Your Directors have immense pleasure in presenting the 30^th Annual Report on the business and operations of your Company together with the Audited Standalone financial statement and the Auditors’ Report for the financial year ended 31^st March, 2025.

PERFORMANCE REVIEW:

The Company is engaged in the business of Design & Development, sale and installation of solar photovoltaic power plants, Solar Street Lights, solar power conditioning units and other solar products like charge controller, solar pump controller, solar adaptors, solar generators, junction boxes etc.

The turnover of the Company for the year under review was Rs. 4,108.89 Lakh compared to Rs. 3,526.71 Lakh in the previous year. During the year under report the Turnover has increased by nearly 16.50%, Further last year Company has earned a profit of 38.46 Lakhs but in this financial year company has made a profit of 62.67 Lakhs profit increased nearly 63%.

Company’s core strength lies in acquiring and delivering technology in the niche business segments, gained though intensive interaction with clients and R&D on new technologies. Emphasis are being given on understanding customers’ pain points and offering innovative solutions. This would entail long term business relationship with the customers at all levels, specially Government Contracts. The company thrives on providing development support on leading edge technologies for solar power / green power industry. The technologies that are being used are indigenously developed and rigorously tested to be proven as useful before being offered to the customers so as to ensure highest degree of customer satisfaction. A low-cost high quality delivery center helps the company to retain the competitive advantage and that has been the main strategy of the company while serving clients across the country.

STATE OF COMPANY’S AFFAIRS:

Our Company is primarily an EPC company with a dedicated bunch of highly skilled and experienced engineers and technicians having deep commitment to maintain high quality of work and maintenance. We have a strong Design Engineering Team which is geared up for taking up all sorts of challenging designs for solar and hybrid power plants. Also the Company has a dedicated R&D facility to research and develop new indigenous products. This enables the Company to customize its products as per customer requirements. The R&D facility anticipates shifts in consumer preferences and uses emerging technologies to improve existing products. This has reduced dependency on technology outsourcing and ensures product innovation in product quality and features in environment friendly processes.

During the financial year 2024-25, our R&D division has played a crucial role in supporting innovation and addressing technical challenges in alignment with the needs of our marketing and project teams. One of the major achievements was the successful in-house development of the Zero Export Circuit (ZEC), which is designed to prevent the export of solar power to the utility grid when the generated solar energy exceeds the connected load. Previously, AGPL had to procure this component from external sources. Now, with this capability developed internally, AGPL is not only deploying ZECs in its own projects but also marketing them to external customers, creating a new revenue opportunity.

Building upon this, the R&D team further developed a customised version of the ZEC that can synchronise with Diesel Generators, enabling effective integration in hybrid energy systems. This variant has already been successfully utilised in several of AGPL’s own projects. Additionally, the team undertook the development and modification of 1kW, 2kW, and 6kW off-grid inverters specifically for the SELCO project. These inverters have been tailored to meet project-specific requirements with improved reliability and performance.

Another key accomplishment was the resolution of a power factor mismatch issue at a 1 MW solar power plant operated by MES. The problem was carefully analysed and effectively resolved by the R&D team, ensuring enhanced operational efficiency and grid compliance for the plant. All these achievements have been made possible through the efforts of a dedicated team of engineers and technicians based at our inhouse R&D facility located within the AGPL factory. Their continued work is instrumental in driving technical excellence and supporting AGPL’s mission of delivering high-quality, innovative energy solutions.

Another significant contribution was the design and development of a Domestic Electricity Load Limiter for the Ghoramara project. This device was created to manage and control household power consumption within predefined limits, helping ensure equitable distribution of electricity in areas with constrained power supply.

Solar Electricity generated from solar PV power plant is now more economic than coal or gas based thermal power electricity and is also pollution free. From the considerations of climate change Govt. of India and many State Govts are promoting Solar Electricity by making provisions of Net Metering and many governments financed schemes for example PM Surya Ghar Muft Bijli Yojna. The Finance Minister, Nirmala Sitharaman, announced the launch of the ‘Rooftop Solar Scheme’ or the ‘PM Surya Ghar Muft Bijli Yojana’ in the Interim Budget 2024-25. In the full Budget 2024-25, the Finance Minister reiterated that this scheme will enable 1 crore households to obtain free electricity up to 300 units every month. Further In a bid to promote electric vehicles and solar energy, the Indian government has made some crucial changes in the electricity Act. According to Wikipedia India's solar power installed capacity was 87.21 GW AC as of 31 July 2025.India is the third largest producer of solar power globally.

During 2010-19, the foreign capital invested in India on Solar power projects was nearly US$20.7 billion.In FY2024-24, India is planning to issue 40 GW tenders for solar and hybrid projects.India has established nearly 42 solar parks to make land available to the promoters of solar plants.Gujarat Hybrid Renewable Energy Park will generate 30 GWAC power from both solar panels and wind turbines. It will spread over an area of 72,600 hectares (726 km) of waste land in Kutch district of Gujarat.

