SWANCORPNSE17 March 2025

Swan Energy Limited has informed the Exchange about Investor Presentation

SWAN CORP LIMITED

swan/nse/bse

Dept. of Corporate Compliances, National Stock Exchange Limited, Exchange Plaza, Plot No. C/1, G Block, Bandra –Kurla Complex, Bandra-East, Mumbai – 400 051 Symbol: SWANENERGY

Subject: Presentation at the Investors’ meet

March 17, 2025

Dept. of Corporate Service BSE Limited, P.J. Tower, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 503310

We enclose herewith a presentation to be made at the Investors’ meet scheduled to be held on Tuesday, 18 March 2025.

Request you to take the same on record.

Thanking you,

Yours faithfully, For Swan Energy Limited

(Paresh V. Merchant) Executive Director

Swan Energy Limited

Corporate Presentation

March 2025

Table of Contents

Swan Group Overview

Swan Group – Key Subsidiaries

Group Management

Business Segments

- Oil & Gas – Swan LNG

- Oil & Gas – Veritas (India)

- Defense & Shipyard

- Real Estate

- Textile

- Technology

Key Financial Metrics

Section

Slide No.

2

3

4

7

16

20

33

34

35

36

1

Swan Group Overview

2

Swan Group – Key Subsidiaries

Textile

SWAN ENERGY LIMITED (SEL) SWAN ENERGY LIMITED (SEL)

Veritas (India) Limited

Pegasus Ventures Private Limited

Cardinal Energy & Infrastructure Pvt Ltd.

Hazel Infra Limited

Swan LNG Private Limited

Agneyastra Innovations Private Limited

(55.01%)

(100%)

(100%)

(99%)

(63%)

(59.95%)

Real Estate

LNG Port Facility

Swan Defence and Heavy Industries Limited.

(94.91%)

Defense & Shipyard

Private

Listed

Business

* The above is just an indicative organization structure containing only key subsidiaries.

3

Group Management

Mr. Navinbhai C. Dave

(Chairman / Non-executive Director – SEL)

Mr. Nikhil V. Merchant

(Managing Director - SEL)

Mr. Paresh V. Merchant

(Executive Director - SEL)

A seasoned entrepreneur with an experience of more than 60 years in various areas of real estate & textiles.

Has completed his B.S. in textile engineering from U.S.A and his M.E.P degree from IIM Ahmedabad, has a total experience of more than 35 years in all functional areas of textile, real estate, oil & gas sectors.

With more than 3 decades of experience in the textile, real estate, oil and gas sectors, He is responsible for company operations and strategies. He has an educational background in finance and has completed his M.E.P from IIM Ahmedabad.

Mr. Vivek Merchant

Mr. Bhavik Merchant

Mrs. Vinita Patel

Having completed his Engineering from the University of Michigan, Ann Arbor, Vivek is involved in ongoing and day-to-day operations of the group. He is holding directorships in various group companies.

He has economics degree from the University of California, Los Angeles (UCLA). He directs and focuses on managing and overseeing the day-to-day operations of the group. He is holding directorships in various group companies.

A chartered accountant herself with a flair for multitasking, She is involved in handling the day- to-day operations of the port business of the group. She is holding directorships in various group companies.

4

BUSINESS SEGMENTS

5

Oil & Gas: Swan LNG

6

Overview of LNG market in India

India’s muted domestic LNG demand

Current trends are muted

Domestic demand trends are muted

▪ Flattish growth in past

decade

▪ Price volatility and

absence of LT LNG supply contracts a concern

Domestic production has declined 2% CAGR in the past decade

▪ Leading to higher reliance on imports – a trend likely to continue

Current LNG import terminal utilization is low at 54%; ex Petronet’s Dahej ~25%

▪ FY24 capacity: 47MMTPA; Upcoming new capacity: ~40 MMTPA

* Source: PNGRB’s Optimizing LNG Supplies from terminals in India, December 2024, IEA, Swan Energy

400

300

200

100

0

Domestic consumption (LHS, MMSCMD)

