Inverex Power Solution (“IPS” or the “Sole Proprietorship”) is structured as a sole proprietorship. The Sole Proprietorship holds a National Tax Number and is registered under the Income Tax Ordinance, 2001, and has been filing income tax returns since July 15, 2011. It is also registered for sales tax with the Federal Board of Revenue, effective from September 25, 2014.

Inverex Power Solution traces its roots to the early operations of a power-solutions and electronics supplier that, over time, evolved into a full-fledged solar and renewable-energy provider. Starting from supplying inverters, UPS units and voltage stabilizers, IPS gradually expanded its portfolio to include solar panels, inverters, batteries and end-to-end solar energy systems for residential, commercial and industrial users. In the late 2000s and early 2010s, as demand for reliable, off-grid and backup power rose across Pakistan, Inverex broadened its reach nationwide, establishing a network of distributors, dealers and service centers.

The operations of Inverex Power Solution primarily revolve around the import of solar panels, inverters, and allied renewable-energy equipment, which are subsequently supplied across the country through an established dealer and distribution network. IPS facilitates end-to-end solar solutions, including installation support and basic after-sales services, enabling customers to adopt reliable solar energy systems. IPS intends to further enhance its service footprint by expanding its installation capabilities and strengthening after-sales and technical support in the coming years.

Inverex Power Solution is a family-owned business in which Mr. Zakir Ali plays a pivotal role, overseeing day-to-day business operations and driving IPS's strategic decision direction and growth. Although he is independently managing the business, the sole proprietorship's shareholding has been transferred to his wife for administrative and management purposes. As a result, Inverex Power Solutions is 100% owned by Ms. Sarwat Zakir.

Since its establishment, Inverex Power Solution has maintained consistent operations and has steadily built a robust distribution network across Pakistan. IPS's ongoing supply chain for importing solar panels, inverters and allied equipment — combined with a widespread dealer and sales network — has provided stable product availability and market presence. Over time, IPS has adapted to evolving market needs by expanding its product range and preparing to scale its services further. This sustained performance and gradual expansion reflect a stable foundation for future growth in the renewable energy sector.

Inverex Power Solution demonstrates strong business acumen under the leadership of CEO, Mr. Zakir Ali, who brings over 30 years of experience in the renewable-energy sector. Leveraging his extensive industry knowledge, Mr. Ali has guided IPS in building robust client relationships and establishing a trusted brand in the market. IPS’s reputation reflects its commitment to quality, timely delivery, and reliable service, which have contributed to long-standing partnerships with customers and stakeholders. IPS’s consistent performance and proactive approach to market trends underscore its strategic positioning and credibility within the renewable-energy industry.

Inverex Power Solution demonstrates strong financial strength, supported by net assets of approximately PKR 2 bln and total annual income of around PKR 1.8 bln. IPS benefits from a solid backing through its association with three related entities, Inverex Electronics (Pvt.) Ltd., Apt Industries (Pvt.) Ltd., and Inverex Motors (Pvt.) Ltd. is forming a robust business group. This consolidated structure provides financial stability, resource sharing, and strategic support, enabling IPS to sustain operations, invest in growth initiatives, and maintain a competitive position in the renewable-energy sector.

Being a sole proprietorship, the board is mainly constituted with family members with no formal Board Structure. Mr. Zakir Ali guides the business strategically and ensures effective management. The centralized decision-making allows for clear accountability, agile governance, and consistent strategic direction.

Mr. Zakir Ali remains actively involved in guiding Inverex Power Solutions and ensuring that its strategic direction aligns with long-term objectives.

IPS's decision-making process is primarily driven by, Mr. Zakir Ali, who oversees all strategic, operational, and managerial matters. Ms. Sarwat Zakir remains involved at a supervisory level, conducting periodic reviews of IPS's financial and operational performance.

The statutory audit of IPS is carried out by Zahid Jami & Co., Chartered Accountants, a QCR-rated audit firm falling under Category B. In their latest report, the auditors have expressed an unqualified opinion, confirming that the financial statements present fairly, in all material respects, the financial position and performance of IPS.

IPS's structure revolves around an effective functioning of four major divisions, each overseen by a senior executive reporting directly to the CEO. These divisions comprise: a) Operations, covering Human Resources, Administration, Marketing, Call Center, IT Support, Warehousing, Production, and Customer Care; b) Finance & Controlling, including Finance and Taxation functions; c) Sales, managing inverters, solar panels, lithium batteries, and other products; and d) Trade, handling imports and the Inverex EV business. This structure ensures streamlined management, clear reporting lines, and efficient coordination across all business functions.

IPS's management team comprises experienced professionals leading key business functions and reporting directly to the CEO. Mr. Zakir Ali, a graduate, serves as Chief Executive with over 30 years of experience, including 14 years with the Group in his current role. Abdul Ahad is a graduate and holds the position of Chief Operating Officer, reporting to the CEO, with 5 years of overall experience. Abdur Rehman, also a graduate, serves as Chief Trade Officer reporting to the CEO, with 12 years of overall experience, all within the organization. Furrukh Sadiq is a Chartered Accountant with a Master’s in Commerce and serves as Chief Financial Officer under the CEO, having 23 years of overall experience. Muhammad Ayaz, a graduate by qualification, is the Chief Sales Officer reporting to the CEO, with 30 years of overall experience.