During the fiscal years 2026 to 2030, rooftop and open access solar installations in India are expected to witness significant growth, with capacity additions projected to reach approximately 35 GW. This reflects a rising trend in decentralized solar adoption driven by favorable policies, increasing commercial and industrial demand, and improved grid integration. In parallel, solar capacity additions through competitive bidding are anticipated to be even more substantial, exceeding 110 GW during the same period. These large-scale additions will be primarily driven by central and state-level auctions, supported by falling solar tariffs, enhanced investor interest, and government targets aligned with the country’s energy transition goals.

Many State Governments are also giving increased importance to generate more energy from renewable energy sources to bridge the gap between energy demand and supply and also to supplement grid power. These include programmes for Solar Street Lights for Rural, Urban and Remote Areas, Solar PV Systems for Schools and Community Establishments, Solar PV Power Plants for Village Electrification, Construction of High MW Capacity Grid Connected SPV Power Plant, and Solar PV in off-grid application.

The Company is involved in design, supply, installation and commissioning of all these types of few kW to few MW level solar power plants in different parts of India. Most of them are under Govt tendering procedure but recently a number of solar power plants from private sectors and semi-Govt organizations have been successfully completed by the Company. Notable among them is Selco foundation a 302 kw project

The present scenario of solar PV market is seeing a huge change due to aggressive policy changes of the Govt. and many companies with sound financial changes are entering into the market to tap the MW range power plants on establishing the power plants of large scale (5-500MW range) and selling the energy to the National Grid through competitive bidding process. To tap this market, the Company must have solid financial strength and it is not possible for us to arrange such funding. Moreover, many establishments are now interested to install the power plant at their own premises and want to buy power for the entire life of the plant (around 25 years) from the installer who will arrange financing of their own and will recover the finance through monthly bill payment (RESCO Model). Therefore, in both the above scenario the institutional financing is required which the company is trying to explore to tap this market.

In addition, the company is planning to strengthen its R&D activity for developing capability for designing and manufacturing Solar Inverters and IT enabled applications and EV charging facilities.

DIVIDEND

The Board of Directors of your company, after considering holistically the relevant circumstances has decided that it would be prudent, not to recommend any Dividend for the year under review and retain the profits of the Company for its future growth.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

Since there was no unpaid/unclaimed Dividend declared and paid last year, the provisions of Section 125 of the Companies Act, 2013 do not apply.

AMOUNT TRANSFERRED TO RESERVE

Your Company has not transferred any amount of Profits to the Reserve for the year under review. SHARE CAPITAL

The Authorized Share Capital of the Company is Rs. 20,00,00,000/-(Rupees Twenty Crores only) divided into 20,000,000 (Two crores) equity shares of Rs. 10 each.

The Issued, Subscribed and Paid Up Capital of the Company as on March 31, 2025 was Rs. 19,534,800 /-.

a) Issue of equity shares with differential rights

Your Company has not issued equity shares with differential rights for the financial year 2024-25 and therefore details as provided in rule 4(4) of Companies (Share Capital and Debentures) Rules, 2014 is not applicable on the company.

b) Issue of sweat equity shares

Your Company has not issued sweat equity shares for the financial year 2024-25 and therefore details as provided in rule 8 (13) of Companies (Share Capital and Debentures) Rules, 2014 is not applicable on the Company.

c) Issue of employee stock

Your Company has not issued employee stock option for the financial year 2024-25 and therefore details as provided in rule 12 (9) of Companies (Share Capital and Debentures) Rules, 2014 is not applicable on the Company.

d) Provision of money by company for purchase of its own shares by employees or by Trustees for the benefit of employees: N.A.

The Company as no other type of securities except equity shares forming part of paid up capital. DEPOSITORY PARTICIPANT

Your Company’s equity shares are available for dematerialization through National Securities Depository Limited and Central Depository Services India Limited.

LISTING ON STOCK EXCHANGE

Agni Green Power Limited got its shares listed on the SME Platform of NSE i.e. NSE Emerge on August 01, 2022. The listing fees have been duly paid to the exchange for the financial year 2024-25.

APPOINTMENT/RESIGNATION OF DIRECTORS AND KEY MANAGERIAL PERSON

* During the Financial Year 2024-25, Mr. Ayon Mukhopadhyay appointed as Additional NonExecutive Director of the Company 14/11/2024.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

Pursuant to Section 177 of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements), 2015, the company has vigil mechanism in the form of Whistle Blower Policy for their Directors and employees to report genuine concerns or grievances to deal with instances of fraud or mismanagement.

POLICY RELATED TO APPOINTMENT OF DIRECTORS’ AND OTHER RELATED MATTER

Company has a policy for the appointment of Directors’ which is managed by the Nomination and Remuneration Committee as per the provisions of Section 178 of the Companies Act, 2013 w.e.f 01/04/2022.

The Committee has specified criteria for determining qualifications, positive attributes and other matter for the specific post on which appointments are made and shall be made in future on the board of the Company.

We affirm that the remuneration paid to the Director’s is as per the terms laid out in the nomination and remuneration policy of the Company.