1.0%

Cagr (RHS, %)

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F

0 3 Y F

Domestic production has declined

150

100

50

0

Domestic production (LHS, MMSCMD)

Cagr (RHS, %)

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F

0 3 Y F

0.5%

0.0%

1.0%

0.0%

-1.0%

-2.0%

-3.0%

7

Overview of LNG market in India

Reliance on import is increasing

MT to LT trends remain constructive

LNG will play a significant role in India’s energy transition journey

▪ Government aims to 2x natural gas share in energy mix to 15% by 2030

IEA projects demand of 311 MMSCMD by 2030 (FY24: 185 MMSCMD)

Utilization of LNG import terminals to rise

▪ Domestic production will unlikely increase…

100

50

0

LNG terminal capacity (MMTPA) LNG Import (MMTPA) Utilization (%, RHS)

150%

100%

50%

0%

5 0 0 2

7 0 0 2

9 0 0 2

1 1 0 2

3 1 0 2

5 1 0 2

7 1 0 2

9 1 0 2

1 2 0 2

3 2 0 2

0 3 0 2

▪ … leading to potential of near doubling of LNG imports over next few years

Import terminal utilization expected to improve despite capacity adds

* Source: PNGRB’s Optimizing LNG Supplies from terminals in India, December 2024, IEA

8

2.0%4.0%6.0%8.0%050100150200250FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY30Imports (LHS, MMSCMD)Cagr (RHS, %) Swan’s LNG import terminal

India’s first FSRU-based LNG Import terminal ▪

Total capacity of 10 MMTPA (Phase I: 5 MMTPA)

Concession agreement with GMB for 30 (+20) years ▪

Equity partners – Swan Energy (63%), Gujarat Maritime Board (15%), GSPL (11%), Mitsui OSK (11%)

Strategic Location ▪

Proximity to international shipping routes (Gulf to Columbo); Shortest distance from Gulf among all the Indian terminals

▪ Waterfront: 3 Kms, Diu Airport: 60 Kms, Proximity to Pipavav railway station, Land

parcel: 285 acres.

▪ Connectivity to GSPL's gas grid for re-gasified LNG evacuation (<2 Kms)

Terminal is in a near-ready state

9

Terminal Infrastructure Is Near-ready

Overall progress

Jetty work progress

Topside work progress

Breakwater work progress

Dredging & Reclaim

Onshore infrastructure

2,200m Breakwater

88%

71%

100%

85%

100%

39%

10

Recent pictures of the terminal

11

“Use or Pay” contracts substantially mitigates risks

MMTPA

6

5

4

3

2

1

0

1.5

0.5

20-year Use or Pay contracts

1.0

Marquee PSUs– total 4.5 MMTPA

1.0

1.0

Tolling business model ▪

PSU pay SLPL to re-gasify their own LNG

Stable revenue stream for SLPL

Mitigates substantial business and financial risks

12

Navigating Significant Challenges

Project witnessed significant execution challenges…

… pushing the project to near NPA status

Swan Energy’s timely intervention

▪ Cyclone “Vayu” hits Gujarat coast in June 2019 which damaged construction works

Project got delayed beyond stipulated time permissible by the Reserve Bank of India

▪ Covid-19 pandemic – 1st and 2nd wave created sizeable challenges to execute such critical projects

▪ Cyclone “Tauktae” – Project site was in storm trajectory and significantly impacted construction works

▪ To avoid NPA classification, an urgent Rs2,200 crores of term loans from bank needed refinancing

Swan Energy infused entire Rs2,200 crores (100% contribution versus 63% equity interest) into Swan LNG

▪ Given delays in terminal

infrastructure, we decided to monetize our FSRU by selling to Turkish company BOTAS for US$399m in July 2024

13

Exploring Strategic Options

Heads Of Agreement

▪ AG&P is a global leader in developing and running LNG and gas

logistics and distribution solutions

Exploring following potential synergies/ opportunities

JV company to procure FSRU and FSU

JV company to source and market LNG for Indian market

Strategic equity stake in SLPL

14

Oil & Gas: Veritas (India)

15

Refining and Petrochemical Storage Terminal

Verasco FZE (100% Sub. Of VIL)

Versatile refinery – Distillation/ fractionation ▪ The only terminal in Middle East to offer this service

Capability to handle spectrum of petroleum products ▪ Class A/B/C, petrochemicals, and non-classified products like bitumen

& base oil 20 internal floating roof tanks – Can handle Gasoline, Aviation Kerosene, Crude oil etc.