Inverex Power Solution maintains effective management through clear leadership and coordination among its senior team. The management ensures operational efficiency and timely execution of projects, with strong alignment between strategic planning and day-to-day operations. While formal management committees are not in place, senior management is actively involved in key decisions, enabling agile response to market demands and supporting IPS's growth in the renewable energy sector.

IPS operates a custom-built Management Information System (MIS), developed and implemented by Webotiks, which has been fully operational since January 2023. The system is supported under a comprehensive monthly and annual maintenance agreement, ensuring ongoing technical support, updates, and performance optimization. Periodic enhancements are incorporated to maintain system reliability and efficiency, with the latest upgrade completed on 25 October 2025. Overall, the MIS provides a robust and reliable platform that aligns with IPS's operational requirements and supports effective management reporting and decision-making.

The control environment at Inverex Power Solution is considered satisfactory, supported by well-defined policies and procedures. IPS places emphasis on transparency, accountability, and adherence to ethical standards across its operations. A competent management team, combined with regular monitoring and internal controls, ensures operational efficiency, risk mitigation, and compliance with applicable regulations. Furthermore, Inverex leverages effective IT systems to enhance performance, streamline processes, and support reliable decision-making across its business functions.

The power sector in Pakistan is witnessing a notable shift towards renewable energy, driven by rising electricity generation costs and increasing demand for sustainable solutions. Both the government and private sector have promoted solar energy adoption, leading to significant growth in solar rooftop installations, particularly during FY23 and FY24. This growth is primarily fueled by heightened awareness of clean energy, supportive policies such as net metering, and businesses’ focus on reducing energy costs and enhancing energy security. Technological advancements in solar solutions, along with improved financing options, have further strengthened the attractiveness and feasibility of solar energy for commercial and industrial consumers, creating favorable conditions for companies like Inverex Power Solution.

As per management, Inverex Power Solution holds a leading position in Pakistan’s solar inverter market, commanding an estimated market share of approximately 60%. IPS has established itself as a key player in providing reliable and efficient solar inverters to commercial, industrial, and residential customers. Its strong track record in delivering high-quality products, coupled with technical expertise and consistent after-sales support, has reinforced its reputation as a trusted and dominant solution provider in the renewable energy segment. This market leadership positions Inverex favorably to capitalize on the growing demand for solar energy solutions across Pakistan.

Inverex Power Solution reported revenue of PKR 38.8bln in FY25 (FY24: 35.8bln), reflecting an increase of approximately 8.4% year-on-year. Cost of sales stood at PKR 35.5bln in FY25 (FY24: 33.6bln), in line with higher operational activity. Profit after tax (PAT) was PKR 727mlnn in FY25 (FY24: 732mln), slightly lower than the previous year due to the increase in corporate tax rates implemented by the Government of Pakistan. Overall, IPS demonstrated steady top-line growth, supported by sustained demand for its solar energy solutions.

Inverex Power Solution’s gross profit margin improved to 8.5% in FY25 (FY24: 6.3%), reflecting operational efficiency gains alongside increased scale of activity. Net profit margin, however, declined to 1.9% in FY25 (FY24: 2.5%), primarily due to higher corporate taxes. Return on equity (ROE) stood at 53.5% in FY25 (FY24: 69%), reflecting the combined impact of lower net profitability and asset utilization. Overall, while operational efficiency improved margins at the gross level, external tax pressures moderated net profitability.

Inverex Power Solution demonstrates a sustainable business model underpinned by its focus on reliable and efficient solar energy solutions. The IPS's emphasis on high-quality inverters and ongoing support services aligns with Pakistan’s growing renewable energy objectives. Inverex’s continued investment in technology, product quality, and service delivery positions it to contribute to the country’s energy transition while ensuring resilient and sustainable growth. More recently, reflecting global trends toward sustainable energy and mobility, IPS has diversified further, venturing into advanced solar solutions and exploring renewable-energy-driven electric vehicle offerings.

Inverex Power Solution’s gross working capital increased to 56 days in FY25 (FY24: 18 days), primarily driven by higher inventory and receivable levels. As clarified by management, the increase in inventory stems from stable purchase prices during the year and the need to maintain stock equivalent to nearly three months of sales, aligning with the 2.5–3-month lead time. This strategy aims to ensure sales continuity and avoid past stock-out issues. IPS maintained a current ratio of 1.1x in FY25 (FY24: 1.1x), reflecting stable short-term liquidity. Net working capital days remained negative at -25 in FY25 (FY24: -22), mainly due to an extended payable cycle, with payable days rising to around 82 in FY25. Overall, the working capital profile indicates reliance on supplier financing, which continues to support liquidity despite elevated operational requirements.

Inverex Power Solution generated free cash flows from operations (FCFO) of PKR 1.2 billion in FY25, reflecting strong operational cash generation. The EBITDA to FCFO ratio stood at 8,282x, indicating efficient conversion of earnings into cash. These metrics underscore IPS's ability to comfortably service its financial obligations and maintain financial flexibility. Overall, Inverex demonstrates robust coverage indicators, supported by stable operational performance and effective working capital management.

Inverex Power Solution’s total assets increased to PKR 14.5 billion in FY25 (FY24: 11.3 billion), reflecting growth in operational scale and investments. Shareholders’ equity stood at PKR 1.4 billion in FY25 (FY24: 1.2 billion), indicating a steady strengthening of the capital base.