DECLARATION BY THE INDEPENDENT DIRECTORS

During the year 2024-25 the company has received necessary declaration from Independent Directors under Section 149(7) of the Companies Act, 2013, that they meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and under Rule 6(3) of The Companies (Appointment and Qualifications of Directors) Rules, 2014 that they are in compliance of sub-rule (1) and sub-rule (2) of Rule 6 of The Companies (Appointment and Qualifications of Directors) Rules, 2014.

In the opinion of the Board the Independent Directors appointed possess relevant integrity, expertise and experience (including the proficiency).

COMMITTEE FORMED

During the year under review no new committee has been formed the company following committees.

a) Audit Committee

b) Stakeholders Relationships Committee

c) Nomination and Remuneration Committee

The details of all the Committees of the Board along with their composition and meetings held during the year are as under:

1. AUDIT COMMITTEE

The Company has constituted The Audit Committee w.e.f 01/04/2022 and the constitution of Audit Committee is as per requirement of section 177 of the Companies Act, 2013 and the Committee act in accordance with the terms of reference as specified in section 177 of the Companies Act, 2013 and any other regulatory provisions.

The Audit Committee comprises of three Non-Executive Independent Directors viz. Mr. Amit Ghosh (Chairman) Dr. Bibek Bandyopadhyay (Member) Mrs. Kakoli Saha (Member) and two executive directors Dr.Kanak Mukhopadhyay (Member) Mr. Aban Saha (Member)

During the year under review Two meetings of Audit committee was held dated 15/05/2024 14/12/2024 as the Company is listed on SME platform (NSE emerge).

Power of Audit Committee: -

• To investigate any activity within its terms of reference;

• To seek information from any employee;

• To obtain outside legal or other professional advice; and

• To secure attendance of outsiders with relevant expertise, if it considers necessary.

Roles and Responsibility of Audit Committee

The roles and responsibilities of the Committee include:

• oversight of the company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;

• recommendation for appointment, remuneration and terms of appointment of auditors of the company;

• approval of payment to statutory auditors for any other services rendered by the statutory auditors;

• reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the board for approval, with particular reference to:

o matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;

o changes, if any, in accounting policies and practices and reasons for the same;

o major accounting entries involving estimates based on the exercise of judgment by management;

o significant adjustments made in the financial statements arising out of audit findings; o compliance with listing and other legal requirements relating to financial statements; o disclosure of any related party transactions; o modified opinion(s) in the draft audit report;

• reviewing, with the management, the quarterly financial statements before submission to the board for approval;

• reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the draft prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in this matter;

• reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;

• approval or any subsequent modification of transactions of the company with related parties;

• scrutiny of inter-corporate loans and investments;

• valuation of undertakings or assets of the listed entity, wherever it is necessary;

• evaluation of internal financial controls and risk management systems;

• reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;

• reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

• discussion with internal auditors of any significant findings and follow up there on;

• reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

• discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

• to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

• to review the functioning of the whistle blower mechanism;

• approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc. of the candidate;

• reviewing the utilization of loans and/ or advances from/investment by the holding company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments existing as on the date of coming into force of this provision.]

•monitoring the end use of funds raised through public offers and related matters.

•carrying out any other function as is mentioned in the terms of reference of the audit committee. Further, the Audit Committee shall mandatorily review the following information:

• management discussion and analysis of financial condition and results of operations;

•statement of significant related party transactions (as defined by the audit committee), submitted by management;

• management letters / letters of internal control weaknesses issued by the statutory auditors;

• internal audit reports relating to internal control weaknesses; and

•the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.

•statement of deviations: (a) half yearly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1); (b) annual statement of funds utilized for purposes other than those stated in the draft prospectus/notice in terms of Regulation 32(7).

2. NOMINATION AND REMUNERATION COMMITTEE

The Company has constituted The Nomination and Remuneration committee w.e.f 01/04/2022 and the constitution of Nomination and Remuneration committee is as per requirement of Section 178 of the Companies Act, 2013, read with the Companies (Meetings and Power of Boards) Rules,2014 (including any enactments or amendments, if any) and any other regulatory provisions.

Composition

The Nomination and Remuneration Committee of Board was constituted pursuant to the Section 178 of the Companies Act,2013.

The Nomination and Remuneration Committee comprises of three Non-Executive Directors Mrs. Kakoli Saha (Chairman), Dr. Bibek Bandyopadhyay (Member), Mr. Amit Ghosh (Member) and One Executive Director who is also the Chairman of the company Mr Hiranmay Saha (Member).

During the year under review two meetings of Nomination and Remuneration Committee was held dated 14/11/2024 and 27/02/2024.

Scope of Nomination and Remuneration Committee:

• Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;

• Formulation of criteria for evaluation of performance of independent directors and the board of directors;

• Devising a policy on diversity of board of directors;

• Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down and recommend to the board of directors their appointment and removal.

• To extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.

• To recommend to the Board all remuneration, in whatever form, payable to senior management.