Fully integrated chemical and petrochemical storage terminal ▪

Storage capacity: 170,000 cbm; Tanks: 30; Capacity: 3,500 cbm - 17,800 cbm

Dedicated stainless steel tanks for blending of products as per customer specifications

Value added services ▪ Drumming station, Laboratory, ISO tank etc.

16

Location, connectivity, operational excellence

Prime Location: Hamriyah Free Zone, UAE ▪ Close proximity to the port; Access to major shipping routes and key markets in South Asia and Africa. Sharjah is the only Emirate with ports on the Arabian Gulf’s west/ east coast with direct access to Indian Ocean

Only terminal in Middle East that can handle multiple categories of specialty products

Efficient Jetty Operations ▪

Short jetty lines and can operate in all five berths (one of the few) for fast vessel turnaround.

Only facility in UAE to have received the BIS certification for five products

Automated terminal, best fire fighting, high focus on safety and sustainability

Verasco FZE

17

Terminal infrastructure

18

Defence & Shipyard : SDHI

19

Global market| Ageing of global fleet

The current global fleet age is at about 13 years, with >40% ships aged 20+ years

GT Weighted age

~# of vessels

13

12

11

10

9

18%

19,215

10%

10,874

14%

15,192

34%

37,345

24%

26,388

109,036

Total Fleet size

5 0 0 2

6 0 0 2

7 0 0 2

8 0 0 2

9 0 0 2

0 1 0 2

1 1 0 2

2 1 0 2

3 1 0 2

4 1 0 2

5 1 0 2

6 1 0 2

7 1 0 2

8 1 0 2

9 1 0 2

0 2 0 2

1 2 0 2

2 2 0 2

3 2 0 2

4 2 0 2

Ageing (in yrs)

>100m LoA

0 to 10

11 to 20

21 to 30

31 to 40

>40

53%

53%

42%

21%

16%

The global fleet age has been rising over the last decade

Industry is moving towards larger vessels, driving a favorable outlook for larger shipyards

* Source: Clarksons; Note: As of December 2024

20

Global market| Ageing of global fleet

Geopolitical tensions leading to elongation of trade routes

Houthi attacks in Red Sea are driving commercial shipping towards longer and costlier routes

* Source: EIU

21

Global market| Reduction in capacities

Total number of shipyards globally, 2015-2024

Global shipbuilding capacity, 1997-2030E

No.

800

700

600

500

400

79

300

117

66 15

147

200

100

0

732

140

149

123

100

163

152

131

115

64 24

131

92

71 19

73

28

71

30

327

330

314

297

85

138

73

20

172

77

26

157

76

21

247

181

203

124

121

94

65 18

86

66 19

123

86

77

83

64 20

67 18

85

66

64 15

72

60

64 13

42

57

60 12

54

66

61 10

48

62

58 14

51

57

53 14

53

40

49 10

289 37 40

49 10

220

185

167

161

139

154

140

161

170

172

169

153

5 0 0 2

6 0 0 2

7 0 0 2

8 0 0 2

9 0 0 2

0 1 0 2

1 1 0 2

2 1 0 2

3 1 0 2

4 1 0 2

5 1 0 2

6 1 0 2

7 1 0 2

8 1 0 2

9 1 0 2

0 2 0 2

1 2 0 2

2 2 0 2

3 2 0 2

4 2 0 2

China

South Korea

Japan

Europe

Others

(m dwt)

