VALIANTORGNSE28 March 2022

Valiant Organics Limited has informed the Exchange about revised Investor Presentation

Valiant Organics Limited

••••

Valiant Organics Limited

Date: March 28, 2022

To, Listing/Compliance Department BSE LTD Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001.

BSE CODE-540145

To, Listing/Compliance Department National Stock Exchange of India Limited "Exchange Plaza",Plot No.C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai- 400 051. NSE Code- V ALIANTORG

Sub: Revised submission oflnvestor Presentation March-2022. Ref: Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

In continuation of submission of Investor Presentation-March 2022 dated March 21,2022, kindly find enclosed revised Investor Presentation March,2022, as there was technical erroneous in the earlier submission.

A copy of aforesaid Investor Presentation 1s also hosted on the website of company www.valiantorganics.com

Kindly take the same on your record and acknowledge.

Thanking You,

Yours Faithfully,

For Valiant Organics Limited

Company Secretary ICSl M.NO.: A471 l8

Regd. Office : 109, Udyog Kshetra, lst Floor, Mulund Goregaon Link Rd, Mulund West, Mumbai 400 080, India.

+91 22 6797 6683 • info@valiantorganics.com • www.valiantorganics.com CIN NO. : L24230MH2005PLC151348

I n v e s t o r P r e s e n t a t i o n | M a r c h - 2 0 2 2

SNAPSHOT

One of the largest chlorophenol derivatives manufacturer globally

One of the leading manufacturer of Benzene derivatives products

One of the largest domestic PNA manufacturer

One of the few commercial players in Ortho Anisdine and Para Anisidne

Amongst 1st few domestic PAP Manufacturers

Diversified client base across Pharmaceuticals, Dyes & Pigments, Agrochemicals and specialty chemicals.

6 Manufacturing units across 5 Locations

5 Zero Liquid Discharge plants

Total Production Capacity of 60,000+ TPA

800+ Employees

COMPANY OVERVIEW

Company Overview

Valiant Organics Limited was incorporated in 1984 by first generation technocrats and is headquartered out of Mumbai, India.

The company is focused on the manufacturing and marketing of specialty chemicals which find usage in a variety of industries, including agrochemicals, pharmaceuticals, dyes, pigments, and veterinary medications.

Key chemistries include Chlorination, Hydrogenation, Ammonolysis, Acetylation, Sulphonation, Methoxylation amongst others.

Over the years the company has primarily focused on manufacturing specialty chemicals that have a high demand but low supply and are primarily dependent on imports.

The company is listed on both the BSE and NSE with a current approximate market capitalization of INR 30,000 Mn.

Operating Revenue (INR Mn) and Operating EBITDA Margin (%)

FY21 Revenue Break-up – Chemistries

FY21 Revenue Break-up – End user Industry

8500

8000

7500

7000

6500

6000

6,923

26.0%

FY19

7,548

27.2%

6,749

26.7%

8,056

18.4%

50. 0%

45. 0%

40. 0%

35. 0%

30. 0%

25. 0%

20. 0%

15. 0%

10. 0%

5. 0%

0. 0%

FY20 Revenue

FY21 EBITDA Margin

9M-FY22

Others, 9%

Chlorination, 36%

Ammonolysis, 29%

Hydrogenation, 26%

Dyes & Pigments, 20%

Pharmaceuticals , 10%

Specialty Chemicals, 30%

Agro Chemicals, 40%

Valiant Organics Limited

Board of Directors

Shri Velji K. Gogri – Chairman, Independent Director Chemical Engineer having 37 years of experience in the chemical industry, graduated from IIT Mumbai. A number of manufacturing units for bulk pharmaceuticals, intermediates, and fine chemicals have been established by him. Has a thorough understanding of chemical processes, equipment, and chemical safety.

Shri Arvind K. Chheda - Managing Director Holds an accounting diploma from the government. He has over two decades of expertise in this domain. He is also one of the company's main promoters. He is responsible for building the corporate set up and moving the company's corporate structure forward.

