Ravindra Energy released an investor presentation on September 29, 2026, detailing its proposed merger with Energy In Motion (EIM) and confirming 260 MWp of operational solar capacity. The document outlines a strategic vision to create an integrated clean energy and electric mobility platform.

The presentation was filed under Regulation 30 of the SEBI (LODR) Regulations, 2015, following an analyst meeting held the same day. It provides granular details on the share exchange ratio, post-merger ownership structure, and the combined entity's capital expenditure plans for its battery-swapping network.

Merger structure and shareholding impact

The board has approved the amalgamation of EIM with Ravindra Energy. Upon effectiveness, the listed entity will be renamed Energy In Motion Limited. The scheme involves cancelling equity shares of EIM held by Ravindra Energy and issuing new shares to other EIM shareholders.

The share exchange ratio is set at 209 equity shares of Ravindra Energy for every 100 equity shares of EIM. This ratio is based on a joint valuation report. Post-merger, the promoter group holding is expected to rise significantly as J M Baxi Group becomes a co-promoter.

The resulting structure shows Murkumbi Group holding 75% and J M Baxi Group holding 25% of the promoter stake in the merged entity. The registered office of the combined entity will shift to Maharashtra.

Solar portfolio and capacity expansion

The presentation confirms that Ravindra Energy's renewable vertical has commissioned 261.21 MWp across 77 locations as part of its operating portfolio. This aligns with the previously reported figure of approximately 260 MWp. The company holds a grand total pipeline of 492.31 MWp when including projects under construction and development.

Key operating assets include MSKVY-1 (135.82 MWp) and MSKVY-2 (58.71 MWp) in Maharashtra, both supplying to MSEDCL. The company aims to reach a total capacity of 500 MW by March 2027.

Electric mobility network and OEM updates

Energy In Motion operates as an OEM and network provider for electric heavy commercial vehicles. As of September 2026, EIM has invoiced 452 e-tractors. The company has commissioned 8 battery swapping stations (BSS) with a daily capacity of 1,176 swaps, targeting 40 operational stations by March 2027.

EIM Megaplex Limited, a 100% subsidiary SPV, will own all swapping stations, chargers, and battery packs. This segregation allows for asset-liability matching and potential capital raises at the SPV level without diluting the listed parent.

Deployment targets by FY29-30

Strategic rationale and financial position

The merger aims to combine Ravindra Energy's distributed solar capabilities with EIM's electric heavy commercial vehicles and Battery-as-a-Service (BaaS) network. The presentation highlights that internalizing energy supply eliminates retail tariff exposure on EIM's largest input cost.

Financial data as of June 30, 2026, shows EIM has higher total assets (₹7,973.23 million) compared to Ravindra Energy's standalone total assets (₹6,992.07 million), reflecting EIM's asset-heavy infrastructure model. However, Ravindra Energy maintains a stronger net worth position relative to turnover.

What the numbers show

The combined data reveals a strategic pivot from pure-play utility generation to integrated mobility services. While the solar business provides steady cash flows with 261.21 MWp operational, the EV arm remains in early deployment with only 8 stations against a target of 40. The planned capex of ₹3,500-4,000 crore over three years for the network division indicates a significant capital intensity ahead, funded partly by monetizing existing solar assets. This structure balances a mature utility business with a high-growth, capital-intensive mobility startup.

Ravindra Energy Limited has scheduled its 46th Annual General Meeting for Monday, September 28, 2026 at 12:00 Noon (IST) via Video Conferencing/Other Audio-Visual Means. The meeting features nine agenda items, including a new employee stock option scheme and the reappointment of the CEO.

AGM Details and Voting Timeline

The meeting will be held in accordance with Ministry of Corporate Affairs General Circular No. 03/2025 dated September 22, 2025, which permits AGMs through video conferencing until further orders. The deemed venue is the registered office at BC 105, Havelock Road, Camp, Belgaum-590001, Karnataka.