200

180

160

140

120

100

80

60

40

20

0

Previous peak 171.8

123.4

111.4

7 9 9 1

8 9 9 1

9 9 9 1

0 0 0 2

1 0 0 2

2 0 0 2

3 0 0 2

4 0 0 2

5 0 0 2

6 0 0 2

7 0 0 2

8 0 0 2

9 0 0 2

0 1 0 2

1 1 0 2

2 1 0 2

3 1 0 2

4 1 0 2

5 1 0 2

6 1 0 2

7 1 0 2

8 1 0 2

9 1 0 2

0 2 0 2

1 2 0 2

2 2 0 2

3 2 0 2

E 4 2 0 2

E 5 2 0 2

E 6 2 0 2

E 7 2 0 2

E 8 2 0 2

E 9 2 0 2

E 0 3 0 2

* Source: Clarksons

22

Global market| Reduction in capacities

Shipyard global backlog duration, with current being at 3.2 years

4

3

2

0

Today

0 9 9 1

2 9 9 1

4 9 9 1

6 9 9 1

8 9 9 1

0 0 0 2

2 0 0 2

4 0 0 2

6 0 0 2

8 0 0 2

0 1 0 2

2 1 0 2

4 1 0 2

6 1 0 2

8 1 0 2

0 2 0 2

2 2 0 2

E 4 2 0 2

E 6 2 0 2

E 8 2 0 2

E 0 3 0 2

Global backlog duration

Average

-1SD

+1SD

Total order backlog

# vessels2: 3,547 Avg. time3: 3.8 years

# vessels2: 719 Avg. time3: 3.9 years

# vessels2: 683 Avg. time3: 2.7 years

* Source: Clarksons, Secondary research

23

1. Dead Weight Tonnage; 2. Based on delivery schedule from 2024-33; 3. Average taken across 2024 for the next available slot

India | Poised to capitalize on opportunity

20+ shipyards in India

Gujarat (Pipavav + others)

West Bengal & Odisha (5 yards)

75+

Export orders

With experience across multiple vessel categories

Maharashtra (1 yard)

Goa (7 yards)

Karnataka (2 yards)

Cochin (3 yards)

Andhra Pradesh (1 yard)

Tamil Nadu (2 yards)

Offshore

Bulk Carriers

Coastal vessels

Barges and tugs

Significant government support through MIV 20303

Goal: Top 5 shipbuilding and maritime nation

Up to 30% financial aid for new-build vessels1

$10+ Bn ​ Maritime Development Fund2

1. Financial aid through Shipbuilding Financial Assistance Policy (SBFAP) for green vessels 2. Proposed by Govt. of India 3. Maritime India Vision 2030 released Nov, 2020 by Ministry of Ports, Shipping and Waterways India

24

India | >US $30bn opportunity in next 12-15 years

Estimated cumulative market size $ Bn

Total

Domestic Defence SB

30-40

20-25

Dom. + Export Commercial SB

10-15

0

10

20

30

40

Large part of the orderbook to be placed in near-term

$ 20-25 Bn domestic defence ship building market has largely filled the near-term capacity for DPSU shipyards

▪ Hence, most DPSUs likely constrained on ability to

absorb and deliver new orders

*Source: Clarksons, Secondary research; Expert inputs; BCG analysis

25

SDHI is India’s largest shipyard

662m dry dock and fabrication capacity exceeding cumulative capacity of all other yards in India

Capacity: 12k MT4 fabrication per month

Infra: dry dock, offshore yards

Production: Fabrication and Profiling

1

2

3

4

Dry dock 1: 662m x 65m

Wet Basin (potential dry dock2): 340m x 60m

Offshore yard: 750m x 265m

Others:

• •

265m quay side of offshore yard 1 Goliath crane with lift capacity of 600 MT4

1

144k MT4 annual steel production capacity spread across 300+ acres (larger than all DPSU1 shipyards in India combined)

2 Profiling : Capacity presses up to 1800 MT4 s for plate bending and profiling

3

Expansion : Additional 75+ acres of adjacent land available for future capacity augmentation

Capacity to build 400k DWT3 vessel

1. Defence Public Sector Undertakings; 2. 6 potential docking slots using 2 Lambda gates; 3. DWT: Dead Weight Tonnage; 4. MT: Metric Tonnes

