited, a company engaged in the generation and transmission of renewable energy.
The purchase consideration is subject to fulfilment of closing conditions agreed under the SSSHA.
47 Other statutory information:
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period except as disclosed in note 5(f).
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
(vi) The Company does not have any such transaction which is not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961.
(vii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on Number of Layers) Rules, 2017.
(viii) a. The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
- directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the group (Ultimate Beneficiaries) or
- provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
b. Other than as disclosed below, the Company has not received any fund from any party (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities
identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
(ix) No scheme of arrangement has been approved by the competent authority in terms of sections 230 to 237 of the
Companies Act, 2013 during the period.
(x) The loan has been utilised for the purpose for which it was obtained and no short term funds have been used for
long term purpose.
48 As per the proviso to Rule 3(1) of the Companies (Accounts) Rules 2014, for the financial year commencing on or after the
1st day of April 2023, every company which uses accounting software for maintaining its books of account, shall use only
such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log
of each change made in the books of account along with the date when such changes were made and who made those
changes within such accounting software and ensuring that the audit trail cannot be disabled.
The Company uses accounting software systems for maintaining its books of account, which have the feature of recording
audit trail (edit log) facility and the same have operated throughout the year for all relevant transactions recorded in the software
systems. Further no instance of audit trail feature being tampered with was noted in respect of the software. Additionally, the
audit trail has been preserved as per the statutory requirements for the record retention.
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