3. STAKEHOLDER RELATIONSHIP COMMITTEE

The Company has constituted The Stakeholders Relationship Committee w.e.f 01/04/2022 and the constitution of Stakeholders Relationship Committee is as per requirement of section 178 of the Companies Act, 2013 and the Committee act in accordance with the terms of reference as specified in section 178 of the Companies Act, 2013 and any other regulatory provisions.

Composition

The Stakeholders Relationship Committee comprises of two Non-Executive Independent Directors Dr. Bibek Bandyopadhyay (Chairman) Mrs. Kakoli Saha (Member), and three executive Directors Dr.Kanak Mukhopadhyay (Member),Mr Arup Kumar Mahanta (Member) and Mr.Aban Saha (Member).

During the year under review one meetings dated 27.03.2025 of Stakeholders Relationship Committee was held .

Scope of Stakeholders Relationship Committee

• Resolving the grievances of the security holders of the listed entity including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc;

• Review of measures taken for effective exercise of voting rights by shareholders;

• Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent;

• Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company.

In terms of provisions of the Companies Act, 2013 the Board of Directors of the Company specified the manner for effective evaluation of performance of Board, and its Individual Directors. Based on the same, the Board carried out annual evaluation of its own performance, performance of its Individual Directors. The performance of the Board was evaluated by the Board on the basis of criteria such as Board composition and structure, effectiveness of Board processes, information flow to Board, functioning of the Board, etc. The Board evaluated the performance of individual Director on the basis of criteria such as attendance and contribution of Director at Board Meetings, adherence to ethical standards and code of conduct of the Company, inter-personal relations with other Directors, meaningful and constructive contribution and inputs in the Board meetings, etc.

For the above evaluation, the Board members completed questionnaires providing feedback on different parameters as already stated above including on performance of Board engagement levels, independence of judgment and other criteria. This is followed with review and discussions at the level of Board. The results of evaluation showed high level of commitment and engagement of the Board and its working Directors.

The quality, quantity and timeliness of flow of information between the Company Management and the Board which is necessary for the Board to effectively and reasonably perform their duties were also evaluated.

The Directors were satisfied with the leadership role played by the Chairman of the company. AUDITORS AND AUDIT REPORT

The Board of Directors of the Company approved the appointment of M/s Bijan Ghosh & Associates having FRN: 323214E, as Statutory Auditors of the Company effective from 04^th of April, 2022 till the conclusion of 32^nd Annual General Meeting of the Company. They have given their report on the Annual Financial Statements for Financial Year 2024-25.

There are no qualifications or adverse remarks in the Auditors’ Report which require any clarification/explanation. The Notes on financial statements are self-explanatory, and needs no further explanation.

PARTICULARS OF FRAUD REPORTED BY THE AUDITORS

During the period under review, no frauds were reported by the auditors of the company under section 143(12) of the Companies Act, 2013.

SECRETARIAL AUDIT:

The Board of Directors of the Company has appointed M/s. Shubham Sinha and Associates, Company Secretaries, Kolkata, as the Secretarial Auditor to conduct an audit of secretarial records for the financial

year 2024-25. The Secretarial Audit Report for the financial year ended 31st Day of March, 2025 under Act is set out in the “Annexure B” to this report

ADHERENCE TO SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013 have been adhered to by the Company, to the extent it was practically possible.

HUMAN RESOURCES:

Employees are considered the most valuable assets of the Company. The Company has adopted and consistently practices progressive Human Resource (HR) policies aimed at attracting, motivating, and retaining quality professionals. Despite the turbulent times faced by the non-conventional energy industry in hiring and retaining skilled professionals, the Company has been successful in maintaining an exceptionally low attrition rate. Several proactive initiatives have been undertaken to overcome these challenges and to ensure a strong and committed workforce.

The Company continues to maintain cordial and harmonious Industrial and Personnel Relations. During the year under review, sustained efforts were made to foster a culture of trust, collaboration, and mutual respect across all levels of the organization, which helped in maintaining industrial peace and harmony.

The Board of Directors wishes to place on record its deep appreciation for the dedication, commitment, and valuable services rendered by employees at all levels during the year. Their continued support has been instrumental in driving the Company’s performance and growth.

INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY

The Company has no Holding, Subsidiary, Joint Venture or Associate Company anywhere as at the end of financial year.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO:

The Company is engaged in the business of manufacturing solar photovoltaic power plants and equipment for the transformation of solar energy into electricity/power. The manufacturing process does not involve significant consumption of electricity, coal, or other conventional fuels. Nevertheless, the Company continues to emphasize energy conservation across all its activities. Fuel and power consumption, as well as the output of individual machinery, are regularly monitored to ensure optimum utilization and efficiency. The manufacturing process is entirely pollution-free and is based on indigenous technologies.

The Company has also been carrying out in-house research and development activities with a focus on improving existing products, developing innovative variations, optimizing costs, and enhancing quality. However, no substantial expenditure was incurred on research and development during the year under review.

Accordingly, there are no particulars to be reported pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 relating to conservation of energy and technology absorption.