26

Highly strategic location

Mundra Port

Kandla Port

Reliance Oil Refinery

Strategically located in an industrial hub, Pipavav has access to a robust support ecosystem

Vadinar Port

Nayara Oil Terminal

KCC Buildcon

DBC Sons

Ultratech Cements

Ahmedaba d

Rajkot

IMC Ltd

Rajula

Swan LNG

Gulf Petrochem

Sea & Land access to Mumbai with potential to tap additional industrial demand

Bhavnagar

Alang

Bharat Shell

APM Terminal

Pipavav Shipyard

Strong technical support ecosystem in Bhavnagar, Rajula, Rajkot and Ahmedabad

Skilled workforce available in Rajula, Rampara, Jaffrabad, etc.

27

Recent pictures of the shipyard

Significant progress made in yard restoration since January 2024

Phase I dredging (~6.6 lac Cu. M.) & R&R mobilized for Phase II

Testing of TTS panel production line underway

Load cell installation and testing completed in GC and 2 ELLs

Civil restoration of Shed E completed

Hydraulic presses for forming available for operations

28

Eight vessels in near completion stage

5

2

1

Offshore Support Vessels (OSVs) at 85%+ completion level

Specifications: LoA 59.20 m, YANMAR 6EY26 2 set engines with service speed of 12.5 km; IRS1 class

Naval Offshore Patrol Vessels (NOPVs) at 70%+ completion level

Specifications: LoA 104.98 m, MTU 2 set engines and Kirloskar 4 set auxiliary engines; IRS class

Coast Guard Training Ship (CGTS) at 75%+ completion level

Specifications: LoA 104.70 m, MTU 2 set engines and Kirloskar 4 set auxiliary engines; IRS class

OSV-1

OSV-4 & 5

NOPV-1

29

Experienced leadership team

Leadership at SDHI

Rear Admiral V K Saxena CEO

37+ years of experience in senior management roles in shipbuilding, repairs, operations and Infra Ex - CMD, GRSE Ltd., Indian Navy

Mr. Arvind J Morbale Executive Director

400+ in-house and 600+ vendor workforce already on-ground

Project Management and Design : ~5

Production and Operations: ~80

Civil and P&M Maintenance: ~85

Safety and Quality: ~30

Operations support1: ~100

Commercials and SCM: ~40

Support functions (HR, IT, Legal, etc.): ~80

35+ years of experience with focus on offshore Oil & Gas business, both for new build & repairs Ex – ED and Asset Manager at ONGC

Cmde. Sanjiv Kapoor Head Yard Ops & Readiness

35+ years of Naval experience across both offshore and onshore, with deep expertise on ship owner's perspective Ex - CMD, GRSE Ltd., Indian Navy

Critical technical talent selectively retained from erstwhile shipyard workforce

Focused talent acquisition underway to fill 85+ mid-mgmt. roles, ensuring the right expertise is available to ensure rapid progress

Skill development in progress in profiling, welding, erection, etc., for bulkers, passenger cruises and chemical tankers, etc.

100+ SOPs being defined in key areas of commercial, planning & project management, design, procurement, etc.

All quality and regulatory certifications in place

30

SDHI offers synergies with other group operations

Infrastructure (Cardinal): ~2.6 Mn sqft. commercial & residential projects in Mumbai, Bangalore & Hyderabad

Partnership for development of habitation to provide housing facilities for manpower at Pipavav

Oil & Gas (Swan LNG): LNG regasification capacity up to 5 MMTPA of LNG at Jaffrabad via acquisition of Triumph offshore; potential to increase capacity upto 12.5 MMTPA

Potential orderbook augmentation for build, repairs & fabrication for LPG/LNG tankers, rigs, FSRUs, etc.

Petrochemicals manufacturing & trading (Veritas): Terminal in UAE with 172k m3 storage capacity with integrated services (drumming, blending & distillation)

Opportunity in allied business segments, currently under discussions

31

Other businesses

32

Real Estate

Engaged in development of Residential and Commericial real estate projects.

