Ravindra Energy Limited has issued a correction to its business update regarding renewable energy and electric vehicle business activities, rectifying data on operating swap stations that was inadvertently interchanged in its previous announcement dated January 16, 2026. The company filed the correction under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Correction in Swap Station Data

The primary correction relates to the number of operating swap stations reported for Q2 and Q3 FY26. The company clarified that it operated 1 swap station in Q2 (July 2025 to September 2025) and 2 swap stations in Q3 (October 2025 to December 2025), which was mistakenly reported in reverse in the earlier communication.

Renewable Energy Business Portfolio

Ravindra Energy operates a substantial renewable energy portfolio with 187 MW DC of operating assets. The portfolio includes 34 MW across 14 Agri Feeder Projects in Karnataka, 6 MW of rooftop projects and wind assets, and 136 MW across 19 projects under MSKVY Phase 1. All projects under MSKVY Phase 1 have been commissioned and are generating income as per target in Q3 FY26.

Projects Under Construction and Development

The company has 60 MW DC under construction, including 57 MW across 15 projects under MSKVY Phase 2 and 3.50 MW of open access projects. For MSKVY Phase 2, land has been registered and work commissioned in 11 out of 15 projects, with full capacity expected to be commissioned before March 31, 2026.

Additionally, Ravindra Energy has a development pipeline of 235 MW DC, featuring projects with HESCOM (71 MW DC), MSKVY Phase 3 (150 MW DC across 23 projects), and open access pipeline of 15 MW.

Electric Vehicle Business Performance

The Energy in Motion segment reported mixed performance in Q3 FY26. While the company sold 55 vehicles in Q3 compared to 70 vehicles in Q2, it increased its swap station operations and recorded significant growth in battery swapping activity.

Future Expansion Plans

The company expects to commission an additional 8 swap stations by March 2026, supporting a sales pipeline of 275 vehicles. YES Bank Limited has sanctioned financial assistance in the form of various credit facilities of Rs 296 crore and hedge facility of Rs 32 crore to support the company's expansion plans.

The corrected business update has been made available on the company's website at www.ravindraenergy.com for stakeholder reference.

Ravindra Energy Limited has released its comprehensive business update for the third quarter ended December 31, 2025, highlighting progress across its renewable energy generation and electric vehicle business segments. The company submitted its quarterly financial results to BSE Limited and National Stock Exchange of India Limited along with completing all necessary board meeting filings.

Renewable Energy Operations Performance

The company's renewable energy portfolio demonstrates strong operational performance with 187 MW DC of operating assets generating income as per target during Q3FY26. The operational capacity includes diversified projects across multiple segments and locations.

Projects Under Construction and Development

Ravindra Energy has 60 MW DC capacity under construction, with significant progress reported across multiple projects. The MSKVY Phase 2 comprises 57 MW across 15 projects, with land registration and work commissioning completed in 11 out of 15 projects. The company expects to commission full capacity before March 31, 2026.

Additionally, the company has 235 MW DC under development pipeline, including:

• HESCOM Project: 62 MW AC/71 MW DC with Letter of Award received and Power Purchase Agreement expected by January 31, 2026, featuring a tariff of ₹2.93 per unit
• MSKVY Phase 3: 120 MW AC/150 MW DC across 23 projects awaiting MERC approval for PPA signing
• Open Access Pipeline: 15 MW capacity with advanced conversations with 4 customers

Electric Vehicle Business Performance

The electric vehicle segment showed operational activity during Q3FY26, though with sequential decline in vehicle sales. The company's battery-as-a-service model continues to gain traction with increased swap station utilization.

Financial Support and Expansion Plans

The company has secured substantial financial backing to support its expansion initiatives. YES Bank Limited has sanctioned financial assistance comprising various credit facilities worth ₹296 crores along with hedge facilities of ₹32 crores. This financial support positions the company to execute its planned expansion across both business segments.

For the electric vehicle business, the company expects to commission an additional 8 swap stations by March 2026, which will support a sales pipeline of 275 vehicles. This expansion aligns with the company's strategy to strengthen its battery-as-a-service infrastructure and increase market presence.

Strategic Outlook

Ravindra Energy's diversified approach across renewable energy generation and electric vehicle operations demonstrates the company's commitment to the clean energy transition. With 187 MW of operational renewable capacity generating as per targets and a robust pipeline of 295 MW under construction and development, the company is positioned for significant capacity expansion. The electric vehicle segment, while showing quarterly fluctuations, maintains operational momentum with infrastructure expansion plans and financial backing in place.