Shareholders on record as of the cut-off date of Monday, September 21, 2026 are eligible to vote. Remote e-voting opens at 9:00 am on Wednesday, September 23, 2026 and closes at 5:00 pm on Sunday, September 27, 2026. Up to 1,000 members may attend via VC/OAVM on a first-come-first-served basis, with no such restriction for directors, institutional investors, and shareholders holding 2% or more.

The dispatch of the notice and annual report was completed on September 5, 2026. Documents are available electronically to registered members, in compliance with MCA circulars dispensing with physical copies.

Agenda: Ordinary and Special Business

The AGM will transact the following business:

Ordinary Business

• Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026
• Re-appointment of Dr. Vidya Murkumbi (DIN: 00007588) as director, liable to retire by rotation

Special Business

REL ESOP Scheme 2026: Key Features

The Nomination and Remuneration Committee formulated the REL ESOP Scheme 2026 on July 11, 2026, with pricing guidelines adopted on August 21, 2026. The Board approved the scheme on August 21, 2026. Salient features include:

• Total options: Up to 22,00,000 (Twenty-Two Lakhs), not exceeding 1% of issued equity share capital
• Face value: ₹10 per equity share
• Vesting schedule: Nil in Year 1 and Year 2; 30% in Year 3; 30% in Year 4; 40% in Year 5 (computed from grant date)
• Exercise period: 10 years from the date of vesting
• Implementation: Direct route — fresh allotment by the Company, not through a trust
• Eligible employees: Permanent employees and whole-time/non-executive directors (excluding independent directors and promoter-group employees holding more than 10% equity)

CEO Reappointment and Remuneration Revision

Mr. Shantanu Lath's term as Whole-Time Director & CEO concluded on August 10, 2026. The Board, at its meeting on August 14, 2026, approved his re-appointment for three years effective August 11, 2026, subject to shareholder approval. His proposed maximum remuneration ceiling is ₹45 million per annum. His past remuneration ceiling was ₹30 million effective October 1, 2025, and remuneration drawn in FY2025-26 was ₹20.00 million.

Similarly, the Board approved a revision in the remuneration ceiling for Dr. Vidya Murkumbi, Whole-Time Director & Chairperson, to ₹45 million per annum for her remaining tenure (three years from September 1, 2024). Her remuneration drawn in FY2025-26 was ₹19.34 million, against a prior ceiling of ₹30 million effective October 1, 2025.

Articles of Association Amendment and Office Relocation

Tata Capital Limited has granted a Rupee Term Loan facility not exceeding INR 100,00,00,000 (Indian Rupees One Hundred Crore Only) to the Company. The proposed Articles of Association amendment incorporates lender-related definitions and provisions for appointment of a nominee director by Tata Capital Limited upon an event of default.

The Board also approved, at its August 14, 2026 meeting, a proposal to shift the registered office from Karnataka to Maharashtra — specifically from BC 105, Havelock Road, Camp, Belgaum, Karnataka to Floor No. 37, B-3702, Kohinoor Square, N. C. Kelkar Marg, Dadar (West), Mumbai – 400028, Maharashtra. The shift is intended to facilitate a proposed merger with Energy in Motion Limited, an associate company, and to consolidate corporate and business operations.

Financial Performance Summary (FY2025-26)

The 46th Annual Report, submitted alongside the AGM notice, discloses the following financial highlights:

The Board has not recommended any dividend for FY2025-26, citing the need to conserve financial resources. The Company had 55 subsidiaries and one associate company as on March 31, 2026. Total workforce stood at 208 as on March 31, 2026.

E-Voting and Scrutinizer

KFin Technologies Limited is the Registrar and Transfer Agent and will provide the VC/OAVM and e-voting platform. M/s Sanjay Dholakia & Associates (Peer Reviewed Firm No. 2036/2022) has been appointed as scrutinizer. Results will be declared within two working days of the AGM conclusion and published on the Company's website, KFinTech's portal, and the BSE and NSE websites.