Shri Bijal D. Modi – Executive Director Chemical Engineer from Mumbai University. He is managing Jhagadia plant since inception. His vast experience includes projects, operations, process development and local and international marketing in chemical industry

Shri Dineshkumar S. Shah – Executive Director Has a vast experience of 40 years in manufacturing of Dyestuff and their intermediates. Also, has an experience of sales and marketing in export as well as domestic market.

Shri Mulesh M. Savla - Independent Director He is a practicing Chartered Accountant and a Partner in Shah & Savla LLP, Chartered Accountant. Has vast experience of more than 30 years in Taxation, Accounts and Finance, structuring, restructuring of entities.

Shri Vishnu J. Sawant – Executive Director Has nearly 3 decades of experience of working with Chemical Manufacturing companies. He is currently responsible for running the entire operations of the Company at the Factory level.

Shri Dhirajlal D. Gala - Independent Director Chartered Accountant, Company Secretary, CMA and Law Graduate. Businessman with over 40 years vast experience. He is a Businessman and has over 40 years vast experience.

Shri Mahesh M. Savadia – Executive Director He has a vast experience of over 50 years in Chemical Industry.

Smt. Jeenal K. Savla - Independent Director She is a Chartered Accountant with around 10 years of rich experience in finance. She also has expertise in internal auditing, risk management, and transaction assistance.

Shri Mahek M. Chheda – Chief Financial Officer & Executive Director Holds a BSC Business graduate from college affiliated with University of London. He also has more than 7 years of work experience in the field of Finance, Marketing and Business Development.

Dr. Kiritkumar H. Desai – Non-Executive Director Sr. Vice President at Aarti Industries Limited, heading product development and quality. Has in-depth experiences setting up and growing the R&D as well as quality control function for more than thirty two years in chemical and pharma Industries. Developed more than 200 products during this journey.

Shri Sathiababu K. Kallada - Non-Executive Director Senior Vice President in Aarti Industries Limited. Looking after projects. Is working for Aarti Industries since 1986. His extensive and diverse chemical understanding will be advantageous to the company.

Valiant Organics Limited

Key Milestones

Expanded product range to include Chlorophenols, for usage in intermediates in Pharmaceuticals, Pesticides, Disinfectants, Anti-bacterial applications and Veterinary Drugs

Commenced Exports

Converted into Limited Company

Received Environmental clearance to enhance Chlorophenol capacity to 1,800 TPM

Listed on BSE Main Board; Commenced Ammonolysis expansion at Vapi unit; Completed backward integration of ONA/OA; Addition of PNA/PA to product portfolio

1997

2008

2015

2018

2020

1984

2005

2013

2017

2019

2021

Established as Valiant Chemical Corporation with a single product – Meta Chloroaniline

Converted from Partnership to a Private Limited Company

Increased installed capacity from 3,000 MTPA to 4,800 MTPA

Addition of Ammonolysis through merger of Abhilasha Tex Chem

Addition of Ammonolysis, Hydrogenation & Acetylation through merger of Amarjyot Chemicals

Valiant Organics Limited

Listed on NSE in July’ 21; Completed Phase 1 of PAP plant; Commenced work towards multi-purpose Pharma Intermediaries plant

Marquee Clientele

Aarti Industries

SALTIGO GmbH (Lanxess Group)

Anupam Rasayan India Ltd.

Lanxess India Private Limited

Shiv Corporation (Prop-Jenil Enterprise Pvt. Ltd.)

Kisco Ltd.

Clariant Chemicals (India) Ltd.

Spectrum Dyes & Chemicals Pvt. Ltd.

Supreet Chemical Pvt. Ltd.