Further, during the year under review, there were no foreign exchange earnings or outgo.

RISK MANAGEMENT POLICY:

Every business is exposed to a variety of risks that may arise from internal and external factors and have the potential to adversely affect operations, profitability, and growth. Effective risk management involves a systematic process of identifying, evaluating, and addressing such risks in order to safeguard stakeholder interests and ensure the long-term sustainability of the Company.

The Company periodically reviews key business risks along with related performance indicators and mitigation strategies. These reviews help in assessing potential threats as well as opportunities that may influence the Company’s long-term goals. The Board also reviews project-specific risks and ensures that appropriate risk mitigation measures are in place to minimize any adverse impact on ongoing and future projects.

The Company ensures compliance with all applicable statutory requirements under various Acts and Rules, while workplace safety and employee well-being continue to remain areas of prime focus.

At present, the Board of Directors does not perceive any element of risk that may threaten the existence of the Company.

DIRECTORS’ RESPONSIBILITY STATEMENT:

The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state that—

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively and

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All related party transactions, entered into during the financial year were on arm’s length basis in the ordinary course of business and the same has been disclosed in Notes to Accounts.

None of the related party transactions were considered material contracts or arrangements since the materiality threshold as fixed by the Board of Directors of annual turnover as per last Audited Stand-alone Financial Statement of the Company, were not exceeded with any individual case throughout the financial year.

Accordingly, there is nothing to report pursuant to section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company was drawing remuneration in excess of the limits laid down in Rule 5(2) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 and hence there is nothing to report on this matter.

CONSTITUTION OF INTERNAL COMPLAINTS COMMITTEE:

The Directors state that, in compliance with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“POSH Act”) and the Rules made thereunder, the Company has adopted a formal Policy on Prevention of Sexual Harassment at Workplace. In line with the said Policy and statutory requirements, the Company has duly constituted an Internal Complaints Committee (ICC) to redress complaints, if any, relating to sexual harassment at the workplace. The constitution of the ICC is in accordance with the law, and the order constituting the Committee, along with details of the penal consequences of sexual harassment, has been prominently displayed at all workplaces of the Company.

The Company follows a zero-tolerance approach towards sexual harassment and is committed to providing a safe, secure, and inclusive work environment. Awareness programmes, sensitization workshops, and periodic communications are conducted under the Policy to reinforce the Company’s commitment to gender equality, dignity, and respect at the workplace.

During the year under review, The Company has not received any complaints of work place complaints, including complaints on sexual harassment., the Directors believe, is a reflection of the Company’s consistent efforts in fostering a culture of mutual respect, ethical conduct, and workplace safety.

The Board reiterates its commitment to upholding the highest standards of integrity and ensuring a harassment-free workplace where all employees can contribute to the growth of the Company with confidence and dignity.

CORPORATE SOCIAL RESPONSIBILITY

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions of section 135 of the companies Act, 2013 read with the relevant rules and guidelines are not so far applicable to the company.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company is committed to provide and promote a safe, healthy and congenial atmosphere irrespective of gender, caste, creed or social class of the employees. The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, there was no case filed pursuant to the sexual harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013.

MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All eligible women employees if required have been extended the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and postmaternity support such as nursing breaks and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

PARTICULARS OF LOAN, GUARANTEE OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The Company has not given any loan or guarantee and made Investments covered under provision of Section 186 of the Companies Act, 2013.

Deposits

During the reporting period the Company has not accepted any deposit falling within the ambit of Section 73 ofthe Companies Act, 2013 read-with the Companies (Acceptance of Deposits) Rules, 2014, as amended from time to time. Further, the Company has not accepted any deposit in earlier years, as such question of unpaid or unclaimed deposit and default in repayment thereof, does not arise.

DETAILS OF SIGNIFICANT AND MATERIAL ORDRES PASSED BY THE REGULATORS/COURT/TRIBUNALS

No significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and company’s operations in future.

THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the period under review the Company has not made any applications and there are no proceedings pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).

THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

The requirement of disclosure of details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable during the period under review.

DISCLOSURE, AS TO WHETHER MAINTENANCE OF COST RECORDS AS SPECIFIED BY THE CENTRAL GOVERNMENT UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT, 2013, IS REQUIRED BY THE COMPANY AND ACCORDINGLY SUCH ACCOUNTS AND RECORDS ARE MADE AND MAINTAINED.

Maintenance of cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, is not required by the Company and accordingly such accounts and records are not so made and maintained.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

India has remained the world’s fastest-growing major economy in FY 2024-25, with renewable energy continuing to play a central role in its growth and sustainability agenda. Supported by a robust policy framework and international partnerships, the country has made remarkable progress in scaling up solar power capacity.

During the year, India consolidated its position as the third-largest producer of solar power globally. As per the Ministry of New & Renewable Energy (MNRE), the installed solar capacity crossed 108 GW by April 2025, compared to just over 21 GW in 2018. The pace of growth in this segment highlights India’s leadership in the global renewable energy transition.