Execution track record ~27.14 lakhs sq,ft. commercial & residential projects in Mumbai, Bangalore & Hyderabad.

PROPERTY

TOTAL AREA ~(‘000 IN SQ FT)

LOCATION

STATUS

Kurla IT Park

1,000

Mumbai

Completed & Delivered

Ashok Gardens

Sai Tech Park

Technova

Cardinal One

Bodhi

840

296

292

188

98

Mumbai

Completed & Delivered

Bangalore

Leased to Harman Connected Services Corporation

Hyderabad

Leased to Google Connected Services India

Bangalore

Completed and Delivered, 14 flats inventory pending

Bangalore

Approvals & RERA in-process, Foundation & sub-structure works in progress

33

Textile

LEGACY OF MORE THAN 100 YRS We have a legacy of over a 100 years in the Textile Industry and has been a household name for decades as its products catered to the needs of men, women and children. We manufacture various products from dress materials to suiting and shirting materials.

TEXTILE UNIT 2010 In 2010, we commenced textile processing unit in Ahmedabad, Gujarat, with the vision to leverage its successful brand image to cater to the booming demand from the garment sector.

1 LAKH METRES PER DAY The plant has an installed production capacity of 1 Lakh meters per day.

HIGH END FACILITY This facility comprises of imported continuous processing machines like singeing /desizing, continuous scouring and bleaching ranges, etc.

34

Technology

SwanSat Pvt Ltd

Agneyastra Innovations Pvt Ltd

▪ Remote sensing solutions across agriculture, disaster

▪ Technology-enabled solutions in domain of

management, defence and urban planning

infrastructure security

▪ Agritech: Satellite-driven crop intelligence and

irrigation management

▪ Disaster Management: Landslide mitigation and

damage assessment system

Security solutions to national assets like power plants, ports, refineries etc.

Solutions for disaster preparedness in aspects like early warning systems, remote monitoring etc.

▪ Defence: Space-based surveillance

▪ Opportunity to participate in various B2G and G2G

▪ Urban Planning: LiDAR-powered digital twin for 3D

urban monitoring

projects.

35

KEY FINANCIAL METRICS

Key Financial Metrics

Total Income

6002

CAGR@ 118%

5,100

EBITDA

1764

951

324

494

1,449

72

75

242

FY21

FY22

FY23

FY 24

9m FY 25

FY21

FY22

FY23

FY24

9m FY 25

EBITDA and EBITDA Margin

22%

15%

17%

19%

951

29% 1764

72

FY21

75

FY22

242

FY23

FY24

9m FY 25

EBITDA

EBITDA Margin

* Revenue of 9MFY 25 includes sale of FSRU * FY 25 numbers annualized for CAGR calculation

Technology

SwanSat Pvt Ltd

Agneyastra Innovations Pvt Ltd

▪ Remote sensing solutions across agriculture, disaster

▪ Technology-enabled solutions in domain of

management, defence and urban planning

infrastructure security

▪ Agritech: Satellite-driven crop intelligence and

irrigation management

▪ Disaster Management: Landslide mitigation and

damage assessment system

Security solutions to national assets like power plants, ports, refineries etc.

Solutions for disaster preparedness in aspects like early warning systems, remote monitoring etc.

▪ Defence: Space-based surveillance

▪ Opportunity to participate in various B2G and G2G

▪ Urban Planning: LiDAR-powered digital twin for 3D

urban monitoring

projects.

38

Key Financial Metrics

Total Income

6002

CAGR@ 118%

5,100

EBITDA

1764

951

324

494

1,449

72

75

242

FY21

FY22

FY23

FY 24

9m FY 25

FY21

FY22

FY23

FY24

9m FY 25

EBITDA and EBITDA Margin

22%

15%

17%

19%

951

29% 1764

72

FY21

75

FY22

242

FY23

FY24

9m FY 25

EBITDA

EBITDA Margin

* Revenue of 9MFY 25 includes sale of FSRU * FY 25 numbers annualized for CAGR calculation

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