Kumar Organic Products Limited

Valiant Organics Limited

Manufacturing Footprint

CHLORINATION – SARIGAM • Capacity: 18,000 MTPA • Products: PCP, OCP, 2,4 DCP, 2,6 DCP, 2,4,6 TCP

AMMONOLYSIS - VAPI • •

Capacity: 9,000 MTPA Products: PNA, OCPNA

AMMONOLYSIS - TARAPUR • Capacity: 6,600 MTPA • Products: PNA

HYDROGENATION & METHOXYLATION- JHAGADIA UNIT 1 • •

Capacity: 27,000 MTPA Products: ONA/OA, PNA/PA, IPPCA, CONVERSION PRODUCTS

HYDROGENATION – JHAGADIA UNIT 2 • •

Capacity: 12,000 MTPA Products: PAP, PHARMA INTERMEDIATES

ACETYLATION & SULPHONATION – AHMEDABAD • •

Capacity: 1,800 MTPA Products: 6 ACETYL OAPSA, OA/PA ACETANILIDE, OT5SA

Valiant Organics Limited

Key Strengths

Domain expertise and broad process understanding in a variety of chemistries. The executive team is made up of first-generation technocrats with more than 50 years of collective expertise.

Wide supply chain provides the continuous availability of adequate and high-quality raw materials and manufacturing.

Plant locations are strategically located near ports to provide a competitive advantage, significant logistical cost savings, and faster delivery times.

Robust Business Model

Integrated Operations

Strong Customer Relations

Distinct Product Portfolio

Domain Knowledge

Widespread Supply Chain

Strategic Location of Plants

Diverse product range and client base across numerous industries and countries provides a sustainable business model in multiple chemistries by lowering product, industry, and geographical risk.

Multi-use and backward integrated plants to produce a wide range of products and tailor them to meet the diverse needs, technical qualifications, batch sizes, and delivery schedules of our clients.

Established multi-year relationships with clients in both domestic and international markets due to high-quality standards, innovative production capabilities.

Manufacturing a diverse range of intermediates as well as value-added products for a variety of industries.

Valiant Organics Limited

Capex Projects

Product

Installed Capacity

Approx Capex (INR Mn)

Project Status

Remarks

Commissioned

Para Nitro Aniline (PNA) & Ortho Chloro Para Nitro Aniline (OCPNA)

Ortho Nitro Anisole (ONA)

Para Nitro Anisole (PNA)

Para Anisidine (PA)

Ongoing Projects

Para Amino Phenol (PAP)

Ortho Amino Phenol (OAP)

Pharma Intermediates

Valiant Organics Limited

550

600

200

150

1,000

100

~ 70

Completing phase-wise

• Expansion from 550 TPM to 750 TPM at Vapi plant • Full capacity addition in progress

Completed in Q4 FY’20

• Backward integrated for existing product Ortho Anisidine

~ 350-400

Completed in Q4 FY’20

• Captive use towards manufacture of Para Anisidine

Completed in Q4 FY’20

• Currently mostly being imported in India • Valiant will be one of the major producers in India

~ 2,200

Completed in Q4 FY’21

• Currently, limited availability domestically and mostly imported • Due to technical difficulties in achieving the desired specification,

the actual production delayed

• Expected ramp up of production expected from Q1 FY’23

~ 120

~ 600

Expected completion in Q4 FY’22

• Currently, entirely imported in India • Part of the production will be utilized as forward integration for one

of company's existing products

Expected completion in Q4 FY’22

• Multi-purpose plant for forward integration within Group Company • Will manufacture N-1, N-2 raw materials for API products

BUSINESS OVERVIEW

Chemistries And Product Basket

Ammonolysis Key Products: • Para Nitro Aniline • Ortho Chloro Para Nitro Aniline

Industries Served: • Dyes • Pigments

Others Acetylation Key Products: • 6 Acetyl OAPSA • OA Acetanilide • PA Acetanilide