The overall installed renewable energy capacity (excluding large hydro) is estimated to touch 170 GW by March 2025, up from around 136 GW in December 2023. Renewable energy, including hydro and nuclear, now contributes close to 49% of India’s total installed capacity of ~476 GW, reflecting a significant shift towards clean energy.

On the generation front, solar electricity output registered a strong growth of over 30% year-on-year, contributing nearly 10% of India’s total power generation during March-April 2025. This surge was driven by capacity expansion, improved grid integration, and strong policy support.

The Government’s target of achieving 500 GW of installed capacity from non-fossil fuel sources by 2030 remains the key driver for future growth. In the Interim Budget 2024-25, the allocation for solar grid infrastructure was substantially increased to ?8,500 crore, while the Pradhan Mantri Surya Ghar Muft Bijli Yojana, launched in 2024, aims to accelerate rooftop solar adoption across one crore households. With an untapped solar potential of more than 10,800 GW, India’s renewable energy sector continues to offer immense opportunities for expansion, innovation, and investment.

BUSINESS OVERVIEW

Agni Green Power Limited (“AGNI” or “the Company”) is engaged in the execution of turn-key Solar Photovoltaic (PV) Power Plant projects, including Design, Engineering, Supply, Installation & Commissioning (I&C), and Maintenance for both stand-alone and grid-connected PV systems, covering the entire project lifecycle from conceptualization to completion.

The Company was originally incorporated as Agni Power and Electronics Private Limited on August 25, 1995 under the Companies Act, 1956, with the Registrar of Companies, Kolkata, West Bengal. Subsequently, the name was changed to Agni Green Power Private Limited vide a fresh Certificate of Incorporation dated March 4, 2022. Thereafter, the Company was converted into a Public Limited Company and renamed Agni Green Power Limited with effect from April 1, 2022.

AGNI is an integrated solar energy solutions provider offering Engineering, Procurement and Construction (EPC) services as well as Operations & Maintenance (O&M) services. In addition, the Company manufactures a wide range of solar energy products including Solar Power Conditioning Units, Solar Inverters (Hybrid & Grid Connected), Solar Maximum Power Point

Tracking (MPPT) Chargers, Remote Monitoring & Diagnostic Systems, Solar Photovoltaic Junction Boxes, Control Panels, Digital DC Energy Meters, Solar Adapters, and Solar Pump Controllers, among others.

We are an integrated solar energy solutions provider offering engineering, procurement and construction (“EPC”) services, and operations and maintenance (“O&M”) services to our customers. We also manufacture Solar Power Conditioning Unit, Solar Inverter (Hybrid & Grid Connected), Solar Maximum Power Point Tracking (MPPT) Charger, Remote Monitoring and Diagnostic System, Solar Photovoltaic Junction Box, Control Panel, Digital DC Energy Meter, Solar Adapter and Solar Pump Controller etc.

During the financial year 2024-25, Agni Green Power Limited has continued to strengthen its leadership position in the renewable energy sector by executing prestigious projects, diversifying into new business domains, and demonstrating consistent financial growth. The Company successfully secured and executed multiple high-value contracts across different regions, thereby expanding its operational footprint and reinforcing its reputation as a trusted solar EPC and O&M solutions provider.

Notably, in October 2024, AGNI received a significant work order from the Selco Foundation for the supply, installation, commissioning, and maintenance of off-grid SPV systems across 108 health centres in Mizoram, valued at ?4.1 crore. This was followed by a ?2.13 crore contract under the WBREDA scheme for the installation of 38 solar power plants of 10 kW each in schools and government buildings across West Bengal. In January 2025, the Company was awarded a ?2.38 crore ground-mounted solar project of 410 kW capacity by BRBNMPL Salboni, covering design, installation, commissioning, and training. Further consolidating its credentials, in May 2025 AGNI bagged a landmark ?4.71 crore rooftop solar project of 1 MW capacity from Power Grid Corporation of India Ltd at NIT Durgapur. Collectively, these projects not only strengthened AGNI’s presence in the Eastern and North-Eastern regions of India but also highlighted its ability to deliver reliable and sustainable solutions to diverse clients ranging from healthcare institutions to educational campuses and government establishments.

We have also expanded our footprints through four branch offices in Chhattisgarh, Assam, Mizoram and Tripura. Our key customers mainly include reputed Government organizations.

AGNI is committed to delivering high-quality, professional, and cost-effective solar solutions. The Company is supported by a team of highly skilled engineers and professionals with proven expertise in handling projects of diverse scale and complexity. With its strong technical capabilities and extensive execution experience, AGNI ensures the highest standards of reliability, performance, and customer satisfaction.

The leadership team of AGNI, comprising the promoters with decades of experience in the solar energy sector, continues to drive innovation, efficiency, and sustainable growth. The Company operates with a professionally managed team possessing vast techno-commercial knowledge, enabling AGNI to consistently execute projects with excellence and maintain its position as a trusted and acclaimed enterprise in the renewable energy industry.

