Rite Water Solutions (India) Limited

Rite Water Solutions (India) Limited — DRHP Data Summary (formerly Rite Water Solutions (India) Private Limited) CIN: U29100MH2004PLC148812 | DRHP Date: February 10, 2025 | Registered Office: Nagpur, Maharashtra

1Company Overview Incorporated in 2004; evolved from a water solutions provider into a Clean-tech player across three verticals: Water, Solar Agriculture, and IoT. Only listed-track Clean-tech company in India with a presence across all three verticals (Source: 1Lattice Report, commissioned by the company). 2nd fastest-growing company in the water sector by revenue (FY22–FY24) among largest listed water sector companies. Operates an asset-light model — focuses on core design/system-integration, outsources parts of execution to specialised third-party vendors (e.g., solar pump partners under PM-KUSUM). ISO 9001:2015 certified. ESG ratings (FY23, CARE Advisory): Environment 3.0, Social 2.8, Governance 3.6. Scale (as of Dec 31, 2024): active across 21,807 villages; 9,131 water installations (627.42 million litres/day purifying capacity) across 6,990 villages; 8,736+ solar pumps installed under PM-KUSUM across 3,831 villages; 22 solar cold storages. Promoters: Vinayak S. Gan — Executive Chairman, 42 years' entrepreneurial experience Abhijeet V. Gan — Managing Director & CEO, 18 years' experience in water/solar/IoT

2Business Verticals Vertical What it covers Water Solutions Water & wastewater treatment, disinfection, purification, Community Water Purification Plants (CWPP), water supply schemes Solar Agriculture Solutions Solar irrigation pumps, solar-powered cold storage IoT Solutions Digital monitoring for water & energy infrastructure — real-time data, efficiency, loss reduction O&M Operations & maintenance across all three verticals — annuity-style recurring revenue Key government programs / customers: Jal Jeevan Mission (JJM), PM-KUSUM Scheme, National Mission for Clean Ganga (NMCG). Customers are largely state government departments + some private corporates. Revenue mix by vertical (₹ Cr) Vertical FY22 FY23 FY24 9M FY25 Water Solutions ₹76.81 Cr (100%) ₹119.43 Cr (100%) ₹160.54 Cr (79.2%) ₹91.09 Cr (29.8%) Solar Agriculture — — ₹33.47 Cr (16.5%) ₹184.85 Cr (60.5%) IoT Solutions — — ₹8.74 Cr (4.3%) ₹29.74 Cr (9.7%) Total ₹76.81 Cr ₹119.43 Cr ₹202.75 Cr ₹305.68 Cr (Mix has shifted sharply — Solar Agriculture went from 0% to 60% of revenue within a year, becoming the largest vertical by 9M FY25.)

3Financial Summary (₹ in Crore) P&L and Key Ratios Metric FY22 FY23 FY24 9M FY25 (to Dec'24) Revenue from Operations 76.81 119.43 202.75 305.68 Revenue Growth % NA 55.48% 69.76% — EBITDA 8.70 36.49 70.50 97.15 EBITDA Margin 11.32% 30.56% 34.77% 31.78% PAT 8.68 25.02 49.28 71.51 PAT Margin 11.29% 20.95% 24.31% 23.39% Return on Capital Employed 9.81% 36.66% 27.22% 26.96%* Return on Equity 12.72% 26.85% 21.04% 23.39%* Cash Flow from Operations 0.10 31.78 (21.92) (116.22) Net Debt/EBITDA (x) 0.48 (0.67) (1.32) 0.30* Trade Receivable Days 140 53 52 162 Inventory Days 15 20 37 74 Cash Conversion Cycle (days) 98 11 38 186 Total Borrowings 16.76 4.35 18.65 45.93 Debt-to-Equity (x) 0.25 0.05 0.08 0.15 Not annualised for 9M FY25. ⚠️ Watch point: Cash conversion cycle worsened sharply (38 → 186 days) and operating cash flow turned deeply negative in 9M FY25 — receivables from government clients appear to be stretching out even as the P&L scales fast. Order Book (₹ Cr) Segment 9M FY25 FY24 FY23 FY22 Water Solutions 487.07 475.96 366.34 158.74 Solar Agriculture Solutions 754.58 894.95 — — IoT Solutions 481.48 266.86 — — Total Order Book 1,723.13 1,637.76 366.34 158.74 O&M contracts = ₹238.01 Cr of the ₹1,723.13 Cr total order book as of Dec 2024 (~13.8%). Balance Sheet (₹ Cr) Particulars Dec 31, 2024 FY24 FY23 FY22 Total Non-current Assets 64.72 26.44 30.20 32.70 Total Current Assets 357.46 268.81 95.94 68.40 Total Assets 422.18 295.25 126.13 101.09 Total Equity (Net Worth) 305.71 234.20 93.17 68.19 Total Non-current Liabilities 5.68 2.12 1.69 2.01 Total Current Liabilities 110.80 58.93 31.27 30.90 Total Liabilities 116.47 61.05 32.96 32.91 Per-Share Data (face value ₹2, adjusted for split/bonus) Metric FY22 FY23 FY24 9M FY25 Basic EPS (₹) 1.03 2.97 7.43 9.99* Diluted EPS (₹) 1.03 2.97 6.86 8.38* Net Asset Value / Share (₹) 8.09 11.05 35.31 42.73 Not annualised.

4Capital Structure & Shareholding Pre-Offer equity shares outstanding (as on DRHP date): 7,15,46,790 (face value ₹2 each) Pre-Offer equity shares outstanding (fully diluted, post CCPS conversion): 8,53,62,720 Shareholder Shares Held (Pre-Offer) % (Pre-Offer, non-diluted) Shares (Fully Diluted, incl. CCPS conversion) % (Fully Diluted) Vinayak S. Gan (Promoter) 3,49,51,200 48.85% 3,49,51,200 40.94% Abhijeet V. Gan (Promoter) 2,23,81,050 31.28% 2,23,81,050 26.22% Water Access Acceleration Fund (W2AF) — — 1,38,15,930 16.18% Promoter Total 5,73,32,250 80.13% 7,11,48,180 83.34%

5Funding History & Valuation Past investors SIDBI (via Samriddhi Fund) — fully exited April 2023 Water Access Acceleration Fund S.L.P. (W2AF) — France-domiciled, managed by Incofin Investment Management (Belgium); invested since August/November 2023 W2AF's investment — original terms Subscribed to 4,60,531 CCPS (Compulsorily Convertible Preference Shares), face value ₹10 each Issue price: ₹1,445 per CCPS Total investment: ₹66.55 Cr (₹665.47 million) Cumulative dividend: 0.1% p.a.; convertible into equity on earlier of 3 years from closing or pre-listing Corporate actions since (Oct 2024) — adjusting the original price Stock split: face value ₹10 → ₹2 (1 share → 5 shares) = 5x Bonus issue: 5 new shares for every 1 held = 6x Combined adjustment factor: 30x Adjusted price per equity share = ₹1,445 ÷ 30 = ₹48.17 (This matches the DRHP-disclosed "weighted average cost of acquisition per equity share" for W2AF of ₹48.17 exactly.) Implied valuation at last round price (adjusted), applied to current outstanding shares Basis Shares Outstanding Implied Valuation @ ₹48.17/sh