Sulphonation Key Products: • OT5SA • 4B Acid • 2B Acid

Methoxylation Key Products: • Ortho Nitro Anisole • Para Nitro Anisole

Industries Served: • Dyes

Industries Served: • Dyes • Pigments

36%

26%

29%

Chlorination Key Products: • Para ChloroPhenol (PCP) • Ortho ChloroPhenol (OCP) • 2,4 Di Chlorophenol (2,4 DCP) • 2,6 Di ChloroPhenol (2,6 DCP) • 2,4,6 Tri ChloroPhenol (2,4,6 TCP)

Industries Served: • Agro Chemicals • Cosmetics • Veterinary • Pharmaceuticals

Hydrogenation Key Products: • Ortho Anisidine • Para Anisidine • • Meta Chloro Aniline • Para Amino Phenol • Ortho Amino Phenol

IPPCA

Industries Served: • Dyes • Pigments • Pharmaceutical • Agro Chemicals

Valiant Organics Limited

FY21 Revenue Share

Chlorination

Any reaction in which chlorine or chlorine compounds are introduced into a molecule to obtain the desired outcome is known as chlorination.

• Valiant is the only domestic player and also a global leader in Chlorophenol products with ~25% global market

share.

• The company has over two-decade experience in Chlorophenols, with long-term relationships with global

marquee customers due to their high-quality products and efficient supply chain management.

• The Sarigram plant of the company is dedicated for the chlorination process, with a capacity of 18,000 MTPA, and a Zero Liquid Discharge facilitiy and highly automated Distributed Control Systems significantly reducing manual interventions.

• More than 50% of sales come from export markets.

Key Products: • Para ChloroPhenol (PCP)

• Ortho ChloroPhenol (OCP)

• 2,4 Di Chlorophenol (2,4 DCP)

• 2,6 Di ChloroPhenol (2,6 DCP)

• 2,4,6 Tri ChloroPhenol (2,4,6 TCP)

*Revenue figures are on Standalone basis

Valiant Organics Limited

Industries Served: • Agro Chemicals

• Cosmetics

• Veterinary

• Pharmaceuticals

Revenues (INR Mn)*

2,195

2,138

1,997

1,981

FY19

FY20

FY21

9M-FY22

Volumes (MT)

12,234

12,245

10,504

7,285

FY19

FY20

FY21

9M-FY22

2, 250

2, 200

2, 150

2, 100

2, 050

2, 000

1, 950

1, 900

1, 850

14, 000

12, 000

10, 000

8, 000

6, 000

4, 000

2, 000

Ammonolysis

Ammonolysis is a high-pressure chemical reaction done in an auto clave where ammonia is used as a reactant.

Revenues (INR Mn)*

• Valiant developed Ammonolysis capabilities as a result of its two acquisitions. i.e. Abhilasha Tex Chem Pvt. Ltd.

in 2017 & Amarjyot Chemicals Ltd. in 2019.

• The company has an approximately 15,600 MTPA capacity for this process, making it one of the largest players

in the domestic market.

• Valiant has two dedicated manufacturing facilities located at Tarapur and Vapi to carry out the ammonolysis

process.

• The company supplies its products to almost all the leading Dye manufacturers in the country, and has a leadership position in manufacturing PNA due to its raw material security of PNCB from group company, Aarti Industries.

Key Products: • Para Nitro Aniline (PNA)

• Ortho Chloro Para Nitro Aniline

Industries Served: • Dyes

• Pigments

2, 500

2, 000

1, 500

1, 000

500

11, 500

11, 000

10, 500

10, 000

9, 500

9, 000

8, 500

2,136

2,093

1,744

1,724

FY19

FY20

FY21

9M-FY22

Volumes (MT)

11,095

11,281

10,803

9,611

FY19

FY20

FY21

9M-FY22

*Revenue figures are on Standalone basis

Valiant Organics Limited

Hydrogenation

Hydrogenation is a chemical reaction between molecular hydrogen (H2) and another compound or element, usually in the presence of a catalyst.

• The company has manufacturing facilities in Jhagadia for Hydrogenation. The first unit (also named as Unit 1) has a capacity of 27,000 MTPA which became a part of Valiant Organics through the amalgamation of Amarjyot Chemicals in 2019.