By leveraging its integrated strengths—turnkey project execution, in-house manufacturing capabilities, certified quality systems (ISO 9001, ISO 14001, ISO 45001), and strong MNRE accreditation—AGNI has not only maintained but enhanced its competitive edge during the year under review. The combination of prestigious project wins, diversification into emerging energy verticals, and robust financial outcomes makes FY 2024-25 a year of strategic importance and sets the foundation for continued growth in the years to come.

OUR STRENGTHS

• Agni brings over 40 years of experience in the solar energy sector, positioning it as a seasoned and trusted EPC (Engineering, Procurement, and Construction) and O&M player in India’s solar landscape.

• The company’s leadership includes founders with decades of hands-on technical and R&D experience, including Prof. Hiranmay Saha (over 45 years in solar R&D) and Dr. Kanak Mukhopadhyay (pioneer entrepreneur with 40 years in the solar industry).

• Agni offers a full-stack offering, covering design, procurement, engineering, construction, installation, commissioning, operations, and maintenance for both off-grid and grid-connected PV systems.

• It is an ISO-certified company, indicating high standards in quality, environment, and occupational health & safety

• Agni maintains an in-house R&D facility, focused on developing indigenous solar products tailored to India’s market needs One among very few listed companies in Renewable Energy Industry.

• Agni has professional team of engineers and staff offers strong technical execution capabilities across project design, commissioning, and service.

• Working experience in harsh climate condition including hilly regions and coastal areas.

As a leading supplier of solar installations and ecological energy technology solutions, Agni Green Power Limited is committed to delivering integrated and sustainable SPV solutions for private, commercial, and public sector applications. Our team of nearly 80 dedicated professionals works relentlessly to ensure clean energy access and reliable performance across every project we undertake. Over the years, our product and service portfolio has evolved to cover a wide spectrum—ranging from household and institutional solar lighting systems to large-scale, megawatt-level solar power plants.

Our SPV products and solutions are designed with a strong emphasis on quality, reliability, and long-term performance. We take pride in our highly skilled workforce, which comprises trained engineers, specialized technicians, and certified installers who ensure that every project meets the highest industry standards. By combining premium components sourced from global leaders with those designed and manufactured in-house at our modern, fully-equipped factory, we are able to guarantee solutions that are both efficient and durable. Our approach is based on precise planning, careful selection of materials, and timely execution—values that have become the guiding mantra of AGNI.

A cornerstone of our success is our dedicated Research & Development (R&D) facility, which enables us to innovate, indigenize, and continuously improve our product portfolio. This facility allows us to design customized solutions tailored to specific customer requirements while reducing dependency on imported technologies. By keeping full control over product design, development, and features, AGNI not only ensures superior quality but also aligns with the Government of India’s vision of “Atmanirbhar Bharat” (self-reliant India) in the renewable energy sector.

Driven by our commitment to sustainability and innovation, AGNI continues to play a vital role in India’s transition towards clean and green energy solutions, empowering communities and contributing to the nation’s renewable energy goals.

FACTORS AFFECTING OUR RESULTS OF OPERATION

• Agni Green Power operates in a sector highly reliant on Central and state government incentives and support. If these subsidies are reduced, revoked, or not renewed, or if regulations become more burdensome, it could significantly impact their business operations and financial health.

• As an EPC provider, the company faces stiff competition from peers—some of whom possess greater financial strength, marketing reach, and deeper backward integration that allow for lower cost structures and better margins.

• High working capital requirement.

• Limited pricing power due to fragmentation in the industry.

• Our ability to identify suitable projects and execute them in timely and cost effective manner. OPPORTUNITIES

• Potential to provide other value based services.

• India’s ambitious 500 GW non-fossil-energy target by 2030, with solar at the core, opens vast opportunities across utility-scale, rooftop, and off-grid projects.

• Key schemes—such as PM-KUSUM, PM Surya Ghar Muft Bijli Yojana, and Production-Linked Incentives (PLI)—offer subsidies, capital support, and accelerated incentives for solar pumps, rooftop systems, and domestic manufacturing.

• Rooftop solar continues to boom—fuelled by residential and commercial demand, net metering policies, and subsidies. Mumbai alone could tap 1.72 GW of rooftop potential.

• Advanced tech—AI-driven monitoring, IoT-enabled energy management, smart inverters, bifacial modules, and AI predictive analytics—are improving efficiency and opening doors for premium, differentiated offerings.

• Increasing private investments, both domestic and international, are flowing into solar infrastructure,

THREATS & CHALLENGES

• Low entry barriers in Solar segment creates severe competition.

• Competitive bidding in government tenders often drives tariffs down.

• High debtor days could strain liquidity.

• Rising interest rates or tighter bank lending norms could further limit access to working capital and project financing.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Your Company’s total Profit after tax for the financial year 2024-25 is Rs. 62.67 lakhs as compared to a profit for the previous financial year being Rs. 38.46 lakhs.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Pursuant to the requirements of Section 134(3)(q) of the Companies Act, 2013 read with Rule 8(5)(viii) of the Companies (Accounts) Rules, 2014, the Board of Directors confirms that the Company has in place adequate internal financial controls commensurate with the size, scale, and nature of its business operations.