•

It has also ventured into the manufacturing of 2 new products in FY21 of Ortho Anisidine (OA) and Para Anisidine (PA), as well as expanded the capacity of a couple of existing products.

• The company also does contract manufacturing for a few leading domestic clients for some key customized

products from these plants.

Para Amino Phenol (PAP) is an essential element in the synthesis of paracetamol.

• PAP is a difficult product to make and is primarily an import substitute product in India.

• Due to the company’s strong experience and significant efforts on R&D, as well as raw material security of PNCB from its group company, Aarti Industries Ltd, it became one of the first companies in India to commercialize the plant for manufacturing Para Amino Phenol (PAP) in FY21 in Jhagadia Unit 2 with a capacity of 12,000 MTPA.

• Being a difficult product to manufacture, the company is currently focusing on achieving process consistencies

and expect ramp of production in FY23.

• Majority of its PAP production will be sold to Valiant Laboratories Ltd, which is the subsidiary of the company.

Key Products: • Ortho Anisidine

• Para Anisidine

•

IPPCA

*Revenue figures are on Standalone basis

• Meta Chloro Aniline

Industries Served: • Dyes

• Agro Chemicals

• Ortho Amino Phenol

• Pigments

• Para Amino Phenol

• Pharmaceuticals

Revenues (INR Mn)*

1,900

1,439

1,544

1,558

FY19

FY20

FY21

9M-FY22

Volumes (MT)

14,684

14,516

14,603

14,512

FY19

FY20

FY21

9M-FY22

2, 000

1, 800

1, 600

1, 400

1, 200

1, 000

800

600

400

200

15, 000

14, 900

14, 800

14, 700

14, 600

14, 500

14, 400

14, 300

14, 200

14, 100

14, 000

Other Processes

Acetylation

Acetylation is a chemical reaction which introduces an acetyl functional group into a chemical compound.

• The acetylation procedure is carried out at the company’s Ahmedabad facility which has a capacity of 1,800

MTPA

• The key product under this segment is ‘6 Acetyl Ortho Aminophenol Para Sulfonic Acid’, which finds its usage in

dye intermediates.

• Valiant also does jobwork and helps in multiple coversions on annual contracts.

Sulphonation

Sulfonation is an organic reaction in which a hydrogen atom on an arene is replaced by a sulfonic acid functional group in an electrophilic aromatic substitution.

•

Like acetylation, the sulphonation procedure is also carried out at the company’s Ahmedabad facility.

• The products Ortho Toluidine 5 Sulfonic Acid (OT5SA), 2-Amino-5-Methyl benzenesulfonic Acis (4B Acid), & 2-

Amino-4-Chloro-5 Methyl Benzenesulfonic Acid (2B Acid) are used as dye and pigment intermediaries.

Methoxylation

• The products, Ortho Nitro Anisole (ONA) & Para Nitro Anisole (PNA) are being captively consumed to

manufacture Ortho Anisidine (OA) and Para Anisidine (PA).

• This process is being carries out along with hydrogenation at Unit 1 of the Jhagadia facility.

Revenues (INR Mn)*

567

462

565

605

FY19

FY20

FY21

9M-FY22

2,768

Volumes (MT)

2,026

2,147

1,120

FY19

FY20

FY21

9M-FY22

700

600

500

400

300

200

100

3, 000

2, 500

2, 000

1, 500

1, 000

500

*Revenue figures are on Standalone basis

Valiant Organics Limited

INDUSTRY OVERVIEW

Industry Overview

• The chemicals industry in India covers more than 80,000 commercial products.

•

India is 6th largest manufacturer of chemicals in the world and 4th largest in Asia.

• The Indian chemical industry was pegged at USD 178 billion in FY 2019-20 and is expected to reach USD 300 billion by 2024-25.

• The Asia Pacific (APAC) dominates the specialty chemicals market across the world, with a share of 42%.

Global Chemical Market (USD Bn)

Commodi ty Chemicals

Speci alty Chemi cals

Others

337 696

3,187

8, 000

7, 000

6, 000

5, 000

4, 000

3, 000

2, 000

1, 000

910

1090

4,780

435 847

3,745

• According to recent CRISIL report, Indian manufacturers have recorded a CAGR of 11% in revenue between FY15 and FY21,

2015

2020

2025F

increasing India’s share in the global specialty chemicals market to 4% from 3%.

• A revival in domestic demand and robust exports will spur a 50% YoY increase in the capex of specialty chemicals manufacturers

in FY22 to Rs. 6,000-6,200 Crs (USD 815-842 Mn).

• Global demand for chlorophenol is around 60,000MT/y and is expected to grow in high-single digits annually.

• Supply disruption in China has caused the global end-user industries to diversify their vendor base mainly towards Indian players.

Indian Chemical Market (USD Bn)

Commodi ty Chemicals

Speci alty Chemi cals

Others

53 55

350

300

250

200

150

100

148

137

• The textiles segment dominated the dyes market with a share of over 62%, in terms of revenue, in 2020. However, the printing

2015

2020

2025F

inks segment is estimated to register the fastest CAGR from 2021 to 2028.

• Countries, such as India and China, are major producers of dyes, which is likely to provide positive scope for printing inks

application across the Asia Pacific region. India is a global supplier of dye, accounting for ~16% of the global production of

dyestuffs and dye intermediaries.

• Agrochemicals are the key revenue component of India, which exports 50% of its total production.

•

Insecticides share 53% of the total domestic agrochemicals market, followed by Herbicides.

Valiant Organics Limited

Indian Specialty Chemicals 2020

Others 33%

Agrochemical & Fertilizers 38%

Dyes & Pigments, 10%

Pharmaceutical API, 19%

Key Growth Factors

A D N

E G A T N A V D A

GROWING DEMAND

OPPORTUNITIES

POLICY SUPPORT

INCREASING INVESTMENT

• Rise in demand from end-users Industries such as food processing, personal care & home care is driving development of different segments specialty chemical market.

India’s

• The domestic chemicals sector’s SME’s are expected to showcase 18-23% revenue growth in FY22, in owing domestic higher realisations.

to an improvement

demand

and

• Rising middle-class population is likely to support strong demand for in specialty the chemical automotive, products, water treatment and construction segments.

personal

the

• Supply disruption in China has caused end-user industries to diversify their vendor base mainly Indian players.

towards

global

• The

government

plans to introduce production-linked to incentives scheme promote domestic manufacturing of agrochemicals.

(PLI)

• Closure of plants in the EU and increasing China due environmental have favoured Indian manufacturers to specialty invest chemicals.

to concerns

further

• With Global companies seeking to de-risk their supply chains, which are dependent on China, the chemical sector in India has the opportunity significant for growth

• Under union budget 2021-2022, the government allocated INR 233.14 Crs (USD 32.2Mn) to the Department of Chemicals and Petrochemicals.

• Total FDI inflow in the chemical sector fertilizer) reached USD 18.69 Bn between April 2020 and June 2021.

(other

than

•

India’s chemical specialty companies are expanding their to rising capacities to cater demand from domestic and overseas.

• PCPIRs are expected to attract investments worth 7.63 Lakh Crs (USD 104.36 Bn)

Valiant Organics Limited

FINANCIAL OVERVIEW

Historical Consolidated Income Statement

Particulars (INR Mn)

Operational Income

Total Expenses

EBITDA

EBITDA Margin

Other Income

Depreciation

Finance Cost

PBT

Tax

Profit After Tax(Before merger)

Impact of Scheme of Merger

Profit After Tax (After Merger)

PAT Margin

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR per share)