These internal financial controls are designed to provide reasonable assurance with regard to the reliability of financial reporting, ensuring the orderly and efficient conduct of business, adherence to applicable laws, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and the timely preparation of financial and operational information.

The internal financial controls have been formally laid down through policies, procedures, and authorization manuals and are reviewed on a periodic basis by the management and the Board. The Audit Committee also oversees the adequacy and effectiveness of such controls through regular internal audit reviews and discussions with statutory auditors. Internal control also try to reduce debtor days, provides a more relaxed business financing option, and to improve the overall quality of the project by ensuring better financial discipline and accountability

During the financial year under review, the internal financial controls were tested and evaluated and were found to be adequate and effective. No reportable material weakness was observed in the design or operation of such controls.

RISKS AND CONCERNS

Every business involves a delicate balance between risk and return, and Agni Green Power Limited “AGNI” remains committed to maximizing shareholder value while managing risks diligently. AGNI’s management continues to drive cost efficiency through detailed market studies and expert engagement. Senior leadership regularly identifies and monitors operational, financial, and market risks, evolving processes and systems to mitigate them proactively.

In the reporting financial year AGNI has acknowledged several key risk factors affecting its operations, including insufficient market reach, dependence on suppliers, high working capital requirements, limited pricing power, and intense competition, which may constrain margins in the future.

Simultaneously, the Company recognizes emerging opportunities such as expanding into new geographical areas or value-added services and leveraging the government’s focus on to boost demand.

On governance and oversight, AGNI ensures that internal controls—including financial and operational protocols—are routinely monitored and tested by senior management and the Board, with the Audit Committee providing oversight. No material weaknesses in the design or operation of these controls were identified during the year.

FINANCIAL PERFORMANCE & OPERATIONAL PERFORMANCE:

CAPITAL STRUCTURE:

The Paid-up Share Capital of the Company as on 31st March, 2025 is Rs. 19,534,80,00 divided into 19,534,800 Equity Shares of Rs. 10/- each fully paid up.

During the year the Company has not transfer any amount to Capital Reserve.

Fixed Assets:

During the financial year 2024-25, new assets are acquired amounting to Rs.3.78/- Lakhs Trade Receivables (Sundry Debtors):

Sundry debtors increased to Rs 2470.35. lakhs as on 31st March, 2025 as against Rs. 2213.63 lakhs debtors in the previous financial year.

Cash and Cash Equivalents:

Cash and Cash Equivalents raised to Rs. 49.93 lakhs as against Rs. 0.47 lakhs in the previous year.

Loans and Advances:

Long Term Loans and Advances is 850.26 lakhs in Current Financial Year compared to 861.91 in previous year. Short Term Loans and Advances is Rs.251.93 lakhs as against Rs. 329.30 lakhs in the previous financial year.

Non-Current Liabilities: Long term borrowings as on 31.03.2025 is Rs.169.95 lakh as against Rs.91.79 lakh in the previous year.

Current Liabilities:

Short term borrowings as on 31st March, 2025 is Rs. 810.23 lakhs as against Rs. 793.24 lakhs in the previous Financial Year.

Trade Payables (Sundry Creditors)

Total outstanding dues to Creditors other than micro enterprises and small enterprises as on 31.03.2025 is Rs.653.14 lakh against Rs.680.95 lakh in the previous year.

B. OPERATIONAL RESULTS Turnover:

During the financial year 2024-25 the turnover of the Company was Rs. 4108.89 lakhs and income from other sources as on 31st March, 2025 was 33.96 lakhs, as compared to the turnover of the company on 31st March, 2024 as 3526.71 lakhs and income from other sources was Rs. 35.48 lakhs in the previous financial year.

Depreciation:

The Company has provided for depreciation of Rs. 25.93 lakhs during the financial year 2024-25 whereas depreciation of Rs. 22.97 lakhs was provided in the previous financial year.

Tax Expenses:

The Company’s tax expenses of Rs. 20.65 lakhs plus Deferred Tax Rs.1.37 lakh in the financial year 202425 whereas in the previous financial year tax expenses was Rs.10.97 and Deferred Tax Credit was Rs.2.54 lakh.

Net Profit:

The Net Profit of the Company after tax is Rs. 62.67 lakhs for the Financial Year 2024-25 as compared to a profit of Rs. 38.46 lakhs in the previous financial year.

Earnings per Share:

The Earnings per Share of the Company as on 31^st March, 2025 is Rs. 0.32 per share for Face Value of Rs. 10/- as against Rs. 0.20 per share for Face Value of Rs. 10/- in the previous financial year.

ACKNOWLEDGEMENT

Your Directors wish to express their appreciation to the continued and kind co-operation received from the Banks, Government Authorities, Customers, Vendors and Shareholders during the year under review. Y our Directors also wish to place on record their deep sense of appreciation for the committed service of the Executives, staff and Workers of the Company. We look forward for the continued support of every stakeholder in the future.