FY19

6,923

5,125

1,798

25.97%

136

1,712

500

1,212

120

1,332

19.24%

1,332

95.29^

FY20

6,749

4,946

1,803

26.71%

158

1,685

423

1,262

18.70%

1,264

44.32

FY21*

7,548

5,496

2,052

27.19%

212

1,849

540

1,309

17.34%

1,378

40.97

9M-FY22*

8,056

6,578

1,478

18.35%

212

1,270

362

908

11.27%

913

29.39

* FY22, FY21 & FY20 (restated) figures as per Ind AS, FY19 figures are basis IGAAP accounting standards and hence are not directly comparable with other periods ^ Reduction in EPS is on account of issue of Bonus Shares during FY 2020 - 21. EPS for FY 2019 - 20 is restated accordingly

Valiant Organics Limited

Consolidated Balance Sheet

Particulars (INR Mn) EQUITY

a) Equity Share Capital

b) Other Equity

c) Optionally Convertible Preference Shares

d) Non Controlling Interest

LIABILITIES

Non-Current Liabilities

Financial Liabilities

a) Borrowings

b) Lease Liabilities

c) Provisions

d) Deferred Tax Liabilities (Net)

Current Liabilities

a) Financial Liabilities

(i) Borrowings

(ii) Trade Payables

(iii) Other Financial Liabilities

(iv) Lease Liabilities

b) Other Current Liabilities

c) Provisions

FY20 4,007

121

3,736

132

992

841

149

1,692

406

879

359

FY21* 5,086

272

4,747

H1-FY22* 5,603

272

5,253

964

1,133

753

203

2,708

1,104

1,072

463

887

231

3,504

1,681

1,477

265

Particulars (INR Mn) Non-Current Assets a) Property, Plant and Equipment b) Capital Work In Progress c) Right-Of-Use Assets d) Goodwill e) Goodwill on Consolidation f) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets g) Other Non-Current assets Current Assets a) Inventories b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets

c) Other Current Assets d) Current Tax Assets (Net)

GRAND TOTAL - EQUITIES & LIABILITES

6,691

8,758

10,240

GRAND TOTAL – ASSETS

*FY22, FY21 & FY20 (restated) figures as per Ind AS

Valiant Organics Limited

FY20 4,451 2,729 1,291 7 28 -

181 61 - 154 2,240 449

47 1,326 77 50 7 - 242 42

6,691

FY21* 5,729 4,967 459 6 - 123

23 58 - 93 3,029 722

40 1,568 128 182 7 - 360 22

8,758

H1-FY22* 6,327 5,094 932 4 - 123

- 32 59 83 3,913 894

41 2,190 99 239 5 19 411 15

10,240

Historical Standalone Income Statement

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margin

Other Income

Depreciation

Finance Cost

PBT

Tax

Profit After Tax(Before merger)

Impact of scheme of merger

Profit After Tax (After Merger)

PAT Margin

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR per share)

FY19

6,060

4,283

1,777

29.32%

118

1,708

496

1,212

120

1,332

21.98%

1,332

95.29

FY20

5,836

4,103

1,733

29.69%

130

1,645

406

1,239

21.23%

1,241

44.32

FY21*

5,742

4,170

1,572

27.37%

169

186

1,520

374

1,146

20.00%

1,215

40.98

9M-FY22*

6,579

5,373

1,206

18.33%

200

1,006

248

758

6,579

5,373

11.52%

763

27.09

Valiant Organics Limited

Standalone Balance Sheet

Particulars (INR Mn) EQUITY a) Equity Share Capital b) Other Equity

c) Optionally Convertible Preference Shares

LIABILITIES

Non-Current Liabilities Financial Liabilities a) Borrowings b) Lease Liabilities

c) Provisions d) Deferred Tax Liabilities (Net) e) Other Non-Current Liabilities Current Liabilities

a) Financial Liabilities (i) Borrowings (ii) Trade Payables

(iii) Other Financial Liabilities (iv) Lease Liabilities b) Other Current Liabilities c) Provisions

d) Current Tax Liabilities (Net)

FY20 3,875 121 3,736

953

808 -

2 143 - 1,462

221 840

355 - 13 33

FY21* 5,023 272

4,747

954

749 - 8 197

- 2,074

511 1,042 455 -

16 50

H1-FY22* 5,488 272

5,212

1,125

887 - 13 225

- 2,739

967 1,453 257 2

28 32

Particulars (INR Mn) Non-Current Assets a) Property, Plant and Equipment b) Capital Work In Progress c) Right-Of-Use Assets d) Goodwill e) Other Intangible Assets f) Intangible Assets under Development g) Financial Assets (i) Investments in Subsidiaries (ii) Loans (iii) Other Financial Assets h) Deferred tax assets (Net) i) Income Tax Assets j) Other Non-Current assets Current Assets a) Inventories b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets c) Other Current Assets d) Current Tax Assets (Net)

GRAND TOTAL - EQUITIES & LIABILITES

6,290

8,051

9,352

GRAND TOTAL – ASSETS

* FY22, FY21 & FY20 (restated) figures as per Ind AS

Valiant Organics Limited

FY20 4,381 2,525 1,291 3 28 - -

145 54 181 - - 154 1,909 409

12 1,108 75 30 6 - 224 45

6,290

FY21* 5,797 4,771 459 4 - - -

395 52 23 - - 93 2,254 660

1 1,166 86 32 7 - 253 49

8,051

H1-FY22* 6,506 4,901 932 3 - - -

502 53 32 - - 83 2,846 859

1 1,562 88 4 5 20 239 68

9,352

Consolidated Financial Highlights

Operational Revenue (INR Mn)*

EBITDA (INR Mn) & EBITDA Margins (%) *

PAT (INR Mn) & PAT Margins (%) *

8,056

7,548

6,923

6,749

2,300

2,000

1,700

1,400

1,100

800

500

1,798

1,803

2,052

25.97%

26.71%

27.19%

1,478

18.35%

1,332

1,282

1,309

19.24%

18.70%

17.34%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

1, 500

1, 200

900

600

300

908

11.27%

80. 00%

70. 00%

60. 00%

50. 00%

40. 00%

30. 00%

20. 00%

10. 00%

0. 00%

FY19

FY20

FY21

9M-FY22

FY19

FY20

FY21

9M-FY22

FY19

FY20

FY21

9M-FY22

Net Debt to Equity (x)

0.39

0.30

0.25

0.23

Net Worth (INR Mn)

5,602

5,086

4,008

3,014

6,000

5,000

4,000

3,000

2,000

1,000

Return on Capital Employed & Return on Equity (%)

45.98%

44.19%

ROCE

ROE (%)

50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00%

31.49%

30.41%

33.33%

25.73%

8, 500

8, 000

7, 500

7, 000

6, 500

6, 000

0.6

0.5

0.4

0.3

0.2

0.1

0.0

FY19

FY20

FY21

H1-FY22

FY19

FY20

FY21

H1-FY22

FY19

FY20

FY21

* FY22, FY21 & FY20 (restated) figures as per Ind AS, FY19 figures are basis IGAAP accounting standards and hence are not directly comparable with other periods

Valiant Organics Limited

Capital Market Information

Share Price as of 31st December, 2021

40%

20%

-20%

-40%

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

VALIANT

Sensex

Price Data (31st December, 2021)

Face Value

Market Price

52 Week H/L

Market Cap (Mn)

Equity Shares Outstanding (Mn)

1 Year Avg Trading Volume (‘000)

INR

10.00

1,044.15

1,845/ 975

28,352.31

27.15

63.20

Shareholding pattern as of 31st December, 2021

Promoters, 39.01%

Public, 57.11%

FII, 1.98% DII, 1.36%

AIF, 0.54%

Valiant Organics Limited

Disclaimer

Valiant Organics Limited

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this

presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Valiant Organics Limited (“Valiant”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: valiant@valoremadvisors.com

Valiant Organics Limited

THANK YOU

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